If you have shifted to Singapore for work and have a financial emergency to tackle, like paying utilities or paying medical bills, do not panic. You must be thinking getting a loan from a bank is a cumbersome process for foreign nationals and the banks also need collateral securities to give loans. Your best option to get a loan immediately is to approach a money lender. There are a number of Moneylenders in Singapore who offer quick and easy foreigner loans. The process of obtaining these loans is rather simple and you also do not need a credit rating for foreigner loans. All you need to do is to search online for different registered moneylenders and select the one offering services to suit your needs.
Here is a checklist to choose the genuine Money Lender In Singapore:
*The moneylender should be duly registered and licensed under the Singapore law.
*The lender should offer you genuine financial advice and guide you to borrow within your capacity to repay.
*There should be transparency in the terms and conditions of the loan agreement regarding the interest rate, tenure of loan, monthly payments and the different fees involved.
Another easy way to find genuine moneylenders is just to login to Easycredit.com.sg . They provide an array of licensed moneylenders you can choose from.
After you choose the preferred money lender the next step is to fill in an online application form giving your details. Once your application becomes eligible, the lender might call you to their office to complete the loan application and submit the required documents. The documents required include work permits, passport, tenancy agreements, bank statements and the details of your employer as well as the income slips.
Upon the completion of formalities the loan is generally approved in one day. Once the loan is sanctioned you will be required to sign a loan agreement. Before you sign the agreement make yourself aware of the rights of borrowers in Singapore like
* The moneylender cannot charge more than 4%/month as an interest on your loan.
*The late payment fee cannot exceed $60.
*The late payment interest cannot exceed 4%/month.
* The borrowing cost cannot exceed 100%of the loan amount.
*The moneylenders are allowed to charge 10% of loan amount as administration costs.
*The lenders are not allowed to harass borrowers for late payment.
Remember to go through the different clauses in the contract very carefully because once you sign the contract, you will be obliged to abide to all the terms and the lender can use it in the court of law against you if the need arises.
Once you follow all the guidelines and choose the genuine money lender you can confidently deal with your financial emergency.