We are currently in a period of pause and are not accepting new product applications. We apologize for anyinconvenience this may cause and appreciate your understanding during this time. Thank you for yourcontinued support.
FAQs
What happens if I don't pay my online loan in the Philippines? ›
If you default on your online loan, your lender will report your delinquency or default to the credit bureaus. This will negatively affect your credit score, which is a numerical representation of your creditworthiness. If you default on your online loan, the lender can take collection actions against you.
When would it be a good idea to invest your money instead of putting it in a savings account? ›Saving is generally seen as preferable for investors with short-term financial goals, a low risk tolerance, or those in need of an emergency fund. Investing may be the best option for people who already have a rainy-day fund and are focused on longer-term financial goals or those who have a higher risk tolerance.
Can I be chased for debt after 10 years in the Philippines? ›Time Frame: The Civil Code of the Philippines sets a statute of limitations on collecting certain debts. For written contracts, such as credit card agreements, it is usually ten years.
Can you be stopped at the airport for debt in the Philippines? ›Credit card debt is a civil liability, and civil cases are not typically cause for being prevented from leaving the country. However, if the credit card company files a criminal case against you for fraud or estafa, and a hold-departure order is issued, then you may be prevented from leaving the Philippines.
Is unpaid loan a criminal case in the Philippines? ›In the Philippine legal system, unpaid debts per se are primarily a civil law matter governed by the Civil Code, which deals with obligations and contracts. However, when a debt involves elements of deceit or fraud, it may cross into the realm of criminal law under estafa, as defined in the Revised Penal Code.
What happens if I can't pay back an online loan? ›Once you default, your creditor knows that you are unable to repay the loan. They may then switch into collections mode, either sending you to an in-house collection team or selling your debt to an outside debt collector.
Is online loan illegal in the Philippines? ›A: Yes, online lending is legal in the Philippines. However, borrowers must be cautious and ensure they are dealing with reputable lenders licensed by the Bangko Sentral ng Pilipinas (BSP) to avoid falling victim to abusive collection practices.
Can a collection agency file a lawsuit in the Philippines? ›Legal Recourses for the Creditor/Collection Agency:
Demand Letter: A formal letter can be sent demanding repayment of the outstanding amount. Court Action: If negotiations fail, the agency may file a civil case to compel you to pay.