Money lending services are a godsend for people in financial emergencies. With their speedy processing times and easy loan applications, they are a lot more convenient than traditional bank-sourced loans. However, it’s important to choose a licensed moneylender to make sure that you’re working with a credible business. There are plenty of unscrupulous lenders out there, so it’s crucial to do your research and find one with a good reputation.
Licensed moneylenders are accredited by the Registry of Moneylenders, so they must abide by strict guidelines and regulations. They can’t charge high interest rates or fees, and they must present all the terms and conditions of their loans clearly to borrowers. This includes the maximum loan sum, interest rate, and repayment period. In addition, they should not harass borrowers or use scare tactics to collect debts. Moreover, they are not allowed to advertise their services via any unauthorised channels.
If you encounter a lender who does not follow these guidelines, you can report them to the Registry of Moneylenders. Just provide the lender’s name and registration number, along with a detailed description of your complaint. The Registry will then investigate your complaint and take appropriate action.
In addition to checking a license, it’s also a good idea to read customer reviews before choosing a moneylender. Many loan comparison websites feature reviews from both moneylenders and borrowers, so you can get an idea of the quality of service offered by each.