Raffles Credit Pte Ltd is a licensed moneylender (License No. 31/2020) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.
Expatriates or moving in Singapore may find the cost of living relatively high. In fact, Singapore remains the most expensive city for expatriates as of 2020.That’s why when you need financial support during the nesting period, there’s a personal loan especially catered to foreigners like you. The borrowed financial support can cover your rent, utility bills, and other personal needs.
Apply from the comfort of your home with a few clicks using our online form. You may also reach us at 6235 1788
Upon confirmation, you will be asked to come to our office to customize your loan plan
Get your cash as soon as the loan agreement has been signed
You must be at least 21 years old
Minimum monthly salary
The following documents are required in applying for a foreigner loan:
I am thankful to John & other friendly officers for the excellent service! Honestly, I am very skeptical about this lending industry because this is my first time seeking... read more
John is very friendly and explains everything in very detail, gives me a stress free explanations and makes sure I fully understand before proceed to the loan application. Hence he... read more
The service is good. The staff are the good listeners to understand our needs. Highly recommended!
All Raffles Credit staff deserve the Excellent Service Awards. They are patient, polite and professional in helping my wife and me tide over the business crisis amid the pandemic. We... read more
John is very friendly and tactical when handling my needs. They offer very flexible and affordable monthly instalments.
John is very friendly, active and Professional. Nice to meet up with you. Thanks.
I was offered good interest rates as compared to other lending corporations. They explained the overdue/collection/legal clauses as well, in addition to clear breakdown of the fee and interest. Satisfied.... read more
I want to thank John & his team for providing the excellent service for my last visit. John planned and explained the repayment scheme according to my needs professionally. Good... read more
Have approached Raffles 3 months back. Quite flexible moneylender understands the borrowers need and tweak the repayment plan according to the need. Strongly recommend for the emergency cash requirements. Ms.Rachel... read more
Request for a quotation from our friendly officers by filling out the form below
Foreigner loans in Singapore are loans offered to foreigners working and living in Singapore. Foreigner loans must be paid back with an interest rate added to the principal amount owed.
A foreigner loan allows you to take on a big purchase, emergency situations that need immediate funding, or even an extra financial buffer for unexpected financial needs. During these tough times, foreigner loans will be able to provide you with the funding that you need in order to get your life back on track.
These typically have rates that are lower than what you would pay using a credit card and other financial institutions, which would allow you to save more for the future financial needs.
We know that in these hard times, you need the quick cash without delay. In Singapore, banks are stringent as to the borrowers they permit to borrow. Foreigners are likely to have no financial history in Singapore, which is why Raffles Credit’s foreigner loan in Singapore service makes it easy to get immediate financing even if you’re not from Singapore.
A foreigner can take out loans of any amount with secured loans and collateral. The collateral will serve as a guarantee in the event that you are unable to pay off the loan.
For unsecured loans, if your annual income is less than $10,000, the maximum loan amount that Raffles Credit will be able to loan is only $500. If your annual income is above $10,000 but less than $20,000, Raffles Credit can offer a maximum loan amount of $3,000.
However, if your annual income is above $20,000, moneylenders like Raffles Credit can offer you a loan up to 6 times of your monthly income.
The maximum interest rate moneylenders in Singapore can charge on loans for foreigners is 4% per month, regardless of the borrower’s income and whether the loan is an unsecured or secured one.
If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
The computation of interest rate charged on the loans for foreigners must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to the principal.
The late interest rate can only be charged on an amount that is repaid late. The moneylender cannot charge on amounts that are outstanding but not yet due to be repaid.
Meanwhile, all licensed moneylenders are only permitted to impose the following interest rates, charges and expenses:
The total interest rate and charges imposed by a moneylender in Singapore on any loans for foreigners, consisting of interest, late interest, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.
To avoid loan scams, the first thing that you must check is to verify if the moneylender that you are looking for is a licensed moneylender registered with Singapore’s Ministry of Law.
Next, compare the best loan offers according to your budget and repayment capability.
Don’t forget to check the customer satisfaction reviews on Loan Advisor and Google Reviews to check the customer satisfaction reviews.
Yes, but with some slight differences. Foreigner loans in Singapore are also known as personal loans. However, the key difference is that banks will charge their borrowers a higher interest rate than local citizens. Expats and foreigners do not have an extensive credit history with Singapore’s banks, making it difficult for them to give out loans with lower interest rates to them.
They would also not be able to give out larger loan amounts due to the increased risks and could even take longer periods of time for your loan application to be approved.
A licensed money lender like Raffles Credit is uniquely positioned to offer you a suitable foreigner loan application with reasonable interest rates due to the fact that all our interest rates are capped at a maximum by the Ministry of Law. We are also able to approve your loan within 30 minutes, ensuring that you are able to meet your financial needs quickly and efficiently.
Get preliminary approval in 30 minutes by applying here
Get preliminary approval in 30 minutes by applying here