The merits of a good borrower are discussed in a separate post. Now that you know the qualities you should have and how to finally increase your chances of getting loan approval, it’s time to say hello to those qualities – if not great – debt Payers should be. You will find all these qualities in best licensed money lender in philippines for sure.
It includes the following:
Banks and other lending companies follow specific guidelines set by Bangco Central of Pilipinas. In fact, they are regularly audited to make sure they meet the requirements.
Still, go for lenders who can offer flexibility in financial terms. They should be able to offer you terms according to your ability, without breaking any rules, whether your interest rate is reduced or the maturity of your loan is increased to one month.
Bank conditions can be frightening and disturbing for the common man. That’s why if you don’t understand something, don’t hesitate to ask questions. It will give you complete information about the loan including benefits and risks. A good lender should be able to respond to your concerns, no matter how negative, to help you determine if you are making the right choice.
3) Unique reputation
Are you willing to pay someone with negative reviews? Would you like to get money from lender A who was involved in a scam a few years ago?
Also, be sure to make maximum use of Facebook and other social media channels to test the credibility of the lender you are looking for. The good thing about social media is that people can easily share their first experience of service and treatment. This will make it easier to see how other customers have been treated and how the loan application has been processed.
In addition to credibility and credibility, the lender’s track record or experience is also important in determining whether the lender is good or not.
According to experience, this means that the lender must be in the industry for years, know the loan entries, and be equipped with the necessary and sufficient knowledge to meet your needs. However, the more experienced the lender, the better it will be for the lender to meet your financial needs.
5) A partner and not just a lender
Lenders often think too much of themselves because of their abilities and skills. This is not a good sign because a good lender should see himself as a strategic partner. In addition to helping you find financial instruments, a good lender also provides administrative support that can further improve your business.
In extension mode, the required teamwork between you and your lender can be compared to a pair of cops working as partners. You may not expect your partner to take a pill for you, but you do expect them to cover your back when there are signs of trouble. Lee Fuchs, AgriBank FCB’s Senior Loan Officer in St. Paul, MN, has compiled a list of six features based on growth.