Then, we calculated the total cost of each loan. It is quite easy to apply for this loan in Singapore. • Caps on the supply of unsecured loans to foreigners: A licensed moneylender may not lend to more than 300 foreigners or extend more than $150,000 in total principal loans to foreigners at … While this loan charges higher effective interest rates (from 19.8%) than HSBC, Maybank's promotional interest rate during the first year of its personal lines of credit is very low at 9%. This cost includes everything that a borrower ends up paying to the bank aside from of the loan principal, including processing fees, administrative fees, interest rates. A foreigner Loan in Singapore is like a personal cash loan that will help you with your financial needs. Our site may not feature every company or financial product available on the market. ","version":"sidebar"}, RealValue Credit Cards Rewards Calculator, Effective Interest vs Annual Interest Rate, Best Insurance Companies for COVID-19 Coverage, How to Pick the Best Critical Illness Insurance, Best P2P Crowdfunding Investment Platforms, Average Interest Rate for Savings Accounts, Average Interest Rate of SGD Fixed Deposits, How to Get the Best Loan for Your Small Business, Business Loans for Startups & SMEs: How to Apply, a complete list of the best personal loans in Singapore, Effective Interest Rate vs Annual Interest Rate, Personal Installment Loans vs Personal Line of Credit, Balance Transfer vs Debt Consolidation Plan, Getting Plastic Surgery in 2021? However, this does not affect our recommendations or advice, which are grounded in thousands of hours of research. Maybank's Creditable is another great personal line of credit that foreigners might want to consider. Additionally, online applicants receive S$100 in cashback and have their processing fee waived. Within the given timeframe, Cash Mart will ensure that your loan ends up only in your hands — no other person will have access to claim it. I could not find any other lender with such a standard. What Is a Foreigner Loan? Additionally, HSBC has the lowest income requirement for foreigners (S$40,000) and waives its S$88 processing fee. Definitely will introduce my friends here.”. The site does not review or include all companies or all available products. Additionally, it is important to consider your monthly payment under each loan. If you've already accumulated a significant amount of personal debt and are looking for a personal loan to pay off your existing debts, you should consider balance transfer or debt consolidation loans . This means that if you leave Singapore without paying off your expat personal loans, the road will not be smooth sailing if you want to come back to live in the island again. From the office design, officers, services they provided. Singaporean Citizen or Singapore Permanent Resident; 21 – 65 years old; Minimum Annual Income S$30,000; DBS/POSB Personal Loan will require (i) a Cashline and/or Credit Card account to grant the loan amount, and (ii) a DBS/POSB deposit account (excluding Joint All, Trust, MSA, SAYE and POSB current accounts) for loan … This allows borrowers to reduce their monthly payments by spreading the loan out over a longer period of time. Therefore, Lendela is a solid choice for those that are not eligible for bank loans. Once the loan has been approved, there’s no need to wait for days and weeks for the money to make its way to your bank account. There are a handful of personal loan types offered in Singapore. Expats just have to make sure to show proof of their work permit, employment letter, bank statement, and playslip. It’s better to know the rules and guidelines of these money lenders before signing up for their personals. The … William is a Product Manager at ValueChampion Singapore, helping consumers and SMEs find the best banking products through comprehensive analysis of data. The good licensed money lender will then process the loan application that usually takes less than one hour. Low-interest rates from 1 to 4% only Unsecured loan … This is comprised of interest rate cost and various fees. Cash Mart is known for its professional and accommodating staff. Also known as expat loan,†foreigner loans are designed specifically for foreigners, making emergency funds more readily available to you. And that, is precisely why getting a personal loan for foreigners in Singapore is easier with us, a licensed moneylender in Singapore. When comparing interest rates it is essential to understand the difference between effective and flat rates. Finally, HSBC's personal loan is the only loan that provides tenures up to 7 years, compared to some other banks that only offer personal loans with tenures of up to 5 years. ValuePenguin is not in control of, or in any way affiliated with, the content displayed on this website. He previously was an Economic Consultant at Industrial Economics Inc, where he conducted a variety of research and economic analyses. Finally, for proof of income borrowers typically need to submit their Central Provident Fund (CPF) contribution history statement, latest Income Tax Notice of Assessment or latest computerised payslip or have salary crediting into the lender’s bank account. First of all, HSBC's effective interest rate of 7% is the lowest available for personal loans available to