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Best Personal Loan for Foreigners in Singapore

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Can Foreigners Apply for Personal Loans in Singapore?

Yes, foreigners can apply for a personal loan in Singapore. Foreigners at any point might need to apply for personal loans due to any emergency or buying a house or a car in Singapore. A personal loan for foreigners helps people in such a situation and helps them manage their difficult time in Singapore in an easier way.

  • Get the best loan offer based on your preference

  • Instantly receive free loan quotes from Singapore’s top loan providers

  • Transparent- no hidden fees!

What is The Eligibility and Required Documents

For foreigners to be qualified for a personal loan, one must have a valid work pass with minimum 1- year of validity, three months income proof to show, and minimum annual income requirement for foreigners to apply for a personal loan. You must be at least 18 years old (Some lenders require at least 21 years old) to apply for a foreigner loan.


  • You must be at least 18 years old, but most banks require at least 21 years old

  • Minimum annual income must be around S$40,000 for banks; S$24,000 for moneylenders

  • Must hold a Singapore Work Pass

Documentation Required:

You must have to present the following documents when applying for a personal loan in Singapore. This list varies for Nationals of Singapore and foreigners.

  • Valid S-Pass, E-Pass, work permit

  • Valid Passport

  • Appointment letter and the Employment letter from the company

  • Recent 3 months income slips

  • Bank statement

  • Residential address proof (Utility bill or tenancy agreement)

Steps to Apply for Foreigner Loan

Step 1

1. Submit Loan Enquiry to Instant Loan

Tell us about your desired amount, monthly income, and send.

Step 2

2. Compare up to 3 Loan Offers

We’ll provide you with 3 competitive foreigner loan quotes for free that would be ideal for your needs.

Step 3

3. Visit the Recommended Loan Provider

Head on to the most trustworthy lender you chose and apply online. You can visit the provider to finally sign your foreigner loan application.

How does Instant Loan Choose The Best Licensed Moneylenders for Me?

Instant loan has a process that enables it to choose the best possible money lender for your needs. They take decisions based on the following parameters and then take the decision:

a) Licensed by MinLaw: To be in the list of providers the basic criteria is that the money lender should be approved by the MinLaw.

b) Best Review: The Money lenders are evaluated based on their reviews present on various forums, directory, Google review and money lender reviews.

c) Best Rate: They compare the rates of the loans providers according to your requirements and find the most suitable options for you.

Is There Any Fee that Occurs by Using Instant Loan?

Believe it or not, Instant Loan services are absolutely free! You will NOT need to pay a single dollar to get our services.

Get the Best Personal Loan for Foreigner with Instant Loan

Once you submit your details, you will receive upto 3 quotes from money lenders or banks that are the best fit to your requirements.

How Much Can I Borrow?

Generally, a foreigner can take a personal loan of up to 6 times the amount of their monthly income for moneylenders, and usually 10 times for banks.

How Does It Work?

Generally, when a person applies for a personal loan in Singapore, a credit score is taken into consideration. But, foreigners find it difficult to build a credit score initially. Hence, the Ministry of Law in Singapore had made some amendments recently, making it possible for foreigners to take a personal loan from a licensed money lender.

Where Can I Get Personal Loan as a Foreigner?

Foreigners in Singapore can apply for a personal loan in the bank or with a moneylender. There are many differences in which the two evaluate and provide the loan. Right from interest rates to a processing fee, everything needs to be taken into consideration while applying for the best personal loan.

Bank : One can apply for personal loans in a bank in Singapore. Banks generally are very strict with documentation and take time to verify the information that you have provided. Therefore, they take more time to approve a loan, but they can give the maximum possible loan. They are generally strict with their policies, and they might have fixed plans for a loan with fixed interest rates.

Licensed money lender : They generally make a customized plan for a customer based on the requirements. They keep terms like interest rates and tenure of loans based on your requirements and income. Their process to provide personal loans for foreigners is very fast and can range within a few minutes to an hour or two. Though, they give cash loans of limited amounts, unlike banks. They also provide unsecured personal loans for foreigners, and there is some type of loan that involves no credit score check as well.

Parameter Bank Moneylender
Evaluation Credit Stringent Easy
Interest rates Low High
Loan Process Slow Fast
Loan Amount High Low

What is The Interest Rate for Foreigner Loans?

According to the Ministry of Law in Singapore, the maximum interest rate that a moneylender can charge from 1 October 2015 onwards is 4% per month.

For banks, the interest rate starts from around 4% per annum.

What is The Other Fee and Charges That Can Apply to Foreigner Loan?

