Getting foreigner loan Singapore: Click here for more is not as easy as it sounds. Immigrants make up about 30 percent of the population in Singapore. 12% of the immigrants work in retail, health care and other sectors while 11% percent are professionals. In other words, foreigners are an important element in the economic growth of Singapore.


Immigrants undergo intense stress whilst adapting to the new country. Foreigner loan in Singapore ensures that the immigrants have an ease time by availing funds to renovate their new homes, deposit for homes and covering their relocation expenses.


Banks providing foreigner loan Singapore

Singapore banks prefer to offer loans to 12% specialist foreign nationals who are financially stable. However, other banks impose credit only to foreigners with a work permit and a minimum of $40,000 per year.


Moneylenders offer foreigner loan Singapore

Many foreigners are constantly in demand of a short-term loan from legal moneylenders in Singapore. It can be somewhat difficult for a foreigner to find a moneylender with favorable rates of interest. Additionally, licensed money lenders in Singapore offer smaller loans which may not help immigrants achieve their goals.


Why choose licensed money lenders?

It is because moneylenders offer interest rates in line with the credit risks. Moneylenders are also less stringent compared to banks.


The only drawback is compared to moneylenders offer smaller amount and in a higher interest rate because of the perceived higher risk of default.


In conclusion, as a foreigner, you want to shop around for the best loan rates. Additionally, it's free to compare the tariffs hence you've got no excuse to work in a bank or any moneylender and take a loan.