Generally, banks are not strict to Singapore residents and PRs when it comes to the minimum requirements for obtaining a personal loan. But if you’re a foreigner, it may be quite challenging for you especially if your income per month is less than $3,000. Some banks may even demand that you have a higher monthly income so that you can get the loan.
If you’ve tried to apply for a loan from a bank and haven’t been successful, you can try getting a private personal loan from a licensed moneylender in Singapore. The Ministry of Law has a list of all the licensed moneylenders – only borrow from these to prevent problems in the future. They have undergone strict scrutiny to ensure they’re legitimate and they follow all the required guidelines.
Singapore moneylenders are required by the law to explain a loan’s terms and conditions in a language you understand. Therefore, be keen, listen, and read carefully to ensure you’re comfortable with the terms and conditions indicated. If there is something you don’t understand, ask the lender to explain it to you. Don’t take the loan is something is unclear, no matter how desperate you need it. If you’re not comfortable with one lender’s terms, there are others available. Shop around and compare their terms until you find a licensed moneylender who completely satisfies your needs.
Interest rates charged by moneylenders can be as high as 4% per month. Therefore, borrow the smallest amount depending on your needs and for the shortest repayment period that you can manage.
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