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
Minimum monthly salary
The following documents are required in applying for a foreigner loan:
Looking for urgent funds. Went to Raffles Credit. Gave clear advice and also guidance on loan affordable monthly. Look for Grace a great customer oriented staff. Really appreciate your service too.... read more
Team is very friendly, approachable and very professional. Will help you by providing financial advices as well along with financial help. Very much recommended money lender.
Great & awesome service provided by Joy, John and Jane. Was skeptical initially but this place totally change my perception. Thanks for the awesome service and help in times of... read more
Raffles credit is a trustworthy finance company. The financial consultants always provide the excellent services to the people who are in the financial needs. Well done 👏🏻
I was attended by Miss Grace. Her service & knowledge on the system was great. She even came down to pick me up since I was lost. Thanks Grace.
Thanks to John for the seamless experience everytime when I need a loan. Friendly and professional environment! Will highly recommend to anyone who needs legal loans. Keep it up guys!
It has been my pleasure to be assisted with very professional team especially Ms. Joy. They are able to explain to me in detailed manner all the terms and... read more
Assisted by friendly and polite officer Grace. She guided me patiently on how the whole loan process works and willing to go extra length to explain to ensure I fully... read more
All staff are very friendly and professional. Understanding client needs and processing time fast. Definitely will recommend to my friends whoever need the financial assistance👍
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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.
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.
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