Manila is a great city. It’s a great macro-hub of varying interests, challenges, perks, and ripples of the modernized Filipino Dream. What doesn’t thrive in Manila becomes a stinking heap of nonsense, and everything moves freely. One important sector in Manila is its lending scene. In many parts of the Greater Metro, lenders thrive. You can see them in regular clothes with half-flashy jewelry. At times, they ride in motorcycles, ready to collect whatever amounts they had in the open. But this is the surface level – something deep is going on.
Are you planning to get a loan in Manila? Below are some of the things that you should expect the capital’s lending scene:
Lenders in Manila are more impatient than those in provinces. Why, you might ask? Manila is a dog-eat-dog place where money is a great determiner of success. Once a lender’s money is out in the open, he is exposed to risk. In Manila, any form of risk can have many negative consequences. A lender may lose his business if he can’t collect money. So, before you borrow a money, embed this form of impatience in your mind. This will keep you on your feet and help you settle the loan fast.
There’s a miasma of ‘collateral hunger’ spreading in Manila today. Even if the lender is dealing on payday loans, he may get a collateral in case of non-repayment. And lenders, aside from impatience, are hungry for collaterals. If they can’t get what’s owed, they can – at least – sell any item that you own. This could be an expensive gadget, a car, or even a deed to a land or property. Manila lenders are hard-nosed for collaterals. Just like their impatience, this factor can push you to work harder and pay off an outstanding debt. Otherwise, you’ll lose something valuable.
Consequences of Non-Repayment
What are the consequences of not paying your loans? Many. You’re now aware of the ‘collateral hunger.’ This will cause you to lose items that you’ve worked hard for. Loan penalties are the next consequences. These penalties are huge interest and horrifying fees. If these fees will combine into a monster, they’d be Pennywise. Or Cthulhu – feel free to come up of analogies. Lawsuits are common like houseflies, and there’s the dreaded lead justice. Some lenders dabble in crime to the point that they’d shoot you if you can’t repay. To avoid this, learn about the nature of the lender. Don’t trust quickly. Then work hard to get the loan off your system!
Banks Offer Excellent Loans
There are still some good lenders in Manila. Banks, for example, have become less strict (1% less) regarding their loan transactions. Gone are the old days or ironheart bankers. Check out the variable loans offered by these banks, and apply for something that matches your financial capabilities.
Before getting a loan in Manila, make sure that you’ve analyzed the mentioned factors. In this way, your expectations are managed and you won’t fall in a serious financial ditch. You should also think of any loan as a responsibility that must be settled. Loans are aces in your sleeve or pocket rockets – they are not meant to be exhausted in worthless things. Better yet, use the loan for something that will generate financial returns.