Connect with us

Blogs

How Can Foreigners Get Loans in Singapore

Published

on

loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

As a foreigner in Singapore, you might find it difficult to adjust to the high standard of living. Foreigners might also not have enough savings to dip into in case any urgent expenses arise.  

Why would you need a loan in Singapore? 

Sudden expenses can knock on your door at any point in your life. As a foreigner, you will have to pay rent, utilities, and many other charges. As a foreigner, you might have very fewer friends and acquaintances that can help you with the money. Moreover, it might not always be comfortable to ask for money from your home or family. Loans can be beneficial in such cases. Through loans, you can avail of the funds you would need through banks or Bugis Credit lender and avail easy repayment options.  

What kind of loans would you need in Singapore? 

As a foreigner, one of the prime loan requirements would be a Housing loan. As a foreigner, you might be having a rental accommodation. Rents in Singapore can be pretty high, and at some point, you will likely find it challenging to manage the rest of your expenses along with the lease. Also, at some point, you will feel the need to have a self-owned apartment if you plan to live in Singapore permanently. It isn’t easy to purchase a house in Singapore with sky-high prices on your own. Housing loans can be advantageous as they provide long term easy repayment plans so that the debt does not burden you.  

Another common requirement can be a Personal loan. As a foreigner, you might need additional funds to get settled into the city. You will need amenities, furniture, household products, etc. Purchasing all the amenities can be difficult at one time, based on a monthly income alone. There might also be other urgent requirements, such as medical expenses that might crop up at any time. Personal loans can offer you quick funds for your needs.  

Foreign Students require urgent funds for purchasing books, paying for utilities etc. This is why they need extra cash when they get stuck.

Foreigners in Singapore  

Foreigners generally have to abide by a specific set of rules in any country. Singapore is no exception. Foreigners might have a different set of rules and requirements when it comes to availing and spending funds, purchasing assets, and other kinds of financial transactions. The country naturally favours its residents over foreigners for any transactions. However, this does not mean that no products are catering to foreigners. 

Is it possible to get a loan in Singapore as a foreigner? 

Yes, it is very much possible to avail a loan in Singapore if you’re a foreigner. The government has permitted many lenders and banking bodies to offer specialized loan products to foreigners. There are many government institutions, private lenders, and non-banking institutions providing different kinds of loan products to foreigners. Singapore offers all types of loans, such as Housing loans, personal loans, student loans etc. to foreigners residing there. The requirements and eligibility for the loan might be different from those of residents, and the Interest rates might also be higher.  

Is it safe to get a loan in Singapore as a foreigner? 

It is natural to be apprehensive about applying for a loan in another country. As a foreigner, you might not have any backup to fall back on in case the loan fails. You might also not have any self-owned assets if you’re new to the country. Singapore has many legitimate banks and financial bodies that can offer loans for different purposes based on your credibility and other criteria. Availing a loan from these bodies is completely safe and legitimate. Some banks even offer loans without requiring the security of any assets. In such cases, the eligibility might be higher, and the loan amount might be lower.  

How easy is it to apply for a loan in Singapore as a foreigner? 

Applying for loans can be a hassle, even more so, if you’re a foreign national. However, Singaporean lenders have easy application and disbursal process. Most banks offer secure customer support to help guide you through the lending process. With the digital era, it is also possible to apply for the loan from the comfort of your house, provided you have all the documentation needed. Applying for a loan in Singapore as a foreigner is not a thing to worry about.  

How can foreigners get loans in Singapore? After finding out how easy it is to borrow the money, one can begin to apply. Of course, the first step is to look for a lender. Most of these online lenders allow one to apply for loans for people who live outside of the country. By choosing to apply online, there is no need to go through any hassles during the process.

Image by Nirut Phengjaiwong from Pixabay

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release