Working in Singapore for expatriates is very common. In fact, being one of the most attractive places to work in because of its superior technology and systems, Singapore has been attracting a lot of foreigners.
Expenses for foreigners
Being one of the most advanced countries in the world mean that living in Singapore might be quite costly. As such, if you are a foreigner who is now working in Singapore or planning to do so, you might find that that the living expenses in the initial stage might be higher than you expected.
Why do you need a loan?
To being with, being a foreigner in Singapore means that you need to start settling down as soon as possible. Make no mistake about it, everything in Singapore will surely need some money at some point. From transportation to food, services and such will all require you to pay. So, settling down in Singapore means you might need some ‘capital’ in order to get started.
What’s in it for foreigners?
Moving to Singapore is not just about uprooting from your home country and then flying in on a one-way ticket. Getting here is one thing, staying here is another. If you have a tight budget, it makes things a lot harder. You will surely need some funds to get started, at least for the first 3 to 6 months. For foreigners, you will be lucky to know that there is something known as a foreigner loan.
All you need is a working permit and you should be able to get the loan from a licensed money lender in Singapore.
What is a Foreigner Loan?
Basically, a foreigner loan is quite similar to any other loan packages. How this work is that it is only intended for eligible individual who is not a citizen or permanent resident of Singapore. This type of loan is designed to help you get through the first few months (or any subsequent months) so that you need not worry about money having to focus on settling down.
The foreigner loan is designed to offer the helping hand since you are new to the country and you might not know anyone to borrow money from. As such, the loan would be a great help which is straightforward and neutral. At some point, you might want to take a bank loan but being new in Singapore means that you might not have a credit history as yet. This would be a big restriction to applying for a loan from the financial institution. In other words, being a foreigner and getting a loan application approved might just be impossible.
Where to seek help?
Licensed money lenders in Singapore are those that you can approach if you need this type of loan. Among the prominent ones that offer such a package include Credit Hub Capital. In most cases, the interest rate is not very high as the offerings are regulated by the Singaporean government. Besides that, this type of loan is specially catered for foreigners who hold any other passport besides Singapore. Some service provider even offer tailored loan packages. This means that you can decide the amount you need and how long you need it for.
Because of your employment in Singapore, paying back the amount would not be too much of a hassle. After all, you will be accorded with a bank account while you can discuss with the money lender about the repayment schedule. At some point, there could be interest rebates as well if you payback earlier.