A positive development in the vehicle title loan industry... Recently, "Ngern Tid Lor" has developed "Plain Language Contracts" by reducing the use of complex financial and legal terminology that is difficult to understand, helping customers and vehicle title loan users better comprehend the details and terms in their contracts. The company has also launched a campaign encouraging people to read contracts to protect their rights before signing loan agreements. Customers, loan users, and the general public can read the details of the Plain Language Contracts at www.ngerntidlor.com/plain-language-contracts
Mr. Jatuporn Kaewkasi, Executive Vice President of Marketing and Corporate Communications at Ngern Tid Lor Public Company Limited or TIDLOR, mentioned that the Plain Language Contracts initiative stems from recognizing that contracts in the financial industry often use complex terminology that is difficult for ordinary people to understand. Therefore, the company has developed contracts using simpler, more accessible language while maintaining legal validity, making it easier for customers to understand their rights and obligations before entering into agreements, which helps reduce disputes and build customer confidence.
The Plain Language Contracts have been developed through collaboration with legal experts and communication specialists to ensure accuracy, completeness, and ease of understanding, with key improvements including replacing complex legal and financial terms with everyday language that is easier to understand, organizing contract structure to be clearer and easier to follow, adding explanations and examples for important terms, and designing layout and format for better readability.
Ngern Tid Lor believes that Plain Language Contracts will help raise the standard of the vehicle title loan industry and create a better experience for customers, demonstrating the company's commitment to conducting business with fairness and transparency, putting customers' interests first.