There are many such countries and cities all around the world where people usually work on a work visa and are still considered foreigners under the law. This status of a foreigner affects these individuals when stuck up in some legal work or while taking a loan from the bank because such people are deprived of various benefits due to their foreigner status.
One such example is Singapore, which is known as the hub of people from all corners of the world who have come down to earn and make a decent living out of their earnings for their families and loved ones. Despite being working in Singapore, these people are considered foreigners as per the law of citizenship, which is followed here. And seldom when these people require a loan, the banks often do not entertain them much, considering them as foreigners working on a work visa in the city.
Here is when those licensed finance companies and licensed private money lenders come into the picture who provide foreign loans in Singapore. These are those companies and firms that have the due permission and license obtained from the government to deal with loan lending facilities to both localities as well as foreigners. These also have a very fast and hustle-free process for foreign loans in Singapore.
To get a foreign loan in Singapore, an individual should fulfill the following criterion and present the following documents to the finance company:
- The person should be between the age group of 21-55 years. This age bracket may divert a little from company to company.
- The individual should be employed on a full-time basis and should possess a work pass as per Singapore laws.
- The documents like the residency tenant agreement, bank statement, and employment letter from the company the individual is working in should be submitted to the finance company.
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