Loan for domestic helper in Singapore.
Many foreign domestic helpers are generally also very caring and willing to help their friends. But many are caught in a spiraling debt cycle due to loans.
In many instances they may not have needed money themselves, but a friend did. They may have signed on as a debtor or guarantor and when their friend suddenly disappears, they are being held responsible.
Other reason why do domestic helpers need a loan?
- Firstly, they do it in order to secure their jobs. There are many women in the Philippines and Indonesia who would like to come to Singapore and other countries to work as domestic helpers.
Agencies take advantage of the market supply and charge the helper for it.
The helpers themselves often don’t see it as a loan in this case because they are doing it to secure a job.
- Domestic helpers who are already in Singapore and looking for a new job, also require a loan.
This is especially the case if the helper is a broken contract or when her contract has been terminated by her employer. The employment agencies take advantage of the market in which employers prefer to hire finished contract helpers for a variety of reasons. The helper is asked to pay x-amount up front before she is even listed and another fixed amount after the agency has found her a helper. Some helpers who have had their contracts terminated before they had been able to repay their first loan, will get even further indebted and are under immense pressure to find a new job.
- Another reason why helpers may loan money is because a family member has suddenly gotten a serious illness and the hospitals require payment up front. Some helpers will do anything they can to secure the money so that their family member can get the needed medical treatment and attention.
Many domestic helpers are indebted due to the fees they pay to their agencies.
ABM Creditz makes a direct domestic helper loan easy and efficient.