Everything fun about Simei is being and getting wet. Downtown East’s Wild Wild Wet park is one of the best leisurely Singapore swimming attractions. Alternatively, if you’re looking for great scenery and beautiful natural escapes, the East Coast Park and Pasir Ris Town Park are just a few walks away.

However, when in Simei, always have enough money to enjoy everything. If you need to delay your trip due to cash concerns, licensed money lenders can help you quickly.

What is a Foreigner Loan?

Singaporean foreign workers find it daunting to use bank loan services in the country. Truthfully, their loan process is stringent (but for a good reason). On the other hand, licensed moneylenders make the task easy and accessible, asking only for the most necessary requirements and downplaying bank histories.

How Does it Work?

Both Singaporean and foreign workers’ personal loans work the same way. The minimum monthly income eligibility and certain documents are the major differences between the two. We’ll discuss these in detail later.

Why Are Money Lenders Your Best Foreign Loan Options?

• Fast Process

You can expect bank loans for foreigners to take up to two months to receive approval. Alternatively, foreigners can anticipate immediate rejections. With licensed moneylender foreigner loans, you can receive a loan approval on the same day. Once you submit all your requirements, the lender can proceed with your application review.

• No Credit Scores Needed

Foreign workers need not worry about high credit scores. Licensed money lenders may ask for your latest bank statement and three months of payslips for income stability analysis. However, they will not ask you to provide the latest credit scores you have from your country.

• Foreigner-Friendly Than Banks

Banks will favor Singaporean borrowers than foreign workers because they have roots and cannot fly to another country to escape their debt. While most foreigners are amicable, they still can avoid paying their financing, making them a high-risk customer for banks.

Licensed money lenders provide only small, unsecured loans that release quickly and provide foreigners an ample six times loan of their monthly income at maximum. While it will still be a moneylender’s loss should they avoid paying, it’s still a smaller risk than the loan amounts banks can provide.

How Can Foreigners Apply?

• Contact Your Chosen Lender

All licensed moneylenders have their respective websites. If you’re having trouble selecting the best one for you, you can always visit the Registry of Moneylenders for the complete list of dependable lenders.

• Bring All Requirements

Foreigners have different requirements, such as their working pass or any pass that confirms their identity and staying legitimacy in Singapore. Plus, most lenders ask for your employment letter of offer and bank statements. It’s best to refer to their website or a call for the complete list of documents.

• Wait For Same-Day Cash Release

If you quickly fulfill the eligibility and requirements, you can get your loan approved and get your cash on the same day.

365 Credit Solutions: Singapore’s Foreigner-Friendliest Loan Service

Having provided the best financing and loan services for Singaporeans and foreigners for more than ten years, we at 365 Credit Solutions stand by our values of high-quality service with a smile.

Call us at 6222 5500  or visit our website today to learn more about our services!