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    Katong Credit Pte.Ltd. Singapore

    Katong Credit Pte.Ltd.

    Katong Credit is a licensed money lender in Singapore. It is a company built on trust and integrity and has a pool of clients from different walks of life. It is a nightmare to apply for a loan with a poor credit score. Either bank rejects your application or borrows money at high-interest rates. But Katong Credit has designed “Fast Cash Loan” to access cash. It is also known as “Bad Credit Fast Cash Loan.” Their custom loan products suit your needs. Their eligibility criteria are very easy even for foreigners they offer foreigner loans as well. Visit their website and get their amazing services.

    Types of Loans offered by Katong Credit Pte.Ltd:

    There are many certain points in our lives where we need financial support. You may need a loan to start a new business, home renovation, to pay off medical bills, or finance a new car. Katong Credit Pte.Ltd offered you a wide range of loans.

    • SME Business Loans
    • Foreigner / Expat Loans
    • Vacation loans
    • Domestic Helper Loans
    • Home Renovation loans
    • Wedding Loans
    • Luxury Goods Loan
    • Furniture Loan

    Bad Credit Loans:

    Getting a loan in Singapore on low credit rates/ poor credit history/ bankruptcy is almost impossible in Singapore. This has made the life of many people difficult. But Katong Credit understands that making low payments on bills and loans has lower your credit score. Many moneylenders deny you to give loans but Katong Credit gives you hope and gives you a loan on low interest with:

    • Bad Credit Fast Cash Loan
    • Bad Credit Payday Loans

    Personal loan:

    A personal loan is one of the most flexible loans available. Because you are not restricted to the way you want to spend this borrowed money. It is also known as “go-to-loan”.

    Here are some different things that you can use a personal loan for:

    1. Pay off credit cards: Personal loan is useful for your outstanding balance on credit card. Get a personal loan, pay off your debt and then repay this loan over time.
    2. Medical Cost: Technology has made new inventions in medical science which made treatments easy but also very expensive. Like fertility treatments, dental services, and cosmetic surgeries, etc. You can use a personal loan to bear such medical expenses.
    3. Moving Expense: Although Singapore is not a big country it costs much to move offices & houses. In some cases, you may need new furniture and other accessories. With a personal loan, you can cater to that as well.

    What you should know before applying for a loan:

    Before applying for a loan, you should know that bank and the given package is ideal for you. Katong Credit provides all its customers the financial help they required. They approve your loan in 24-hours. The interest rate is depending on the type of your loan; if it is collateral-free then the interest rate will be higher if not then the interest rate will be low. But it is important to know the interest rate should not be exorbitant.

    Who can apply?

    Permanent residents of Singapore or a foreigner with passport and employment card. If you are permanently employed, you should have a work visa. Self-employed with a clear record of cash flow to apply for a loan.

    Requirements & Documents:

    • Age above 21
    • Proof of Income
    • Handphone bills and proof of residence
    • Work permit (Foreigners)
    • Copy of NRIC card

    Negotiation loan terms & Repayment methods: 

    Usually, financial managers are responsible for negotiation term loans but this whole process is not as one-sided as it appears. The bankers always don’t win. You just need to think like a banker and understand his objectives to force you to get a specific kind of loan. Once you understand his objective you can save yourself from getting the loan you might don’t need. If you are good at talking you can force the financial manager to lower down your interest rate. If you succeeded and lower your interest rate even 1% you can save a huge amount of money.

    Repayment Methods:

    When a customer takes a loan from a bank, the bank expects that soon customers will be able to repay this loan. Interest rates are charged on the amount of the money. You can repay your loan in three different methods.

