Requirements for foreigners to get loans from money lenders in Singapore
To apply for a personal loan as a foreigner in Singapore,
You’ll need an employment pass valid for 1 year, and 3 months’ worth of pay slips to show your annual income falls within the range of $40,000 to $60,000. If your pay slips show that you earn more than $60,000 per year, you won’t be eligible for a personal loan from money lenders in Singapore.
In addition, you’ll need to provide proof of address and your bank account number. And finally, you’ll need to be at least 21 years old and have a minimum monthly income of $2,500.
Foreigners in Singapore are eligible for loans from licensed moneylenders.
If you’re a foreigner living in Singapore, you can get a personal loan from a licensed money lender as long as you meet the income requirement.
You will need to provide 3 months’ worth of pay slips to show that your annual income is between $40,000 and $60,000.
It’s important to remember that money lenders are not allowed to give false information to borrowers, so make sure you know the terms of the loan before signing anything.
Explain the terms of a loan to you clearly and concisely.
The law requires moneylenders to explain the terms of a loan to you clearly and concisely, and they are not allowed to give false information.
So what should you do if you’re not sure about something? Ask the moneylender to explain it to you in more detail. And if you still don’t understand, don’t be afraid to walk away. There are plenty of other moneylenders out there who will be happy to help you out.
A minimum salary of SGD2,000
A minimum salary of SGD2,000 ensures that you can repay your loan promptly. You’ll also need proof of income and copies of your identification and passport.
And finally, you’ll need to have an account with a local bank so the money lender can transfer the funds directly into your account.
If you meet all these requirements, you’re in luck—you can get the loan you need to help finance your next big project or purchase.
Borrow up to six times’ worth of your income
For starters, you can borrow up to six times your income, but the amount you’re approved for will be based on your credit score and other financial information.
You’ll also need to have a valid Singaporean ID, and the money lender will need to be able to see your employment history and salary.
If you’re self-employed, you’ll need to provide the lender with your business registration number and proof of income.
And finally, if you’re not a Singaporean citizen, you’ll need a valid work permit or an employment pass.
So, these are some requirements you’ll need to meet to get a loan from a money lender in Singapore. Remember that each lender may have different requirements, so it’s always best to check with them individually.