Administrative Fee

Aside from the interest rates and late fees, an administrative fee must be settled. 

What is it all about? It is the legal costs ordered by the court for a successful claim. It aids the money lending facilities on loan recovery. 

Does it sound too much? Actually, it’s not. For better illustration, here’s a situation. 

You take out a loan worth $10,000. 

The following interest rates and fees must not exceed the $10,000:

• Interest rate
• Late interest rate
• Administrative fee
• Monthly $60 late fees

There’s a safety bracket for you. All the imposed charges by the licensed money lender can not be more than your principal loan.

This avoids you from creating more debts. Rather, it helps you handle it wisely. That’s why it is very important that you deal with legal lenders like the Licensed Moneylenders in Jurong East. 

Meanwhile, dealing with unlicensed lending companies have extravagant charges. It makes you pay more than you expected. Financial recovery is difficult. Avoid them at all costs.

How to complain Unlicensed Moneylenders in Jurong East?

When you feel threatened by a lending officer, stop interacting with them. More or less they are loan sharks or unlicensed money lenders. 

Also, report them immediately to the authorities. Save other aspiring borrowers. 

Contact the Registry

The Ministry of Law is very transparent with the rules and regulations. All legal lending institutions can easily be updated. This includes their telephone number. 

Call 1800-2255-529 to report any malicious acts from a lender. All your personal details are private and secure. The Registry will not disclose any information without your consent. 

Attend Interview

Afterward, you have to attend an interview with the Registry officers. It is required to further facilitate the investigation. 

Answer all their questions with honesty. Elaborate your complaint towards the money lender clearly

Present Documents

Prove your complaint by providing relevant information and documents. 

Documents must be related to loan transactions and circumstances with the moneylender.

Present receipts, contracts and other paperwork released by the lending facility. 

Proceed to Small Claims Tribunal

After the investigation and a moneylender is proven unjust, you proceed to the next step.

Visit the Small Claims Tribunal. In some instances, it is the Court under the Consumer Protection Act or Fair Trading. 

Any unfair practice by a moneylender is directly assisted by the Court. They have the power to set aside loan transactions from exorbitant dealings. 

Filing a complaint against an unlicensed lender is not a joke. The Registry does not take it lightly. They conduct a thorough investigation against moneylenders. 

Help the authorities by reporting unjust financial dealings immediately. 

Typically, a personal loan would cost much if you fail to pay on time. Moreover, you’ll pay more if you are charged unnecessary fees. Educate yourself. Know that the law only permits certain fees. 

In addition, take note that you can report unfair dealings immediately. Don’t be scared. Let this be your guide in handling intolerant money lenders. 

Visit licensed money lenders in Jurong East. Know their legit loan products and services offered. Experience their magnificent service and trustworthy staff.