Are you cash strapped with some pressing needs that you would like addressed? For a foreigner, this becomes a tad tricky because many financial institutions will have different policies regarding giving loans to people who are not natives in Singapore. To counter this, foreigners are usually advised to go for a foreigner loan. Prior to taking up such a loan, there are a number of things that one must be well aware of. This is crucial because it determines not only whether the loan will be availed, but also what amount of money will be granted.
Many lenders will require that you disclose details pertaining to you current job. Ideally, it is expected that you have been working and living in the country for at least six months with a constant source of income. In addition to this, proof of residence for the past three months is required. In the application forms, one must also submit their particulars, including age and citizenship details (whether dual or not). A foreigner must also be able to provide details of the bank account that they hold.
It is very important not to fill out an application form before you have details of the terms and conditions at hand. This is because in the event that you do, it is very easy to find out much later that the interest rates charged for the loan are way beyond your reach, and this only serves to create more financial issues. In the end, such an occurrence makes you, the applicant, liable for everything even when you disagree. Some people think that to counter this, all you need to do is to shut down the account. This will put you in a quagmire that you could never have imagined as it means you are responsible for the accrued charges. It could also get you into trouble with the law, so it is best to steer clear of this.
Being cautious before you sign the dotted line is the rule of thumb here. Loans are very costly to handle, regardless of how much your income is and what your living standards are. Unless it is really mandatory that you do so, you are better off finding alternative avenues of getting the much needed cash. Do not append your signature to anything that you have not clearly comprehended. Ask questions if need be. Contact the customer care representative if you are having trouble understanding the terms used, particularly if you sense there could be hidden charges. The customer care should not have a problem handling your queries, after all that is what they are there for. In the end, you are better safe than sorry as far as your finances are concerned.
