Really TL? I got a personal loan in 2014. I got refused for a 3m loan from one bank as I wanted to pay it back too soon, in 12 months. But I could borrow 10 million for 15 years no issues. So I went to another lender and got approved for the loan amount I wanted. I was also offered unsecured loans by Cathay and China Trust who I do not bank with but have credit cards with.
Maybe you would need a loan shark but many others do not.
How about that you had no salary from any employer and do not own a business? You do not think this may have been a reason?
No. Asked and answered in this thread before.
Getting a loan with no loan history can be pita. Also they will ask do you own any property etc. Also get them to send to you in an email they don’t lend to foreigners or record the conversation on your phone with the loans officer. Make sure you get the loans officers business card.
I went to this bank as well but they also said no.
It’s very difficult for foreigners to get personal loans, few people have ever even tried so their knowledge of this is limited.
Me and you had the same experience.
I’ll ask my wife if she has the bank salesman’s contact…
But you’re a Taiwan citizen. If you’re replying in a thread about foreigners not being able to get loans but that it was easy for you, you should mention that you have TW citizenship.
He’s replying to the statement that says banks do not give unsecured loans at all.
That part is obviously false.
There is no law, it’s just at the banks discretion. Sometimes the banks will say it’s not permitted but it’s just the banks themselves that are not permitting UNLESS it is a government backed loan scheme whereby the government DOES limit it to Taiwanese nationals with ID only (and often other restrictions too).
I was replying to TL, another citizen who thinks the only way to get loans is from loan sharks. I have had loans as a foreigner but never applied for a personal loan as a foreigner. Just the normal mortgage and car loans. and credit cards when I had an ARC back from 1989 - 1998.
I have a friend with an APRC who took out a loan from a bank so he could buy the business that employed him and used a property he had bought in his name and got a mortgage from the same bank for that. As he had paid off the mortgage the bank gave him a loan to buy the business. Not sure how the loan was structured but it was not a business loan as he did not own the business yet. He said the bank manager approved the loan as they were given access to the businesses accounts so knew the business was profitable.
Business has since been sold several years later to Taiwanese investors.
Yes personal loans are not really common in Taiwan before. I know APRC holders who got business loans for the businesses they owned or for housing.
I got refused for a personal loan as a citizen.
I got a mortgage for my business as an ARC holder but it was painful. The mortgage application requires a guarantor for all business loans, even if you are Taiwanese. Typically this is the person in charge of the company (負責人), but the application forms say the guarantor has to be of ‘Local nationality’. It is like asking the bank for you to be a guarantor for a Taiwanese who wants to take out a mortgage.
So you have to convince a bank manager to make an exemption for you and put their reputation on the line if they want to allow a foreigner to act as a guarantor, and then they will have a meeting with the head office to vote.
However I was told that regular business loans (not mortgage) are easier to approve and doesn’t require a guarantor of local nationality.
Yet I know a foreigner in Taipei who got an NT$10 million loan for his business from his bank. He owns no property so this would be a business loan not a mortgage He has no local business partner and is single. He was not asked for a guarantor. But he had a long history with the bank. There is no legal requirement to have a guarantor for any loan for anyone, foreigner or citizen.
Also a foreigner I know signed as guarantor for a loan for a citizen. That citizen though was his wife but she needed a loan and and guarantor.
From what I was told, there’s no requirement for a guarantor for a regular business loan. ESun said my business mortgage required a local guarantor but a business loan does not, so they were willing to do a business loan for the money my business needed for the mortgage. But business loan interest rate and conditions are not good compared to a 20 year mortgage.
Exceptions can always be made, but they require escalation and a lot more effort. It took me 2 months to get approval for my business mortgage vs. 1-2 weeks for a regular Taiwanese person.
Yes foreigners can act as guarantors for Taiwanese too… but a normal foreigner does not have the time or ability to convince banks to let them do that.
There’s nothing that is not possible provided you have the time.
Huh you should have seen the efforts I made in the 1990’s so many outright refusals. mainly because banks assumed foreigners could not own property in the first place… then it’s a zillion other reasons… well we never did that before why start now lol
Exactly
Time we have. I was told by hinet in 2007 my business could not have its own fiber exchange and gateways… in 2008 after 18 calls a day I had what I wanted… Best thing is we negotiated the install fee per metre for the fiber to my office then they forgot to put it in the contract. Then they send me the invoice for the install… I’m like not paying. Hinet you have to pay we discussed it. I reply yes we did but you didn’t put it in the contract. See hinet was still people from public service not real business professionals.
They look at the contract they signed… oops they see they did not put in the installation fee. Dang did I sign that contract in a hurry lol
