Microfinance in 2020

Requirements for obtaining a loan
Be sure to have a citizen passport. Return for issuance is from 18 years. Additional certificates or other documents for receipt will not be required. The credit history of a potential borrower does not play a role in deciding on a grant.

Failure by the borrower to fulfill obligations may result in consequences.
In cases where the borrower has not repaid the entire loan amount on time, including accrued interest instant cash loan direct lender philippines, the credit institution is entitled to receive a penalty from the borrower for non-compliance with the terms of the loan agreement.

To meet borrowers in a difficult situation, the lender usually allocates 3 business days to pay off all debts, including interest calculated on the loan at the time of repayment.

If the debt persists, the credit institution sends notifications to the borrower on the totality of all the consequences that arise if the contract is not fulfilled in the future. For notifications, all available means and contacts are used.
If it is impossible to contact the borrower for a long period, the lender has the right to increase the debt by the amount of interest.

The default interest is 0.1% of the total debt of the borrower. All the nuances of fines and penalties should be clarified at the time of conclusion and signing of the contract with the creditor.