Foreigner Loan

If you are a foreigner living in Singapore, you may find that it is incredibly difficult for you to obtain a loan. As you are probably aware, the majority of lenders will want to look back on your credit history, and since you are relatively new to the country, yours will be very small, or even non-existent which means lenders will have nothing to use to check whether you have the ability to pay back the loan or not. This is where a foreigner loan will come in handy for you.

Financial woes can hit us without warning, all of us have been through financial troubles, some have managed to pick themselves up pretty quickly, others are down for even longer, and sometimes they have no hope of getting out. If you are in a foreign country, the entire process can be incredibly scary, after all, where are you going to get the money that you need from? Without a credit history all lenders are going to turn you away, you have no friends or family to help you out.

You really are in dire straits. This is why a number of companies have come up with the concept of a foreigner loan. This requires absolutely no credit check, which means anybody is able to obtain one with relative ease, as long as the fit the following requirements:

1.  You are aged 21 or above.
2.  You are employed full-time and currently working in Singapore.
3.  You have a valid E-Pass or S-Pass.
4.  You have a collection of Bank Statements for the past six months.
5.  You have an existing residence agreement.

As you can see, these requirements won’t be that difficult to meet for anybody. Although remember, you do need to have been in the country for at least six months as a resident before you can apply for a foreigner loan, which means you will not be able to apply for one as soon as you land in the country. Although most people won’t even contemplate this, as they probably have the money that they need in place when they arrive. Remember, you will also need a valid Singapore Bank Account, and perhaps the most vital thing is that you are currently employed full time. The lenders need to know that they are going to get their money back after all.

The lack of a credit check is probably going to the thing that is going to benefit you the most, no credit check means that even if it is poor, or simply non-existent, you will not be turned away from your loan. This does mean that the interest rates are going to be slightly higher, but does that really matter when you are virtually eliminating all of your financial stress?

These types of loans are ideal for almost anything that you want, although it isn’t suggested that you take them out for no reason, use them to eliminate your debts, and hopefully improve your credit history in the long term.