A loan is a sum of money you borrow from a financial institution or a lender that you have to pay back with interest. It is available for both individuals and businesses. Loans can be used for numerous things, from buying a house to help with its everyday operations.
Not too long ago, financial institutions in Thailand only offer loans to Thai nationals and Thai companies. The situation is getting increasingly better for foreigners, though. While the requirements are strict, foreigners can enjoy (albeit limited) access to financing today. Some loans that foreigners can access right now range from home loans and personal loans to SME loans.
If you’re considering applying for your first loan, it’s vital that you know the details. With a better understanding, you can save money and make better decisions. Let’s dive into what you need to know before you apply for a loan.
A decent credit score and credit history show lenders that you commit to paying your credit on time. The better your credit, the greater your chances of receiving a loan.
If you’re an employee, you’ll need to have a letter of payment from your employer. If you’re self-employed, you’ll need tax statements.
Your income is just one aspect of the equation. It’s still necessary to know your monthly debt obligations.
Assets are the things that you own that are worth something, like your investment accounts and properties, and liabilities are the financial obligations you hold, such as your student loan debt or mortgage.
Potential lenders would probably ask for your new employer’s contact details. Your new and former employers can be consulted as sources or to check income and employment dates.
Get your credit card bills cleared in one with personal loans, the interest rates are much lower, plus the thaiger has made it much simple to see if you will be valid to get personal loans
The Thaiger guide helps you to return your Loan in a timely manner and makes it easier for you to borrow for the second time
learn what is a personal loan and where you can get one as a foreigner livin’ in Thailand. I would recommend applying for unsecured personal loans as there will be no risks to your personal possessions
Other products like home loans and students loan are also available on the thaiger’s website, I have already checked out some loans that I’m interested in, hope I will get approved for a loan
In a couple of days, I was able to get my loan approved and financed. The retes were perfect for my debt consolidations.
This was by far the fastest, easiest, and most efficient loan process I’ve ever been involved with, all you will need to do is send an inquire with thethaiger, within a couple of days someone will get back to you regarding the specific terms and conditions about the personal loan
You can make your dreams come true with a lump sum loan. We offer several types of loans, which can be tailored to your specific needs, whether it is for your personal needs or to help with your business needs.
Below, we listed four of our main loan types. Read all the details and choose the one that meets your needs and requirements.
Home loans, also known as mortgages, help you buy your dream house in Thailand, whether you want to live in the property or use it as an investment. You can also choose yourself either to have fixed or floating interest. The instalment payment and loan period are flexible as well.
If you want to buy a car in Thailand, you can do it with a car loan. Car loans offer numerous benefits other than helping you purchase your next vehicle, such as low rates of interest. The car you are buying is the collateral, meaning if you cannot pay back your loan, the bank can possess the car and sell it to get back the loan amount.
SME Loans, or small and medium enterprise loans, offers a single credit line to satisfy SMEs’ borrowing needs. It can be used to help with your business working capital and for long-term purposes. There are numerous ways a business loan helps you, such as for cash flow, bill payments, inventory, and equipment, and kick-start or expand your business.
I didn’t know how to get a loan as an expat living in Thailand, but the Thaiger helps me with the procedure, from the application to securing the loan. Everything was quick and smooth, thanks to the professional team. There’s no delay at all.
Top tip: Timely return of a loan makes it easier to borrow a second time.
The requirements for foreigners to obtain a loan in Thailand is pretty strict, but it’s not difficult or complicated. It can be different for each bank, but in general, foreigners should have a one-year work permit (or a permanent residency) and a job in Thailand to obtain any type of loan. In certain cases, banks may ask you to provide business records from your employer. You must have a stable and secure job in Thailand, and your age and loan term should not exceed 60 years. In addition, you must have 3 times higher total income than each instalment.
There are several other loans available for foreigners in Thailand, which can help you with your financial needs. We listed some of them below.
Whatever the situation, before forming an agreement, we must pause and think hard. As a foreigner, you can apply for a loan at any time. However, before applying for a loan for the first time, it is necessary to educate yourself and compile all the information.
It is important to think about what you want to use the loan for before applying. There are lots of different types of loans in the market, such as SME Loan, personal loan, motorbike loan, home loan (mortgage), and even wedding loan. Therefore, choose a loan that suits your situation.
When looking at monthly and annual budgets, you can realize how much you can afford to make loan payments, helping you pick a loan amount.
Having a loan is not like purchasing a commodity. The lender may decide whether you are able to get a loan after you apply for your application, so plan your documents accordingly.
Those with a good credit rating have the best rates available. To know the possible chances of the loan being certified, you can first review your credit report.
Many loans have fixed terms, usually 15, 20, 25 or at most 30 years. Some lenders will enable you to change the term if they think you can pay the whole debt off within half the time.
Suppose you cannot pay your dues on time. In that case, there usually is a very hefty penalty indicted on your credit account.
You may not be aware of the additional charges, so it is important to read the fine print before finalizing an agreement.
You have chosen a suitable car, negotiate a good price, but you don’t have a substantial amount of savings to pay for it in cash? You probably need a car loan.
A car loan can help you buy your dream car even if you don’t have the cash on hand to pay for it. If you borrow wisely, you can even enjoy spending less than on your car and have the flexibility to fund your other goals.
Yes, but the conditions for a loan can be strict as a foreigner. Most loan companies need a working permit for at least 1 year and a letter from your employer showing your pay and length of service to the company in Thailand
Simple interest applies mostly to short-term loans, such as personal loans. A simple-interest mortgage charges daily interest instead of monthly interest
Loan Payment = Loan Balance x (annual interest rate/12)
A discount loan is a mortgage where the buyer has paid more cash to obtain a discounted interest rate at closing. A discount loan can be obtained by buying points
Foreigners can take out numerous types of loans, including personal loans, home loans, SME loans, car loans, wedding loans, and motorbike loans.
An auto loan is also referred to as a car loan, which is an amount of money borrowed by a customer to buy a car.
A home loan prepayment is called a good ‘investment’ because you save up on interest. Lenders charge interest per annum, which means that the longer the tenure of your loan lasts, the greater the interest you actually pay.
In the long term, paying off your mortgage early will save you a lot of money. Even a small additional monthly payment will allow you to own your home faster.