#1 Foreigner Loan in Singapore
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If you are a foreigner living in Singapore who is running low on cash, you may be worried. Living in a foreign country can be difficult enough, but when you do not have enough money to make it to the next month you can quickly become desperate for a way to come up with extra money. One way to obtain some extra money is through a foreigner loan in Singapore. You may not have heard of this term which is why we explain it below:
What Exactly is A Foreigner Loan in Singapore
A foreigner loan is a loan which is awarded to a foreigner who happens to be living in Singapore. There are certain stipulations that must be met before obtaining a loan and you want to make sure that you are dealing with a lending institution that can be trusted.
What Do I Need To Bring When Applying for a Foreigner Loan?
When applying for a foreigner loan it is important that you discuss your needs with a licensed moneylender. A moneylender can help you determine what is needed and also discuss the terms of the loan in question. A few documents which you should bring with you to the lending institution include:
- ID card
- Work permit
- Employment pass
- Original Pay-slips
If you have all of this information, you should be able to quickly apply for a foreigner loan in Singapore.
How Can I Use A Foreigner Loan?
There are many different reasons why you may be interested in a foreigner loan. Typically, these loans are needed when your pockets dry up from unexpected costs. Maybe you were expecting to land a job making large amounts of money, but have had trouble obtaining gainful employment. During these times a foreigner loan can be just what you need to help with cash flow until you obtain employment that will allow you to meet all of your financial obligations.
How Much Should I Borrow In Singapore?
You should only apply for the amount of loan that you can actually afford. If you obtain a loan that is too large for you to repay, you will not be doing yourself any favors. Make sure that you do not overextend yourself in a foreign country. Moneylender institutions typically recommend that a foreigner loan not exceed 10% of your overall monthly income.