Best Personal Loan for Foreigners in Singapore

Best Personal Loan for Foreigners in Singapore
Foreigner Loan

We all need to borrow a little bit of money from time to time. But being a foreigner in Singapore can sometimes mean that standard personal loans aimed at Singaporean citizens just don’t cut it – or are out of reach for non-citizens. Despite what other loan guides might tell you, you might need to consider a specific foreigner loan instead.

Foreigners in Singapore can encounter all manner of day-to-day expenses, from pricey apartment rentals to costly medical bills. But fortunately, most banks and moneylenders in Singapore offer specialized loans to foreigners that come with attractive interest rates, realistic monthly salary requirements and loan tenure arrangements of all shapes and sizes.

So, whether you’re employed in Singapore via a work permit or other employment permit pass type, living here temporarily to support your family or just looking to pay off those credit cards before traveling home, let’s explore how you can get the best personal loan for foreigners in Singapore.


What Is a Foreigner Loan? 

Despite what the name might suggest, there isn’t actually anything particularly special or different about foreigner loans when compared to other cash loan types like bank loans or personal loans granted by moneylenders. In reality, the only real difference is eligibility requirements in that, if you want a foreigner loan in Singapore, you need to be from another country and staying here temporarily.

In most cases, before you submit a loan application, you will need to meet one or more simple requirements to satisfy the terms and conditions of your money lender. These are:

  • You must have proof of legal residence in Singapore
  • You must satisfy a monthly income requirement determined by the money lender

Sometimes, standard personal loans in Singapore, as well as home loans, a business loan, or any other type of loan geared more toward citizens, will not be available to foreigners, meaning that a foreigner loan could be your only realistic option. However, it always pays to compare loans from licensed moneylenders to get the best interest rates on whatever loan types are available to someone with your unique circumstances.


How Do Foreigner Loans Work? 

As with any loan application, there are specific moneylender terms and conditions you must meet if you want your loan to be approved. The application process – as well as the interest rates you will pay and the income requirement you must satisfy – will vary depending on which banks or licensed moneylenders you approach. As always, we’d recommend shopping around for the best deal.

More often than not, foreigners looking to get a personal loan will need to:

  • Submit legal documents (e.g., a work visa or permit) as proof of working in Singapore
  • Provide details of a guarantor (depending on your credit score)

In some cases, foreigners who have built up a good credit score can start applying for a loan regardless of whether they have a guarantor, but this will depend on the loan terms of individual licensed moneylenders and credit companies, as well as the type of loan you are applying for.


What Types of Personal Loans Are Available to Foreigners? 

If you need a loan for foreigners in Singapore, there are plenty of different types to choose from – each with its own loan terms, loan tenure and interest rate options. Let’s take a look at some of the most common personal loan types foreigners living in Singapore can apply for.

1. Personal instalment loan

These are perfect for borrowers who need emergency cash or a quick cash loan to pay for a large, one-off expense, such as the purchase of a car or settling big payments on credit cards. Licensed money lenders offer several different types you can compare.

2. Personal lines of credit

A personal line of credit can help you to withdraw cash from your bank or money lender as and when you need it – and only pay interest on the amount you actually use. This is ideal if you want to borrow little and often, but personal loans are often more appropriate for foreigners, as far as loan terms go.

3. Debt consolidation loans

If credit cards, bank loans, or different instalment loan variants are already weighing heavily on your finances, a debt consolidation loan could help you consolidate all of your debts into one low-interest rate monthly payment. Find the moneylender that offers the best effective interest rate and you’ll pay off your debts super-fast while living in Singapore.

4. Balance transfers

If you’re familiar with credit cards and other types of credit, you’re probably already familiar with the term ‘balance transfer.’ This works similarly to debt consolidation but is better suited to those with shorter-term debts.

5. Flexible personal loans

A standard personal loan usually offers some serious flexibility to foreigners in terms of interest rate options, monthly salary requirements, and loan tenure arrangements. You can get a personal loan relatively easily via licensed money lenders – even if your credit rating is poor – and it’s easy to secure a lower interest rate if you use a loan comparison site like Moneylender Review to find the best deal.


Where Can You Get a Foreigner Loan? 

Finding personal loans in Singapore is easy as pie – regardless of whether you’re a foreigner or a longstanding resident. Foreigners in Singapore can approach high street banks like HSBC or Standard Chartered for a bank loan, other financial institutions, like a credit company, or compare the more competitive deals offered by trusted moneylenders across the market.

