A Must-Read Guide Before Applying For A Foreigner Loan

Anyone is at risk of needing emergency funds, including foreigners residing in Singapore. It doesn’t help that Singapore is a city with a rather high cost of living, making it difficult for foreigners who come from less developed nations.

Thankfully, there are avenues to get help. One of those platforms is through a foreigner personal loan from moneylenders in Singapore.

Essentially, foreigner loans are personal loans, but for non-citizens who are living and working in Singapore. Some banks also offer loans to foreigners, but these often come with hefty interest rates and stringent approval rates.

How to take up a foreigner loan

For better chances of getting a foreigner loan approved, it is always a good idea to apply at a legal moneylender in Singapore. While the specific requirements and rates differ across various moneylenders, you can have better peace of mind knowing that these rates are regulated by the authorities.

Generally, the only requirements for being eligible for a foreigner loan are that you have to be an adult who is working and living in Singapore. While some moneylenders set the eligible age as 21 years and above, the age requirement is 18 years old.

When applying for the loan, here are the documents you will need to get ready:

  • A valid work permit. Examples of this include; S Pass, E Pass, Entrepreneur Pass or any miscellaneous valid work pass or permit, which legally permits you to work in Singapore.
  • Passport
  • Payslips from the past 3 months
  • Proof of residency (e.g. from handphone bill, tenancy agreement, etc.)

Usually, the process starts when you apply for the loan. Then, the moneylender will approve the loan. Afterwhich, you have to physically go to the moneylender’s office to retrieve the cash loan.

Tips for securing a foreigner loan

Taking up a loan may not be a familiar process for foreigners, especially if they are new to the country. Thus, here are some tips to help you secure a loan safely and quickly, in the event you need to do so:

  • Compare a few moneylenders before choosing

Not all moneylenders are the same. Compare the interest rates and repayment plans before settling on borrowing from one. Ideally, you should look for one with low interest rates and a repayment plan that suits your financial situation.

  • Shop only at legal moneylenders

Licensed moneylenders are safer because they are regulated by the Ministry of Law. Thus, there is a lower chance you will get unreasonable fees, and the moneylenders will also operate professionally, without hard-selling, harassment, or deception.

Know how to recognise unlicensed moneylenders. As licensed moneylenders in Singapore are not allowed to advertise through SMS or physical advertisements beyond that of their shopfront, if you see any of these, you’ll know it is from an unregulated moneylender – avoid them at all costs.

  • Borrow carefully

This last advice applies to any borrower. Consider your means and needs carefully before borrowing. While loans can help one tide through a tough period, you also need to make sure you are able to repay the loan in time. Otherwise, you risk falling deeper into debt and getting into worse trouble than you started out with.


Foreigner loans are here to help those who need it. When utilised properly, they can be a valuable source of assistance. Know how to seek out help when you need it, by knowing how to take out a foreigner loan in Singapore!

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