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Loans For Foreigners In Singapore

When you are moving to a new country as a foreigner it is not always easy to get lenders to give you money to basically set up your life. When you are going to Singapore and start your life there, there are a few things that you do not need to know.

The Banks

When you get situated in Singapore you will need just like anybody else a job and a bank account and a place to call your own. But getting money from a bank in Singapore is not going to be easy, lets face it is almost impossible to get one. What options does that leave you with? There are a few options that you can do. One is to wait till you have enough money and then buy what you want to have outright, or you can try and get a foreigner loan from one of the state approved lenders. This list available on the state website.

What is a foreigner loan?

Exactly what the name suggests loans that are geared towards the immigrants of the Singapore. These loans for foreigners are similar to payday loans but unlike the payday loan you will have a mainstream loan that you as the new resident in Singapore have access too. Getting loans in general is not easy, even people with good credit in Singapore are barely able to get a loan from a bank.

How about Interest rate and repayment?

As briefly mentioned before you can set up the repayment plan with the lender that you signed the loan with. A note of caution though is to use a lender that is on the approval list of the state. It has been known that foreigners sing a deal with a non approved lender and they get harassed by any means that the lender can think off and with words that are not appropriate to mention in this article. With an approved lender they bound by rules that the government set and gives you as the lender protection.

Approved lenders

The government has placed an approved list of lenders on there website and they are giving a license that will have to be renewed ever year and they are inspected by government agents. These approved lenders are also reporting to your on time payments to a credit bureau. Which will mean that with time you are able to get a loan or mortgage from a bank or other financial institution more easily.

How many Credit Bureau’s are there in Singapore?

There is one credit bureau in Singapore. When you are a registered resident of Singapore you are able to sign up for a singpass. With this singpass you can log in on the credit bureau website and check your credit score weekly or even daily of you want. When you are registered on the website the bureau monitors your credit score and if something would be wrong then they will send you an email with the question if you were the one that approved that payment or paid that bill.

Loans for foreigners are best way to start when you need some money to start you out with in Singapore. As long as you keep to the approved list of lenders and you check your credit score regularly you will be just fine.