Hello. I’m new to this site, well new to posting anyway. I’ve found this resource very helpful and was hoping to get some answers here.
I’ve lived here for six years, have an APRC and working as an English teacher.
My partner has opened a cookie and doughnut shop in and we’re hoping to expand and improve the shop/website. We wanted to take out a business loan with the government but unfortunately we couldn’t.
My question is does anyone know of a bank that will give provide a loan to a foreigner. I have three Taiwanese credit cards and clear my balance with these every month.
My salary is around 65,000 a month, I’ve cut back on my hours for a better work/life balance. Ideally it would be in my name as my Taiwanese boyfriend’s credit history has an unpaid student loan on it which meant the government loan was refused.
If anyone has been approved recently could you please mention which bank it was with. I might also be able to get a Taiwanese friend to co-sign with me if that would help.
I tried many years ago at various banks and was flatly told no at them all.
If I were to suggest banks that potentially might look at a foreigner app, I’d say E. Sun first followed by Fubon and Cathay as they tend to be more foreigner friendly.
And try the one that you bank with as well as they can see all your banking history.
I know they used to be shitty yes. These days not sure. On their English app it does mention apply for loans and when I clicked it it says to fill out an app. Not sure what happens if you do though.
have somewhat slightly positive experience with E.sun. never tried heavy stuff like loans or mortgage, but got 2 credit cards with them and the bank accounts. That they do not proactively support us is not a news (they didn’t even have a paper application form to let me apply for the Starlux credit card when it came out, literally handwrote the application), but not too shabby either recently.
I tried Fubon, in branch, and was told that they don’t provide loans to foreigners. I also applied over the phone and was told the same.
I also tried E.Sun via their app. It looked promising as the application process was in English. I was contacted to say I would need a guarantor but then contacted again to say the loan is only for doctors, engineers, or employees of publicly listed companies.
So it would seem these banks do not provide loans to foreigners.
Maybe try standard chartered? I accidentally clicked their loan button in the banking app a few times and got callbacks asking if I wanted a loan.
ESun was good with their banking account, apps, credit cards, but refused me for a company mortgage saying they don’t loan to foreigners without guarantors. Huanan is quite old school but agreed to a mortgage.
As a foreigner without a guarantor they probably need to manually approve you for loans so the branch manager has to vouch for you, usually behind some closed door meeting with their head office which does the final approval. Branch managers don’t want to take the risk because the foreigner may default on a loan and it hurts their career.
I suspect anything foreigner related is manual approval. (More like manual denial) When I tried years ago, no bank I tried was interested, even though I had long term credit cards with some banks and a good salary. Seems like mortgages are hit and miss but not loans.
You have to try lots of different banks and tell them local will guarantee.
China trust might offer. Sometimes it depends on the individual loan assessor or sales person more than anything. Emphasise you have a stable job and a local to guarantee the loan.
Certain preferential rate loans are off limits to foreigners as they are government backed to help people raise credit for business. They expressly note for Taiwan citizens only for those loans. Your bf could take the loan out in his name?
You are asking for 1.5 million on 65k mth income , it’s kind of a big ratio to me. Your boyfriend will be paying this off as well ?