Micro Loan for low income earning foreigners in Singapore

The MicroFinance Society (Singapore) had, in 2010, studied ways to set up a novel micro loan scheme for low income earning foreign labourers and domestic helpers here.

It had hoped to create a platform for Singaporeans to extend micro loans to low income earning foreign workers and maids in financial emergencies who might need a temporary low income loan. As these low income earning foreign workers and maids might not have a relationship with the banks here, their lack of a credit profile will present themselves as a bad credit or poor credit to the banks who usually do not grant bad or poor credit loans.

The president of MicroFinance Society (Singapore) had also mentioned that there’s a lack of credit facilities, with even the licensed moneylenders being reluctant to provide loans to this group.

Micro loans typically involves small sum of money, ranging from tens to hundreds of dollars, being loan to those who are jobless, have low income and unable to tap existing credit lines.

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