Licensed Money Lender
Personal Loan Hougang

Hougang is home to 8 shopping malls and is accessible to the rest of the regions due to the strategic bus and MRT stations in the area. 

What Is Foreigner Loan, and How Does It Work?

A foreigner loan is a type of loan offered in the market for foreigners working, or living in Singapore. It is meant to aid them in adjusting to the cost of living in Singapore. This is especially true for foreigners living alone without family in the country. 

Generally, there is no significant difference between loans granted to Singaporean Citizens and foreigners. The main difference will be the criteria. In most cases, lenders impose higher income requirements for foreigners. 

A foreigner loan is similar to a personal loan where a lump sum of money is given to the borrower. As a general requirement, foreigners need to submit documents showing that they are working in Singapore. If you do not have a credit score, you need to apply with a guarantor. 

Advantages of Taking a Foreigner Loan With a Money Lender

Moneylenders offer foreigner loans. Below are the advantages of getting a foreigner loan with a legal money lender in Singapore: 

1. Faster Transaction

Moneylenders usually ask for fewer documents and requirements. This makes transactions with them fast. Your loan may be granted within hours from the application. If you are a foreigner and need emergency cash assistance, obtaining a foreigner loan from moneylenders is the best option. 

2. Customized loan package

Moneylenders are open to adjusting and tailor fitting loan packages depending on the borrower’s need and capabilities. Unlike banks with a uniform requirement, moneylenders are willing to negotiate your loan terms and conditions.

How to Apply?

The application procedure is similar to other types of loans. You may go to the website of the moneylender and fill up the application form provided. It is advisable to prepare all the requirements listed on the website. Calling a loan officer from the lender is also a good idea. After submitting your application, you will be booked for an appointment to discuss the loan’s terms and conditions. 

How Can We Help?

There are various licensed moneylenders in Singapore. Being new in the country can make it tricky for you to review your options and which moneylender to go to, and comparing loans and financial advice can be exhausting. With our loan comparison service from only the best licensed moneylenders in Singapore, we at Loan Advisor will do the legwork for you.  

At Loan Advisor, we aim to help you have the relevant information you need to ascertain the ideal loan for you. Being the longstanding and most trustworthy loan comparison site in Singapore, we can help you in decision-making with ease and confidence.

Conclusion

Send us a request for loan comparison and we will quickly respond to you with up to three free quotes from the best licensed moneylenders near Hougang.