foreigner borrow money singapore

A lot of foreigners who visit and live in Singapore usually ask this question relatively often, especially when it comes to personal emergencies or big expenditures in the country. Well, the quick answer is, yes!

While traditional banks in Singapore offer loans to foreigners, a lot of new credit institutions now offer new loan products that have faster application processes and with fewer requirements.

To make the most out of your money, we suggest that you opt for those lenders that have the lowest interest rates and with the most flexible payment plans that can be tailor-fitted to your needs.

Where Can I Get a Loan as a Foreigner?

As a foreigner, you can apply through two major primary financial institutions. The first is from banks and the second one is from legal money lenders.

Let’s now look at where you can get your loan:

1) Bank

Traditionally the top-of-mind option that can get into your head is that you can borrow your loans from banks. This is true, as banks in Singapore are those that would usually offer secured loans.

Having a secure loan, as the term implies, is one that will warrant you, the borrower, some sort of collateral. For a loan foreigner, the traditional bank would usually ask their applicants to submit a couple of financial documents that would help prove that you have already worked in the country for at least 1 year and that your age is between 21-55.

The requirements for bank loans are as follows:

  • Payslip for the previous 3 months
  • Employment certificate or work permit
  • Employment letter
  • Income from employment with at least SGD 40,000.00 per annum
  • Sing Pass
  • Identification that will prove your age and other personal information
  • Proof of residency
  • Copy of your passport / foreign documents
  • Co-guarantor identification requirements (additional documentation might be needed)

Even if these initial items have been evaluated, you should know that your foreigner loan may still not be approved, due to many other reasons.

The only upside a bank can give when it comes to lending fast cash is that they are traditionally known to be a moneylender with low-interest rates for both their personal loans as well their loans for foreigners.

2) Licensed Money Lender

If you think that borrowing fast cash is hard from a bank, then it is time to consider transacting with moneylenders. They are best known to assist you with your financial needs.

Foreigners in Singapore think of moneylenders as the best option when it comes to the best foreigner loan or personal loan in Singapore because of the swift and really easy loan application process. Getting a loan can even be done purely online!

If you are living in Singapore, licensed moneylenders, such as Raffles Credit usually can help you get the best foreigner loan. If you are 21 years old and above, then you have passed the first qualification.

Your loan assessment, approval, and crediting will not take very long, as compared to banks. In fact, the whole process may only take you 1-2 days at most.

Not all moneylenders would usually require you the same types or even amount of documents for your loan application. However, in general, you might usually be required to pass the following:

  • A valid Work Permit, or Employment Pass, or S Pass
  • Passport
  • Copies of your payslips (usually for the past 3 months)
  • Certificate of employment
  • Proof of residence (even for permanent residents)
  • Most recent bank statement
  • Singpass.

How Many Foreigner Loan in Singapore Can You Have at Once?

Technically, you can have as many loans as you like, as long as you do not exceed the total amount of the loan you can only take. Moneylenders don’t typically decline applicants because of an existing loan, but they could reject your application if you have too much existing debt.

What to Consider Before Getting a Personal Loan for Foreigners

There are a couple of things for you to look at before getting your foreigner loans.

1) Loan amount

Do not borrow more than what you need or could pay for. It is always better to be fully aware of your capacity to pay, your budget, and the amount of financial assistance you really need at the time.

2) Approval and processing time

If you think that you will need to get a foreigner loan with a relatively high interest rate real fast, then loans from a moneylender will suit you best. If you would want a lower interest rate and is not really iffy about the tedious processes, then you can opt for the traditional bank to get your loans for foreigners.

A lot of foreigners in Singapore would prefer borrowing from moneylenders such as Raffles Credit, because of their swift application and approval processes.

3) Interest Rate

Singapore banks offer different interest rates than that of a licensed moneylender. This would also differ, depending on your loan amount. Now, at a surface level, bank offers might sound nicely for you, but always consider the tedious and highly standardized application processes you would need to go through.

Application processes with banks are longer than that of moneylenders, and this is because it would really need to take the time to review your submitted required documents. Background checks are even being done sometimes, as most loans offered are secured types of loans. They, in turn, give out lower interest rates–all at the expense of urgency and convenience.

4) Annual income

A foreigner who would want to apply for loans in Singapore must know that there are minimum loan amounts being required by banks and moneylenders. Banks require a higher loan amount, typically at SGD 30,000 – SGD 60,000 while moneylenders only require at least SGD 24,000.

5) Your Income-to-Debt Ratio

Most foreigners forget to consider their income-to-debt ratio before they apply for a personal loan. To know how much you can afford, you’ll need to know your total income. Then, you’ll need to add all the monthly expenses and other costs for the coming years.

If your total expenses go beyond 50% of your monthly pay, most likely, banks will reject your application. Even moneylenders will ask you to get additional sources of monthly pay to have better chances of approval.

6) The Purpose of Your Loan

Lastly, it’s convenient to find loans in Singapore, even if you’re a foreigner. However, borrowing more money to resolve your financial issues isn’t the best option, unless you have enough income to address it in a short period of time.

Make sure to only apply for loans if you’re in dire need of money. Great uses of a foreigner loan include paying for emergencies or paying for your utilities.

How Do I Find a Dependable Licensed Moneylender?

You can check the Ministry of Law’s Registry of Moneylenders to see a complete list of trustworthy moneylenders you can depend on for excellent financial services.

Moneylenders are not allowed to:

  • Reach out to you and offer a loan amount using email, chat, or SMS
  • Advertise their service in local markets through wall-posted bills
  • Advertise their services on social networks

If you encounter any lender that offers these services, you are likely dealing with loan sharks and are not under the jurisdiction and regulation of the Ministry of Law.


Given that we now know the difference between banks and moneylenders in Singapore, we now understand the pros and cons when it comes to the application of your loan.

Always remember that you can get your loans from traditional banks and from licensed lenders. However, both have different sets of eligibility requirements and application processes.

A lot of foreigners have accounted that borrowing from a licensed moneylender is usually much more convenient than borrowing from traditional financial institutions. This is because of the swiftness of the whole process– from application to crediting.

One might prefer getting their cash credit fast online, such as from Raffles Credit, while some may prefer going through the tedious processes in exchange for lower interest rates on their products and services.

So, if you need to have assistance in funding your personal agenda, including traveling, house maintenance and repairs, payment for health bills, or simply on a purchase you have always wanted to buy, then loan ahead!