Are you a Victim of Moneylending Fraudulence? Here’s What You Need to Do!

February 4, 2020
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Paul Petersen
Posted in Business
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Questions ranging from where to apply, right up to how to handle delay in loan repayment, are frequently found in people who are in desperate need of financial help and support. But some are victims of fraudulent moneylenders and scams are the ones who need the reassurance of credible money lending firms and banks.

If you need financial help and want to apply for a loan you will need to know about the following steps which will ensure you with a credible source of financial support without a doubt.

Things To Consider Before Applying

Even before you begin to consider applying for a loan there a few factors you will need to analyze.

Check for government schemes such as financial assistance which you might qualify for.
Review different moneylenders and research their background either by talking to other people who have taken loans, or check their details against the list of legitimate money lenders provided by the Singapore Ministry of Law.
Cross and Compare the offers provided by different money lenders to see which offer will suit your requirements and background.
Choose a loan offer that is suitable for your financial situation, allowing you to abide by the clauses stipulated in the agreement.
Ensure you understand every clause stipulated in the contract before signing.
Have complete clarity in every penny you agree to pay in terms of fees or interest fees charged towards the moneylender for the process and the contract.
Recheck and verify the contract for any clauses that might permit the moneylender to lodge a caveat against your property in the event you are unable to pay the loan. In such circumstances as a borrower, you will be forced to pay the lender as per law in full before property selling takes place.
Remember that the lender needs to stick and abide by the contract as much as the borrower is required to, based on the contract. Even the best money lender Singaporeties with is bound by all the laws as applicable to everyone.

Clarify The Limit of Your Loan

No matter what your requirement, each loan type has a limitation that is also dependant on the amount that you can repay after borrowing. While secured loans do not have an upper limit, unsecured loans taken by Singapore citizens and PR owners having an income of less than $10K have a limit of 3K and foreigners under the same category are limited to borrowing 500$. People with an annual income that exceeds $20K are allowed to borrow an amount that is the same or less than six times their income. Based on these data you can estimate your priorities and plan accordingly. Crawfort{Singapore} gives you the best offers with a secure transaction process unlike ever seen before.

Being Surety For Loan

If you are faced with being surety for your loan there are a few things you will need to ensure:

Understand you are solely responsible for any outcome of this process by being a surety.
Understand and only then agree to any terms as mentioned in the Note of Contract and request for a copy of the same.
Ensure you are given a thorough and clear clarification of all the stipulations of the Note of Contract in your vernacular language. Even the best money lender Singaporeties with is required to communicate with their client in their local language too to ensure a thorough understanding of every clause.
You are required to withhold any sensitive documents such as NRIC or personal ID from the document except for proving your identity and have it returned instantly. Crawfort {Singapore}does not ask for any personal documents that might be sensitive and retain them unnecessarily either.
Never indulge your account user id or password details to anyone who might even claim to be from the money lender

Handling Fraudulence

Once you realize that you have been the victim of a money lending scam or being contacted by fraudulent members of a money lending firm, immediately contact the money lending registry through the toll-free number 1800-2255-529. Further to this, you will be reached out by a representative of the registry to interview you about the incident and ask for any details that will help build the case or complaint. If your complaint is confirmed, you will be allowed to take the case to the Small Claims Tribunal or the court as per the Consumer Protection Act.

Apart from this option, you are also open to availing guidance or financial help through certain organizations that might be able to help you out of your situation. For instance – Credit Counselling Singapore, Registry of Moneylenders, National Council on Problem Gambling and others. While these options might sound too confusing, you could also simply reach out to Crawfort moneylenders who are the single stop for all your money lending issues.