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Andres Wright | moneylender

Read Loan Agreement Properly Before Taking Money

Jul 14th 2014 at 5:46 AM

Loaning money from someone is a big decision. One should never make it in haste like signing up for some kind of event. You cannot back off in case the loan agreement is not according to your requirements or the conditions applicable on the loan are turning up to be disastrous for your budget management. Instead of fussing over all these things later on, try to take serious steps before taking money from the popular Singapore moneylenders.

moneylender singapore

Every moneylender is very friendly initially but when the time comes to collect the money back, all of him or her can become a little aggressive in their measures. To avoid all kind of serious situations or to risk your property with them without actually having any idea about it. You must try to be a little cautious while obtaining money from them. Here are a couple of points, which you must keep in mind while acquiring loans from these professional legal moneylender in Singapore:


Ask them for the agreement: some of the moneylenders try to give loan without providing the agreement. It can be detrimental for your budget. Make sure to safeguard your rights by asking them for the agreement.


Mention all the clauses in agreement: your loan agreement is very crucial for your loan. Make sure to mention all the clauses applicable on loan in this legal agreement. You need to obtain an original copy of the agreement therefore the loan provider cannot make any further changes in the paper without informing you.


Ask for confusing clauses: in case you are unable to understand any clause mentioned in the agreement, feel free to ask from the Singapore moneylenders and loan providers. They will help you to understand them better to take the right decision. It is as per the government’s mandate that all the loan providers have to follow the right procedures and mention the details to the clients. In case they do not their license can be cancelled.


Read it well: since it is about finances and legal formality, make sure to read the entire document well before signing it. Once signed you cannot back off from it. In case the loan provider is cheating with you or have used any clause to exploit your situation, he cannot be punished if it is mentioned in the agreement.


Protect yourself by reading everything mentioned in the document and understanding it well. If you are careful with every step you can acquire desirable amount of money safely without getting into any difficult situation.


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This post is written by Andres Wright, works in Golden Credit (S) Pte Ltd. He loves to write about personal loan Singapore and various loan services like, short term, debt consolidation loans in Singapore.


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