Warning to borrowers

warning-to-borrowers

Before we decide into getting a loan from a licensed moneylender. One must consider the obligations in obtaining a loan from these moneylenders. As a borrower, we must be well aware of the current rules and regulations of taking a loan.

We are burdened by a sudden need that arise and we don’t want these moneylenders to abuse us in any way. The current rules and regulations for moneylending act protects and helps a borrower in understanding his/her loan. A licensed moneylender must also disclose all details involving the loan, including the calculation of interest rates, period of repayment and any administrative or late fees in case of late payment.  It is also subjected to the moneylender’s discretion to reject borrowers if they are unlikely to repay their loan.

If we are armed with these knowledge, we can avoid being a victim of unscrupulous lenders who are taking advantage of our weakness for an urgent financial need. Make sure that a licensed moneylender provides you with the cautionary statement detailing the terms and conditions.

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