Guidelines When Using Moneylenders

By: GT Credit. Personal loan licensed Moneylender  06/11/2013
Keywords: Loans, Loan, Personal Loan

Guidelines When Using Moneylenders There will always be unforeseen times and situations when you end up running a little short on cash. It's no longer nothing out of the ordinary, and more people go through a point just like this in their lives rather than not. Cash does not, however, flow as quickly in as it does out. And when you need to borrow money, that money comes with strings attached and after you've gone through a decent amount of red tape. Luckily, there are moneylenders when you need to get cash quickly. They do not subject you to lengthy background checks. However, since all moneylenders are not created equal, below are some guidelines on how to navigate through the sea and choose the right one. 1. Check if the moneylender is licensed or not. As a general rule of thumb, do not get into business with unlicensed moneylenders. Unlicensed moneylenders have not gone through the proper procedure of getting recognized and will not necessarily act according to the rules set by the Moneylender's Act. They may also demand unnecessary personal information or may act in a harmful manner. Exercise caution and regularly consult the Insolvency & Public Trustee's Office for a list of licensed moneylenders. 2. Determine how much money you really need and can afford. It's important to understand this two-part statement. Before you take out a loan from a moneylender, you should make realistic estimates of how much money you plan to borrow. Once you've set the amount you need, take the time to determine whether you can actually afford to borrow that much money. Make sure to figure in other expenses that may get in the way of the paying schedule you will set up with the moneylender. 3. Negotiate and stick to your contract. Compared to other forms of loans, the advantage of borrowing from a moneylender is that you're able to negotiate your terms. While the terms of a contract may not be to your complete favour, you and your moneylender should still be able to draft a contract that is reasonable and fair to both parties. With this in mind, make sure to clarify any ambiguity concerning legal terms to avoid conflict in the future. 4. Be aware of what your moneylender demands. This goes in hand with reviewing your contract thoroughly and understanding its contents. Ensure that you and your moneylender are on the same page to avoid problems in the future. In addition to this, be aware of when your moneylender steps out of line. Licensed moneylenders are not, for example, allowed to solicit your SingPass user ID or password. 5. Report problems, if necessary. If you encounter problems with your moneylender that comes from misconduct on their part, make sure to report the behaviour immediately. There are more than a few channels provided by the government to prevent harmful business practices from moneylenders.

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