With foreigners making up about 29% of Singapore’s general population, it comes with little surprise that our first class country is widely recognised as the land of opportunities. Nevertheless, coping with expenses in one of the world’s most expensive country can be quite a feat. The need for additional credit is inevitable to adapt and keep up with the high standards of living of here. On top of your personal obligations and responsibilities, factors like advanced tenancy downpayment, monthly rental and utility bills will most like put a strain on your income/expenditures in one way or another, especially when there’s little to no one to turn to with regards to financial matters.
Who is Eligible For a Foreigner Loan?
As long as you are a foreigner with a valid Singapore employment pass, you are entitled to a foreigner loan. Additionally, you must also provide specific documents and meet the following requirements:
- At least 21 years of age and employed on a full-time basis
- A valid original passport
- Residence tenancy agreement for your rental premise, PUB bill or mobile phone bill
- An appointment letter from your company
- Pay slip from the last three months
- Bank statement for proof of your company crediting your salary
If you think that applying for a loan from a local bank is a more convenient solution, think again. There are high qualification criteria and stringent requirements to comply with, even for local residents. Banks tend to impose high minimum income requirements, and they generally tend to favour individuals who are financially healthy and stable. So under unfortunate circumstances, you might go through all the hassle only to find yourself rejected of the loan at the end of the day.
A Foreigner Loan with Fast Money
Skip all the lengthy approvals and tedious paperwork with a licensed moneylender, where a quick and easy procedure is guaranteed. Whether you’re an expat or a work permit holder here, there’s always a right scheme to fit your needs and budget. In the case that you’re faced with a financial turmoil or extreme financial emergency, never take the easy way out with loan sharks or illegal money providers who are lying in wait for unsuspecting foreigners. What you require is a feasible and logical solution, which is what a foreigner loan entails.
With Fast Money, enjoy the benefits of a low interest rate, customised packages and flexible repayment periods with a peace of mind. Think of us as lending a helping hand to lighten your financial burden, sans all the fuss and stress.
Fill up our online form or reach out to one of our friendly representatives today!