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Know any banks that loan to foreigners?

 
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ajassi



Joined: 23 Mar 2003
Location: S. Kyonggi

PostPosted: Tue Oct 07, 2003 11:39 pm    Post subject: Know any banks that loan to foreigners? Reply with quote

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?
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weatherman



Joined: 14 Jan 2003
Location: Korea

PostPosted: Wed Oct 08, 2003 12:59 am    Post subject: Reply with quote

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.
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kimcheeking
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PostPosted: Wed Oct 08, 2003 2:03 am    Post subject: Reply with quote

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.
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ajassi



Joined: 23 Mar 2003
Location: S. Kyonggi

PostPosted: Wed Oct 08, 2003 5:45 am    Post subject: cosign Reply with quote

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 . . .
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kimcheeking
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PostPosted: Wed Oct 08, 2003 1:33 pm    Post subject: Re: cosign Reply with quote

ajassi wrote:
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 . . .

don't get your employer to sign a loan for you. It would be much better for you to just move into company provided housing and use that time to save more money.
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hellofaniceguy



Joined: 10 Jan 2003
Location: On your computer screen!

PostPosted: Wed Oct 08, 2003 2:18 pm    Post subject: Reply with quote

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.
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ajassi



Joined: 23 Mar 2003
Location: S. Kyonggi

PostPosted: Thu Oct 09, 2003 5:30 am    Post subject: Anybody have a nice, roomy cardboard box? Reply with quote

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 . . Surprised
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Pyongshin Sangja



Joined: 20 Apr 2003
Location: I love baby!

PostPosted: Fri Oct 10, 2003 3:01 am    Post subject: Reply with quote

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.
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lush72



Joined: 18 Aug 2003
Location: I am Penalty Kick!

PostPosted: Fri Oct 10, 2003 3:57 am    Post subject: F-4? And you are not an overseas Korea? Reply with quote

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.
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Spiky



Joined: 29 Apr 2003

PostPosted: Sun Oct 12, 2003 5:38 pm    Post subject: Reply with quote

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

Thanks!
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Seoultrader



Joined: 18 Jun 2003
Location: Ali's Insurgent Inn, Fallujah

PostPosted: Sun Oct 12, 2003 7:00 pm    Post subject: Reply with quote

F4?

Are you ethnic Korean?
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hellofaniceguy



Joined: 10 Jan 2003
Location: On your computer screen!

PostPosted: Mon Oct 13, 2003 3:17 pm    Post subject: Reply with quote

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.
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BTM



Joined: 20 Jan 2003
Location: Back in the saddle.

PostPosted: Tue Oct 14, 2003 1:49 am    Post subject: Reply with quote

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.
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Pyongshin Sangja



Joined: 20 Apr 2003
Location: I love baby!

PostPosted: Wed Oct 15, 2003 7:04 pm    Post subject: Reply with quote

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.
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