To find out whether the money lenders you choose to run legally is to find out whether the money lender is certified and verified by the Ministry of Law. You can visit the website directly from the name of the Money Lender you choose. If the name of the money lender is in the list, then the money lender is operating legally. In addition, you can also find out whether the money lenders you choose to operate legally or not with regard to the following. Licensed Money Lender will not:
– Using Rude or Threatening
Be careful if they use harsh words and also sound threatening. That is one proof that they are not professional. Money lenders that are licensed and on the Ministry of Law list must have a professional and friendly attitude towards customers.
– Hold your Car ID or NRIC card
There is no reason for a money lender to hold your identity card. If you experience this, you should be wary of the money lender, immediately check whether the money lenders are on the list.
– Requesting Your Signature On An Empty Document or Contract
This is a very dangerous thing. NEVER do that. Because the possibility of your signature will be used for other purposes. It could be empty documents that will be filled with things that actually hurt you.
– Giving Loan Without Explaining Terms and Condition
A good money lender is what explains terms and conditions to you so that no misunderstandings can harm one or both sides. They will also explain the interest rate as well as the terms you should know.
So, you should pay attention to these three things before you take a loan from a Money Lender. The best way is to find out in advance whether your Money Lender is registered with the Ministry of Law. Do not be lazy to find out, because it is not difficult to do and it also can avoid you from the deceptive money lenders.