It’s not just small personal loan applicants who need affordable loans. Even huge companies negotiated for lenient repayment terms on its S$1.1 billion loan.
Moreover, the last thing you want is to default on a personal loan for work permit holders in Singapore. You are likely staying only for a short time, and shouldn’t leave with a debt burden. An affordable loan will avoid that.
Fortunately, SE Investment – one of the top licensed moneylenders – offers affordable personal loan for work permit holders that you can comfortably repay.
What are the Uses of a Personal Loan for Work Permit Holders in Singapore?
As the name suggest, a personal loan is meant for personal uses. Multiple financial needs can be met using this loan:
1. Renting A House
Rental costs can be high, based on the location you live in. 3-bedroom condos in prime areas near the city center range from about S$7,000 per month up to S$15,000. Also, when renting, you’ll need to first place a couple of months rent in advance.
2. Internet Or Mobile Services
Internet and mobile services are important for staying touch with family, as well as networking to build your career. Before signing up for such internet and mobile plans, you have to pay a deposit.
3. Afford Medical Services
Medical fees are expensive, and they are minimally subsidized by employers. Such a financial need is usually urgent, requiring quick access to emergency cash.
4. Solve Visa Issues and Legal Fees
While working in Singapore, you may incur legal fees for various services. Besides, several visa issues involve fees.
Who is the Ideal Recipient for a Foreigner Loan?
A foreigner loan is simply a personal loan for any work permit holder in Singapore. Such a person isn’t a citizen in the country, and is staying for a limited time working or looking for work.
You may be working or looking for a job and find yourself running low on cash. Licensed moneylenders have designed this special loan product to help in such a situation.
This loan facility takes into consideration your foreigner status, your limited duration of stay and other factors.
Most of all, it’s designed to help sort your financial situation.
What You Need to Get a Personal Loan for Work Permit Holders Singapore in 2018
The specific requirements for such a personal loan for work permit holders vary, depending on the moneylender. Therefore, inquire about all necessary details before applying for a loan. This way, your loan will be processed faster.
Generally, these are the requirements you’ll need:
- At least 21 years of age
- Bank statement of your salary account (to help customize your loan based on your repayment ability)
- A valid work permit
Difference between Foreigner Loans and Standard Loans
Perhaps, you’re wondering, “Why can’t a foreigner apply for standard loans?’
That’s an understandable question since foreigner loans usually attract higher interest rates than standard loans. However, that’s simply because the lender is taking a higher risk lending to foreigners who typically lack collateral.
Fortunately, you can identify lenders with the lowest interest rates.
At SE Investment, we offer competitive interest rates within the industry.
Another difference between personal loans for work permit holders and citizens is the payment period. Foreigner loans typically have shorter repayment periods. You can expect this, if you’re in the country only for a short time.
For this reason, you should only take a loan you can repay within a short time.
However, standard and foreigner loans do have many other similarities.
For instance, penalty charges may apply for delayed payment. To avoid this, only take a loan that’s a fraction of your income. This lets you repay easily, as soon as you get your next pay.
Loans from Banks vs Licensed Money Lenders
Are you wondering whether to get a personal loan from a bank rather than a licensed moneylender?
Well, banks require an incredible amount of time before validation and approval, even for locals. Hence, it’s sure to be even tougher for foreigners.
With a bank, you’ll require a huge down payment and collateral. That’s usually not possible for foreigners.
If your financial need is urgent, you can’t depend on banks. You’ll get the loan approved much faster from a licensed moneylender.
Above all, interest rates offered by licensed money lenders such as SE Investment is as low as 1% p.m. (or 12% p.a.) today, which is an ultra competitive rate as compared to what the interest rate that credit cards offered by banks are charging.
Get a Personal Loan for Work Permit Holders from SE Investment
SE Investment offers you an affordable solution to get financial assistance as soon as possible. This helps work permit holders pay off their debts and meet urgent financial needs quickly and conveniently.
SE Investment’s personal loan for work permit holders features:
- Flexible repayment in installment plans.
- Varied packages to suit your specific needs.
- Friendly, expert loan officers to assist you.
Contact us to get an affordable loan for work permit holders today.