Before you borrow money on, think twice so you don’t end up paying more than you expected.
You need to take note of:
- The amount of the loan that you are taking from the moneylender,
- You are taking from a licensed moneylender in Singapore (Check out their Licensed number with www.ipto.gov.sg)
- The interest rate that you will be charged agreed in the agreement, you can ask moneylenders to show you how to calculate the interest and repayment of principal and interest
- The manner in which interest is calculated, late payment fee (if applicable), upfront adminstrative fee (if applicable).
- The schedule of repayment of your loan, what will happen if you make a payment late or if you are unable to pay.
- Make sure you fully understand the terms and conditions of the loan
- Borrow only what you really need and are able to repay