Financial emergencies or the sudden need of cash is quite common in present economic turbulent times. Facing the after-effects of the global recession phenomenon, the people in Singapore are also looking for legit ways to borrow money to cover their financial expenses. Going by the moneylender route is easier and quicker for many reasons. This is your guide to refer when opting to borrow money from the moneylenders in Singapore.
Things to keep in mind-
- As a borrower, you are legally obliged to fulfill the loan contract specifying all the terms & conditions with a licensed moneylender Singapore.
- The Moneylender law requires all the moneylenders in Singapore to explain the terms of a loan in an understandable language and to provide you with a valid copy of the loan contract.
- It is of paramount importance to fully understand the terms of the contract, type of the loan, the repayment schedule, late payment fees, and the interest rate charged thoroughly before signing the contract.
Post disbursal care-
Getting your instant personal loan Singapore can be a huge relief in the financially strained times, however, make sure check the below points post the disbursal-
- Your moneylender Singapore should deliver the correct principal amount of the loan to you as mentioned in the loan sheet and agreement copy. As per the rules, the moneylender is permitted certain upfront and approval or processing fee only which is not more than the 10% of the principal amount of the loan.
- To build a strong credit history, make sure to keep a track of the timely repayment.
- Check your statement of account from time to time both to track the installment payments and also to ensure the correctness in terms of balance principal, remaining amount etc.
- The right moneylender in Singapore will always issue you a dated and signed receipt at every repayment. Make sure to check the correctness and validity of the same.
What to do in the Moneylender is involved in unfair practices
- As soon as you notice any discrepancy, contact the moneylender registry immediately to file a complaint as all the moneylenders in Singapore are registered.
- There is another option of pursuing the matter through the Court under the Consumer Protection (Fair Trading) Act or the Small Claims Tribunal.
Borrowing money from the right moneylenders Singapore is definitely a better alternative to deal with the financial crisis, however, always shop around different moneylenders in Singapore for the fairest and transparent service provider with favorable terms & conditions. Never rush the process and sign the loan agreement until you are satisfied with the terms and conditions laid down by the moneylender.