Getting A Foreigner Loan In Singapore

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Singapore is one of the biggest tourist attractions in Asia. However, staying there for good can be expensive because of the cost of living. 

You might encounter financial problems such as, how are you going to pay your rent, how are you going to pay medical bills once you get sick, and even wonder how you are going to survive especially if you’re away from your family and friends.

However, there are many options to choose from when you encounter financial problems. Many lenders in Singapore are offering financial assistance for work permit holders, S-Pass holders, and E-Pass holders. Getting a loan is one of the most popular ways to get instant cash that you’ll need in emergency situations. 

Take note that before you get a loan from a lender in Singapore, you might want to consider if they are running a legal operation or not. So to save yourself from scams, choose lenders that are authorized and legal. Banks and other private lenders are one of the trusted lending institutions you can run into.

What is a Foreigner Loan?

Foreigners often find difficulty in taking out loans in Singapore. Unfortunately, without any credit history in the country, it’s next to impossible for banks and financial institutions to approve their loan inquiries. 

However, thanks to money lenders, they can get worry-free financing at any time by just submitting all necessary requirements.

Personal loan for foreigners in Singapore are essential because upon entry into the country, foreigners in Singapore have only scarce financial resources to use. On the other hand, they have to pay months of rental advance plus a deposit to have a place to stay. 

Foreigner loans make it possible for them to have more financial means to stand up on their own two feet in the country.

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What Are The Requirements Needed To Get A Foreigner Loan?

Just like any other loans, the documents needed for a foreigner loan will depend on the lender. But here are some of the usual documents needed to get a foreigner loan:

  • An E-pass or S-pass, or your valid Singapore Work Pass
  • You must have a stable job or full-time job in Singapore
  • You must be at a legal age or 21 years old and above
  • Proof of residency such as your rental contract or utility bills
  • Bank statement with active transactions for the past 3 months
  • Your 3 months’ payslip from your current work

One of the challenges when looking for foreigner loans is to find a lender that could offer you the best deals. Another thing is if you don’t have a credit history or if you have a low credit score that doesn’t fit with the lender’s criteria. 

You could also try getting a loan from lenders that offer non-traditional instant no credit check loans.

The Process Of A Foreigner Loan In Singapore

Just like any personal loans, the interest rates and other fees of a foreigner loan are the same.

However, one of the most important requirements needed for a foreigner’s best personal loan is to submit proof that you have a stable job in Singapore with a valid work pass. 

Getting a foreigner loan could be challenging since you have to convince the lenders that you are capable of repaying the loan and won’t just run off the country once your loan gets approved. This event marks the importance of your work pass to verify you are of good character and standing.

Therefore, banks and other private lenders are very strict whether you’re a resident in Singapore or a foreigner who works in Singapore, because they want to secure the money they will lend to people. In fact, some lenders will still reject foreigner loan inquiries.

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Things You Should Consider Before You Get A Foreigner Loan

Having financing, even for foreigners, is a commitment you’ll need to urge yourself to accomplish. It’s a responsibility you should fulfill because it’s necessary and not because you want it.

Foreigner loans are the only financing available to anyone who isn’t a registered Singaporean. You won’t have any other loans in Singapore as options. However, just as you would when taking out a personal loan or anything similar, consider your income and expenses before borrowing money.

It will be better if you get a loan that will fit your budget and an amount of loan that you can really pay on time. If you’re planning to stay in Singapore for a short while or for a longer period of time, then you might as well consider the terms of the loan and the interest rate. So it is best to analyze your finances first and make a repayment schedule before you get your foreigner loan. The purpose of having a repayment schedule is for you to manage your finances and be debt-free before you leave offshore.

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Who Offers Foreigner Loans In Singapore?

The most recommended lenders you could trust in Singapore are banks that run a legal operation and are registered as a licensed lender. You are secured and feel safe that there will be no threats or scams that will happen with your loan application. 

Just in case your inquiry gets rejected by banks, you might want to consider trying to apply for licensed lenders and other financial institutions that are also licensed.

So just to be sure, you could also check first if the lender is legit through the Registry of Moneylenders. Don’t get too excited for a loan application even if you need urgent funds. 

Remember, if you don’t look for the right lender, then you might end up suffering from threats or deeper debt.

Why Use A1 Credit For Your Foreigner Loan Needs?

1. Fast and Effective Service

A1 Credit only needs proof of income and a valid work pass in Singapore. By submitting this information to us, we can give you a full loan assessment and approve your financing within an hour.

We don’t do credit checks. Unlike banks, a reputable money lender only needs to see your monetary flow regularly. In doing so, we can assess the best amount you can borrow and your payment capability.

2. Fully Transparent

A1 Credit explains the entire foreigner loans process in person. If it’s your first time applying for the loan, you’ll know every step needed to accomplish your application and understand your financing terms and conditions.

3. Approved And Overseen By The Ministry of Law

Singapore’s Ministry of Law oversees all our activities. We adhere to all their rules and regulations. Lastly, if A1 Credit failed to honor any of its responsibilities to you, you can send a complaint to the Ministry directly.

A1 Credit is a licensed money lender that you can find in the list of Registry of Moneylenders. Make sure to always check if your chosen money lender is part of this list. Anyone who endorses themselves but you can’t find in the list are unscrupulous vendors.


The documents that need to be submitted to direct lenders in Singapore are just basic and it is easier for those who have all the paperwork and documents that a foreigner should have when traveling to another country, also for those who have a stable job, a good credit score, and live in Singapore for a long period of time. 

You can also check the website for other types of loans and the documents needed to obtain a foreign loan in Singapore. You can easily apply for loans with A1 Credit at your convenience from your home because you can apply online!

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