When you are living abroad, sometimes financial emergencies happen and they can be very stressful. It’s even harder when you don’t have your family and friends right beside you to help you. It can be hard to cover expenses or even pay your rent if you are facing a financial crisis. This is why loan for foreigners singapore is available – you can borrow money from licensed moneylenders who offer these loans specially for expats. The requirements are usually less stringent than for bank loans and they can process your application quickly as well.
The maximum loan amount you can borrow will differ from bank to bank and lender to lender. The interest rates may also differ, but it is important to choose the loan provider that offers you the lowest rate and terms. Moreover, you should always be aware of any hidden charges or fees that might be charged and make sure that they are not too high.
Most lenders will charge a processing fee, which is normally around 1% of the loan amount. This is meant to compensate the lending institution for their effort and time spent on assessing your loan application. You should check the terms and conditions of each lender to find out more about these costs and fees. You can also choose a lender that has excellent customer service so you will have someone to turn to in case of any questions or concerns.