A small area with lots to offer, Commonwealth has it all for the discerning shopper. From IKEA to Queensland Centre, visitors will not run out of great deals. If you’re a foreigner who’s looking for financial assistance for your next major purchase, getting a foreigner loan from licensed moneylenders is your quick and safe bet.
What is a Foreigner Loan and How Does It Work?
A foreigner loan is a personal loan that is crafted for expatriates living and working in Singapore. Like other loans, foreigner loans should be paid back with the added interest rate to the principal amount owed within the agreed terms.
Advantages of Getting a Foreigner Loan from a Licensed Moneylender
Both licensed moneylenders and banks can provide a foreigner loan. But because banks rely on credit scores, foreigners are put at a disadvantage because they don’t have an extensive credit history with local banks. In some cases, the loan amount might be limited, and the approval might take longer.
On the other hand, getting a foreigner loan from a licensed moneylender like Fortune Credit can guarantee the borrower a reasonable and fair interest rate. All authorized moneylenders are monitored by the Ministry of Law Singapore and listed on their site.
Still not convinced? Here are the advantages of taking foreigner loan from a licensed moneylender:
- Quick transaction
Unlike banks, moneylenders don’t need to check your credit score. If you meet their eligibility requirements and they think you can repay the loan on time, they can even approve the loan within 30 minutes.
- Capped interest rate
Licensed moneylenders are only allowed to charge borrowers a maximum 4% interest rate per month. As mandated by the Ministry of Law Singapore, lenders who would go beyond that will be penalized.
With licensed moneylenders, you can discuss your personal needs. It’s best to be transparent about your needs and your capacity to repay the loan for a more convenient transaction.
How to apply?
- Apply via Call or Online
You may reach Fortune Credit through 6777 1887 or you may opt to complete the application by filling out the form online.
- In-person Consultation
When your application is confirmed, they will invite you to visit their office so you can discuss more about your loan plan.
- Receive your money
You can receive your money once you’re done discussing the loan terms and signing the loan contract. Before signing, make sure the loan officer has discussed every aspect of the agreement.
How Can Fortune Credit Help You?
One of the things that set Fortune Credit apart from other moneylenders is how we assist our clients with dedication, respect, and a welcoming atmosphere. It has always been our mission to make sure our clients receive pleasant borrowing experience — always free from discrimination and harassment.
Recognized by Loan Advisor as one of the top 10 licensed moneylenders in Singapore, Fortune Credit is a reliable licensed moneylender that has been consistent in providing fair and trustworthy loan plans with reasonable interest rates.