How do I go about if I am a foreigner and I need to take a bank loan. Must I have a guarantor? Is it better to take a loan from a licensed money lender?

Licensed money lender in my opinion is just loanshark with a better name.

Usually for foreigners you can still take out a loan/credit card; just that they would have higher income requirements for you. I do not think a guarantor is necessary; but please provide the necessary documentations.

Banks require

1) Income proof (so a few months of income that they are assured of your ability to repay loan)

2) Residential Proof that you are living long term in Singapore

3) Letter from your company on your position and salary (on capability to repay in long term)

usually if you have the 3 above, you are good.