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 Contact 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).
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