Can foreigners in Singapore get a loan?

Getting a personal loan in Singapore is tough if you aren’t a citizen or Permanent Resident. You probably already know that banks impose stricter conditions than other platforms.

There are always solutions, though. For example, platforms like ours help you secure urgent personal loans.

This article will analyse foreigner loans and then discuss five licensed moneylenders that can help you. We will explain what are personal loans and how you can use them. Keep reading below.

What Are Foreigner Loans?

Foreigner loans aren’t that much different from typical loans. The principle works the same; you borrow money based on your income and reimburse that sum in installments over a set tenure.

Here are some problems:

  • If you’re a foreigner living in Singapore, you don’t have access to certain credit facilities, such as renovation loans.
  • Banks are less likely to grant foreigner loans, especially if your income is on the low spectrum.
  • You will have to meet stricter requirements, such as more paperwork proving your income and employment status.

However, some licensed moneylenders in Singapore will offer you convenient personal loans regardless of your citizenship status.

However, these licensed moneylenders have to respect MinLaw’s rules regarding personal loans. That means the maximum amount that you can qualify for is:

  • $500 if you’re earning less than $10k/year
  • $3,000 if your income is $10k-$20k/year
  • Six times your monthly income if you gain over $20k/year

If you have more questions regarding personal loans, read our FAQ here.

Top 5 Licensed Moneylenders Singapore For Foreigner Loans

Now that you know what you can expect in terms of maximum amount and application criteria, let’s see who you can count on:

1. CreditMaster

CreditMaster is a famous licensed moneylender on the island. The agency reached high satisfaction rates because they always strive to find the right solutions for their customers.

That’s essential if you need a foreigner loan.

Instead of an agent who looks at your paperwork, you need someone to talk to you and explain everything. Loan officers working at CreditMaster do that.

If you read their reviews, you’ll notice that friendly and expert customer service is a common theme.

There’s another advantage to consider:

CreditMaster offers convenient, bureaucracy-free personal loans. We already told you that foreigner loans need extra paperwork, but CreditMaster:

  • Minimises that paperwork as much as possible
  • Guides you through the whole process


2. Lending Bee

Lending Bee comes with a customer-centric sales proposition that’s essential for foreigners. As such, you can put your trust in this reliable and transparent licensed moneylender.

Besides, Lending Bee is well versed in dealing with a wide range of needs.

People across income levels and backgrounds find practical financial assistance from this agency. Even if you have a low credit score, they’ll find you an applicable loan that fits your budget.

Also, Lending Bee is known for its quick application process.

The agency will give you a reply quickly and personalise your offers based on your specific needs and background. Their eligibility criteria are lax compared to banks in Singapore, and they have plenty of affordable loans on the list.


3. Credit 21

Credit 21 is one of the go-to personal loan providers in Singapore. Their user-oriented approach will save you a lot of time and guarantee a transparent process.

Of course, you can always count on them for customised, affordable loans. That’s why Credit 21 has such high customer satisfaction levels.

But there’s more:

Credit 21 has some of the lowest rates compared to other licensed moneylenders Singapore has. Another advantage for nonnatives is their highly flexible repayment schemes. That means you can get an affordable loan and repay it at your own pace.

Besides, Credit 21 can help you with many loan options, such as emergency loans, medical loans, education loans, etc. As a result, you can reach out to them whether you need a more significant sum of money or something to tie you over until your next paycheck.

Bonus: you can seamlessly apply on their online portal and get your loan approval within eight hours.


4. GS Credit

Opening GS Credit’s website will show you an array of 5-star reviews from happy customers. You’ll appreciate their fast service too, especially if you want a customised solution. They are located in Jurong East, just a walking distance from the Jurong East MRT.

Even better, GS Credit specialises in assisting financially-challenged people and has many nonnative customers. Their offer includes:

  • Emergency loans
  • Personal loans
  • Business loans
  • Debt consolidation plans

Once you talk to any GS Credit officer, you’ll notice other advantages:

  • The agency is entirely transparent about its fees
  • The loan officers are extremely friendly and have good expertise in their fields

Even better, the company is open to negotiation.

As such, you can negotiate your terms based on the sum that you need and your income. The result is that you can get low-interest rates and affordable installments that fit your budget.

You can apply online effortlessly because GS Credit doesn’t value bureaucracy at all.


5. Horison Credit

Located in Chinatown, Horison Credit is one of the best-licensed moneylenders Singapore has, both for natives and nonnatives. Their unique selling proposition regards fast response times and uniquely tailored loan options.

So, if you’re a foreigner facing acute financial issues, you can find a trustworthy partner in Horison Credit.

Unfortunately, banks in Singapore are less likely to offer convenient emergency loans to people in severe distress – especially foreigners. That practice is considered high-risk, and banks don’t like that risk.

By comparison, Horison Credit cares about all of their customers.

The loan officers look at the people instead of the cold data. Thus, your agent will work with you closely to devise a secure and helpful financial plan.

Besides, the application process is seamless, and you won’t have to face mountains of paperwork.


Applying For Your Foreigner Loan


This article took you through five of the best-licensed moneylenders Singapore has for foreign loans.

Of course, you should learn all of your rights and obligations before you proceed further with your loan application:

  • Make sure the moneylender you appeal to has a license. Check MinLaw’s list of licensed moneylenders if you have any doubts.
  • Never reach out to loan sharks.
  • Ask for help if you can’t repay your loan.

It’s also essential to get the best-customised solutions. Apply here to receive uniquely-tailored loan plans for foreigners from the agencies above.