    • Equal Payments: if you know exactly when the loan period is going to end and you can afford a possible rise in interest rate than equal payments is your good to go for the repayment method. The repayment only changes when the interest rate changes.
    • Equal Instalments: When you want to make bigger repayment at the beginning go for this repayment method. Normally installment remains the same but according to the interest rate it varies: the increase in reference rate causes an increment in repayment; a decrease in reference rate causes a decrement in repayment.
    • Fixed Equal Payment: When you know how much you are going to repay; it is a handy repayment method because increment in reference rate extends the tenure period and decrement in reference rate shorten the tenure period.

    Choose the repayment method that suits you.

    News/Article:

    Katong Credit introduces new packages according to the need and feasibility of customers. This has made their services more attractive. For example, on June 24, 2019, they have introduced “HDB Home & Condo Renovation loan” with fast and easy approvals. In Singapore its everybody’s dream to have their home. After owning a home, the next step is to renovate it and maintain its beauty. For which Katong Credit offers you home renovation loan. Similarly. Katong Credit understands the importance of exercising but it also knows gyms are very expensive in Singapore. Katong Credit helps you getting Gym Membership so that you can maintain a healthy lifestyle.

    The new and very interesting loan is “Hair loss Treatment Loan”. Katong understands that thinning hair, balding, and hair loss could be the worst nightmare in men’s life. As its treatment is quite expensive. Katong Credit gives loan for this too.

    Customer Reviews:

    Customer review plays an important role in the reputation of any industry. When it comes to the bank’s loan review, it is considered an important tool for others to identify risks. If you need cash you just can’t take a loan from any bank. As banking is a customer-oriented industry and customer’s satisfaction is their key aspect. Let’s see what people have to say about Katong Credit’s services.

    “Nice business to deal with, simply accessible place with quick approval. Personnel was kind and clearly explain the loan terms to me. They have also very good repayment plan.”  ~Yvonne Sim

     “I explained my situation to the collector that I needed some time to make a payment, the collector understands my situation and gave some additional time.” ~Mathew Ong

    There are many other customers around the country who are satisfied with their services and recommend Katong Credit. But it is advised not to always depend on reviews as every person has a different experience. In the end, you are going to face the consequences of your choices so make the right choice.

    Personal loan Singapore bad credit

    Personal loan Singapore bad credit

    Having a bad credit history could be problematic when you are in need of some personal loan, especially in a country like Singapore. There are several situations that lead you without having any income or money for the hard times. However, there is some insurance that covers the cost, but even they are not enough sometimes and you need to have a personal loan. 

    For obtaining a personal loan, it is necessary that you have a good credit rating otherwise it becomes very difficult to obtain any loan. It may look challenging, but there are always options that you can discover, such as:

    Reform the existing debt amount 

    Having a negative credit score means that you have some unresolved debt in hand that you need to repay. Prior to applying for any personal loan, it is advised that you get rid of the debt that you already have on your side. This is the only way through which you can progress towards a better credit score. 

    You can ask a few favors from your bank, like to decrease the interest rate so that you do not have to pay an extra amount of debt on your currently owed money. The other option is to speak to your bank if it can increase the payment period so that you could pay a possible amount every month. This way, you can pay at least some of the amount. 

    By reforming your debt structure, you can actually pay it pretty soon by not stopping the borrowed amount. Smaller amounts will keep your status active and your credit history will get improved and will help you in getting a loan in the future. 

    Request for the minor amount first 

    To have a neutral effect over your lender, it is advisable if you apply for the small amount of the personal loan first. 

    Earlier, we have talked about repaying the loan in small amounts and longer payment periods for improving the credit history. Applying for a reasonable amount at first will help you in coagulating that relationship with your bank. You need to ensure about making payments on time and not to miss any of them. This is an important step that will help you in maintaining your loan reputation. When you continue with this practice, the money lenders will have an idea to grant you with the bigger loan next time. 

    Personal loan from non-banking sector 

    Certainly, banks are strict with the bad credit history holders and maybe refuse you for the loan amount. The financial institutions like Singapura Finance also offer personal loans to the people. They have some distinctive rules and regulations like with their packages and risk factors, but you eventually get the loan. It does not mean that they do not care for your history; they just have another way to deal while granting loans to you. 