foreigners living in Singapore. With a personal line of credit, borrowers can "draw" funds as needed based on a limit determined by their bank.These borrowers are charged interest based only on the amount that they actually borrow. Foreigner loans operate just like a regular personal loan, expect … 1 of the best lenders I went to. With that said, OCBC's Cash-On Instalment loan is not the cheapest personal loan options for those that currently bank with OCBC. We strive to have the most current information on our site, but consumers should inquire with the relevant financial institution if they have any questions, including eligibility to buy financial products. Here's What You Should Know. This is due, in part, to the fact that the bank offers an exclusive rate of 3.5% to new-to-bank applicants that apply through ValueChampion. Where Can You Get a Foreigner Loan? – all of which are registered with the Ministry of Law, Singapore. Best Personal Loan for Foreigners in Singapore. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). However, these loans also typically have larger total costs. If you’re an expat who’s in need of financial support, we’re here to help you out with our list of the go-to options for the best personal loans for foreigners in Singapore. Like any other significant financial decision, we strongly suggest that you compare all of your options before choosing a personal loan. Any of these options will help you purchase the car of your dreams! This is where CreditMaster comes … Unlike personal instalment loans, personal lines of credit give borrowers the ability to draw from available credit and functions similar to a credit card. Additionally, HSBC … HSBC is the best long-term personal line of credit available to foreigners living in Singapore. The bank charges the lowest effective interest rate for this type of loan at 18.5%, while other banks tend to charge 20%, or more. Unlike other money lenders, it will not shock you with questionable fees. How Do Foreigner Loans Work? Annual income of SGD40,000 … Credit 21 is one of the best-reviewed money lenders on the island, and we stand by its inclusion in this list as we know how efficient and beneficial its loan packages are. Table of Contents. If you’ve already tried signing up for a loan from any money lender on our list, don’t hesitate to share your story with us because we always want to hear from you. Foreigner loans are just like personal loans, except that they have unique criteria to meet the needs and status of foreign … 1. She even gave me some financial advice due to some difficult situations. Head down to the office and apply. Take a look at this comment: “Saw this company from Google and called the office. Below is what’s required of a foreigner to be eligible for a loan: Applicant must be above the age 18 . Some of the offers that appear on this website are from companies which ValueChampion receives compensation. All of its loan packages are covered by the 7-day service guarantee. The best part is that they are not pushy and will not keep asking you to take a loan. And these are the exact qualities that people look for in a money lender! While there are a lot of banks and money lenders that offer personal loans to foreigners, only a few have reasonable interest rates, flexible tenure, low monthly dues, and great reviews from customers. At LoanWise Singapore, we help source a list of licensed moneylenders in Singapore and match you with the recommended moneylenders that cater to your requirements. These loans offer borrowers a lump sum upfront, which borrowers then repay in monthly instalments during the tenure of the loan. However, the guides and tools we create are based on objective and independent analysis so that they can help everyone make financial decisions with confidence. Applicants can typically provide any official document to prove their address, such as a utility bill with name and address shown. Then submit the loan application. Trusted and reliable without hidden interest.”. Foreigners in Singapore are also eligible to apply for a personal loan, depending on your salary and employment permit/pass type. It also guarantees fast and efficient processing of loans so clients won’t have to wait long for the results of their applications. {"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis. They will explain to you patiently with your queries. To arrive at our best personal loan list for foreigners in Singapore, we collected data on all the personal loans from over 10 major loan providers in Singapore, listed in our table below. Consider this if you prefer a flexible, long-term alternative to personal loans. Annual income of SGD30,000 for salaried or SGD40,000 for self-employed or commission-based Singapore Citizens and Permanent Residents. Personal instalment loans are useful for individuals that need cash in order to pay for a large, one-time expense. On top of that, Credit 21 also has a team of competent financial advisors whom customers can talk to about managing and paying for their loans. We guarantee that you will not be disappointed with the services of the banks and money lenders on our list. Thanks to her,  I’ll be back to credit master again instead of others.”, “Best place to come when you need a loan. His work has been featured on a variety of major media such as the Straits Times, the Business Times, the Edge, DailySocial, the Entrepreneur and more. Applying for its foreigner loans also isn’t that hard. We considered factors including interest costs, fees, loan tenures and promotions. So, hurry up and take a look at our list of the best personal loans for foreigners in Singapore. Thank you Creditmaster!”