A personal loan for foreigners is a cash loan that can help non-citizens who are living or working in Singapore. Many online lenders will accept applicants with a Green Card (permanent resident), a visa that shows they have several years left on their permit or who have applied to renew/extended their visa. But, it is important to shop around and find a lender that offers the best terms for your situation.
For many people moving to a new country, getting settled and financing expenses can be a challenge. Personal loans are an excellent option for those who need extra cash and don’t have the time to wait on a bank or credit union to approve their application.
However, not all lenders offer these loans to non-citizens. Lenders are typically concerned that someone with a different citizenship will be less likely to repay their loan. That is why they may require more documentation to verify identity and income when lending to a non-citizen.
Fortunately, there are still affordable options for non-citizens who need to borrow money. One way to improve your chances of approval is by establishing credit before moving to the United States. That’s because most lenders use credit scores to assess an applicant’s risk. If you’ve used credit in another country, you may be able to get an international credit report that will provide a better picture of your financial history and can make it easier for a lender to approve your loan.