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Raffles Credit Pte Ltd is a licensed moneylender (License No. 40/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Foreigner Loan

Personal loan for foreigners in Singapore during the settling-in period or for any personal reasons

  • Simple eligibility requirements
  • No lengthy credit checks
  • Flexible repayment schedule
  • Approval within 30 minutes
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Woman Showing the best Foreigner Loan

Loan For Foreigners, Expats 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.

foreigner taking loan

Application Process

Person using computer
Call or Apply Online

Apply from the comfort of your home at You may also reach us at 6235 1788.

Visit Our Office For In-Person Consultation

Upon confirmation, you will be asked to come to our office to customize your loan plan

Receive Your Money on the Same Day

Get your cash as soon as the loan agreement has been signed

Eligibility & Requirements


You must be at least 21
years old


Minimum monthly salary

The following documents are required in applying for a foreigner loan:

  • A valid work permit / S Pass / Employment Pass
  • Passport
  • Proof of employment (staff pass & employment letter)
  • Recent 3-month payslips
  • Proof of residence such as a tenancy agreement, recent bill or letter addressed to you
  • Latest bank statement of account to which your salary is credited
  • Singpass (to download IRAS NOA)
Apply For a Loan Online

Ready To Get Started?

Request for a quotation from our friendly officers by filling out the form below

Frequently Asked Questions

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 $30,000,  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:

  • A fee not exceeding $60 for each month of late repayment;
  • A fee not exceeding 10% of the principal of the loan when a loan is granted; and 
  • Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.


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.

Raffles Credit is among the top 10 licensed money lenders in Singapore. We have been praised for being a financial agency that treats our clients with utmost professionalism and exceptional customer service experience. 

What differentiates us from other loans in Singapore is our fair and trustworthy loan plans and interest rate. We never force our customers to borrow more than what they can afford and help them become a responsible borrower. Ethical lending is at the top of our core values.

We take pride in our accomplishments and will continue to serve every foreigner, resident, and citizen of Singapore in good faith.

Honors & Achievements

  • Noted as among the top 10 licensed moneylenders in Singapore by Loan Advisor
  • Included in the list of top-performing legal moneylenders in Singapore by Top Brands

Reviews & Testimonials

  • Received excellent 4.9 stars from verified clients on Google Reviews
  • Praised as “professional, helpful, and friendly” by customers on Loan advisor
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