Lenders without a consumer credit license

Lenders generally have a consumer credit license, from that of the specific geographical location, or from a specified authority. Some or all of the credit license issuers are registered with the government and constitutes a separate department in the provincial government.

If one borrows from a lender who does not have a consumer credit license, it amounts to violation of the basic ethics of the process of lending. Also, the borrower loses his rights in the process of lending. It becomes practically dangerous for the borrower, and with increasing awareness about the process, borrowers are becoming more and more thoughtful about the lender holding a consumer credit license.

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