What are your options as a foreigner living in Singapore if you need to apply for a personal loan? We break it down for you.
Fret not, for there is a lifeline for you. To help you tide through lean periods, there are personal loans available for foreigners. Banks and licensed credit companies in Singapore can assist foreigners with customised credit services, such as short or long-term contracts to meet varying needs and requirements.
One key thing that banks and other credit companies are looking out for is whether or not you intend to remain in Singapore for the duration of your loan tenor. Do be prepared for the possibility that some lenders may not be willing to work with non-residents – even with a guarantor. Factors to consider before applying for a Foreigner LoanMost of the banks in Singapore offer Foreigner Loans, but some credit institutions provide faster approval processes as well as possibly fewer or lower qualification criteria.
For many foreigners, the biggest challenge when applying for a personal loan in Singapore is the lack of a credit score. Check with the bank or credit company if you can obtain alternative documents or references for a non-traditional credit check. This could help you get a loan without a credit score.** Rate is exclusive to SingSaver and not available on the bank’s website
OCBC ExtraCash Personal LoanOut of the banks, OCBC charges the highest interest rate at 15% p.a. On top of that, there is a processing fee of S$200 or 2% of the total loan amount, whichever is higher.