Singapore’s expats are now legally authorized by the government to apply for and receive loans from local companies. This is all on the proviso they can prove proof they currently reside in Singapore itself, with residents permits, a letter of employment and recent payslips often required along with a valid passport in the application process.
Making use of a foreigner loan in Singapore offers expats a great option when dealing with testing circumstances. Whether it’s needed for help in buying property or high-cost purchases, covering unexpected emergencies such as medical care or because of struggles with cash flow, this can help remove some of the stress that can further complicate the challenge of living in a foreign country.
Foreigner loans can also be especially helpful when a quick decision is needed and a large time difference between Singapore and your home country exists that further complicate dealing with a business in your homeland.
While Singapore is one of the banking capitals of Asia, it comes as little surprise that they have expanded their lending services to include options for non-natives who now reside there. It has been reported that around 80% of these financial companies will support
What this has meant in real terms is that a flood of companies have now entered this new area of the market, causing a tricky path for foreigners to tread as they search out a genuinely good deal.
With Singapore long being regarded as a tax haven and place to launder money, it has certainly suffered a lot of damage to its reputation in many legitimate circles over the years. If this leads expats in search of a foreigner loan in Singapore to be more cautious, perhaps it’s not such a bad overall effect.
As with borrowing money anywhere in the world, it’s important to know exactly what position you’re getting yourself into, however, with foreigner loans now a very real thing in Singapore, you can receive financial aid from legitimate businesses based on their entirely reasonable qualifying criteria.