    Whoever you are taking a loan from, just make sure that everything is documented and you have approached the licensed company or bank in Singapore.

    What do you need to know about Unsecured Loans in Singapore?

    unsecured loan singapore

    The world is evolving at a fast pace. Similar to the needs of people are moving in the fast lane. Most of the people are stuck in situations where they need financial assistance. Savings are not enough they approach for bank loans. Well, further bank loans are divided into different categories to ease the facility of loans. One of the kinds that are most feasible and avail by the people of Singapore are Unsecured loans. Well, there are many benefits but as well as some cons of this loan. So, before you are going to avail the opportunity, just make sure that it is suitable for your position and not damaging anything directly.

    Information is necessary for you to get the right loan and make a decision that is beneficial for your financial situation. This information will not only save from any trouble but you can ensure the security of your assets.

    Banks might have a little difference in the policy but rates are almost the same. However, we will help you to understand the basics of Unsecured loans in Singapore in a precise manner. Just explore the article and you will get the information.

    What is an unsecured loan?

    Unsecured Loans are also preferred as personal loans. It is clear by the name that it is dependent on borrowers credit score. These loans are avail without any security of assets. A person must have high credit to get his loan approved.

    Types of Unsecured Loans

    These unsecured loans have different types which can include personal loans and student loans.

    1. Revolving loan: the loan can be spent, repaid and spent again. It is more like credit cards.
    2. Term Loan: this is the type of loan in which a person is responsible to pay equal installments till all payments are done by the term.
    3. Consolidation Loan: pay off credit cards or signature loans fall in the category of consolidation loans and also unsecured loans.

    What you should be concerned about the loan?

    If a borrower defaults on a secured loan, the lender can reclaim the collateral to earn the losses. On the contrary, if a borrower avoidances on an unsecured loan, the lender cannot claim assets. However, the lender can take other actions, such as ordering a collection agency to assemble the debt or taking the borrower to the law court. If the court rules in the lender’s favor, the borrower’s pays may be enhanced, a lien may be located on the borrower’s home or the borrower may be otherwise ordered to pay the debt. However, before the approval. The borrower needs to understand the criticality and need of the loan. So, before you file for approval, ensure that you have complete clarity on your needs. Take guidance from a different lender. It is always good to have different options. A slight change in the policy can make it feasible for you. Therefore, do not forget to do your research before applying for Unsecured loan in Singapore. 

    Personal loan for EP holders in Singapore

    Personal loan for EP holders in Singapore

    EP stands for “Employment Pass”. It is a visa scheme designed for foreign professionals with excellent skills who want to work and live in Singapore. Every kind of nationality can apply for this pass. Singaporean companies offer jobs and give them visas. EP holders earn at least S$36,00 per month if they are new graduates, experienced candidates are offered high salaries. EP holders can bring certain family members with them. When it comes to daily life financial problems Singapore seems to help their employees and offer them a variety of personal loans. Although foreigner loans in Singapore have strict requirements for foreigners. But until or unless you have valid work pass you are in luck.

    EP holder Personal loan Application procedure

    • Fill your personal, financial, and employment details.
    • Select a suitable amount of loan and tenure you required.
    • Submit required documents to the bank’s representatives.
    • Receive the money in your bank account within 24 hours.

    Let’s take a look at Singapore banks which introduced special personal loans for EP holders.

    Overseas-Chinese- Banking Corporation (OCBC Bank)

    OCBC Personal Loan has organized two kinds of personal loans for EP holders.

    1. OCB personal cash loan: It considered to be a “true” personal loan; you can borrow up to 6X your monthly salary. But its interest rate is a little high.
    2. OCBC Cash-on-Installment: If you don’t need that much money go for OCBC Cash-on-instalment. This loan is drawn from your personal line of credit, it converts the basic credit limit into cash and has a low-interest rate.

