People all over the world are always on the move. Millions move in and out of their countries each year. If conditions are ideal, some even settle in foreign countries as foreign residents. One such perfect country that millions are deciding to settle in is Singapore.
The state of Singapore offers so many ideal opportunities and better living standards. It has therefore attracted a more significant number of foreign residents to settle there. Statistics show that, currently, foreigners in Singapore account for 2.17 million of the total population. In other words, it can be said that for every ten people in Singapore, 4 are foreign residents.
However, this being a classy state, it is quite expensive to live in Singapore. Foreign residents might become financially drained. They may end up in need of specific necessities, but not able to afford them. The worse situation happens when unforeseen occurrences, and emergencies, arise and find the foreign residents with no financial stability needed to deal with these.
In such situations, foreigner online loans are helpful as they come to the aid of these residents.
What is a Foreigner Loan?
To start, a foreigner is any resident who is not a citizen of the country that he or she is currently residing in. The foreigner might be just living there, pursuing their studies there or living and working there.
Foreigner loans are personal loans designed for this category of people. These are the same as work permit loans. That is the reason foreigner loans are also termed as personal loans for work permit holders. Just like personal loan or payday loan you may click this for more information. Also, most foreign loans are unsecured. The foreigner is not needed to attach any of his assets as collateral for the loan. This is advantageous to the foreigners, since most of them lack many assets, having begun their lives anew in Singapore.
These foreigner loans are disbursed, not just for any reason, but for specific purposes. This article discusses the objectives of foreigner loans in Singapore.
Purposes of Foreigner Loans in Singapore
There are three primary purposes for a foreigner loan in Singapore;
a.) Emergency
Just like every other person, foreign residents in Singapore are befallen by unavoidable and unexpected situations. These could be an emergency that requires finances to solve them, such as medical issues.
Most foreign residents in Singapore live paycheck to paycheck. Hence, when these situations come up, they can be distressing to the financially unstable residents. Foreigner loans can then be provided at such circumstances to help a foreign resident in Singapore deal with the emergency. These loans help protect foreign residents from potential risks associated with the emergency.
b.) Proper Housing
The major challenge that most foreign residents face is that of proper housing. Before moving into a new apartment, there are several requirements required by the apartment owners. For instance, a person is required to provide rental fees for several months as well as deposit fees, all in advance. Only after paying all these fees can a person be allowed to move into the apartment.
Most foreign residents who move into Singapore, move with very little money that can only sustain them for the basic needs and for a shorter time. Paying all these housing fees could, therefore, be impossible for them. Following this, most foreigners opt to get foreigner loans. These loans can help them cover their expenses and settle into their houses quite fast and comfortably.
c.) Telephone bills
Each person who lives away from home experiences homesickness. Foreign residents in Singapore often make calls to their friends and relatives who are back in their original countries. The most common option for these foreign residents is taking up Telco international calls. However, these calls are costly, with one call being around 10 dollars.
Most foreigners in Singapore are on work permit passes. They work mainly for food and housing. Such Telco international calls expenses would only serve to make them toil too much and, at most times, never afford them. Foreigner loans can, in such circumstances, come to their aid. They provide the Singapore foreign residents with personal loans that they can use on telephone bills.
Qualifications for a foreigner loan
It’s not just any foreigner who is eligible for a foreigner loan. There is a set criterion that a foreigner must meet if they are to qualify for the foreigner loans. First, the foreigner must be 21 years and above. The foreigner must have a Singapore work pass, which enables him or her to do a job in Singapore legally. The work pass also has to be a full-time employment pass.
At times, though not compulsory, the foreigner may be required to submit several documents when filling for a foreigner loan. These documents could be residence tenancy agreements, bank statements, and employment letters from the company that the foreigner works for. Other documents that a foreigner in Singapore might be asked for include Entrepreneur Pass, S Pass, and other legal work permits. These documents are required to be used to review the foreigner’s chances of staying and paying for the loan.
If a foreigner in Singapore is eligible for a loan, that is, meets all those requirements, then they have a wide range of foreigner loan options to choose from. The foreigner can select a loan that would fit his or her budget, and at the same time, meet the needs.
Conclusion
Are you a foreigner living in Singapore? You could be running down on cash and wondering just where to get enough money to meet your expenses. Well, you would do well to consider foreigner loans. These loans can help you bridge across.
Furthermore, foreigner loans do not eat into your daily expenses. If your above 21 years and have a full-time employment pass, you are more eligible for a foreigner loan than you believe. You need not strain too much anymore. The solution to your financial problems is just right before your eyes; foreigner loans.
