Your Rights When You Borrow Money in 2018

Borrowing money and living with debt isn’t a great life. It means dedicating a portion of your income to paying back debt and paying a high interest as well. Lenders usually don’t tell their customers anything in terms of what they are entitled to once they borrow money. Instead, defaulters are usually verbally harassed, discredited, or physically assaulted in a bid to recover money.

With financial technology taking over the lending world, customers are finding it increasingly easy to borrow money and with a lot more ease in the transactions. If you need any loans from an online lender, you can check out for further information and details.

A lot of people don’t know much about borrowers rights, but, borrowing money doesn’t leave you at a disadvantage. You need to know what they are.

Your rights when you borrow

When you agree to borrow money, you will be asked to sign a contract. Under the Consumer Credit Act, there are certain rights that the borrower has. To begin with, you need to know if the money you borrow is covered under the Consumer Credit Act. If you don’t sign a legally binding contract with your lender, then, you lose any credibility as well as rights in case there is a legal issue later on.

Here’s what you need to keep an eye on:

  • Check what information is being shared before and after the agreement is signed
  • How an agreement can be canceled
  • What happens when you pay it back early

What Protection Do You Have?

  • When you borrow from a legitimate enterprise, you have a regulated agreement that comes under the ambit of the law
  • You must get a copy of the agreement
  • If you need an extension on a secured loan (except a mortgage) you can get a court order for this

There are a number of loans that aren’t covered by the Consumer Credit Act and it is imperative that the lender give you this information as well as details about your loan. However, if the information is not forthcoming, you know that you’ve probably landed a sketchy deal. So, be wary of lenders like that and know that you can get assistance on your borrowing as long as you borrow from a legitimate source.…

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Why Do We Pay Taxes if There Is No Law – True or False?

We spend so much of our time planning on investments and other ways to save our taxes. But did you ever realize that there are no strict laws governing the payment of income tax, at least not in all countries? The law might not have much to say about tax payments. But still paying our taxes is very important. Here are some of the most important reasons why we pay taxes even if there are no laws that make it mandatory –

  1. There is so much for the government to run- like schools, colleges, hospitals and the infrastructure on the whole. All of these attract expenses. So who pays them if we do not pay our taxes?
  2. Everyone loves to be part of a civilized urbanized Creating such a region would not be possible without funds which the government gathers in the form of taxes. If every citizen takes a stand and stops paying taxes then the government would not be able to execute any of its plans.
  3. Besides building new structures maintaining them, even the basic ones like roads, come with costs – expenses on material and the labor. When every citizen pays his or her taxes on time then the government would not have to worry about a shortage of funds. In the long run, this would prevent the nation from getting into huge debts with commercial banks or loan sharks.
  4. When the country has the funds to manage all the systems then it would also have a significant improvement in the overall economy. When the economy gets better the people would also benefit in many ways. This can also make it easy to reduce the price of the essentials and bring down the cost of living. And this again would benefit the residents.

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