Whilst 1.6 million foreign people live and work in Singapore, and contribute to its growth, the city is still renowned as being the most expensive in the world for expatriates, and it can be difficult to survive there without some form of financial support. One of the best ways to counteract this shock to the wallet is a Singapore Foreigner’s Loan.

Whilst the prospect of taking out a Loan Singapore might seem daunting, they can be immensely beneficial to those setting themselves up in the country – especially if you need to cover the moving costs, or get yourself settled once you have arrived. A foreigner’s loan is a great way to deal with unexpected costs, something that is all too common when emigrating to another country.

Before looking at these types of loans, it is important to dispel the myth that Singapore banks won’t lend to expatriates. Singapore banks will loan to foreigners, but it isn’t easy. Firstly, the applicant must be able to prove they earn at least $40,000, and have a pass for employment with a minimum one-year term. As this is generally a relatively small percentage of the expat population, most turn to alternative resources to secure funding. Enter the Singapore foreigner’s loan.

One of the most common ways to secure loan for foreigners Singapore is via a licensed moneylender, such as CreditHub Capital. These loans are generally smaller, but benefit from having far less strict requirements and credit checks, and can be processed much faster. Bear in mind however, that the interest rates are likely to be higher due to this increased risk.

All you will need to do to secure the money is find a company that offers the foreigner loan and look over the immediate terms. Generally speaking, the best rates are always offered in the branches themselves, rather than online or via the telephone – and only if you have all the required documents. If you’re happy with visiting physically and have the paperwork they require, then it is just a case of filling out the application.

A good way to ensure that you find the best company to secure a legal loan from is to use a comparison site to see what moneylender is offering the best rates. From there you can simply head in to the branch to try and secure that rate, or something very similar.

In order to successfully get yourself a loan and help ease your way into your new city life, you simply need to research and shop around for the best rates and offers.