Things to Think
Considerations before getting a loan from licensed moneylenders
Borrow only what you really need and nothing more
Taking on a loan is a heavy responsibility.Borrow because you need to and have carefully considered your reasons for doing so.Make sure you have the means to meet your monthly installments
Carefully consider your other monthly payment obligations, both fixed(e.g. housing,car) and variable(e.g. food ,clothing,children’s education). Make a list if you can. Make sure that when you add your other obligations to your monthly Personal Loan installment, you are comfortably within your disposable income level.
Make re-payments on time
Pay your monthly installments promptly to avoid late payment interest and administrative charges
Keep track of the dates on which your monthly installments fall due. Consider applying for GIRO so that you will not forget to make payment especially since the installment amounts are fixed if you make prompt payment.
Do not borrow from multiple moneylenders!
Avoid multiple sources of credit, as it would be easier for you to manage and track what you have borrowed
Try to exercise better control over the sources of your credit. Having too many sources may lead to confusion and cause you to accidentally overstretch yourself. Ensure that you clearly understand the terms and conditions of your Personal Loan. Please read and understand all the terms & condition of your Personal Loan before you sign on the documents to confirm that they have bind you.
Read the Schedule of Fees & Charges
Read the Schedule of Fees & Charges and check the completed details on your Application Form carefully.
The schedule of fees and charges sets out certain applicable fees and charges for your Personal Loan.
Before you sign on the completed application form, please ensure that the information you provided is accurate.
Confirm that the loan amount, effective interest rate and the installment amount are what you understand it should be.