Applying for loan in Singapore is not difficult. All the natives can apply for loan if they prove to be eligible for the loan. However, there are also people who are not natives but they are living in the country and working there. What should they do when they need money urgently; how they can get financial help. These are the questions, which comes in every person’s mind that is living in the country for work. The authorities in Singapore are offering Foreigner Loans to those people. This loan is just like personal cash loan, which people get when they need small amount of loan urgently, and for short time. The problem is that no bank will approve the loan of a foreigner considering the employment permit and the monthly package but there is no need worry about that. There are many moneylenders Singapore who are giving this loan. However, people should only apply to licensed moneylender because they cannot afford to be part of a crime by going to illegal money lenders.
This loan is just like the work permit loan. There are different schemes are available in different money lending companies for this type of loan and the borrower can choose which ever scheme is suits best to his requirements.
People who are working in different countries should be more careful when it comes to following the law. They should avoid the smallest illegal activity. It can out them in a very bad situation even if it was not intentional. Going to illegal moneylenders is also a very serious crime. To avoid any mistake, people should ask to look at the license of the company through which they are applying for the loan. if the moneylender is not comfortable with showing the license it means that he is a fraud and does not have permission to run a money lending business.
Legal money lending companies have requirements and interest rates of the loan according to the requirements of the borrower. It is important for the borrower to know how much money he can pay back for the loan every months and get the loan according to that. it is important for people to know that the money which they will return will be more then the money they got as loan because the returned money will also have interest rate money. It is a very common thing but still there are people who do not know about these small but important things https://easycredit.com.sg.
To qualify for this type of loan, the borrower should have a valid and legal work permit pass. The borrower should be the age of 21 or more to be eligible for this loan. He should have a full time job. There are some documents required to apply for the loan such as residence tenancy agreement, a bank statement, and an employment letter from your company. The lender will verify all these documents to make sure that they are valid before approving the loan. This type of loan is being considered highly risked that is why it has higher interest rates, but if the credit history and employment history of the borrower is good, the lender can charge a low interest rate too.