If you are foreigner, then you need to show:
- Employment pass or work permit
- Proof of employment like a company or staff pass, appointment letter and payslip
- Proof of your residency
- A bank account statement (in your salary bank)
Keep in mind that a reputable and licensed moneylender will never ask you to provide your password.
Thus, if you want profit for your business or need money, then you should only go to legal moneylenders. We have compiled all this information for you to save from the hassle of finding an excellent moneylender from the comfort of your home.
Money lender responsibility before granting a loan:
Informing you about your principal loan is not enough, a licensed moneylender must inform you clearly about their terms and conditions. They must be transparent in discussing with you the following:
- Interest Rate
- All fees required
- Late Interest Charges
- Schedule of Repayment
- Cautionary statement to the borrower
A licensed moneylender will always abide by the law. It will make sure that you clearly understand the information listed above. They will never hide any information from you. Additionally, they personally explained to you the cautionary statement. It contains the criteria of an abusive money lender and a warning not to accept this type of lender. As proof that you’ve understood this statement, you are required to affix your signature.
What to do after loan approval?
To ensure that you are not a victim of scams, make sure that the money lender delivers the exact principal amount. Take note also that they are only allowed to deduct a fee of up to 10% of your principal loan amount.
Once you have claimed the principal amount, it is now your responsibility to follow the terms and conditions. Additionally, take note of the following upon receiving and when it’s time for your repayment:
- You must have a copy of loan agreement
- Obtain a copy of receipt every time you made payment for the fees and also with your repayment
- You must receive a copy of your statement of account at least once every January and July and make sure that the information is correct – your name, amount paid and the loan balance
- Keep the important documents -receipts and statement of accounts safely
Keep in mind that a reputable and licensed moneylender will never ask you to provide your password. Always remember, they will guide you all throughout your lending experience, even after your loan approval.
Thus, if you want some extra funds for business or for personal needs, then you should only go to legal moneylenders. We have compiled all this information for you, to save from the hassle of finding an excellent moneylender from the comfort of your home.