    Eligibility Criteria for EP holders is the same as any other PR or foreigner i-e age should be 21 or above, minimum annual salary should be S$45,000. If you qualify, you will get 4X of your monthly salary or 6X if your monthly salary is above S$120,000.

    United Overseas Bank Limited

    UOB offers personal loans to those EP holders who have UOB CashPlus or UOB credit card. But if you are new to UOB, you can apply for a personal loan and for a credit card at the same time. It is one of the few banks that approve EP holders in an hour if they qualify. Their key objective is customer’s satisfaction. They have thousands of EP holder customers.

    Eligibility Criteria Foreigner / EP holders or PR. Age 21 or above. Minimum annual income S$30,000, the interest rate is 4.7% p.a., processing fees is 1%, you can get a maximum loan amount of your credit limit.

    Bank of China Singapore

    Singapore banks have designed new packages of personal loans for foreigners/ER holders. HSBC is renowned for its longest tenure, 7 years, but now its new rival is “Bank of China”. It has the lowest interest rate, longest tenure, flexible monthly repayment amount. BOC seems to be more lenient for ER holders who have relatively low annual income.

    Eligibility Criteria: Foreigner / EP holder/ Singaporean, minimum monthly salary S$17,00 /$20,400 annual, interest rate 6.5% p.a., processing fees 3%.

     

    How to make the most of a failed business strategy

    failed business strategy

    As an entreprenur, you must know that failure is inevitable but to achieve success you must move forward. Keep a positive mindset and a flexible attitude. It is important to learn from the mistakes and what makes them succeed from previous business owners. A real entrepreneur is not defined by its failures but by how he overcomes that. Following are some ways to get rid of failures and let your business thrive.

    You should be ready for every kind of failure either it is in the form of loss of buyers or product etc. Before initiating your business you must set a vision. It will guide you and give you clarity.

    To overcome the failure you must know what is going wrong. You must take feedback from your customers it will tell what is missing or flawed in your business. Then make every effort to correct it. You should not be emotional about your business and keep yourself separate from the business. You must run your business like an owner without letting your emotions come between. You must not take money out from your business to quickly and continue investing and reinvesting it. It is irresponsible to eat money from your business just because you are the boss. Your team is what matters for a successfull business. Choose your team carefull. Choose a competitive, capable and skilled team then trust your team. You must make your team believe that this business is as much theirs as yours. Some people just work for their paychecks and have no interest in your ideas behind the business. Such type of people will harm your business.

    A fundamental part of the business is to satisfy your customers. Give them what they want. Try to gain their trust. Demand and supply is the core of your business. Find out what your customers desire and try to fulfill them. Your business will not flourish by just one client, continue the search for new clients and add them. Invest in a low budget advertising agency.

    Constantly keep a check on your business. Know your strengths, weakness, and profits. Monitor your accounts and all your collected data. If you have faced some problem try to get to its roots. Remain ready to make some hard decisions. Know your errors, either you are paying more salaries than the income you earn or the product is more expensive than its price. Lay off some staff if you need to manage your budget. Remember nothing comes before business.

    Keep yourself aware of your surrounding especially your competitors. Know your state policy, most states and countries have laws that promote small business by cutting off some slack and taxes. If your company is still failing to review all the assets. They might be the only money you got. Some time assets act as a lifeline to keep you in the run further. Don’t make emotional decisons especially in dire circumstances. Don’t sell your products and machinery on a hasten impulse because there are a lot of people that will use your these costly mistakes for themselves.

    RHB personal loan Singapore

    RHB personal loan

    One of the renowned banks in Singapore, RHB has been serving clients for years and many of the banking customers prefer going to them for this purpose. In Singapore, it is not easy to obtain personal loan and on the favorable interest rates. The RHB has come up with the consumer friendly term’./]]]]]]]]]]]]]]]]]=s that has made borrowing possible. 

