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What Should I Do After Being Granted A Loan?

What Should I Do After Being Granted A Loan?
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Cheers for a Singaporean loan granted. You must have encountered different processes as you applied for a secured or unsecured loan. Now that you finally have the amount that you desire, here are some tips on what to do after your loan was granted.

Count Your Money

No matter how much you trust your money lenders, you will still need to check whether you receive the exact amount for a loan. Do not forget that two pair of eyes is better than one, there might be some errors and that is why checking is necessary. It is not the whole amount, but it is deducted from a loan approval fee of not more than $10 of the major amount.

On-time Payments

At this point, you have finally incurred your loan. Thus, moneylender’s services have successfully rendered. It is now your time to fulfill the obligations that you have signed under the contract.

Pay your loan on or before the due date. There might be other bills that you need to think about but make sure that your credit loan is one of your priorities. Bring to mind that they entrusted you that amount knowing that you are capable of paying it at the right time.

To avoid late payment and late interest fees, stick to the idea of having a loan that you need to settle for within a year every month.

Asked For A Signed Receipt

Be attentive, diligent and observant especially when repaying loans or any fees. Best money lenders in Singapore have numerous clients and multiple transactions in a day; therefore, there may be mistakes in written outputs like a receipt. As a client, always make sure that all the information on your receipt is accurate. Check your name, the amount, the date, and the remaining balance after the payment.

Aside from that, make sure that the moneylender signed the receipt to acknowledge that he or she received the amount. Finally, keep the receipt for verification of the loan balance and other future usages.

Expect Statement Of Accounts

Statements of accounts are an update tool on your remaining loan. Always see to it that you receive them. At least once every six (6) months, your registered money lenders send it to your specified address during loan processing and verification. As soon as you receive your statement accounts, do take the time to read it and evaluate its content according to your name, accurate remaining balance, and the date. If errors are found after checking, please contact your moneylender via telephone or visit their agency immediately for clarification and correction of information.

Check out here for the Ultimate Guide to borrowing from Licensed Money Lender in Singapore.

Keep Hold Of Your Statement Of Accounts And Receipt

A mindful borrower always has a safe place for him or her to save the important documents that she or he acquired within a year. Safekeeping all the documentation acquired from the approved loans or other transactions.

There might be hiccups down the road as you are completing your remaining loan payments and fees, so to secure yourself from these upcoming circumstances, retain all the receipts and statements of accounts that you have. Do not miss any bill or left out any document related to it. Take care of these files and place them in one place that it may be kept intact.

As you can see, approval of the loan is not the end of the entire process. It is the beginning of a more serious obligation. Thus, you need to take it earnestly.

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