When you are away from home and all alone ad you suddenly need financial support what do you do? You think of turning your head towards a bank and what do you expect? The answer may be a yes or a no. One cannot be sure of such situations. And why not, who will be willing to lend money to somebody who is not a part of your family and what guarantee they can get that the money will be returned. Such case can be very unpredictable. But there are various options from where you can borrow money to fulfill your needs even when you are a non resident in a country.
A simple method to get finances from the Money Lender would be from people who you may know and trust provided they agree to pay you and trust you on the repayment terms.
There are various banks and organizations which provide loans to foreigners or immigrants and have a basic set of strict rules and regulations which the immigrants have to follow. In general many countries and banks deny any kinds of loan to foreigners but when they do they have a lot of requirements and documentation to go through.
The first and foremost requirement is the security. This may be anything valuable or asset. But in most cases the applicant may not have any property or asset in the foreign country and bank will not accept any asset in the home country as the banks will not have any control or seize the property which is not under their governments rule.
While applying for a loan as a foreigner, a lot of documents will have to be provided to end up getting the desired loan. Some personal records, bank balance and income stream and accounts capable of doing the down payments should be provided by the applicant.
Another requirement many banks and companies ask for is the citizenship. This solves most of the problem. When you have a citizenship of the particular company, loans becomes easier. But in cases where you are present in the company for study or work purpose, it is a good idea to find a person who can apply on your behalf for the loan. The assets of the co-signer will be taken into consideration.
Other options include the private financers. They are willing to pay you the money by asking for some common bank details, streaming income and good credit stats. They have the facility of providing loans to foreigners called foreigners loan. By going through the net you will get an idea of the available private financers who are ready to pay the loan amount.
A few important documents are always required irrespective of from where you obtain the loan. This include-
An age proof stating that you are 21 years of age or above. A minimum age is needed for the applicant. A tenancy agreement should also be attached. A bank statement of your salary is also needed. Work permit and various work passes are also needed for applying for the loan. Your passport which should have a validity of 6months is important.
THINGS TO LOOK FOR
With all the documents ready, you must look for the right kind of agency which will provide you maximum benefits as a foreigner. One must find about the various rates of interest being offered and also the flexible plans of repayment. Select the ones that suit you the best. Make sure you do not choose something that lands you up in more problems instead of solving. The agencies will process the request for loan once the documents are submitted. These agencies know and understand that repayment will be a serious task and hence provide easy return schemes fpr their clients like biweekly and monthly schemes so that the clients can make the returns easily. They also provide quick and easy application solutions. The clients will not have to go through severe tasks for obtaining a loan.
Such loan schemes help foreigners in their time of need by providing the money at the right time so that the immigrants can fulfill their dreams and needs. Far away from home, the immigrants will feel secure and safe financially when they will have access to continuous finance by such organizations.