    The personal loan by RHB offers a number of loan options in this regard, such as small business loan, house loan, refurbishment loan, furniture loan, education loan, etc. the distinctive feature about having loan with RHB is that you get a 3.888% rate in the first three months and then the rate increases according to the regulations after that. It encourages you to pay off your debt as soon as possible. 

    Some of the type of personal loans that you can apply for, are:

    Education loan 

    Nothing is possible in life without an education and that is possible when you have a degree from a good institution. The interest charged to the students is very nominal that it becomes easy for them to repay the amount. The repayment plans are also very friendly that enables you to pay either after completing your graduation or on a monthly basis by getting the installments. This allows you to make career choices more openly. The repayment duration could be as long as ten years. 

    Home loan 

    Having one’s own home in Singapore is so ideal and it is not impossible anymore too. With the RHB loan, things have become less complicated when you can apply for a loan amount and get it on the immediate basis. The home loan can be paid off as stretchy as 30 years or as quickly as within five years. Apart from that the loan is provided on two variable rate packages that is on a building under construction or on completing properties. The interest rates are decided as per loan is issued, after 3 months as the client will get a letter of offer. It is better if you keep all the documents in place so that the process could be initiated as soon as possible. 

    Home renovation loan 

    Buying your home is not the only dream that you have, there is a need of renovation as well. With the RHB renovation loan, you can get at least S$30,000. The loan can be repaid within 5 years with the different interest rates vary from $15,000 to $30,000 from the amount. The processing fees are one percent as per interest rate. The bank offers you an amount that is 6 times higher than your existing salary. The bank authorities also contact you if you fill in your details on the online form. 

    Conclusively, the loan can be gotten for any purpose while meeting all the requirements of the bank. The tip that all of the borrowers must follow is that try to meet your repayment schedule to avoid being in the bad debt category. When you make repayment on time, it makes it possible for you to reapply for the loan in the future.

    Personal loan without payslip Singapore

    Personal loan without payslip Singapore

    Money related issues can occur any time and to anyone. It does not see that whether you are capable of meeting finances or if you are rich lad. It can occur to anyone, anytime. We know that it is easy to get loans when you have a stable job or when you have some sort of financial security. The real challenge is when you do not have a source of income and yet you have to get a loan. This simply means you do not have any pay slip to show that could prove that you can repay the loan, most importantly, in Singapore. But for that it is crucial that you are in contact with the reliable financial institution. 

    Having no back in terms of income can be really troublesome, but if you are in some serious need of money, then nothing seems like a better idea. In such a situation, getting a loan from a bank is not possible, but you can get a loan from some other source as there are some lenders who offer you borrowing on this basis. If you meet the lender’s rules, then they straightforwardly provide you with the amount. They do not ask you for you any credit history, but they want you to pay interest and fees. On the other hand, when you have a job already, then you can get this loan without any hassle. 

    What could be the other loan options when you do not have pay slip?

    If you do not have any income source, then you can apply for borrowing money by showing your income tax statements. 

    Another option is that you can get loan money by showing any asset like a car or jewelry and their value. The worth and condition of the asset assessed the sum of credit that any lender can offer you. If you are unable to pay the debt, then the lender will be allowed to keep your assets or as they call, forfeit them. 

    For the short term, availing such cash is the best option and they are secured for a short term too. 

    A company called Fast Money is presenting with the loan on a quick basis. They are licensed and legal money lenders in Singapore. Not only that it is for the local residents, but for foreigners as well. Although, this company requires you to be in full time employment or at least submit your income tax statement. The client can apply online without any service fees; the representative calls you themselves and guides you as per your query. 

    The alternative of collateral submission sounds suitable for those who do not have any employment currently. There is a need to be ensured about lender’s credibility and get done with all the paperwork that they have everything properly in written so that if you have paid back fully, there will be no chance of fraud. Likewise, for the lender, when they get everything in writing, they can trust the borrower easily.

