Considerations to Make Before Borrowing from Licensed Online Lending Platforms

​Getting a loan is a huge financial decision, and it should never be taken lightly.

Certain rights and obligations come with taking out a loan from a lending or financing business. What should you keep in mind when applying for a loan? In the realm of debt and loans, there is a lot to learn. When you're trying to navigate these waters without much financial experience, it might be stressful. However, it's crucial to complete your research and comprehend a loan before deciding to borrow money. Take a look at a few of these reminders.​

• ​Read and understand the terms and conditions of the loan agreement, including interest, fees and charges, and due dates.
• Don't click on the website or mobile apps that give permission for the company to get information from your phone contacts or social media.
• Read reviews about the reputation of the online lending platform. Does it have a reputation for harassment, getting a contact list, or charging high interest?
• Verify and confirm on the Securities and Exchange Commission Philippines (SEC) website if the transaction is registered with Lending, Financing Company, and Online Lending Platforms.
• Beware of the Advance Fee Scam: No Lending or Financing Company asks for an advance fee before providing loaned money.
• Ensure that a copy of the loan agreement and receipt upon full payment are given.

​There are numerous types of loans available. Just make sure you comprehend the loan's terms and conditions to avoid taking on excessive debt.

For more information, just visit the following link from the SEC Philippines official website:

For Registered Lending Companies
For Registered Financing Companies
For Registered Online Lending Platforms

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To know more, you may read my separate blog articles:

Typical Reasons for Borrowing Money
Is Debt Really A Bad Things?
Tips For Paying Off Accumulated Credit Card Debt
SEC: Safeguarding Filipinos From Predatory Lenders
Important Financial Terms To Remember When Applying For A Loan
3 Important Questions To Consider Before Borrowing Money
How To Choose The Right Home Loan