How Non-Citizens Can Apply For A Monthly Loan in Singapore

by Starry   ·  1 year ago   ·  

The usual convention in most or any country is that non-citizens have to undergo a more detailed process when applying for a monthly loan in Singapore isn’t any different from the norm. So, if you are a foreigner schooling, working, or living in the country then you should already know that getting a loan will be quite different for you. While Singapore is one typical region with a higher standard of living, things can get tough when you find yourself running into financial difficulties. It even becomes more complicated when you don’t have family or friends that you can get an emergency loan in Singapore.

Nonetheless, there is an easier way to handle such a situation. Singapore currently makes personal loans available for foreigners. In essence, there are banks and some licensed credit organizations that can assist you with custom credit services that can be accessed for either short or long-term contracts. Of course, such an operation will come with specific needs and requirements. In the rest of this article, you shall learn about the basics, tenets and, resources you might need to know regarding applying for a monthly loan in Singapore.


A loan obtained by any non-citizen is the type that is particularly issued by the foreign government. It may also be referred to as a loan gotten in a foreign country by a corporation or individual in form of bonds or other debt certificates like Exchequer bills/notes treasury bills note CTC. While there are more processors for non-citizens to apply for a loan in Singapore the difference isn’t much compared to a Citizens loan application process. The key difference between both cases lies in the qualifying criteria. A common instance involves non-citizen having to meet a relatively higher income requirement or to provide residential proof.


Generally, Obtaining a monthly loan includes a certain process with interest rates attached that rely on the lender and type of loan one chooses. That is, your preferred source of credit shall dictate its unique terms and conditions for any particular amount you request. But the common situation usually involves you submitting documents as legitimate proof that you now work, school, or reside in Singapore.

It is also likely that you would have to apply with a guarantor if you don’t have a credit score. A good credit score (i.e. quality of consumer’s credit-worthiness) usually ranges from 660 upwards which describes a high chance of your monthly loan application being approved. This score is determined by a proprietary algorithm that tracks your credit usage. A non-citizen of Singapore may obtain a credit report from the Credit Bureau of the country (CBS) for a fixed fee.

An essential aspect of being accepted during your application for a loan is that the bank or credit company needs to know whether or not you intend to (or are able to) remain in the country for the period of the loan tenure. So, you should be prepared for the chances that some lenders may be reluctant to work with foreigners even with a guarantor.


You can obtain your monthly loan from reliable credit companies or better still, banks. Banks are probably more expected to provide non-residents with a loan as they also offer financial assistance depending on your situation and application type. Don’t get the wrong idea though because there are also trustworthy and popular loan institutions/licensed moneylenders in Singapore that you can get a monthly loan in Singapore from.

Ensure that you avoid suspicious, unlicensed, and illegal money lenders in order to protect yourself from being exposed to harassment and scams. You can quickly determine the legitimacy of an institution by checking with the Monetary Authority of Singapore (MAS) prior to applying for a loan.

General Considered Factors/Requirements

Getting a loan may be of higher possibility when you use banks but some credit institutions offer faster approval processes. A legal lender usually requires fewer criteria in qualifying for a loan application. You should inspect the interest rates, as well as the installment, plans to determine the one that best suits your financial situation. Certain requirements vary depending on the source of your monthly loan application in Singapore but the common expectations you can encounter include:

  • Being 21 years old older
  • Having a valid Singapore work past
  • Full employment details
  • Having a residential tenancy agreement.
  • A recent bank statement (six months of past transactions)
  • Showing payslips for the past 3 months.


Singapore allows non-citizens to apply for monthly loans depending on your financial situation. This includes whether you need assistance in paying school fees, resident taxes, or even shopping online. The application process for foreigners is quite more compared to citizens as extra details would be requested. You can get a monthly loan Singapore from banks or legal credit institutions but the process/requirements may vary. However, there is some common information that you must have available prior to getting a loan as you consider the approval process and interest rates.

Scan QR to download the Atome app
Scan QR to download the Atome app

Leave a Reply