You might be familiar with the terms and conditions and eligibility criteria of loan applying process. And it is quite obvious that loan is granted only to eligible candidates. Some of the Singapore based money lending companies has set eligibility criteria based upon Singaporean and foreigners residing in Singapore. It is question of consideration for Singaporeans if they are actually eligible for loan or not.
Well! The answer is no! It is not necessary to be Singaporean in order to lend the loan from money lending company. With the modification and changes in rules and regulations of money lending companies, this condition is eliminated that was considered one of eligibility criteria previously. As many foreigners are living in Singapore and good news is that they can qualify for the loan.
Many Singapore money lending companies have made a separate category for foreigners in the form of foreigner loans. A foreigner can apply for that type of loan to meet his all needs. Now lending up the loan from Singapore based money lending company is not only confined to Singaporeans. Foreign nationals who are either expats or students in Singapore are now given equal preference on financing options. Foreigner loans are type of personal loans that can be used for multiple purposes. These loans can be acquired in easiest way and quite effortlessly with flexible repayment terms. A foreign national can apply for the loan and get instant cash at low interest rates to cover huge variety of expenses including resident expenses, educational expenditures, travelling, medical, tuition fees and many others. Meeting up with eligibility criteria and filling application process with complete documents make a foreigner ideal candidate for acquiring the loan.
However, the eligibility criteria are different for different money lenders Singapore and may be this condition is not valid in all money lending companies.