Can anyone recommend a reliable lender in the Philippines?
It was my mistake for not reading the terms of my property loan properly when I took it out 3 years ago. I feel like I was basically scammed by a predatory lender. I want to take out a new loan to pay off my existing property loan, so please recommend a trustworthy lender. It has to be one that sends monthly loan statements and payment confirmations, and notifies you right away if even a single payment is missed.
The loan was supposed to be fully paid off on October 9, but when I went to the lender to finalize it, they told me that two payments were missed in 2024, so I still owe 175,000 pesos. I was never told anything about missed payments. When I looked into it, my bank had mistakenly never actually sent the transfers, and the bank even sent me a confirmation saying the payments were processed SUCCESSFULLY. Of course, the lender doesn't care about the reason. They say it's my problem and that I should sue the bank.
The terms I'm talking about are the rebate I got every month on all payments when paid on time. Because of the two missed payments, they say I have to return the rebates for the entire loan period. On top of that, penalties are added for every month the missed payments went unpaid. If they had told me right then, I would have taken care of it immediately.
Is this just how lending practices normally are in the Philippines? I can't afford a lawyer, especially right now. That's why I'm asking here.
Why would you take out a bank loan in the Philippines? Loans in the Philippines are predatory and the interest is huge.
Oh dear, if you need a loan because of 175k, maybe the Philippines isn't the place for you. Just saying, 175k is nothing. Taking out a loan at this stage isn't a good idea.
I'm a former banker. A lot of the lending practices here are predatory and wouldn't be allowed in my home country. Since there's a 'paper (digital) trail', you can file a claim against the bank. (Run every contract through AI once before you sign) https://bilyonaryo.com/five-year-payment-trap-9000-metro-manila-condo-purchases-fall-through-as-buyers-struggle-with-bank-loans/
Comments 0
Please log into write a comment.