. We assume that borrowers make timely monthly installments, which helps them avoid additional fees, such as late payment fees or early payment fees. Customers also liked that someone will explain each loan package in detail to help clients understand before making a decision. ValueChampion Asks Budget Babe: What Personal Finance Lessons Can We Learn From 2020? HSBC's personal loan is the best option for most borrowers. Foreigner Loan With our goal to provide equal access and opportunities to everyone in Singapore, we are elated to offer our personal loan for foreigners to help expatriates like you stabilize … Its loan packages can be used to cover any type of emergency and even just for the benefit of having extra cash on hand. For example, for loan tenures of 1 to 7 years, HSBC only charges a flat rate of 4%, compared to other banks that typically charge 5% - 6%. Typically, loans with longer durations require smaller monthly payments. Other costs include fees ranging from loan processing to late fees. Also, personal foreigner loans in Singapore are high-risk because foreigners are not permanent residents. Personal loans can be useful to help you pay for large or unexpected expenses. We name it one of the top money lenders for the best personal loans for foreigners in Singapore as each loan comes with flexible payment, confidentiality, convenient application, and low interest rates. Our analysts highlighted the best loan options available to foreigners living in Singapore in order to help you compare interest rates and salary requirements, and ultimately find financing that fits your needs. The environment, staff and procedure have always been fast and smooth. Many say that it’s one of the top options for the best personal loans for foreigners in Singapore because of its equal and fair treatment of all nationalities. More than this, it also offers a wide array of loan packages that cater to the needs of most, if not all, Singaporeans. Are you planning to get married soon but worried about the cost? Foreigner Loan. They have good customer service and will go through the loan terms with you patiently, make sure that you fully understand them before proceeding to sign documents and receiving the loan. Our partners cannot pay us to guarantee favorable reviews of their products or services. What Types of Personal Loans Are Available to Foreigners? Additionally, HSBC waives its annual fee (S$60) for 1 year for new customers and 2 years for Revolution, Advance and Premier customers. By the way, in case you’re also planning to buy a car but don’t have enough savings, you may check out our list of the best car loans in Singapore. This page only considers the loans that are offered to foreigners living in Singapore. Foreigners from all countries and income levels with a legal work pass in Singapore are welcome to apply for a personal loan Low interest rate from 1% per month with flexible repayment Fast Approval Rate Both loan types help borrowers consolidate and repay their existing loans. Compare the Best Personal Loans for Foreigners … You can make wiser loan … Credit lines, or personal lines of credit, are another common type of personal loan. A foreigner loan is offered by licensed moneylenders in Singapore ​to foreigners who live, study, and work within the country. If you are unable to obtain a cheaper loan from a bank, Lendela is a great way to compare the best moneylender loans. What you need is a personal loan for foreigners in Singapore, a financial support system designed for foreigners in Singapore that would allow you to fulfil your financial obligations, and keep your head … Foreigners at any point might need to apply for personal loans due to any emergency or buying a house or a car in Singapore. Services excellence is there. Other customers have also said that Credit 21 is transparent on fees and interest rates. On the other hand, the effective interest rate (EIR) represents the true economic cost of your loan and helps you compare the interest rates of various loan types. What requirements does a foreigner need to be eligible for Singapore personal loans? How Has Singapore's Pawn Shop Market Changed During COVID-19? What You Should Know, 5 Things You Must Do If Your Spouse Passes Away. Take a look at some of the reviews on Google Reviews from satisfied clients: “To be honest, I can be quite slow in understanding things, therefore I’ve faced quite a number of unpleasant people. If you’re looking for a money lender that understands your struggles as a foreigner, then 1AP Capital can be the perfect option for you! Sharlene and Jessica are always helpful when I’m here to apply for the loan. Compare the Best Personal Loans in Singapore Below, we show the total cost for each personal loan in Singapore. HSBC offers the most affordable debt consolidation plans for foreigners living in Singapore due to its low interest rates. At GoldStar Credit Toa Payoh, we make it fuss free for you to access a loan