A lot of people take out loans or borrow money from other people or organizations. I have loaned also. Especially when I had a business. I prefer a company or something sure legit and trustworthy.
My first loan I got from a well known company here that helps those who do not earn much because their interest is lower and they are more understanding. The Taytay Sang Kauswagan, actually my uncle was one of the founders of this group in Manila and he headed the company here in Iloilo. He even opened a branch in my town Miagao. But then I was not interested or in need then. The name if taken literally mean Bridge to Progress.They also help small businesses and now they have other offerings for scholars, etc.
So when I applied, I did not have that much problem because I had 2 business even if small and they know my uncle. Their payment was easy. They had 6-12 months payment even 8, depending on what you think you can manage. Also they put 10% into your savings, you have a bank book and you can withdraw it when you are done or even use it to pay the last payment.
So now they have a sister company OK Bank, but same owners. I Have loaned a couple of times from them. But lately I would loan, but not for me. Sometimes for my helper or even one time I loaned for 3 people, myself included. I would loan a small amount for me only and the other amount for them, and the payment divided according to amount loaned. So far I had no problems. I usually loan for my helper or someone I know like my regular manicurist or masseuse. Sometime other would tell why do I do it. Well because they do not have any collateral and other requirements. My nephew's wife is my co-maker ever since and now my helper Jay is the co-borrower even if it is not for him.
He is doing this to help too because so many time I have helped him with loans.
This time it is for the people renting downstairs because they are in need. I took out a loan of 25k, 10 for me and 15 for them. We got 20+K because 2,500 went to my bank and then the other fees etc. plus the first payment was taken out.
We pay weekly now and it is easier because it is smaller and easier to attain. I have to pay only 454.25 and they pay 681.38 weekly. Easy for them to save because the are selling food daily and selling sweets too. I may not know them well but they seem trustworthy and they live downstairs.
Some friends tell me, what if they won't pay or run away. Well that is a risk I have to take, If they feel that you trust them and is good to them, I don't think they will do it. We live in one town and people know me and also some know them.
For me I easily trust at times especially if I know the person or have frequent contact with them. Anyway the loan is only until Feb 28, 2019 only and their contract downstairs is supposed to be til Dec. 2018 but I extended till end of Feb. 2019 and then decide if they will renew or not.
Just my way of helping someone in need. I don't ask for any reward but just be sure they will pay and be responsible. Also just to be respectful too.
A big risk but I know God will watch over me and it is for a good cause, not for any caprices. Also the fiesta is this month so my share will go to help for my fiesta and for next month affair too. Maybe someday I will have my reward in Heaven. Or even if they pray for me I am happy. My own act of charity for others.
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