Most of us have tried to used credit cards when we purchase or had loans for a big expense and even experienced to borrowed money from a co-worker. Well, don’t worry because you are not alone. According to data from Banko Sentral ng Pilipinas, almost 50% of adult Filipinos have an outstanding debt while 33% had barrowed money from the past.
There are 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. Why? Because their requirements are usually much fewer than what banks ask for. Also, the approval process is very fast.
Credit Information Corporation (CIC) master these tips and check out their handy tips from consumer finance company Home Credit and its government partner below to learn:
1. Have a good credit record.
Reflect to yourself if you are a good borrower or not. Check your credit history first before getting a loan.
Home Credit can provide ooans for the first timer barrowers because they have their sophistiated system for screening the applications. CIC, can get credit data from telcos, cable companies, and more.
3. Know your rights and read the fine print.
Fully check your loan contract and find out if there are ahy special conditions.
Remember your dues once your loan application was approved and signed. You can enroll it into bank auto-debit if you want, just make sure that you have fund in your account.
5. Let your lender know if you run into troubles.
Everyone can encounter financial difficulties that can be the cause on their ability to repay. If this happens, the safe thing to do is to tell your lender about it and do not hide.
If you have good credit record, you may have realized how big is your role in credit history. On the other hand, if you are prompt and diligent with your payments, that small loan can do wonders for you creadit history. For more information, you can visit wwwhomecredit.ph.