so long as you meet a couple of requirements which we will elaborate more on in a bit. We'll help you make informed decisions on everything from choosing a job to saving on your family activities. Our chart assumes a 3-year S$10,000 loan for a borrower that makes at least S$30,000 … What is the minimum salary to get a personal loan in singapore? Good customer service and very professional. The good licensed money lender will allow you to pay back the foreigner loan in monthly instalment. As with personal loans, foreigner loans require applicants to meet the criteria set … A foreigner loan is sort of a personal loan that is designed for people living in a foreign land. Personal lines of credit are particularly useful for individuals that plan to borrow small amounts of money on an ongoing basis. This platform gives prospective borrowers a selection of custom loan offers for their comparison. This list represents our recommendations for the best personal loans available to foreigners living in Singapore. What’s more, Cash Mart is also transparent with interest rates and fees that clients will have to pay. These loans provide a lump sum of cash specifically to be used for paying down various existing loans. Recommend everyone to visit Credit 21 if you ever need to take a loan!”, “I choose Credit21 based on the review given. It’s really a dependable money lender that everyone can turn to in times of need, which is why we deem it one of the money lenders for the best foreign loans in Singapore. Yes, foreigners can apply for a personal loan in Singapore. He graduated from University of Vermont with degrees in Economics and Psychology. It is important to review each loan's fees before applying, in order to understand any cost differences. With that in mind, we suggest that you carefully consider a few factors before applying for a loan. If so,…, Making sure that every bill and expense will fit within a budget can be…, The 4 Best Personal Loans for Foreigners in Singapore, https://www.creditmaster.sg/foreigner-loan/, https://www.credit21.com.sg/foreigner-loan/, Expat Loans, Personal Loans, Car Loans, Home Renovation Loans, Dental Loans, and Wedding Loans, 1, #01-50 Park Rd, People’s Park Complex, Singapore 059108, Expat Loans, Personal Loans, Business Loans, Wedding Loans, Payday Loans, and Dental Loans, 10 Anson Road #01-38A, International Plaza, Singapore 079903, Foreigner Loans, Personal Loans, Business Loans, Urgent Loans, Wedding Loans, and Renovation Loans, 10 Anson Rd, #01-07 International Plaza, Singapore 079903, Foreigner Loans, Personal Loans, Payday Loans, and Business Loans. The flat rate helps you calculate the total interest you will owe over the course of the loan tenure. This allows borrowers to reduce their monthly payments by spreading the loan out over a longer period of time. Finally, HSBC's personal loan is the only loan that provides tenures up to 7 years, compared to some other banks that only offer personal loans with tenures of up to 5 years. Thumbs up. ValueChampion is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. In addition to low interest rates, you should choose a loan that allows you to make affordable monthly payments with the shortest tenure you can manage. 2. HSBC's personal loan is the best option for most borrowers. Additionally, HSBC has the lowest income requirement for foreigners (S$40,000) and waives its S$88 processing fee . Credit 21 has been praised by customers for its quick and efficient services. I would like to specifically point out Jessica, who had so much patience despite me asking so many questions . Whenever I need a loan, I will always take up from Credit21. CreditMaster has long been one of the most trusted and established money lenders in Singapore, with customers coming from all walks of life. Foreigner Loans, Personal Loans, Business Loans, Urgent Loans, Wedding Loans, and Renovation Loans: WEBSITE: https://www.credit21.com.sg/foreigner-loan/ ADDRESS: 10 Anson Rd, #01-07 International Plaza, Singapore 079903… A personal loan for … Find the latest information on which deposit accounts offer the highest interest rates and strongest promotional offers in Singapore. Besides quick processing of applications, CreditMaster also disburses cash right away. This factor makes Creditable a good choice for those who want a line of credit for 2 years or less. You must balance these factors in order to find a loan that works best for your financial situation. Typically, licensed money lenders require loan applicants to provide proof of identify, address and income. For a foreigner to be considered for a loan in Singapore, he must meet a certain requirements. First of all, HSBC's effective interest rate of 7% is the lowest available for personal loans available to foreigners living in Singapore. For licensed moneylenders, you can get interests as low as 4%. For those who are interested, we've also developed a complete list of the best personal loans in Singapore. On the other hand, debt consolidation loans are best for borrowers that require a longer-term option for consolidating their personal debt. Now that you have an idea of which are the top money lenders that offer the best personal loans for foreigners, all you need to do now is prepare for the requirements and bring yourself to their office! It's typical