Applying for a foreigner loan can be quite hard wherever it is that you are in
, with the main issue being trust. There is the risk of someone applying for a loan and failing to pay. Even when the lender and borrower are natives, it is still a common problem; imagine what it would be like when the borrower is a foreigner. A lender will have to keep track of the borrower during the repayment period and this becomes even harder when the borrower is a foreigner. A foreigner will have problems since his or her assets are back at home meaning it would be hard to avail credit.
The basic solution in this case is to approach the government for funding. Still, a government run institution will be very careful and will make sure they observe all formalities. You will most certainly be required to have proper documents before you can access credit facilities. One way to go about this is to have a willing co-signer who is a native. For a foreigner loan in Singapore the lending institution will take into account the natives assets and this will help them in building their trust in you. This though is just the first hurdle in your quest for a loan.
You will then be required to show your credit records and your current personal income, a bank statement as well as other track records. If all these are deemed satisfactory you can go on and get your loan. Still you can skip all these formalities if you can get a private broker. Once you get them to trust you and all your financial capabilities, your job would be half done. For this you do not have to show proof of citizenship neither do you need to have any assets you can give as security.
Your biggest task here is to show the lender who in this case is the broker that not only do you intend to pay the money back but also that you are actually going to repay. The broker will surely be cautious and has every right to be so. You might have no intention of getting away with the loan amount you have acquired. It will not be enough to give any sort of guarantee in either words or paper. The lender in this case is still aware that it will be hard to take legal action against you if you plan to get away with the loan amount.
There are a lot of private brokers in Singapore just as there are in many other foreign lands whom you can contact through the Internet. You will have to send them your financial records as well as your income and expenses accounts for him to establish your credit worth. If the broker is satisfied with this information, you might as well be on your way to getting foreigner loans. Down payment is usually necessary when you are approaching a private broker since it can indicate your intention to repay.