    Credit 21 Pte. Ltd.

    Credit 21 Pte. Ltd.

    Credit 21 is a licensed money lender in Singapore and registered with the Ministry of the law. People prefer this bank because they keep their customer’s personal information at the highest level of confidentiality. Loans, Interest rates, and repayment plans are negotiable which truly meet your needs. 

    Credit 21 understands that time is money, they promise you to deliver it on time. Either you need it at large number to buy asset, afford medical expenses or a small number for home renovations, school fees, fast cash or foreigner loan. This bank is your go-to money lender in Singapore. They guarantee to make your loan application hassle-free process. So, just relax and enjoy their services that any customer can only dream about. 

    Available Loans:

    At one point or another, we all need extra cash and we look for loans on short notice. But you can’t deny this fact that finding the right and legal money lender is not easy. At such times If you find someone who gives you the fast loan as you need it and at affordable interest rates and repayment plans. Credit 21 is like a blessing to you because it gives you all that you are looking for. Whatever you need get it quickly with Credit 21. It offers you a variety of loans. 

    Payday Loans: Unlike other loans, applying for a payday loan is very easy and fast.  Credit 21 offers you the facility to apply online. Start your payday loan application from the comfort of your home.

    Foreigner loans: Now foreigners can apply for “Foreigner loan” in their financial needs with all the benefits that they deserve. It involves a simple process that is not demanding and has no restrictions. Credit 21 gives financial freedom to foreigners to cover their expenses. 

    Wedding Loans: A wedding is the most important event in any person’s life.  But having a perfect and grand wedding costs you much. We ensure to make your life-changing event luxurious. Get an affordable wedding loan to fund your big day through our easy application process.

    Renovation Loans: After getting keys to your dream house, first you want to do is to renovate your home. It can include; change the flooring, repaint the house, and much more. Renovating a home is not cheap. Our home renovating loan helps you in building your ideal home.

    Weight loss loan: Getting weight loss surgeries is one of the solutions to get rid of extra fat. But it needs huge funds. If you are lack of funds to have better weight loss surgery, don’t worry.  We offer you wonderful weight loss loan packages at low-interest rates.

    Domestic Helper Loans:  You may be earning a handsome salary but there will a time comes when you are short of cash and need extra money in some emergencies. You may need money to send back to your hometown. Credit 21 understands your situation and offers you a flexible domestic helper loan package with a simple application process.

    Among those loans, Credit 21 offers you many other loans i-e. business loans, plastic surgery loans, Grabtaxi driver loans, short term loans, luxury goods loans, dental loans, jewelry loans, and furniture loans, etc. There is no shame in getting loans. As they help us with our poor financial needs.

     

    Things to know before applying for a loan:

    • Before borrowing money ask yourself if you are ready to sign all terms or conditions. And you are able to repay (keep in mind your income and expenses). So, borrow only what you need.
    • Before applying for a loan, you should confirm whether the money lender is licensed or not. You can check the names of licensed moneylenders from the list given by the government. Being licensed doesn’t give them any right to use abusive language with you, ask for retaining your NRIC, and SingPass user ID or password. If you find them doing so you can report them to the registry of money lenders.

    Eligibility Criteria:

    In order to get loans, you must fulfill certain criteria.

    For Singaporean:

    • The age should be above 21.
    • He/She should not be an un-discharged bankrupt.
    • Must have a valid proof of income.
    • Original IC.

    For Foreigner:

    • The age should be above 21.
    • Billing proof.
    • Work permit.
    • He/She should not be an un-discharged bankrupt.

    How much you can borrow:

    Credit 21 offers you different kinds of loan packages. Pick one which suits you the most.

    1. Borrow up to S$3,000 if your annual salary is less than S$ 20,000.
    2. Up to 2X of your monthly salary, if your annual income is S$ 20,000 or more.
    3. Up to 4X of your monthly salary, if your annual income is S# 30,000 or more.
    4. Borrow any amount of money if your annual income is S$120,000.

