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8 tips to ward off loan sharks

Before snapping up the loan, make sure you read the fine print.
By Atty. Reeza Singson |
<>5. Watch out for concealed or disguised fees, steep interest rates and penalties.

Ask a professional financial or credit advisor if the figures in your loan contract are fair.


 6. Beware of add-ons with high costs, such as insurance.

You don’t have to accept any add-on if it’s not priced competitively; shop around for it separately to get a better deal.

7. Make sure you understand your obligations under the contract before signing it.

Never sign blank forms and never leave any blanks in any loan application or agreement. Never sign documents with incorrect or incomplete information.

 8. Never rely on verbal assurance or promises.

Insist that those terms be put in writing.

 
Reeza Singzon is a lawyer specializing in civil, commercial, and labor law. Before becoming a lawyer, she worked in media for more than 10 years, writing and producing news programs for TV and working as an editor and columnist for a newspaper.

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