A legal moneylender is one that is licensed by the authorities to offer loans and credit facilities. They should be able to provide clear information about their terms and conditions, fees, interest rates, etc., and also provide proof of their license upon request. They should also be able to answer all your questions in a polite and professional manner.
Some major thinkers throughout history (Plato, Aristotle, Thomas Aquinas, Adam Smith, Karl Marx) considered usury to be a major vice. It is even considered a sin by some Christians and Muslims. The contempt for moneylenders is reflected in the way they are depicted in works of literature and film, including Shakespeare, Dickens, and Dostoyevsky. Anti-globalization protesters often carry signs reading “abolish usury.”
When choosing a legal moneylender, make sure they have a physical office and are willing to meet you at that location. They should be able to give you the exact amount that they are offering, as well as their minimum and maximum limits. It’s also important to choose a reputable company with an excellent track record of customer service.
If you have any complaints about a moneylender, don’t hesitate to report them. The Registry of Moneylenders will take disciplinary action against errant lenders. Moreover, debt collectors are not allowed to loiter around your house or workplace. They also can’t leave you objects that could be construed as threats and must refrain from informing your friends or relatives of your debt, unless you have given permission to do so.
