New moneylending rules kick on 1st Oct 2015October 3, 2015
Before you decide to sign up for a loan, regardless whether it is a personal loan, pay day loan, business loan, or foreigner loan, you recommend to all our clients to keep these essential factors in mind at all times.
- Choosing the right moneylender: there are many moneylenders in Singapore but choosing the right one that is honest and with integrity is not an easy task. Therefore, before you commit yourself to one moneylender, we recommend that you do some research online first and check out any reviews from other customers. If there are no reviews, what you can do is visit the moneylender’s office and have a chat with them on your financial situation. If both parties have the same level of understanding, you may consider applying your loan with them.
- Ensuring the moneylender is licensed in Singapore: It is important to make sure that the moneylender you are dealing with is licensed as unlicensed moneylending is illegal in Singapore. Therefore, in order to avoid having any trouble with the law, do ensure to check on the authenticity of the moneylender license of the company.
- Your ability to repay the loan: Before taking up a loan, do consider your ability to repay the loan by considering your other expenses such as transportation, food, house, children’s expenses etc. You need to have a clear picture of what are your monthly expenses and how you can repay the loan after subtracting all your other expenses. It is important to repay your loan promptly as agreed in the contract to avoid any unnecessary late payment charges and hefty interest rate.
- Understanding the terms and conditions set out in the agreement contract: Before you sign the agreement contracts, ensure that the loan consultant explain to you each and every clause in order to avoid any misunderstandings. In addition, make sure that the terms clearly stated the agreed repayment scheme, applicable fees and interest rates. Also, be sure that there are no hidden charges or unnecessary fees written in the agreement that you are unaware of.
- Moneylender ensure confidentiality of information: It can be a hassle if the moneylender you are dealing with do not uphold the privacy of its clients’ personal details. Some moneylenders sell your private information to third parties and hence you may receive nuisance SMS and calls from other moneylenders, creating unnecessary stress to your daily life. Hence, in order to avoid this, ensure that the moneylender has a confidentially clause in place and that they do not offer personal details to any third parties.
If you have any questions to the above, do not hesitate to contact us at +65 6970 7161 or email us at email@example.com. We are most happy to provide you with any advices that you require.
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