Credit and loan is the difficult task because to borrow something from one person stuffs your mind with lot of questions. There are many questions which appear in the mind of person and here are some answers regarding that questions:
What should I consider before taking up a loan?
First you should know the purposes for which you are you are taking loan then you should consider that you can repay that amount within the given period of time or not. Further you should also consider that this borrowing can affect your finances of future which may quite affect your lifestyle too. Before signing up the loan paper you should look for the list of questions given in that paper contains the conditions and terms of that institution from where you are taking loan amount and think for a while that you can fulfill these terms and conditions or not.
How much can I borrow?
Before borrowing you should consider that amount which you can repay easily within the given period of time. If you borrow more and cannot repay that amount within given period of time then it may cause problem for your future life.
What are the interest rates moneylenders can charge?
You should also consider the interest rates given by moneylenders and calculate the settlement amount before taking loan.
How do I know whether a money lender is licensed or not?
You can ask questions from moneylenders about their identification and licenses so that you may know that they are real or not. To save the hassle of screening through lenders from lenders, you can also refer to our list of Legal Moneylenders and their reviews.
How can I know that advertisement is from licensed moneylender or unlicensed moneylender?
Licensed moneylenders are allowed to advertise through different channels you should check the institution’s creditability and their past data about giving loan from different licensed moneylenders.
Can I rely on the content of an advertisement given by moneylenders to take loan?
You should clarify and clear your doubts with moneylenders before taking up the loan, and make sure they do explain the contract clearly on every single page you are signing for.
What should I do when I am granted a loan?
If you are granted a loan then you should make sure that you are receiving full principle amount from moneylenders which you had applied for, but moneylenders are also allowed to deduct an upfront loan approval fee of up to 10% of the principle amount, so do check out with them before taking up the loan. Do also take note of the repayment dates and repayment amount as most moneylenders will charge either a late fee or interest fee for late payment.
How do I lodge a complaint for moneylender for his/ her unfair practices?
If you find that money lenders haven’t shown you the right picture or there is any misconduct done by moneylenders then you can complaint through the registry at telephone number 1800-2255-529 or at e-mail address OneMinLaw@mlaw.gov.sg.