Eligibility for personal loans
As mentioned earlier, anyone with a positive credit score is eligible for a personal loan from a licensed bank or moneylender. However, the local banks in Singapore impose certain restrictions on foreigners applying for personal loans. All foreigners are required to have proof of income. In some cases, you are required to have an income of not less than $3,000 per month to qualify for a personal loan. Some banks can put more restrictions apart from borrower’s income.
Find out how much you can borrow here.
Suppose you do not qualify for a personal loan from a bank, you can seek the services of a moneylender. Moneylenders in Singapore do not ask for more formalities when issuing personal loans to borrowers. It is vital to read and understand the terms and conditions of the loan repayment before accepting the loan. If the circumstances are unclear, it is advisable to avoid the personal loan. There are several moneylenders in Singapore with favourable terms. So, search until you can get the ideal moneylender to assist you.