Are you Foreign Domestic Helpers or Maids Looking for a Loan? Apply with One of the Fastest Approval (2019 Update)
Are you a foreign domestic helper in Singapore? While there are many good things about working as a maid in Singapore, the high cost of living is one of the biggest drawbacks. Like all FDWs, you are here to make money and support your family back home, and this leaves you vulnerable in case of an emergency here.
Therefore in any case of short term cash needs, Katong Credit is help to help you with an affordable foreign domestic helper loan.
How to Choose the Right Foreign Domestic Helpers Loan Company in Singapore?
While most FDW loans are legal in Singapore, money lenders are not equal. As such, you need to be very careful when making a choice to avoid ending up in loan scam with a loan shark. To do this, consider the following:
1. Licensing/ Registration
Make sure the company you work with is fully registered and licensed with the Registry of Moneylenders in Singapore. A company working under Ministry of Law (MinLaw) guidelines follows professional guidelines and ethics and will always work to deliver 100% satisfaction to its clients. Katong Credit is one of them.
When looking for a Foreign Domestic Workers (FDW) loan, only go for a loan company whose reputation and track record you can verify. The best licensed moneylenders will readily share their references and you can even contact these past clients to learn about the type of services they received. Take time to go online and read reviews and testimonials from past customers to get an objective view about a particular lender.
3. Competitive Rates/Flexible Payment
It is important to note that while low interest rates are desirable, it is always important to first verify about the company’s registration and reputation. Once you have a shortlist of several reputable companies, contact them and learn more about their foreign domestic helper loan interest rates. You should also go for a flexible loan repayment schedule to avoid stressing yourself.
4. Convenient Application and Approval
Go for a licensed moneylender who provides online applications, but serves you at their office with cash reimbursement on the spot. Important Note: moneylenders that does not have a proper office address to go to is an tell tale sign that it is an unlicensed one. Katong Credit has one of the quickest approval of your foreign domestic helper loans, therefore we are one of the best loan solution for you today.
All about Foreign Domestic Helpers in Singapore in 2019
The Ministry of Manpower (MOM) reports say there are over 237,000 FDWs in the country. This is understandable considering the better pay offered by employers in the country. Better still, there are stringent laws that employers must adhere to make this a favorable destination for FDWs.
The Settling-In Programme (SIP) also makes things easier for maids coming here for the first time. This is one reason many maids from Philippines, South Korea, Sri Lanka, and Taiwan, Myanmar, Thailand, Bangladesh, Malaysia, India, Macau and Hong Kong are coming here every year.
Though that, times are hard these days and everyone is looking for greener opportunities. Singapore has become a major destination for foreigners seeking better paying jobs and higher standards of living. In fact, there are over 1.32 million foreign workers in the country according to the latest data from Ministry of Manpower (MOM).
Foreign Domestic Workers (FDW) now form the bulk of foreign workers in the country. In fact, FDWs make up 14% of the non-residents in the country.
While these numbers are reflective of the many working opportunities in the country, it is good to be forewarned about the high cost of living here. Many foreign workers go through tumultuous experiences when they are low on cash, but luckily, you can now get a Foreign Domestic Helper loan or maids loan to sort out any financial emergency.
How to Easily Find a Foreign Domestic Workers (FDW) Loan in Singapore?
The options available for you include borrowing from friends and here you don’t have any. The other option that you can think of is going to loan sharks and as the name suggests, these unscrupulous individuals don’t have your interest in mind, and they should be avoided at all cost.
This leaves Foreign Domestic Worker (FDW) / Maids Loan from a licensed moneylender like Katong Credit the best option for you. Our loans are tailored, flexible and easy to apply for.
There are many maids who could benefit from a maids loan in Singapore, but they don’t know how to go about it. If you are a foreign domestic worker facing a cash shortfall in the country, you can now find relief through these loans.
Here is how to find the best FDW loan for yourself:
If you know any other maid living in the country, ask for a recommendation and contact the lender. If your agent is reliable, talk to them and ask for a referral because they know the best lenders.
Check comparison websites
There are comparison websites dealing with lenders and they have different categories of loans including foreign workers loans.
Negotiate a tailored loan
Don’t just go for what is provided by the lender, but instead negotiate for a loan package that suits your income and your immediate needs. Most lenders are willing to offer a custom loan that is more affordable and easier to repay.
If you are looking for a quick foreign domestic helper loan, talk to us and find the most favorable for maid loans in Singapore.