Processing fees for personal loans may differ. Banks charge around 1-4% and usually up to a maximum of $200 and as high as 10% for moneylenders.

Take note that all moneylenders are only permitted to impose the following 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.

How Fast Can I Get My Personal Loan Approved?

The process for a personal loan is generally quick. The borrower will have to submit all the required documents, and the moneylender would crosscheck them within an hour (for moneylenders) up to a few days/ weeks (for banks). After reviewing, and approval, the contract is generated based on the terms decided. Once the contract is signed, the cash is immediately provided to the borrower.

How to Differentiate Licensed and Unlicensed Money Lenders for Foreigners Loans?

While applying for a foreigner loan in Singapore with a loan provider, you mustn’t fall into the trap of unlicensed moneylender. To know whether a loan provider is licensed or not, the most important thing is to check if they are present in the Ministry of Law’s website.

You can click here to access the list of licensed moneylenders. Please be sure that you check the moneylender’s office physically, and the office address should match the address mentioned in the Ministry of Law’s website. Also, a legal moneylender can’t advertise their company via messaging, emails, calls or any via any other platform. Hence, if you see any attractive advertisement with unbelievable interest rates, it may be a sign that they are an illegal loans provider. Please do not contact them or engage with them as they may be harmful.

Also, be attentive if the loan provider does any of the following:

  • Use of any kind of abusive language or threatening behaviour.

  • Ask for Singpass password or/and username.

  • Retain any of your document

  • Present a blank or incomplete contract to sign.

  • Approves personal loan without giving you a copy of the contract or without explaining you the terms and conditions properly.

  • Grants personal loans without exercising due diligence. For example: Approving loan on phone, email or SMS before receiving the loan application form and other required documents.

  • Retain a part of your principal amount giving no reasons.

These practices are forbidden. If you encounter any of these, you should report the moneylender to the Registry of Moneylenders with all relevant information. Appropriate action will be taken against them, and if found guilty their license might also be revoked.

For your peace of mind, it would be best to not take a personal loan from any such illegal loans provider. They tend to become their worst nightmare if you fail to repay cash loans.

Factors To Consider When Choosing A Foreigners Loan

Various factors should be taken into consideration while applying for a foreigner loan in Singapore. It includes the loan amount, loan tenure, loan provider, and some others. Following is a detailed outlook on it:

Loan Amount : Calculate how much cash do you need? Is it an amount that you can repay in a fixed time? Is it in proportion to your income and will you be able to pay the money back considering all the necessary expenses? Not paying the loan amount in time can be stressful as the interest amount keeps increasing accordingly.

Loan Tenure : This plays a huge role while applying for a cash loan. The longer the tenure, the more interest you will have to pay. But, you can’t keep it so short that paying it becomes difficult for you. Loan’s tenure should be in such a way that you can pay it easily with respect to your income without keeping the tenure too long as well.

Loan provider : Check for the cash loan provider details, reviews and feedback. Do you feel that people feel comfortable after taking a personal loan with them? Are they happy with the team that has provided them with cash loans? Is there a process easy or stressful? Evaluate all these things properly before making any decision.

Interest rate : Though it is fixed that the maximum interest rate that a money lender in Singapore can ask for, but certain loan providers also give cash loans at a low-interest rate. Evaluate and consider who is providing low-interest rates. Do keep in mind that the cash loans tenure plays a huge role in deciding the interest rates.

Miscellaneous Fee : They are certain unhidden fees that might not be generally visible when you apply for a personal loan for foreigners in Singapore. Make sure you check any of such processing fees, approval fees or any other misc fees involved and take them into consideration. It adds up to your total money and might be more than what you expect.

Your Purpose : What are the reasons that make you apply for a personal cash loan in Singapore? Is it necessary to take a loan for the same or you can wait for some time? Evaluate the reason carefully and decide if it is worth taking the stress.

Terms and Conditions : While signing a contract, go through all the terms and conditions properly. What if you are not able to repay the foreigner loan cash amount on time? How much interest rate will be added if you repay it late? You can always ask questions to the moneylender before signing the contract. Find answers and see if you will be able to fulfil them accordingly.

These are some of the factors that might help you choose the best personal loans or foreigner loans in Singapore. If you are looking forward to applying for personal loans for foreigners in Singapore, all you need to do is fill a form with us.

You will receive quotations from licensed loan providers across Singapore. It is an easy process and can help you a lot in your difficult time or while you are trying to settle in Singapore. If you need any assistance with foreigner loans in Singapore, feel free to contact us!