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? - Seedly
 

Loans

Asked by Anonymous

Asked on 04 Jun 2019

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?

0

Answers (3)

Sort By

Most Upvote

  • Most Upvote
  • Most Recent
Jessica Ann Lee
Jessica Ann Lee
Level 5. Genius
Updated on 16 Jun 2019

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.

2 comments

3
佩珊
佩珊

05 Jun 2019

All I have I stay this house already 8years wrk this company 5years it’s enough all the details
佩珊
佩珊

16 Jun 2019

This is so helpful 👍

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.

6 comments

0

See all 6 comments

Charmaine Ng
Charmaine Ng

22 Jun 2019

But is there any reason why you'd like to continue with pruflexi cash? If you don't cut it short now despite knowing you can't afford it, you will have to terminate it later still and your losses would be more.
佩珊
佩珊

23 Jun 2019

This wed I going to fidrec that them reply me that uob blame to us them have black n white so ve jst can wait for third year to take back some Lum sump than ve terminate cos now totally I loss 8k..convert to ringgit already 24k.😭😭😭😭how come sg oso have chitted ppl from bank...
Lok Yang Teng
Lok Yang Teng
Level 8. Wizard
Answered on 05 Jun 2019

Not necessarily. Most of the time, foreigners will need to will need to meet a higher income requirement or show proof of legal residence in Singapore. However, they may need to apply with a guarantor if they do not have a credit score.

0 comments

0