05:04 18 July 2013
The onset of summer signals the start of travelling activities for millions of people worldwide. This will also increase in millions of minutes of mobile phone usage because of the travellers’ need to stay in touch with the people and the world they are trying to temporarily get away from no matter how ironic it may seem.
However, as they return home, they may be shocked by the high mobile phone bill resulting from the indiscriminate use of their mobile phone while overseas.
If you think that only excessive phone bills can put you in a state of shock, think again. Excessively high loan fees could have the same effect on you.
You can avoid being victimized again and again by unscrupulous lenders. However, to be able to protect yourself, you have to be vigilant and stop being as trusting when dealing with some lenders. You can only be caught off guard if you have not fastidiously paid attention to the discussions and the documents presented to you in regards to your loan.
Deal only with reputable companies who are known to be upfront in their transactions. Steer clear from companies with filed complaints against them. When you ask for a quote, make sure that their quote takes into account not only the interest rates but all the fees as well.
Make sure that you are directly dealing with the legitimate lender and not some middleman who provides the lenders with “leads” for a fee. Never sign any document with unfilled or uncrossed out blanks. The builder may strongly suggest for you to use their in-house lender. Acquiesce only if you know he is giving you the best deal and do not be coerced to using a lender for convenience.
There could be dozens of ways unscrupulous lenders may try to earn more from you through excessive fees, and the only way to counter this is by knowing your rights as a borrower and by understanding the conditions and the requirements of the loan so will not be caught unawares.
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