Almost everyone knows personal loan is one of the popular choices among Malaysians that are widely used as deposits among home and vehicle buyers. The proof is that we ourselves know through our social media and our acquaintances who use personal finance money to get married, help parents, repair or improve a home or start a business. It has already reached a ‘trend’ level in the context of getting small and fast funding.
But there are plenty agents / officers out there who want to take advantage of those who are desperate for money by making unreasonable deals, scams and so on. On Facebook itself, there are many personal financing advertisements targeted at those who are desperate and want fast money.
So, to prevent many people from becoming victims of personal loan fraud, we have tips that you can use when you want to make personal loan and avoid being a victim of fraud.
Do not be fooled by unreasonable offers
In order to attract borrowers, some companies offer ‘attractive’ deals such as interest-free financing or lower-interest financing than the current benefits offered by private finance companies and conventional banks.
Some also offer personal loan to CTOS or CCRIS blacklisted borrowers. For your information, if you are blacklisted by CTOS or CCRIS, no bank or licensed lender will approve your personal loan application.
Make personal loan comparisons in detail
Before making personal loan, we advise you to make a study on the personal loan you would like to apply. It can be done by searching in the internet, asking friends or family members. To get more accurate information, contact the company directly to avoid misunderstand and not get trapped with the sweet promise of the agent / officer. Among the things you need to know is like financing eligibility, interest rates, repayment terms, required documents and funding approval periods.
Please understand and carefully review the loan application process
Once you are satisfied with the amount of funding offered through PDS research, the agent will send your application to a personal financing company for review and through the financing process. There are other charges like processing charges and some agents do not inform this to us, so this is something that you may want to ask and be cautious about before applying for thru agents.
Avoid borrowing from an unregistered agent
Most victims of personal loan fraud are found not to check the status of agents allegedly providing personal loan services. To avoid the same things happening to you, you should check the status of agents from your preferred personal loan company. It is important that the agent who is contacting you for personal loan claims to be the actual agent – not a scammer.
Become a wise lender and user!
As discussed earlier, you are encouraged to inquire about the information you need. Failure to be aware of your rights as a consumer causes irresponsible parties to take advantage of you.