When considering a loan, it’s important to assess whether you can meet the terms based on your income and financial commitments. Before borrowing, ensure you only take what you need and can comfortably repay. Additionally, if you’re unable to meet the repayment terms, remember that late fees and interest will create financial strain, not just for you but for your family as well. Therefore, it’s crucial to carefully evaluate your ability to repay before committing, to avoid future financial stress.
Before approaching a moneylender in Singapore, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.
You are legally obliged to fulfill any loan contract you enter into with a licensed moneylender.
Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay. Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.
The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.
Before committing to a loan, it’s essential to compare different moneylenders for the most favorable terms. Take your time to evaluate each option carefully. Additionally, ensure you’re fully satisfied with the loan’s terms and conditions before making a decision. Rushing into a commitment may lead to unfavorable consequences. Therefore, it’s better to proceed with caution and choose wisely to avoid any regrets later on.