Three Main Requirements For Expats Seeking Personal Loans In Singapore

In June of 2012, the rules covering Singapore moneylenders have been tightened as a way to further protect the interests of borrowers

. In particular, the change was imposed through the Moneylenders Act which boosts the powers of the Registry of Moneylenders in protecting borrowers information from unlicensed companies offering personal loans in Singapore.

As a way to protect moneylenders, on the other hand, the government continues to uphold the authority of these companies to impose their own rules, especially those that concern the requirements that people need to comply with when applying for loans.

If you are a foreigner looking for fast cash in Singapore, yes, you can also apply, provided you satisfy a few conditions of the loaning company, such as documents you need to submit or present.

Proof of Legal Status

First things first, you need to be of legal status in Singapore before you can be considered for a personal loan. In fact, the very first thing that moneylenders in the country will look for is proof that you are officially recognized by the government as a resident. To prove this, you need to show yours Pass, Employment Pass or Work Permit. Unless you are able to present any of these, your loan application will not be entertained. Laws are strictly implemented in Singapore, so by no means must you even think about fabricating these documents or you can face very serious penalties.

Evidence of Employment or Financial Capacity

Secondly, any company that provides loans in Singapore will ask you for an employment letter, so be ready with one. This will prove that you are earning a certain amount of income which will form part of the basis for approving or disapproving your application, and when approved, how much you can loan. Obviously, the reason behind this is to check whether or not you are capable of repaying the money you want to borrow. In Singapore, it is ordinary for citizens and permanent residents to be granted loans of up to 400% of their monthly income, but expats who do not have a residency status will receive less.

Authentic Singaporean Address

On top of proving that you are of legal status, you also need to show a moneylender in Singapore proof of a local address. To do this, you need to submit a few documents, such as tenancy agreements, a bank statement, a telephone bill or a PUB bill. All of these must bear your address in order to serve the purpose, which is to assure the loan company that they will be able to find you or communicate with you through the address you gave. Of course, its easy to manufacture an address, and this is why they need proof that you are actually staying where you claim to be.

There are many companies in Singapore that offer loans to foreigners or expatriates, and there will be different types of payment plans that may be offered as well, such as monthly and flexy. As long as you satisfy the requirements of the loan company, nothing should stop you from securing that loan in time for your need.

by: Mr. Alan Tay Y C

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