Things to Note Before Taking Up Any Loan

What should I consider before taking up a loan? You should keep these key points in mind:
  • Before approaching a moneylender, 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 fulfil 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.
  • You should shop around different moneylenders for the most favourable terms. You should not rush into and commit yourself to a loan until you are satisfied with the terms and conditions.

Information extracted from

How much interest can a moneylender charge me?
What are the fees that moneylenders can charge?
How do I know whether a moneylender is licensed or not?
What should I do after being granted a loan?
What is the main difference between a Bank and a Licensed Moneylender?

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We are not a moneylender but provide a way for borrowers to get the most competitive interest rates for loans from licensed moneylenders.

Please note that One Hour Loan is a matching platform that works as an independent body to match borrowers to lenders with the most suitable offers in Singapore. As such we do not advertise for or represent any moneylender, and we are not a moneylender. We do not offer any loans directly, over the phone or at our office or otherwise. All loans are provided by our subscribing licensed moneylenders. Your quote offered on this website is non-binding and will only be finalized when you sign the loan documentation at the office of your selected licensed moneylender(s).

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