It can be a satisfying feeling to receive the money of your loan. However, there are important considerations and reminders that you need to do before you leave the business premises of the moneylender. Thus, here is a checklist that you should take note after you receive your loan.
Make sure you receive the correct amount
Once you receive your money, count it, and make sure that it is the correct amount. Moneylenders can deduct an upfront administrative fee on a granted loan. However, the fee should not exceed 10% of the principal amount of your loan. Moneylenders are not allowed to withhold any amount of your loan, whether in parts or whole.
When is the due date of each loan instalment?
It is important to repay your loan on time if you want to avoid incurring penalty fees on late repayments. Set a reminder on your mobile phone for you not to forget.
Every time you repay your loan, make sure that the moneylender issues a receipt.
Moneylenders are required to give you a receipt acknowledging that you have paid the loan installment for that date. Do not throw the receipt as that will serve as a supporting document should there be any irregularities on your account.
Is the information written on the receipt correct?
Check your receipt and make sure there are no errors on your name, the date you repaid the loan installment, and the repayment amount. If there are errors with your receipt, tell the moneylender immediately.
Make sure to receive a statement of account of all your loans
At least once every January and July, you should receive a statement of account of all your loans. Like with your receipt, you should check your name, date, and amount of your loan if these are correct. Any errors that you may find in your statement of account/s, you should contact the moneylender immediately.
Make sure to file your statements of accounts, receipts, and Note of Contract
Never throw away your statements of accounts, receipts, and the copy of the Note of Contract. These will serve as supporting documents or evidences should there be any irregularities such as undocumented payments or unknown charges.
Did you understand the terms and conditions of the contract of your loan?
Moneylenders are required by law to explain the terms of the contract to you in a language you understand. Any inquiries or concerns you may have with the contract, you must clarify with the moneylender before signing it.
Make sure you have all of your personal identification cards
Moneylenders are not allowed to retain any personal identification cards from you.
Where to find the right moneylender in Singapore?
There are many licensed moneylenders in Singapore you can choose. However, finding the ideal moneylender can be difficult without the right resources. However, using Loan Advisor, you can find the most recommended moneylenders in Singapore.