    Interest rates & Repayment Methods:

    As Credit 21 is working under a government so maximum interest rate it can charge is 4% per month. Fees for late repayments will be S$60 for each month of late repayment. We offer you different kinds of repayment plans. Equal payments, Equal Instalments, and fixed Equal payments. The repayment amount affected by interest rates.   

    When you know the period of loan tenure and can afford a change in repayment amounts choose Equal repayments. When you can pay a huge amount of money at the beginning go for Equal installments. The repayment amount varies accordingly; a little increase in the interest rate causes an increment in repayment amount and a decrease in the interest rate causes a decrement in repayment amount. And when you know how much you are going to pay Fixed Equal Payment should be your choice. Increment in interest rate extends the tenure period and decrement in interest rate shortens the tenure period. 

    You can make repayments through Cheque, Cash, and transfer funds via online baking.

    News Credit 21:

    Singapore is one of the few countries who has the honor to adopt new technologies. Even when Samsung, Apple, and Google wanted to test the viability of their contactless cashless payment system they picked Singapore. And now Credit 21 provides you cashless payment services. Singapore can get you Samsung and Apple services in the Association of Southeastern Asian Nations (ASEAN). Samsung pay supports American Express, Mastercard and Visa while Apple pay supports American Express Cards.

    Note: Apple Pay and Samsung Pay are now payment methods in Singapore, especially for like SingTel, Starhub, and M1 (Telecommunication Companies).

    Customer reviews:

    Credit 21 is Singaporeans #1 choice to get loans. Moreover, it is one of the oldest banks providing their services in Singapore but still has got 2.3/5 rating on the internet. People have their reasons. Come on let’s listen to them.

    “Never will go again, the collector is so rude. You’ll regret visiting them.” ~Nicholas Kong

    “They called at my given contact as a reference like boss or supervisor and tell them I borrowed money and don’t return yet. That was so embarrassing” ~ Dickson Deny

    Reviews help you judging the bank’s repute. We’ve read bad reviews but still, someone should not trust on the basis of online reviews. There are many satisfied customers out there too.  Many things depend on your analytics so, choose what is best for you.

    Money Lenders in Singapore for foreigner

    Money Lenders in Singapore for foreigner

    Money Lenders in Singapore for foreigner

    About 64% of the country population are foreigners and like everyone else in Singapore they can face financial emergencies and might not have savings for such rainy days. Don’t worry! Singapore provides you the best loan money lenders. So, after extensive research, we’ve come up with top Licensed Money Lenders in Singapore for foreigners. They are approved by the Ministry of Law. They are listed as follows (Be easy! sequence doesn’t base on any kind of ranking).

    Katong Credit Pte. Ltd.

    Katong Credit is a renowned moneylender company for foreigners in Singapore. Being a foreigner getting a loan from lenders with poor credit hours is not less than a nightmare. Either money lenders reject your applications or charge high-interest rates. Their terms and conditions for getting a loan are very simple and eligibility criteria are very easy. Their fast cash loan is designed to help you get quick cash. So, if you are a foreigner and facing financial crises, you are in luck as Katong Credit welcomes you. They offer very efficient and convenient loans for foreigners.

    Credit 21 Pte. Ltd.

    Credit 21 is one of the Trusted Legal Money Lender for foreigners in Singapore. They offer you the best personal loans. They’ve introduced different loan packages that must suit your needs.  Customer satisfaction is their top priority. To ensure their best customer services they have improved their process. If you are a foreigner and looking for a fast cash personal loan, Credit 21 money is your go-to lender. Their team of financial advisors has a solution for your all financial needs. They also have an online loan application portal, where customers can apply online and get feedback in 8 hours.

