When the time has come that your loan was approved and was granted to you, make sure to take into account the following:
- The moneylender has delivered the correct principal loan amount. The approval or administrative fee must not exceed 10% of the principal loan amount.
- Be a responsible borrower and take note of your loan repayment schedules and avoid late repayments. Remember, that you will not only incur the late payment fee but you will also be charged with a late interest.
- Make sure that you have a copy of your loan repayment receipts and ensure that your name, date, and amount are correctly stated.
- You must also receive a copy of your statement of all your loan account at least once every January and July. Always check for the correctness of your information e.g. your name, the date, and the amount.
- Keep safely all the copies of your statement of accounts and payment receipts. These will serve as documentation and your payment evidence. So, secure and keep it properly.