Requirements for foreigners to get loans from money lenders in Singapore

by in Uncategorized November 15, 2022

To apply for a personal loan as a foreigner in Singapore,

A work visa is valid for a year and three months, and pay stubs may verify your annual salary is between $40,000 and $60,000. If your pay stubs show you earn above $60,000, Singapore won’t approve your personal loan. Your residence and bank account information. You must be 21 and make $2,500 each month.

Singaporean licensed moneylenders lend to foreigners.

A licensed lender may provide a personal loan to a foreign resident residing in Singapore who meets income requirements. If your yearly income is $40,000–60,000, you must supply three months of pay stubs. Before signing, make sure you understand the loan conditions since lenders cannot supply false information.

Explain the terms of a loan to you clearly and concisely.

Moneylenders cannot misrepresent loan conditions. What should you do if you have doubts? Ask the lender to clarify. If unsure, turn back. Several lenders are willing to assist.

A minimum salary of SGD2,000

If your yearly salary is more than $2,000 SGD, you will have no problem making your loan installments on schedule (SGD). The best course of action is to create duplicates of your passport, ID card, and bank records. For quick access to your loan money, you’ll need a local bank account. A loan to help you fund a major purchase or project can be available to you if you can show that you meet all of these requirements.

Borrow up to six times’ worth of your income

Your credit score and other indicators will determine how much you may borrow, up to six times your yearly wage. To validate your identification, the lender will need your Singaporean ID and career history. If you’re self-employed, the lender needs your business registration number and income proof. Non-Singaporeans must have a work visa or employment pass. So, these are Singapore moneylender lending requirements. As lenders have various requirements, check with each lender independently.