    U Credit (Pte.) Ltd

    U Credit offers you the most reasonable interest rates in Singapore. They are the most trusted money lenders for all kinds of loans in the country. If you are a foreigner in the country and find yourself struggling with cash flow issues. This is where U Credit foreigner loan comes into the picture. As a foreigner, you have the advantage to get a flexible loan to meet your financial needs. Whatever your emergency is you can access quick cash to sort out your problems.

    1AP Capital Pte. Ltd.

    1AP Capital is a highly professional licensed money lender company. It issues Personal loans, Renovation Packages, Business loans, and Education loans. 1AP Capital is the ultimate solution to all emergency cash situations. They believe in service excellence. Being a foreigner meeting all the financial needs could be tricky, flexible 1AP Capital foreigner loans can make your stay longer and easier. 1AP Capital has helped thousands of foreigners to access easy financing over the year.

    Borrowing unlicensed money is illegal in Singapore. So, be very careful while getting loans. Above mentioned companies are Licensed, legal, and reputable Money Lenders in Singapore specially for foreigners. You can also go to other money lending institutes like Cash Express, FastMoneyLoans Singapore, SG Loan Singapore. They will provide you the best packages loan under low interest.

    What you should know about the Foreigner loans in Singapore?

    Foreigner loans in Singapore

    If you are new to Singapore or are employed in Singapore as a foreigner? You might face a financial crisis and want to get a loan to resolve your problems. Then what you need is a foreigner loan. The good news is that in Singapore you can get a foreigner loan and advice with your loan will be provided by almost all licensed moneylenders.

    Basic requirements to get a foreigner loan

    Some of the basic requirements you need to achieve to avail a foreigner loan are as follows:

    1. Have a Work Permit, E-Pass, S-Pass or a passport.
    2. An employment letter sent from your company.
    3. Provide an existing Residential tenancy agreement.
    4. Must have a Paid Utility bill.
    5. Bank statement for the past 6 months.

    Things to look out for when getting a loan

    Before applying for a loan, you should know that the bank and check if it is licensed and the given package is ideal for you compare it with other banks or loan services. Confirm that the bank or moneylender provides all its customers the financial help they require. The interest rate is depending on the type of your loan; if it’s collateral-free then the interest rate will be higher if not then the interest rate will be low. But it is important to know the interest rate should not be exorbitant. Also here is a list of things you need to consider before taking out a loan.

    • Foreigners who each less than $10,000 annually can only take a loan of a maximum of $500.
    • Foreigners who earn between $10,000 to 20,000 a year can borrow up to $3000.
    • Foreigners who earn at least $20,000 can borrow up to six times their monthly income.

    According to the new rules set by the ministry of law, moneylenders will also not be able to accept foreigners as guarantors, which helps the grantors from becoming liable to pay the debt if borrowers are unable to do so. Also, Moneylenders will not be allowed to lend more than 300 borrowers or exceed $150,000 in total principal loans to foreigners at any point in time. According to the new rule, the maximum number of foreigners loans a moneylender can give is 15 while not exceeding more than 50 foreigner loans a year.

    What are the new rules for foreign loans from the ministry of law? 

    • The number of foreigners borrowing money has increased over the last few years and with these new laws, the credit association of Singapore said these new laws will be devastating to the industry. This new restriction will be used as an excuse to deny loan requests for foreigners who have a low income because of the low-interest rate and that the low loan will still be counted as a foreigner’s loan which is capped at 15 per month and 50 per year. So, most of the foreigners will lean towards the Loan Sharks.

      One thing to note about the new laws is that the moneylending authorities are also not allowed to refer a client to another company if their quota is full this will result in the foreigner to look other alternatives themselves which are a hassle in itself as most moneylenders would advise customers according to best of their abilities.
    • According to the new laws, the moneylenders can not advertise directly to any vulnerable groups which will result in low-income domestic workers to not be informed about the help they can avail from licensed moneylenders during any case of emergency.

      Foreigner loans already come with a higher interest rate as they do not have any properties or assets in Singapore which can serve as collateral.
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