Now, finding your feet in a new country and comparing loan options can be daunting, so it’s important to do your research and fully understand the foreigner loan market before you get applying. We’re always sharing the latest, up-to-date information for Singapore 2021 on our site, but you might want to consider talking to legal loan institutions or licensed moneylenders to get direct clarification on any issues you may be unsure of before submitting a loan application. Popular investment guides could be helpful too if you’re thinking of buying a property in the country or securing a loan amount that will enable you to make an investment in the near future.

We passionately believe that finding a loan for foreigners shouldn’t be a hassle. This is why Moneylender Review offers a quick and easy loan comparison service to help people like you find the lowest interest rate deals in a matter of minutes.

Regardless of where you are applying, you should always consider interest rates, application times, annual income requirements, and whether any processing fee is expected of you. We’d recommend using licensed moneylenders instead of banks where possible, as approvals are usually faster, money lender companies will often be more lenient to those with poor or limited credit histories, and there’s just that much more choice available on the money lender market.

Here’s a list of licensed moneylenders in Singapore you can approach to get a personal loan:

1. 365 Credit Solutions

2. A1 Credit

3. Bugis Credit

4. GM Creditz

5. Raffles Credit

6. Fortune Credit

Learn more: Top 6 Legal Money Lenders in Singapore


Compare the Best Personal Loans for Foreigners Now

To get the best possible deal available to someone in your unique situation, use Moneylender Review now to get quotes from top licensed moneylenders and compare the best foreigner loans currently on the market.


What Factors Should I Consider Before Applying for a Foreigner Loan?

Whether you’re looking at instalment loans, special deals for foreigners with a low annual income or just whichever loan has the best effective interest rates, there are a number of things you should consider if you want to pin down the perfect foreigner loan for you. 

1. Loan amount 

Choosing the right loan amount to suit you is one of the most crucial decisions you’ll have to make when applying for any kind of foreigner loan. It’s important to ensure your loan amount is high enough to cover your debts, investments, or whatever your intended purpose is for taking out the loan. That said, you should never borrow beyond your means. In many cases, securing a cash loan with a favorable interest rate will be key to ensuring you can comfortably repay using your monthly salary.

2. Interest rates 

You may have heard that bank loans offer better effective interest rates than loans from moneylenders, or vice-versa. Getting a low interest rate will always save you money in the long run and, in Singapore 2021, finding the most competitive interest rates has never been easier, thanks to loan comparison sites like Moneylender Review.

3. Approval speed 

If you need emergency cash or you’re bogged down by credit cards and debts that need repaying pretty much immediately, it’s wise to look for foreigner loans with the fastest loan application and approval times. Most licensed money lenders will offer speedier approvals than banks – which means that money lenders usually offer the most appropriate personal loans for foreigners in Singapore. Always opt for the lender that offers the easier process.

4. Repayment period 

All loans need to be repaid, but with such a wide variety of loan terms on the market, finding a repayment period to suit your needs can often be a challenge. Check out loan guides and affordability calculators to determine how much you can realistically afford to borrow and for how long. The best personal loan deals should have a loan tenure that fits like a glove, as well as annual income and monthly salary requirements that match-up perfectly to your true earnings. 

5. Documents required

It’s important to consider what documents you might need to provide to your bank or lender, too. If you’re applying for a loan with a licensed money lender, you will usually need:

  • Your passport
  • A copy of your employment pass or work permit
  • Proof of annual income
  • Central Provident Fund (CPF) contribution history statement
  • Income Tax Notice of Assessment or computerized payslip

Always check whether a guarantor is required, what interest rate the lender is willing to offer you, and whether there is a processing fee involved. You should also think very carefully about the duration of your stay in Singapore – as you’ll need to ensure you can fully repay any debts before leaving to return to your home country.


Best Personal Loans for Foreigners 

As we’ve already explained, finding the best personal loan for foreigners in Singapore means doing your research to compare the market and shortlist the best deals that meet your unique requirements. The comparison table below runs through the best personal loans on the market right now and what they offer in terms of interest rate, max loan amount, and other perks.

Best Personal Loans For Foreigners In Singapore
Banks Interest Rate from Maximum Loan Amount
HSBC Personal Loan 3.4% p.a. (EIR 6.5% p.a.) Up to 8x monthly salary or S$200,000
Standard Chartered CashOne Personal Loan 3.48% p.a. (EIR 6.95% p.a.) Up to 4x monthly salary or S$250,000
CitiBank Quick Cash Loan 4.55% p.a. (EIR 8.50% p.a.) Up to 4x monthly salary
OCBC Personal Loan 3.5% p.a. (EIR 7.27% p.a.) Up to 6x of monthly salary

Please note – all of the information above is subject to change at any time.

