Are you a foreigner working in Singapore?
Foreign workers have always been regarded as an essential facet of Singapore’s economy, as they are needed to plug skill gaps and take on labour-intensive roles.
Over the years, many foreign workers like yourself have made huge contributions to the Singaporean economy, by taking on jobs in many different sectors, such as the construction industry and marine industry.
As foreign workers working in Singapore away from your homeland, you may face various social and financial challenges at some point in time.
We are going to illustrate some of them in this article, and if you are facing these challenges or know someone who is going through a tough time, we will also share how you can seek help.
1. Excessive debt due to agent fees
One financial challenge faced by foreign workers, especially unskilled foreign workers, is excessive debt caused by agent fees.
To get a job in Singapore, foreign workers are often required to pay fees to employment agents or middlemen back in their home country who will help secure jobs for them, arrange for their work visas as well as the necessary logistics so that they can enter Singapore on legitimate grounds.
To pay agent fees, some foreign workers might take out loans from banks, family members, or friends. However, some banks may charge high interest rates, placing a great financial burden on these foreign workers.
The fees may vary in amount, but for unskilled foreign workers, it could be a huge debt that they might not be able to repay easily with their income.
2. Lack of social support
Another challenge that you might face as a foreign worker is the lack of social support, especially if you don’t have a social network in Singapore. This is expected as most foreign workers come to Singapore just to work; their friends and family may not have travelled to Singapore with them.
Due to cultural differences, some people might find it difficult to make friends here in Singapore. They might not have anyone to rely on for financial emergencies.
The lack of social support can cause loneliness and be detrimental to their physical and mental well-being. Some may also experience an increased risk of depression and alcohol use, which could cause mental health issues and financial problems.
3. Lack of healthcare subsidies
Singaporeans and Permanent Residents receive healthcare subsidies that enable them to pay less for quality healthcare. These subsidies cover many aspects of healthcare, such as basic medical consultations at polyclinics, hospital stays, and day surgeries.
However, foreign workers are not entitled to these subsidies, so if you are a foreign worker who is working in Singapore, healthcare may be expensive for you.
However, there are options available that will help alleviate the financial burden caused by medical bills.
Don’t be afraid to seek help
When faced with challenges in a foreign country, as a foreigner, you may be facing an immense amount of stress and loneliness. However, you are not alone in your journey.
In Singapore, there are non-governmental organisations that specialise in helping foreigners such as Transient Workers Count Too (TWC2) and Humanitarian Organisation for Migration Economics (HOME) which you can seek help from.
If you are facing financial challenges and require a short-term loan to tide you through a tough time, you might find it tough to get a bank loan if you don’t meet certain income requirements. If this is the case, licensed money lenders such as Soon Seng Credit will be able to help you.
However, be careful to only seek help from licensed money lenders instead of unlicensed ones, as unlicensed money lenders can charge you sky-high interest rates and harass you if you don’t pay your loans on time.
Here are some ways to check a licensed money lender’s legitimacy.
Soon Seng Credit is completely legal and regulated by Singapore’s Ministry of Law. We offer low-interest personal loans to foreigners. These loans have high approval rates and are approved quickly as we understand your need for quick credit.
Our friendly and professional loan officers will also be more than happy to share with you financial management tips as well as loan repayment tips so you can repay your loans on time and avoid late charges and fees.
If you need a foreigner loan in Singapore, apply for one now with us.