If you are a foreigner who is currently working in Singapore, then you can take a foreigner loan to fulfill your requirement.
Anyone can face urgent financial needs and sourcing money, especially if you are in a foreign land, can become quite a difficult task.
But if you approach a licensed moneylender for getting a foreigner loan you can get a quick approval and deal with the financial crisis.
Foreigner loans can be treated as a personal loan for foreign working professionals in Singapore. But like every other loan, even these loans have their own set of requirements and if you meet these requirements then you are eligible.
What are the eligibility criteria for foreigner loans in Singapore?
The foreigner loans, as the name suggests, are only meant for people who are not the permanent residents of Singapore.
The loan schemes are designed keeping in mind the needs of a typical foreigner. But there are several scammers too, so you must always go for a licensed moneylender like Oasis Credit to apply for a foreigner loan.
Some of the common eligibility criteria that everyone has to meet to be eligible for a foreigner loan are as follows –
- You must be at least 21 years of age.
- You must also be a valid passport holder.
- An employment pass for Singapore is also mandatory.
- You will have to provide the proof of your residence. This can be produced in the form of bills in which your residential address in mentioned.
- Any document that serves as a proof of your full-time employment will also have to be produced.
- A computerized pay slip showing your salary for the last three months is also needed.
What are the benefits of taking a foreigner loan in Singapore?
There are several benefits of foreigner loans that makes them one of the best options for people living for work in Singapore.
- Flexible Repayment Schedule – When you are in need of money and you take a foreigner loan, you will eventually have to pay it back. So, you must chalk out the amount of money you can afford to repay on a monthly basis and you must also choose a moneylender who is ready to tweak their repayment schedules for you so that you do not face any difficulty in paying back. All months are not equal in terms of money and so even if you have some problem this month, you can pay back the loan amount at your own convenience.
- Low interest rates – One of the best things about the foreigner loans in Singapore is that most of them come with low and affordable interest rates. A foreigner loan is present to relieve some stress from your shoulders and not pile up more on it. So, in foreigner loans, the rate of interest is kept low so that foreigners can pay back the money without facing any financial stress in their life.
- Easy Application Procedure –To be eligible for a foreigner loan and to get it approved does not involve too much of a hassle. If you have all the documents in place, everything from loan approval to cash disbursement can be done on the same day. Moreover, some companies do not even conduct an extensive background check which makes the process even faster.
- Customizable Packages – Every person has their own financial needs and moneylenders can also customize the packages to suit your requirements. You can choose your own loan term and thus, adjust the monthly installments accordingly.
- On Spot Approval – Unlike other loans, you do not have to wait for days to know whether your loan got approved or not. Once you submit the proofs and other documents required, you will be notified on the spot regarding the approval of your loan.
Things to consider before applying for a foreigner loan
There are several that should be taken into consideration before you apply for a foreigner loan in Singapore. If you want to get the best terms in the market, here are tips that you should keep in mind –
- always have a clear purpose chalked out inside your mind as to for what requirements you need the loan. When you have that planned out, it will be easier to choose the loan amount and the duration that you will require to pay the full amount back. The company can also help you in choosing a package that will cater to your financial needs.
- Choosing the right moneylender is very important in order to get a hassle free experience with a foreigner loan. The moneylender you choose should be licensed and have enough experience.
- The terms and conditions mentioned in the loan contract is of utmost importance. You must read the entire thing before actually signing up for the loan. Sometimes, the terms mention some extra fees that will be charged. If you do not read the contract properly, you will be unaware of these fees. Nonetheless, you must also ask the moneylender whether they have any hidden charges on top of the payback amount.
At Oasis Credit,
we have some of the best low interest foreigner loans that do not have a lengthy and tedious process of application. We appreciate and respect our customer’s needs. We know how hard it is to keep up with daily expenses especially in a foreign land.
And so, we have come up with flexible foreigner loan options that can be customized to your respective needs. Our team is ready to assist you with everything starting from filling up the form to making you understand every term of the agreement.
We are ready to work the extra mile to give you a seamless experience with cash disbursement. Customer satisfaction is our prime objective and we also have several flexible repayment plans to allow you a stress-free repayment. We always follow ethical procedures and this has enabled us to get a loyal customer base.
We also provide timely solutions when our customers have an urgency. If you want some extra cash to cope up with the high cost of living of Singapore, we can give you the best foreigner loan schemes.