Let’s take a closer look at some of our favorite deals right now in Singapore 2021, exploring what they offer and their general pros and cons when compared to competitors.

1. HSBC Personal Loan

If you’re looking for a longer loan tenure, an HSBC Personal Loan could enable you to borrow money as a foreigner for anywhere up to 7 years – which is longer than most other banks. Instalment loans offered by HSBC are a great option for anyone who wants to repay their loan bit by bit over a longer period via low interest payments. However, you’ll need to borrow a minimum of at least $5,000.


  • Low interest rates (3.48%)
  • Cashback available upon approval


  • The minimum loan amount of $5,000 might not suit everyone


2. Standard Chartered CashOne Personal Loan

Standard Chartered Bank
A Standard Chartered CashOne Personal loan can help you, as a foreigner, to borrow up to four times your monthly salary up to a maximum of $250,000. You’ll pay an interest rate of just 3.48% with a Standard Chartered CashOne loan and get discounts on Standard Chartered credit cards, too – but you’ll need a high annual income in order to enjoy these perks.


  • Flat Standard Chartered CashOne interest rate of 3.48%
  • Low processing fee and no early repayment fees


  • You must have a minimum annual income of $60,000 to apply


3. CitiBank Quick Cash Loan

If you’re looking for a loan as low as $100 that you can repay within between 24 and 60 months, a CitiBank Quick Cash Loan might be the perfect option. Ideal for financial emergencies and short-term cash flow complications, a CitiBank Quick Loan comes with no processing fee whatsoever and fast approval compared to many other loans.


  • Fast approval if you meet the terms and conditions
  • Flexible tenor and no hidden charges


  • The interest rate of 4.55% could be more competitive


4. OCBC Personal Loan

With rates as low as 3.5% and special terms available to people who have existing OCBC credit cards or accounts, an OCBC Personal Loan is a very good option for foreigners. That said, you might need to apply for an OCBC Credit Card first in order to take full advantage of the loan’s favorable terms.


  • Competitive effective interest rate
  • Cashback and other perks available to pre-existing customers


  • Processing fee of $112 and potential credit card application required


How Do I Apply?

The application process that awaits you will vary depending on whether you choose banks, moneylenders, or other financial institutions for your loan. 

Fortunately, Moneylender Review makes it super-easy to compare and apply for some of the best loans in Singapore offered by licensed moneylenders – which tend to offer faster approvals than other institutions.



Don’t forget that you’ll need to provide evidence of the following if applying through a licensed moneylender:

  • Your passport
  • A copy of your employment pass or work permit
  • Proof of annual income
  • Central Provident Fund (CPF) contribution history statement
  • Income Tax Notice of Assessment or computerized payslip


Each licensed moneylender on the market will have its own terms and conditions – so it’s important to check these and be 100% sure that you meet the eligibility criteria before applying. If you’re using our loan comparison service, we can confirm that generally speaking; most lenders will require you to have:

  • A valid Singapore Work Pass (E Pass, S Pass, or PEP)
  • Proof that you are at least 21 years old
  • Evidence that you are a full-time employee
  • Electronic payslips from the past three months
  • A letter of employment from your boss
  • A residential tenancy agreement
  • Proof of address (e.g., utility bills, phone bills, or PUB bills)

It will definitely fall in your favor if you’ve taken out any credit cards or borrowed money in the country before and have built up a decent credit history. However, many licensed moneylenders will still consider people with poor or limited credit history for loans – so don’t panic! With Moneylender Review, you can even still secure the best interest rates.

Steps to apply 

With Moneylender Review, the loan application experience couldn’t possibly be any more straightforward. You can apply for a personal loan or foreigner loan in Singapore in three quick and easy steps by using our loan comparison service, which functions as follows:

Step 1 – Fill in a quick form

Tell us your desired loan amount, loan type, and more – then just click search!

Step 2 – Compare the best loans

We’ll send you the best quotes with the best interest rates that match your unique requirements – all you have to do is pick out your favorite!

Step 3 – Visit the licensed moneylender to apply

Once you’re all decided, stop by the lender’s offices to fill in your paperwork, pay any processing fee required, and that’s it!


Compare Moneylenders in Singapore Now 

So, what are you waiting for? Compare the very best personal and foreigner loans in Singapore now.

Find your perfect foreigner loan with the best interest rates today using our simple and straightforward comparison service.

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