Singapore is a beautiful country and people like to visit it for jobs and for touring purposes also. There is a situation for the foreign residents that they need a loan for emergency payments. Such emergency payments can be done by applying for a foreigner loan. The loan can also be taken to pay school or college fees, to get books, to purchase a car, and many other things. In this article, we will discuss everything about foreigner loans.
Foreigner loan, what is it?
Foreigner loan is a type of loan that can be given to those people who are not the residents of Singapore. People can avail of such a loan from the best money lender and one such money lender is Crawfort. A foreigner can stay in Singapore if they have a work permit or if they are a student. There are many banks and financial institutions that provide this loan to foreigners. People need to fill a loan form and submit it to any of the institutions with the required document. The institution will provide the required amount along with the conditions to repay the loan.
Why foreigner loan is needed
Everybody living in Singapore needs cash whether residents or foreigners. Foreigners are far away from their homes and they may become out of cash if they do not manage it properly or if there is some emergency. Visa and passport may have to be renewed or rent has to be paid, and many other things. A borrower has to earn 12,000 Singapore dollars to avail of the loan. The foreigner loan helps the foreigners to deal with all the emergencies.
Things to consider before getting a foreigner loan
There are many things, which people have to consider while availing of the foreigner loan from the best money lender. One such money lender is Crawfort. Here are the things, which have to be considered.
Eligibility for the loan
The best money lender will do a credit check to see if the credit score is good or not. In case, there is no credit history available, the borrower will have to provide other things for eligibility. The borrower needs to ask the bank or the financial institution to provide the eligibility criteria to get the loan.
Terms and conditions related to the loan
Terms and conditions of such lenders like Crawfort include various types of charges, which the borrower has to give to avail the loan. The borrower can contact the moneylender to ask for the charges, which he has to pay to get the loan. All these things will help the borrower to do calculations to check whether he will be able to pay the loan or not. After the acceptance of terms and conditions, the borrower has to be bound by them.
Duration of the loan
This loan can be taken for a short period. Banks will be causing more pressure to pay the loan. People must read the terms and conditions before taking the loan. These terms define the tenure of payment of the loan.
Rate of interest
The rate of interest for this kind of loan is very high. The borrower has to ask the institution about the interest rate before applying for a loan. They can also check the websites of the financial institutions or other websites where the interest rate for this loan is mentioned. Borrowers can call them and know about the rates.
The income of the borrower
The loan taken by the borrower should be less than his income otherwise; it will become very difficult for him to pay the loan. The bank or financial institution may pressurize the borrower and stress them.
Where a foreigner can get a loan in Singapore
The borrower has to seek for the sources from where he can get a foreigner loan. It is better to talk to those money lenders who have the license of providing loans to foreigners. If an unlicensed money lender is contacted, there are chances that he may rob the borrower. The licensed institutions provide a fixed rate of interest and timing in which the loan is to be paid. Credit facilities differ from one financial institution to another and the borrower needs to be aware of it.
People can get the loan easily but the process is very time-consuming. The borrower has to become eligible for the criteria provided by the bank. Besides, this, the bank also checks the financial history to become sure whether the borrower will be able to pay back the loan or not. The interest rate ion this loan is very high and the borrower needs to be very clear about it.
These are some of the things, which people need to know to get a foreigner loan in Singapore. The interest is very high whether the loan is availed from a bank or any financial institution.