Borrow only what you really need and nothing more
Borrowing a loan would increase your responsibility. It is important that you fully understand the reasons for taking up the loan and only borrow for things that you urgently need to handle.carefully considered your reasons for doing so.
Ask yourself if you are able to repay your monthly instalments
It is advisable that you consider any other monthly liabilities that you might have which you need to pay for as you take up the loan to ensure that you can repay your monthly loan instalments. These would include fix liabilities (insurances, internet broadband, house mortgagees, vehicle payment) and variable liabilities (hand phone bills, utilities bill, food). Do ensure that after adding all the monthly liabilities you would still be comfortable financially to repay your monthly instalments
Do repay your monthly loan instalments on time.administrative charges
It would be good if you can note down the repayment dates to avoid administrative charges and late payment interest. GIRO might be a complimentary option that you can take up to ensure that you would always make repayment on time.
Avoid multiple sources of credit, as it would be easier for you to manage and track what you have borrowedtrack what you have borrowed
Having good management of credit sources would give you more control and prevents you from borrowing beyond your comfortable repayment limits.
Read the terms and condition and ask questions if you are unclear
Taking a personal loan is legal binding. Ensure that you understand clearly what is expected from you when you take up such a loan by understanding the terms and condition. Once you sign, it will be taken that you have understood the agreement/contract and have agreed to them.you sign on the documents to confirm that they have bind you.
Ensure that your details in the application form is up to date and accurate.Application Form carefully
All information provided by you should be up to date as required by law. Any false information given by you is a serious matter and will be dealt with accordingly.
Check the schedule of fees and charges
Your application for loan might incur some fees and charges which would be lay out clearly in the “schedule of fees and charges”. Once you have signed the completed loan application form, it will taken that you have fully understood and agree to the agreement/contract which would include, but not limit to, the loan amount, effective interest rate and the repayment amount.