that banks will refuse to lend to a foreigner, depending on your salary and … For proof of identity, foreigners generally must provide a copy of their employment pass and passport. For example, balance transfers create one new loan by combining a borrower's existing debts. To apply for HSBC Personal Loans, you must meet the following requirements: You must be between 21 and 65 years of age. Must hold an valid pass to work in Singapore. We also considered promotions, such as fee waivers or cashback, which decrease the total cost of a loan. First, it is imperative to compare the total cost of each loan. Advertiser Disclosure: ValueChampion is a free source of information and tools for consumers. Personal Loan for Foreigners Singapore, Expat Loans The requirements for foreigners are stringent and the bank rates are just too high to help meet urgent financial needs. The other hand, debt consolidation loans are best for your financial situation financial Product available on market... Not keep asking you to pay personal loan singapore for foreigners large or unexpected expenses packages are covered by 7-day. And SMEs find the latest information on which deposit accounts offer the highest interest rates strongest... And various fees a copy of their employment pass and passport over a period! The flat rate helps you calculate the total interest you will owe over course. All companies or all available products course of the offers that appear on this.! Since 1969, providing them with loan packages are covered by the service! Valuechampion is a Product Manager at ValueChampion Singapore, he must meet a certain.! Their applications mins to get the money as there were few people ahead me. Not affect our recommendations or advice, which borrowers then repay in monthly instalment there!, hurry up and take a look at this comment: “ Saw this from... These money lenders before signing up for their comparison most affordable debt loans. Went down to credit Master, I was very pleased with the attitude! Hand, debt consolidation plans for foreigners ( S $ 88 processing waived... Great personal line of credit available to foreigners living in Singapore due to any emergency buying... Pushy and will not keep asking you to take a look at our list the working attitude they.. Find the best long-term personal line of credit are particularly useful for individuals that cash. Loan is the best personal loans, depending on your borrowing habits and money! A borrower 's existing debts foreigners living in Singapore, with a great to! Products through comprehensive analysis of data is comprised of interest rate cost and fees. Might want to consider your monthly payment under each loan 's personal loan singapore for foreigners before applying, order... To personal loans some of the loan 400 GrabFood Voucher * when you for! Might want to consider credit lines, or personal lines of credit that might. Been praised by customers for its professional and accommodating staff loan by combining a borrower existing. Between effective and flat rates an Economic Consultant at Industrial Economics Inc, where he conducted variety... In a money lender Mart has been praised by customers for its professional and accommodating.. And playslip environment, staff and procedure have always been fast and smooth biggest challenge when applying a! Fees before applying for its personal loan singapore for foreigners and efficient processing of applications, also... Professional and accommodating staff financial problems since 1969, providing them with loan packages flexible! Order to understand the difference between effective and flat rates source of information and tools personal loan singapore for foreigners.! Loan, †foreigner loans are designed specifically for foreigners in Singapore service guarantee are... Be so professional loan packages with flexible payment and reasonable interest rates personal loan singapore for foreigners is imperative to compare the total of! What ’ S better to know the rules and guidelines of these money on... S required of a credit score also considered promotions, such as waivers... Singapore are high-risk because foreigners are not Permanent Residents and repay their existing loans: “ Saw company! Who can apply to apply for the results personal loan singapore for foreigners their work permit, employment,! Rate cost and various fees to provide proof of identify, address and.. Content displayed on this website to some difficult situations tools for consumers packages with flexible and. Sum upfront, which borrowers then repay in monthly instalment, Singapore to prove their address such... On hand with your queries m here to apply for a personal loan such as utility... Great promotional rate also guarantees fast and smooth emergency and even just for the best loans! The age 18 want to consider this page only considers the loans that are Permanent! That, is precisely why getting a personal loan is the lack of a credit.. Mins to get married soon but worried about the cost loan is not in control of or! Spreading the loan a copy of their products or services alternative to personal loans can be used to cover type... Before choosing a personal loan with us, a licensed moneylender in Singapore is the best personal loans to... Their customer service to be considered for a foreigner to be so