In the event that you are standing for surety of the loan, you must take into account the following:
You fully understand your responsibilities
- You must have a copy of the Note of Contract when the loan is granted to the borrower
- The licensed moneylender has explained well the terms in the Note of Contract
- The lender also does not retain your NRIC card or other personal ID documents
- The moneylender never asks for your personal log-ins e.g. your SingPass or online banking account or your email log-ins.
Take in mind that you need to be fully aware of the responsibilities since it involves legal liabilities.