Korean Job Discussion Forums

[ajassi]

Hi, I am working in Korea at a stable job on an F-4 visa (my wife is Korean). I will be renewing my contract for another year soon. We are expecting a baby soon, so my wife is not employed at the moment. We are wanting to move into a new apartment, because the rent in our current place is costing too much. We need a loan for a deposit, but our bank, Woori Bank, has told us that we are ineligible for a loan, since my wife is unemployed and I am a foreigner.
Unless we get a loan, we'll have to lock in to another awful rental contract for two more years.
Are there any banks that will loan to foreigners?

[weatherman]

Why doesn't your wife get her parents to co-sign the loan? That should work, and go to a different bank.

As a foreigner, even making a good wage, we are out for most of the credit lines in this country.

[kimcheeking]

Foreigners can not get loans in this country. We are unstable - one year contracts and the flight risk is too high. Apparently in the past banks and cellphone/beeper companies got burned big time by many foreingers and now it is just policy to not lend to us.

[ajassi]

Sorry, my in-laws are not in a position to cosign right now.
Has anyone had any luck with getting help from their employer? It's a long shot, but . . .

[kimcheeking]

[hellofaniceguy]

Heck, you have MILLIONS of koreans screwing the banks and credit card companies out of money! You really think they will lend to a non korean? Can't trust koreans to pay back loans let alone non koreans.

[ajassi]

Thanks for the comments, I guess we'll be moving into an empty hole somewhere and paying ridiculous rent. "Company housing" in our case is a university dorm room, and I'm not sure if they allow screaming babies in there . .

[Pyongshin Sangja]

If you have an alien card, a bank account and a university job making over 1.2 mill per month you can get a samsung amex card. (I just did.) I think my limit is 2.5 million, but you have to pay it off every month. That is enough to get you a pad in Haebangchon in Itaewon. As a matter of fact, there are a lot of places there that will rent to you without key money. It is officially known as Yongsan-2-dong and is the foreigners ghetto but lots of my friends have good places there for cheap. Get a Korean visa and mastercard while you are at it.

[lush72]

Sorry for the question but you have a f-4? I thought that was for overseas Koreans w/citizenship in a foreign country. I thought the f2-1 was for those with Korean spouses. How did you get an f-4 if you dont mind me asking?

Anyway I have a KEB Visa- I dont work at a university or hogwon- I work at a Korean office job- and I have a f2-1. This might be why. Its unsecured and the limit is 8.5 million. Try KEB.

[Spiky]

Not to interrupt this thread, but Sanja, where did you get your Samsung Amex card and what did you need to get it?

Thanks!

[Seoultrader]

F4?

Are you ethnic Korean?

[hellofaniceguy]

Here's what I was told by Samsung Amex; a minimum of two years on the job at the SAME place. Then one can apply and might get a card.

[BTM]

Buddy of mine is married to a Korean. He got a credit card from Kookmin (KB) bank, where we both do our banking, while he was still on an E2. He had been at the same uni for two years at that point, but I'm not sure if they asked.

[Pyongshin Sangja]

I have only been at my uni for four months. I think they see the uni job as more stable. You must be at a hagwon or something. Try again. There is a thread here about korean credit cards somewhere.