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When Should You Get a Foreigner Loan

When Should You Get A Foreigner Loan

Living in a country where you are a foreigner or an immigrant is not an easy thing to do. You have to deal with a lot of pressure in all aspects of your life, especially when it comes to finances. Unlike locals, you will find that subsidies and financing options are not readily available to you. When placed in a situation which requires capital beyond your ordinary means, you may be hard pressed to find financing solutions within your circle of friends and family. One alternative path would be to obtain a foreigner loan in Singapore.

At first, the thought of borrowing money would sound challenging and complicated on your part. However, it is actually a nice alternative available for you to access in times of need. The key word here being ‘need’, after all loans do bear risk and thus should not be used to fund luxuries. Moreover, you should exercise responsibility and caution over the loan, always pay the interest on time and do not prolong full repayment of the loan.

In this article, we list down the scenarios whereby you can consider getting a foreigner loan.

  1. You are planning to start a new business venture.

Foreigners who pass the basic qualifications prescribed by the government may engage in trade and business. At this point, substantial capital may be needed to be raised in order to kick start the business. While banks do offer options for this, they do conduct highly stringent and drawn out checks on expats. As such, their services may not be ideal for a start-up that is in need of a quick cash injection. If you are facing such a scenario, you may wish to consider the alternative which is to approach a licensed moneylender in Singapore. With faster streamlined procedures, you may be able to obtain time critical loans.

  1. You want to buy a new car.

Let us be honest here, the idea of obtaining a loan to purchase a car is a polarizing concept. But what it really comes down to is if you determine the car to be a necessity or a luxury. Unlike other larger nations which have sprawling cities, Singapore does feature a relatively compact and easily accessible city design. From this point-of-view, you may not be getting as much out of a car as you would in other countries. However, a car may still be highly beneficial if your residence or office is not located near MRT stations, or if you find commutes on overly crowded public transportation to be a real hassle. If you determine a car to be a necessity, then a foreigner loan may be just what you need to help finance the initial purchase.

  1. You need it for emergency purposes.

As an expat in a foreign land, you should be prepared to encountered many unforeseen circumstances and possibly emergencies. As part of your preparation and due diligence, you should be aware of the various short term foreigner loans that are available. While the interest rates may be high, their ease of access may be crucial should an emergency occur. The benefit of having the availability of instant cash on hand should not be overlooked.

When it comes to acquiring loans in Singapore, it is necessary to look into the past records of the moneylender that you are dealing with. You have to be careful in choosing the company that will provide the loan. Do not just select a company without asking about its rates as well as the terms and conditions. Most importantly, before signing a loan contract, always make sure that you have read its content. At the same time, remember that additional requirements may be required from you.

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