subject: Obtaining Loans In A Foreign Country [print this page] Need a loan? Most people do at one time or another in their lives. Being in debt is not something the general population desires, and it has caused a lot of damage for those who don't handle it correctly. However, done properly, taking out personal loans can benefit you and your family. For example, if you need to buy a home, most people need to take out a loan to do so. This is easy enough to complete if you are in your native country, but it takes on a whole new light if you are in a foreign one.
Say you move to Singapore, how exactly does a person go about taking out a personal loan in Singapore? Assuming you are from an English speaking nation like the United States, chances are you can't just walk up to the counter and ask for any loan. What you need is a foreigner loan. This is much easier to obtain if you already have an account with a U.S. Branch of the bank you are working with, but if you don't you can still obtain one with a new bank. There are a few things you will need to do so, and this is pretty much the same worldwide.
Most banks require a work, or permanent residence visa, your passport, a letter from your employer, and some kind of contract for a utility, rent, or other monthly arrangement that proves you won't take the money and flee the country. It is also good to provide a bank statement showing a decent amount of money in your account, and monthly income from your job. This goes a long way for getting a loan in foreign countries. Obtaining a work visa is going to be the most difficult part of the whole process, because it can take up to two years in some countries.
In order to obtain your work visa, you should first go to your embassy. Once at your embassy, ask for information about the different visas, and getting a personal loan in Singapore. Most embassy workers are happy to help and are very courteous. After you have the information, you will probably need to hire a lawyer, and find a certified, native translator as most governments will only accept documents in their own language. Once you have those, your lawyer can help you through the rest of the steps and you'll have your visa in no time!
Now you are ready to apply for your foreigner loan. Just go to the bank you have chosen, bring the appropriate documents, and you shouldn't have any issues in getting what you need for your business, or personal project. All that remains is waiting for the approval stamp.
