Home Featured What is a licenced money lender?

What is a licenced money lender?

by Donny Stock

Moneylenders are doing business in providing money to the people who need money at a particular interest rate. Likewise, the business by getting profit. Because of increasing Cybercrimes and cyber-attacks, so many money lenders are cheating people by providing money and sending SMS, emails, and online platforms. Because of these, so many people get involved in their products and face so many issues, whether it’s life losses or financial losses. The government provides authenticated moneylenders with licences to stop these kinds of crimes, which is very good for maintaining their standards and reliability. If you want to know, “What is a licensed moneylender?” You can continue reading this article. 

It is coming to know that the perpetrators contact individuals through mobile text messages or calls to ask them to send money on the last message of paying “GST fees” or “processing fees” before the disbursement of the loan amount. That is known as a scam. Moneylenders with licences never allowed them to solicit loans through text messages, social media platforms or phone calls. Moneylenders who are licenced meet the person who borrowed money personally at the place which is an approved business, to conduct in-person verification by face-to-face for his identity before granting any loan. A fully online loan transaction performance is not allowed. To always take your personal loan from a licensed money lender and always check their validation provided by the government and never respond to the moneylenders who are offering you tempting options and approaches you through mail, SMS, phone calls to fill personal details.

When you are planning to visit the website of licensed moneylenders, you should only visit the licenced and verified moneylender’s website.

  • Before choosing your money lender for your personal loan, you should take care of your things while going for someone as a money lender. For example, 1.a licensed money lender will never ask for your personal information. They will not ask for any personal details or data. Even they provide their identity card, whether a licensed identity card or any government approved card. So always take care of it, not give your personal information file to consult with a moneylender. 
  • Licensed moneylenders registered by the regulating firms: the licensed money lenders are always listed with the regulating palms, so all the operations are performed in a very good manner and abide by the set of rules provided by the government.
  • Licensed moneylenders will never give you a loan without any Collateral comments. So, if any money lender is asking for Collateral documents, then always provide them because they are abiding by government rules. And never choose a moneylender who is not asking for any collateral documents because they are not licensed and make fraud with people, and you can be the victim. So always avoid this kind of situation. If you are looking for authentic money lenders, you can visit Crawfort Moneylender.
  •  Licensed money lenders will always take his work as pride. He will never confuse you by making words that are not acceptable or create some confusion about interest rate repayment and other entails.
  • A licensed moneylender will never make any unnecessary force to take a loan. They discuss the requirements, rules and regulations but never create pressure on anyone. 
  • An unlicensed money lender will always share some clear print or unclear wording of the contract, which can cause more problems than solutions at all. So, make sure you read the terms and conditions carefully before signing anything, whether electronically or on paper, to avoid misunderstandings or confusion later.
  • Whenever you are planning to take personal loan or any kind of loan always think about to take loan from the licensed money lender who has authenticate licence and abide by the regulatory of government. Never believe in someone who is showing so much concern for you for your personal loan but always give your time to the authentic one who has good established portfolio as well as authenticity and good office. Because licence money lender will always have a physical office to meet personally and consult personally with the person face to face.

So, before choosing your moneylender, always go through these points and verify the authenticity. 

You may also like