A foreigner loan is a loan borrowing a specific amount for a foreigner with a valid permit in the host nation. In most countries, securing these types of loans from commercial banks is quite difficult. For those in need of quick cash, the approval process by most lenders may turn you down. To avoid this, you need to get a lender who understands your needs.
Search for a firm with an outstanding performance record. The moneylender must be authorized and licensed to offer the service. Its loan approval process should be fast to enable you meet your obligations on time. With the service, there is no need to request for loans in your home country and then send it through the expensive money wiring services for foreigner loan in Singapore. If you submit the correct documents, your payment can be processed in a matter of minutes. Most lenders will give you an option of choosing the payment plan that you are comfortable with.
Be it for legal fees, visas and general expenditure loans, potential credit has the experience and the expertise to walk you through the entire process. The aim of these firms is to provide quick and accessible loans to deserving clients. Most of these firms will have bilingual staff who are able to explain various terms and conditions that you have to comply with in different languages.
For approval purposes, you must have the following documents;
- Letter of employment
- A payslip from your current employer
- Your residential proof of address for homeowners
- Tenancy agreement for those in rented premises
- Your latest contact details
- Bank statement showing your last transaction in the account
Most of the banks, mortgages and lender offering foreign loan services are those in big cities. In most cases, these are the areas, which have high immigration rates, and therefore it’s perfect to venture in. Most of these lenders will ask for a credit report from the financial institutions at home. Be ready to provide the documents if need be.