Have you ever borrowed money before? Say, from a friend, a credit card company, bank loans, etc? I’m sure at one time or another most of us have. It’s nothing to be ashamed of, really. But it would be shameful of you not to repay the loan, right? As per Bangko Sentral ng Pilipinas, nearly 50% of adult Filipinos have an outstanding debt, while another 33% had borrowed money in the past.
Out of these borrowers, there is a growing segment that has taken loans from lending or financing companies. And it’s hard not to see why these “non-traditional” consumer finance companies are growing in popularity: for one thing, their requirements are usually much fewer than what banks ask for, and the approval process itself tends to be pretty fast, too.