8. In the event that I am standing as a surety for a loan, what should I look out for?

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8. In the event that I am standing as a surety for a loan, what should I look out for?

You should ensure that:

 

  • You understand your responsibilities as a surety;
 
  • You receive a copy of the Note of Contract at the time that the loan is granted to the borrower;
 
  • The moneylender has explained the terms in the Note of Contract in a language that you understand; and
 
  • The moneylender does not keep your NRIC card or any other personal ID documents (e.g.driver’s licence, passport).
 
  • The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).

 

https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/guide-to-borrowing-from-licensed-moneylenders-english.html

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