Factors To Consider Before Making Loans

Before taking a loan
You need to consider some factors before taking a loan, this includes your family. Taking a loan is a huge responsibility, therefore you have to think through it thoroughly. Borrow only when you need to and have carefully considered how it may affect you.

Ability to repay the loan
Before taking a loan, you have to consider other expenses such as car monthly installment, transport expenses, food, child’s education and etc. The best way is to write down all your expenses on a piece of paper and do the necessary calculation. After which, apply for the loan when you are sure that have the ability to repay the loan.

Pay your loan promptly
Make sure you repay your loan promptly to avoid late payment fee as this is an unnecessary expense.

Understood your loan terms and conditions
Read through the terms & conditions of your loan and understand clearly before making a decision to sign the document. This will allow you to avoid unnecessary fees which is stated in the document and was unknown to the borrower. Making a loan with Fast Money allows you to have an ease of mind. We will inform the borrower our terms and conditions and give them some time to decide whether making a loan is necessary.

*We strictly follow the rules and regulation stated in the Moneylenders Act.

Money Lender License
Please do a check on the authenticity of the MoneyLenders license that you going to loan from. This is to safe guard youself from making a loan with an illegal money lender company or one that uses a fake license.

Avoid multiple sources of credit
Avoid taking loans from many different creditors. This will prevent you from getting confused with the different creditor policies, date for repayments and charges.

For more loan details for borrower please go to www.mlaw.gov.sg.