Taking Out A Loan

[stevewool]

Taking out a loan over in the Phils is it easy or hard, what sort of intrest is added to the loan too,

Is it like here in England, the loan is not for me but the family over there to take out themselves, i just want to have imformation on hand

[Call me bubba]

depends.

I can comment on the SSS loan process . that itself is pretty simple,easy and straight forward.

yet 1 must be an active contributor to the SSS in order to get a loan.

 

 the PAGIBIG? of what i have read that too is a simple process IF,,, you meet the requirements,  

www.pagibigfund.gov.ph

 

 BANK LOANS? cant comment as I have either from me or the extended  family..

[Dave Hounddriver]

When I first arrived I joined the many foreigners who loan money at 5% PER MONTH to expats (and locals if they had security).  I was never short of customers as getting a regular type loan here was HARD.  And when I eventually got around to getting a local Mastercard, the interest rate on that was 3.5% PER MONTH and they would only give that out to premium customers.

 

Things may have changed, but I doubt it.

 

Why did I stop?  My foreign customers often died owing me money so even at that interest rate I was only breaking even.

[stevewool]

thanks for the very quick response

[RBM]

Taking out a loan over in the Phils is it easy or hard, what sort of intrest is added to the loan too,

Is it like here in England, the loan is not for me but the family over there to take out themselves, i just want to have imformation on hand

Steve I would agree with Davehoundriver, although I haver never taken out a loan here I know others whom have. Most locals just go to loan sharks , bare in mind interest rates are crippling. As I have been told lots of hassles and difficulty with banks.

You may wish to consider arranging a loan for them at home, providing of course your confident of full repayment. Sorry could not be more helpful.

[stevewool]

Sorry boys i did not make myself  clear,

The loan is for the family in the Phils to take out not me,

They are asking for me to send money and they will pay me back next May, i have done this a few times already and yes they have paid me back too, but they always seem to make me feel guilty once it has been returned,

So i thought why dont they go and ask for a loan themselves, they earn good money so they can pay who ever they get there loan from, i know it may sound cruel , but it does make me feel awkward and angry too, plus they are not listening to my advice but just wanting more and more money, I have said NO already but that i am sure fell on deaf ears

[RBM]

Sorry boys i did not make myself  clear,

The loan is for the family in the Phils to take out not me,

They are asking for me to send money and they will pay me back next May, i have done this a few times already and yes they have paid me back too, but they always seem to make me feel guilty once it has been returned,

So i thought why dont they go and ask for a loan themselves, they earn good money so they can pay who ever they get there loan from, i know it may sound cruel , but it does make me feel awkward and angry too, plus they are not listening to my advice but just wanting more and more money, I have said NO already but that i am sure fell on deaf ears

Hear you loud an clear Steve, know exactly where your coming from.

Easy, there earning good money, spend less save some no need a loan.

Yes easier said than done but that would be my approach. Hope all works out.

[Jollygoodfellow]

Sorry boys i did not make myself  clear,

The loan is for the family in the Phils to take out not me,

They are asking for me to send money and they will pay me back next May, i have done this a few times already and yes they have paid me back too, but they always seem to make me feel guilty once it has been returned,

So i thought why dont they go and ask for a loan themselves, they earn good money so they can pay who ever they get there loan from, i know it may sound cruel , but it does make me feel awkward and angry too, plus they are not listening to my advice but just wanting more and more money, I have said NO already but that i am sure fell on deaf ears

 

 

The monthly income requirements can be rather high to be approved for a loan, also minimum loan amounts might not be suitable for bank loans. Maybe now that the law has been passed to allow full foreign ownership of banks things might change in the future. 

 

An idea of interest rates , https://www.bdo.com.ph/personal/loans/personal-loan

 

[i am bob]

An idea of interest rates , https://www.bdo.com....s/personal-loan  

 

And they say the syndicates are charging high interest rates?  OUCH!!!

 

:1 (103):  :1 (103):  :1 (103):  :1 (103):  :1 (103):  :mocking:

[SubicSteve]

If they are trying to get a loan from a bank there will be MUCH paperwork and it will take a long time.  They will need to have VERY good jobs and be able to prove it.  If they are using property as collateral they will need a clean title and all taxes up to date and once again they will need plenty of paperwork to prove all that.