Applying For A Foreigner Loan In Singapore

Foreigners in Singapore are quickly increasing in population. They contribute to the economy and its growth. This view is looking on the bright side of things. Most people in Singapore look at foreigners in a positive way, however, there are some natives that do show a little concern. With foreigners coming from such countries as Australia, India, Great Britain, Thailand and the Philippines to name a few places of origin some local people in Singapore are worried about the rising prices in rent do to the demand for living space. Those that do welcome foreigner loan Singapore are nonetheless grateful for the jobs that they do create.

Trying to find a living space is just one of the challenges that foreigners living in Singapore must face. Apart from trying to fit in and adapt to a new or different language and culture other obstacles present themselves, such as unexpected emergencies. When emergencies or unforeseen situations come up, money and financial resources can often help in coming up with a solution to a challenge. One of the challenges that foreigners must deal with is finding a licensed and reputable lender that will treat them fairly.

Since foreigners living in Singapore usually do not have a solid credit history established in the country, trying to get a bank to lend them money may be impossible. When this situation presents itself, the best option is to get a loan from a Foreign Loan from a moneylender that is licensed by The Insolvency and Public Trustee’s Office (IPTO). Taking this precaution will ensure that the borrower is protected from deceptive practices since the IPTO administers laws and regulations that offer protection to both the borrower and the lender.

It in charge of administering laws to financial and lending institutions in Singapore, to include pawn shops. It also administers laws dealing with insolvency and bankruptcy as well as provides information on accessing unclaimed money. The foreign person looking to borrow money from a licensed lender can call, visit or go online to view a list of licensed lenders in Singapore who are licensed by The Insolvency and Public Trustee’s Office. As aforementioned the list is available online, it can be viewed at the website of The Insolvency and Public Trustee’s Office.

Most money lenders make it easy to apply for a Foreigner loan. The application for a Foreigner Loan can usually be filled out on-line or by SMS and then signed in person at the lender’s office. The amount that can be loaned depends on the income of the borrower. However, most of the requirements are basic. Some of the most common requirements are that the borrower is of age, at least 21 years old, have full-time employment, show a bank statement usually covering a six month period, and have permission to work in the country by showing an E-Pass or an S-Pass. Proof of address is usually proven by presenting a / Phone Bills / PUB Bills / and or a Tenancy Agreement since the lender must also have a record of where the borrower lives. With money lenders being very flexible as far as repayment plans are concerned, a Foreigner Loan is the best option for a foreigner living in Singapore in need of quick financial resources. All in all, a foreigner loan in Singapore is very easy to find and a great choice.

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