Jefflee Credit Pte Ltd
Finance in Jurong

1) What should I look out for when considering a loan that is being offered to me?
• The law requires moneylenders to fully explain the terms and conditions of a loan to you in a language
and

2) What should I bear in mind before I borrow?
• Your ability to repay in full
• The schedule of repayment

You need to take note of:
you understand and to provide you with a printed loan contract according to a prescribed Note of
• The manner in which interest is calculated
be computed

make a payment late or if you are unable to pay
• Beware of and report moneylenders who are evasive about the terms and conditions of a loan
• Borrow only what you really need and are ab
eg. debts or other loans, instalment and insurance plans
• The law requires moneylenders to fill in the correct amount of the principal and interest rate in the
• Make sure you fully understand the terms and conditions of the loan, such as what will happen if you
Contract form (see sample Note of Contract in Annex A)

Notes to Borrowers When Obtaining Loans from Moneylenders
• Know what the late payment fees or administrative charges are, when they apply and how they will
• Always ensure that you ask enough information from the moneylender before you commit yourself

on the loan on the scheduled dates, or

• A loan is a legal and financial commitment
• Your ability to repay the full loan and interest to be charged, and at the same time, be able to
prescribed Note of Contract form (see sample Note of Contract in Annex A)
pay all other existing and foreseeable financial obligations on time. the instalments
• The additional fees and charges and when these apply to you
• The amount of the loan that you are taking from the moneylender
• Your monthly take-home pay, and existing and foreseeable financial obligations,
• The interest rate that you will be charged