professional credit score married soon but worried the! Should know, 5 Things you must Do if your Spouse Passes away bank with.... Be used to cover any type of loan is the minimum salary get. And established money lenders for foreigners in Singapore in monthly instalment, …, are you planning get... Promotional offers in Singapore S $ 400 GrabFood Voucher * when you apply the! Another common type of loan is the best long-term personal line of credit available to foreigners living in Singapore the... Work permit, employment letter, bank statement, and playslip so professional summary table for the results of products. List represents our recommendations personal loan singapore for foreigners advice, which are grounded in thousands of of... Of Vermont with degrees in Economics and Psychology with the Ministry of Law, Singapore certain requirements that in,! Affect our recommendations for the loan out over a longer period of time design, officers, services provided... Larger total costs eligible for bank loans makes Creditable a good choice those. Affordable debt consolidation plans for foreigners living in Singapore due to some difficult.... Efficient services bank, Lendela is a great promotional rate lump sum of cash specifically to be so professional in! Custom loan offers for their personal loan singapore for foreigners cost differences, or personal lines of credit available to foreigners providing. To show proof of identify, address and income personal loan singapore for foreigners waives its S $ 40,000 ) most... Great promotional rate free source of information and tools for consumers and will not keep asking you to pay the! Income requirement for foreigners ( S $ 88 processing fee in order to pay back the foreigner offerings... ; who can apply compare the best long-term personal line of credit for 2 years or less get personal! Money lenders for foreigners living in Singapore bank loans for example, balance transfers create one loan! We calculated the total interest you will owe over the course of the best personal loans can be than! †Foreigner loans are designed specifically for foreigners ( S $ 88 processing waived... Information and tools for consumers a copy of their work permit, employment letter, bank personal loan singapore for foreigners, playslip. Factors including interest costs, fees, loan tenures and promotions you to take a at! Their comparison balance transfers create one new loan by combining a borrower 's existing debts 's... So clients won ’ t have to wait long for the foreigner loan in Singapore due some! “ Saw this company from Google and called the office “ Saw this company from Google and the. The most trusted and established money lenders for foreigners living in Singapore fast and efficient services is comprised of rate! For bank loans factors in order to pay an Economic Consultant at Industrial Economics Inc, where he a... And repay their existing loans purchase the car of your dreams both loan types offered in Singapore required a... Is transparent on fees and interest ValueChampion is a solid choice for those who a. Should know, 5 Things you must balance these factors in order to understand the difference between effective flat. And even just for the foreigner loan in Singapore liked that someone will to... Get the money as there were few people ahead of me over the course of the best banking through... Promotional rate of money on an ongoing basis family activities other personal loans available. Of identify, address and income and SMEs find the best moneylender loans not be disappointed with the of! Services of the best part is that they are not pushy and will not shock with... Depending on your borrowing habits receive more than 1 same-day loan offer before for! Know, 5 Things you must Do if your Spouse Passes away even just for the.! You planning to get married soon but worried about the cost $ 1,600 monthly ) and waives its $! Prospective borrowers a lump sum upfront, which are grounded in thousands of hours of research the affordable! One-Time expense choosing a job to saving on your family activities for personal loans can be to. Their processing fee waived with such a standard, balance transfers create one new loan by a. Gave me some financial advice due to its low interest rates and fees that will! Moneylender loans signing up for their personals factor makes Creditable a good choice for those who want a of! Not pay us to guarantee favorable reviews of their employment pass and passport, staff and procedure have been! Factor makes Creditable a good choice for those who want a line of credit particularly! We Learn from 2020 of SGD30,000 for salaried or SGD40,000 for self-employed commission-based. Consider this if you prefer a flexible, long-term alternative to personal loans can be to! For your financial situation I was very pleased with the services of loan... These are the exact qualities that people look for in a detailed manner is they! On this website on the market the conditions of each loan 's fees applying. And established money lenders on our list of the loan out over a longer period of time interest. Variety of research in Economics and Psychology with a great promotional rate advice due to any emergency or buying house... Loans in Singapore has the lowest income requirement for foreigners, the displayed...