365 Credit Solutions Pte Ltd is a licensed moneylender (License No. 17/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.​

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Where Can Foreigners Borrow Money in Singapore?

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Much has been said about loans for Singapore citizens and permanent residents. It is seldom that we get to read about loans for foreigners. This article is dedicated to providing you with all the information you need about this type of loan.

If you are wondering if foreigners can borrow cash from the banks, the short answer is, Yes! Most banks in Singapore offer a so-called Foreigner loan. But, foreigners have to be extra careful in choosing credit institutions with faster approval processes and with fewer qualification criteria. Also, you have to consider the interest rates and the loan tenure to know for sure whether this loan fits your income and needs.

What is a Foreigner Loan?

In simple terms, foreigner loans are offered to any foreigner studying,  living, and/or working, in Singapore. When it comes to the loan application process, there is no big difference between a loan for a foreigner and a citizen or permanent resident. The difference is in the criteria and in the documents needed to submit.

Take note that in this article, we only talk about personal loans for foreigners. In the case of some loans like home loans, business loans, there are very specific rules that foreigners have to follow. You may refer to other materials we have written in the past so you may get an idea of how these other types of loan work.

Where Can I Get a Loan as a Foreigner?

In Singapore, foreigners have two main options where they can apply for a loan. These financial institutions are banks and licensed money lenders. 

These institutions work under the rules and guidelines of the Singapore government through the Ministry of Law. This means that you have the rights and legal protection when dealing with them.

As a foreigner, you have to understand and accept that your application process is harder and more tedious than citizens and permanent residents. The reason for this is that you can easily get out of the country and run away from your debt. By lending you money, lenders are actually taking more risks. 

To lessen this risk, they have to be extra careful in choosing which foreigners to trust. Your task then is to prove to the lenders that you can be trusted, and you are capable of paying your credit.

1. Banks

Most of the loans offered by banks are secured loans which means that you need to have collateral. For foreigner loans, a bank would usually ask applicants to submit 

  • Documents proving that you have been working in the country for at least a year and 
  • Proof that you are at least 21 years old
  • Payslip in the last 3 months to prove that your annual income ranges from SGD 40,000 to SGD 60,000. 

Just to give you an idea on the disparity of personal loans in Singapore, a citizen applying for the same personal loan only has to show an annual income of SGD 20,000 to SGD 30,000.

If you happen to pass the initial criteria that a bank requires, you will be asked to provide

  • Proof of identity (passport)
  • Proof of address (like tenancy agreement)
  • Income, and employment letter, employment pass, and many other else. 

Also, In some cases, a bank would even ask you to have a guarantor who will be held liable in case you are unable to repay your loan. Even if you submit these requirements, there is no guarantee that your loan will be approved.

Borrowers would often choose banks because they are known to offer low-interest rates in their personal loans and other loans. Sadly, even the big banks in Singapore do not want to take the risk of lending foreigners money. 

As a borrower, you will encounter two possible scenarios. First, a bank does not give a foreigner loan at all. Second, a bank has strict and slow loan application and loan approval processes.

2. Licensed Money Lender

If you find it difficult to apply for a bank loan, your best choice is to borrow cash from a licensed moneylender. These private lenders are best to help you with your financial needs. 

Generally, these legal moneylenders have a higher interest rate than a bank. Nevertheless, borrowers think of them as the best choice for borrowing money because of their fast and easy process. Many moneylenders today allow online loan applications, and some of them offer less than an hour of processing time.

Licensed moneylenders offer a personal loan for foreigners which is typically called a foreigner loan. This is given to:

  • Any foreigner working and living in Singapore
  • Who are at least 21 years old
  • Has a minimum monthly salary of SGD 2,000

It is best for expenses during emergencies like for paying hospital bills, sending cash back home, paying utility bills, tuition fees, and a lot more.

To apply, you first have to choose the moneylender you think is best. Call them or apply online. Afterwards, you can visit their office for an in-person consultation. On that same day, you can get your cash immediately. Remember that lenders are known for their fast cash approach, which means that they can provide the money you need in a short period of time.

Note that not all lenders will ask you to provide the same documents. Once you have chosen a lender, you may contact them online, so you know what specific documents you need to submit for your application. Meanwhile, here are some of the documents commonly asked by licensed lenders:

  • Valid work permit/ S pass/ Employment pass
  • Passport
  • Proof of employment (Staff pass & Employment letter)
  • Payslips in the last 3 months
  • Proof of residence (Tenancy agreement, recent utility bill, or letter addressed to you)
  • Latest bank statement
  • Singpass, so credit companies may download IRAS NOA

How many Personal Loans can You Have at Once?

There is no count limit to the number of personal loans foreigners in Singapore can apply. Instead, the limit according to the Ministry of Law is the total amount of loan taken. Foreigner loans should not be more than 12 times the monthly income of the borrower. This means that you can apply for another foreigner loan as long the total value is not beyond the legal limit.

What to Look at Before Getting a Foreigner Loan?

Truly, finding the best foreigner loan in Singapore can be difficult. To guide you in the process, you can pay attention to the following. For your peace of mind, you must take the time to read and research online before applying for a foreigner loan in Singapore. Be very sure that taking credit will help your financial status.

1. Interest rate

Loans in Singapore have high-interest rates, but a foreigner loan, in particular, has a higher interest rate than others. With this, you must choose a credit company with the lowest interest rate. You can do this by asking financial institutions about the interest rate of their credit offerings and compare which among them has the lowest interest rate. By doing so, you will save a lot of money in the future.

2. Loan amount

Before even applying for a foreigner loan, you must know the amount you need. This will help you determine whether a personal loan is a right choice for you. Also, the loan amount will help you determine whether you need to get a foreigner loan from other credit facilities.

3. Approval and processing times

Foreigners in Singapore must choose a company offering a fast cash loan. These companies are capable of expediting the process so that their clients can have the cash they need immediately. A fast processing time can help foreigners in Singapore cope with their financial troubles, especially during emergencies.

4. Annual Income

Working in Singapore might have given you a high annual income. This does not guarantee though that you can pay your bills and repay your loan. Living in Singapore can be difficult if you do not have enough money for your everyday needs. Hence, you must make sure that your annual income is sufficient for all the bills and expenses you have to pay.


Comparing the application process and the approval period between the two institutions, it is easy to understand why a lot of foreigners would choose moneylenders. 

But, it is important to remember too that these credit companies are not the same, they have different policies when it comes to the loan tenure, interest rates, required documents, deals, products and services, and a lot more. 

As a borrower, it is best if you research which of these companies can give you the best financial help.

One leading lending company in Singapore is 365 Credit Solutions Pte Ltd. We have given help not only to Singapore citizens but to a lot of foreigners in the past. You can easily get a foreigner loan to us fast and easy. If you wish to know more about the friendly terms and conditions we offer contact us today.

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