Legal Loan Requirements and Why You Should Follow Them
The practice of borrowing and lending money is a daily occurrence. Friends borrow each other money and families do the same. You may wonder whether that is a legal loan. The answer is a resounding “yes”. Nevertheless, there are legal provisions that govern money-lending practices. If you have a bad feeling about borrowing from a certain lender, the best thing is to run a background check. If the lender has a website, look for consumer reviews. These are the remarks posted by people who have dealt with the lender before.
You can also check whether the money lender is listed in the list of moneylenders under the Ministry of Law website. Go to the website where individual moneylenders are listed and confirm whether your prospective moneylender’s company name appears there. If it does, then it means you are safe. Not every loan is a legal loan. For example, if the lender engages in illegal practices such as money laundering, any agreements you enter with them are going to be illegal.
Before you borrow money, confirm whether the lender is licensed. You can find out more information about borrowing money from a licensed moneylender on the Ministry of Law website. A legal loan is governed by strict rules and regulations. Both the borrower and lender will sign an agreement committing each to their side of the bargain. In the event of breach of contract, the signed documents become evidence in a court of law.
Before you append your signature to a loan agreement, do take your time and read it. Make sure you understand all its contents. If you come across some terms whose meaning you do not understand, ask the money lender to explain clearly.
Getting a Legal Loan with SE Investment
Loan application with us is simple: you can just start by filling out the loan application form on our website. Once we received your application, our loan officers will give you a call back to arrange for a meeting with them at our office. With the required documents and signing off the loan agreement, you will be able to get the cash and immediately get back to your busy life. SE Investment is also willing to work with your needs so that the loan will never become a stressful process.