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Ascertaining that your Loan Provider is Legitimate

There are loans that require borrowers to put something on the line as assurance that the loan will be repaid on the terms agreed upon. This “thing” on the line is called a collateral and one common collateral is your land title when availing of a real estate loan. In the Philippines, a real estate loan can open up big financial opportunities for you but in the wrong hands, you can lose your land title to a monster loaner. Here are 4 things to check to make sure that you are loaning from a valid institution.

Reasonable Promises

Right off the bat, if a promise seems too good to be true, be doubtful. Some loan providers will have “Guaranteed Approval” advertised as a way to catch unsuspecting borrowers, especially the more desperate ones. A good lender will work with you through the loaning process, promising nothing until a good assessment of your needs, credit record, and capacity to pay have been carried out.

Exhaustive Contracts

It’s no secret that, when it comes to contracts, especially digital ones, we will only skim through the content or skip them altogether and hit “I Agree”. When it comes to a real estate loan, and keeping in mind that you’ll be handing over your land title as collateral to them until the loan has been paid off, a contract that discusses all the terms and conditions in details is to the benefit of both parties, not just them.

Physical Address

There’s already a prominent digitization of many services. Loan services are being migrated to the digital platform to be easily available online. There are loan providers online that are legitimate and have terms that are reasonable but that shouldn’t stop you from first inspecting if they have a physical office. It may seem very convenient to know that a person can come to you to pick up your requirements but having a physical office is one way to ascertain that you have a place to go to retrieve your land title after you settle your loan.

Business Registration

As important as having a physical office is being registered. A reputable loan establishment should be registered to the Department of Trade and Industries the Securities and Exchange Commission. Only then must you let yourself be rest assured that you can carry out your real estate loan with no worries.

By |2019-09-19T03:12:48+00:00September 19th, 2019|Online Lending Philippines, Uncategorized|0 Comments

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