Singapore is one of Asia’s most thriving countries and because of the opportunities that are available in the country, many foreigners are drawn to work and seek their luck. At least 64% of the country’s population are foreigners, working in various industries in the country.
However, living in Singapore for these foreigners is no easy feat. Almost everything in Singapore is very expensive, from the available lodging to the necessities these foreigners need to live comfortably in the country.
While these foreigners can borrow from their family and friends, it is not very practical especially if their friends and family are in another country.
Getting a personal loan in a bank would have been the next best thing. Unfortunately, getting one from a bank can be very tedious since the foreigner loans they offer are quite expensive. You will also need to present quite a lot of documents to show you are not a high-risk borrower.
Fortunately, moneylenders are aplenty in Singapore and they offer foreigner loans that are affordable and flexible.
But, before you go to a moneylender to borrow money, here are some tips to help you make the right deal with a trustworthy moneylender in Singapore:
Research about the moneylender
Before you head on out to seek a personal loan, try to research about the background of the moneylender you plan to approach for your foreigner loan.
Considering the popularity of moneylenders in Singapore, some moneylenders are hiding behind a fake image and using other moneylender’s licenses to fool people. If you fall into the hands of these fake moneylenders, it will be difficult for you to escape them unless you pay your dues immediately.
Check the official website of the Ministry of Law and look at the registry of moneylenders to verify if the one you are going to seek out is legitimate. You can also check out the list of the Association of Moneylenders in Singapore to be sure.
After verifying that the moneylender you plan to seek out is legitimate, you can then use the time to check out reviews about the moneylender online or through their official websites. You can also use their website to learn about the offers they have for foreigners, what requirements you will need to submit and their usual terms and conditions.
If you have other questions, do not hesitate to ask because these moneylenders will be happy to answer your inquiries to make your application run smoothly.
Determine What Loan You Need
There are a lot of loans available for individuals to avail and could fit whatever needs may have. If you need funds to pay for your new home, you can get a home loan. If you need to pay for a car, you can get a car loan. For foreigners who need funds, a foreigner loan is available.
Once you determine what you need, you need to look into the requirements for each one of these loans. Make sure to prepare all the requirements and have them on hand so you won’t have problems
Ask for advice from friends and co-workers
If you have friends or colleagues in the country who have also sought the assistance of moneylenders for their foreigner loans, ask for their advice. They may be able to help you narrow down the right moneylenders for your needs. They can also help you with the requirements that you will need since they already know where to go.
Do not immediately accept “dream” loan offers
To get the attention of victims to their offers, illegal moneylenders tend to offer “dream-like” personal loan offers that sound perfect for your needs.
It could be a personal loan that has a super low-interest rate or a personal loan that has a longer payment term or low repayment amount. Do not immediately respond to these offers because they are most likely fake offers.
If you want to get a flexible and affordable foreigner loan, ask the moneylender about their offer and if it is possible to get a flexible loan.
A majority of moneylenders today are open to flexible plans if the borrower requests it and if they show signs that they cannot pay on time.
Stray away from moneylenders who solicit from customers
It is not uncommon to receive advertisements online or through phone offering a variety of services and products for use. Personal loans are even offered online and through phone. However, in Singapore, licensed moneylenders are not allowed to solicit their products online or through phone.
They can only advertise in three different areas: business or consumer directories, their official website, or within the premises of their office.
If you are getting solicitations, you should report them to the authorities and ignore them completely.
Apply Online or Call and Stay True
Once you select the moneylender you wish to work with and you finally understood all the details about the loan you want, apply online or call the moneylender and follow the process.
When they call you up to follow up on your application, be true to the information you give out because they will check your info closely. It will increase the chances of your loans to be approved.
When they say you can visit their office, bring all your requirements and allow them to review it further. Licensed moneylenders will return your documents once they have reviewed it and explain to you the entire loan before the loan is finalized.
Ask everything you wish to know before signing the contract. They will hand you the money once the contract is signed and agreed on.
As a foreigner working overseas, we need to save all the money we can get for the ones we love back home. However, we also need to make sure that we do not let ourselves get sick because we do not have the funds to take care of ourselves while in a foreign land.
If we do not have the funds, do not be afraid to look into foreigner loans. With simple research and preparation, you will be able to pay these loans in no time.