Commonwealth is a housing estate located in Queenstown. It is filled to the brim with HDB flats and residents of various cultures.

Summary of Top Legal Money Lenders of 2021

You may wish to stop by the Commonwealth Crescent Market and Food Centre to satisfy your hawker cravings. Locals are also fortunate to have a fantastic view of downtown Singapore, so you might want to check that out!

What is a Foreigner Loan and how does it work?

A foreigner loan is a type of personal loan intended to help persons who are not citizens or permanent residents of Singapore. They can be used for whatever personal reason of the borrowing foreigner, who may find it difficult to adapt to the high cost of living in Singapore.

Moneylenders in Singapore offer this kind of loan. They offer modest amounts dependent on your annual income. They can only charge you a maximum interest rate of 4%.

Advantages of taking a Foreigner Loan with a money lender

As a foreigner, securing a loan with a bank in Singapore may be difficult. Fortunately, there are many advantages to borrowing from a moneylender:

  1. Legal and regulated

Don’t deal with loan sharks. They offer quick loans but charge excessive interest rates and will resort to harassment and violence. Licensed moneylenders are regulated by the Ministry of Law and offer safe and legal loans.

  1. Quick and easy application

After completing the application form and submitting your requirements, expect your money lender to release the loan within hours. This can be helpful especially if you have a financial emergency.

  1. Customized loan packages

A bank can have stricter and uniform requirements that may be difficult to meet. Moneylenders can easily adjust their loan packages that would best suit your unique needs.

  1. No credit checks

Borrowing from a bank may be burdensome for most foreigners because they don’t have a credit score. Moneylenders, however, are concerned with your ability to repay the loan. A good credit score is only a plus.

How to apply?

To be eligible for a foreigner loan, you need to be at least 21 years old and earning a minimum of $2,000 per month.

Aside from completing a loan application form, you need to submit the following requirements:

  • Passport
  • Work permit/S Pass/E Pass
  • Proof of residence
  • Proof of employment
  • Proof of income
  • SingPass

Finally, you have to go to the moneylender’s office to sign the loan contract and secure your money.

How can we help?

At Moneylender Review, we are committed to bridging the gap between moneylenders and borrowers.

Our updated directory of the best moneylender in Singapore is based on reliable customer reviews. Our loan comparison service matches you with the right loan you need. Plus, you can get personalised loan quotes from multiple licensed moneylenders in your area all at once!

You can expect a stress-free experience from Moneylender Review with our three-step process!

  1. Request for a quote
  2. Receive up to 3 personalized loan quotes from top licensed moneylenders
  3. Visit the chosen Licensed Moneylender office to sign the papers and secure your loan!

Conclusion

If you still need additional information or clarification on any matter, we are here to help. Our goal is to assist you in securing the loan that best fits your needs!

Apply Now!

List of Money Lenders in Commonwealth

No licensed money lenders found in the area