So you’ve decided you’d like to take a loan. Congratulations! However, before you enter into any agreement, you need to make sure you are putting your trust in the right loan provider. There are, unfortunately, many unscrupulous loan sharks who will try to earn your custom through shady and sometimes illegal means, offering you conditions that are too good to be true and ultimately leaving you in far more trouble than you bargained for.
Read on to find out how to spot and avoid these traps.
A trustworthy loan provider…
has a market history in the Philippines or abroad
has a customer care center (call center) that is easy to reach using any phone
has a well-developed website
willingly answers all client questions at shops or through its customer care center
does not hide any information about its loans, interests and fees
always makes you read the contract and gives you enough time to ask questions before you sign any loan contract
does not leave any blank spaces in the contract to fill in later when you are not there
always give you written (printed) copies of loan documents
uses clear and understandable language
offers multiple ways to repay loans (repayment channels)