Online Loans: What Is Included In A Loan Agreement?

No matter how modern the world has become, everyone cannot deny that money still makes the world go around. Whether buying wants or needs, you need enough money to pay for them. The problem, however, is that continuous increases in inflation can impact people’s lives—their current source of income may have become short for their expenses.

Luckily, an urgent cash loan is now available in Singapore. Anyone can borrow the money they need as long as they meet the requirements and submit the necessary documents. A loan agreement should include the following items.

1. Identity Of The Parties Involved

Whatever type of loan you would like to get, you should list the information of the parties involved: borrower and lender. Besides the complete name and phone number, include the email address and permanent home or office address. With this, both parties know other options to reach out to one another.

2. Loan Amount

Once you have identified a preferred money lender in Singapore, you must determine how much funds they can lend you. In most cases, the loan amount varies depending on the type of loan you are applying for and your current situation.

3. Agreement Date

The agreement date refers to the date when both parties have read the terms, signed the contract, and the lender surrenders the amount of money the borrower is borrowing.

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4. Interest Rate

When it comes to interest rates, these are additional amounts of money that the borrower has to pay on top of the money they borrowed from the money lender.  To know the maximum interest rate allowed by law in Singapore, check the percentages indicated under the Moneylender Act.

5. Payment Method

Online loans in Singapore come with different payment methods, which refer to the repayment terms. It can be a monthly payment or repay everything you borrow through one lump sum.

6. Contract Length

This item refers to how long your personal loan in Singapore will last. In most cases, contract length will significantly affect the type of payment method you choose.

7. Signatures

It can be a handwritten signature or an electronic signature of both parties.

8. Entire Agreement Clause

It refers to the terms and conditions written in the contract that supersedes any discussion or negotiation between the parties, whether oral or written.

Contact Monetium Credit at +65 6777 7775 or leave a message on their website if you are still looking for a licensed money lender in Singapore that can provide you with flexible terms and conditions.