In many countries, it can be very difficult for foreigners to secure personal loans. This is particularly true in Asia. Luckily, a personal loan for foreigners in Singapore can be easy to obtain. However, people who want to take out a personal loan must meet certain requirements before lenders will consider loaning them the funds.
Foreigners residing in Singapore who want to take out a personal loan must be able to prove that they reside in the country legally. There are several ways that people may do this. They can provide their SPass, Employment Pass or Work Permit. Anyone who wants to get a personal loan for foreigners in Singapore must present their passport when they apply for the funds. This will show that they are legal residents in the country.
In addition, foreigners who want to take out a personal loan in Singapore must be able to provide a copy of their employment letter. There are several reasons why foreigners are required to show their employment letter when applying for a personal loan in Singapore. It proves that they are currently employed, and this helps assure the lender that the borrower will be able to pay back the amount loaned. In addition, the employment letter can be used as a basis to determine how much they can borrow. Usually, Singaporean citizens and permanent residents are able to borrow about four times their monthly salary when they apply for a personal loan. Foreigners who take out a personal loan in Singapore are eligible for less than this amount. However, people who make a larger monthly salary will always be able to borrow a larger sum of money.
Foreigners who apply for a personal loan in Singapore also need to present proof of their address in the country. They can do this in several ways. Residents often provide their tenancy agreements when the apply for a loan. Alternatively, they can produce a bank statement, PUB bill or phone bill that has their address on it. This will fulfill the proof of residency requirement needed to get a loan.
Quick Credit can provide great loans for foreigners who are living and working in Singapore. The company provides a number of different types of payment plans to suit everyone’s needs. Foreigners may choose to repay their loans monthly or go for a Flexi Repayment plan that gives them options. Quick Credit has designed personal loan packages for foreigners that are easy to understand. You can get loans with a variety of payment terms to suit your needs. Whether you need a personal loan for a vacation or a new car, Quick Credit can always help.
Take the confusion and hassle out of getting a personal loan for foreigners in Singapore.