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Lending in the Provinces

Mycapital · 35 · 6295

Mycapital

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on: Oct 24, 2010, 02:34 PM
Hi there

Is there anybody out there that has a lending business in a province. It seems like the interest that lenders charge varies from one place to another.

Post Merge: Oct 24, 2010, 02:35 PM
The topic should have read Lending in the Province. Wrong spelling. Sorry....
« Last Edit: Oct 24, 2010, 02:36 PM by Mycapital »


puberer

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Reply #1 on: Oct 24, 2010, 05:50 PM
kahit naman po sa manila, iba iba din ang charges.  depende kung saan ka mas comfortable.  mas maganda kung 5% up ang interest na pinapataw mo. 


Dodong_Pobre

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Reply #2 on: Oct 24, 2010, 09:21 PM
Wala ako lending business pero sa province ako lumaki/nakatira (Western Visayas). Nitong huling bakasyon ko, maraming nagsulputang mga lending business sa amin. Mostly they charge 10% per month which is medyo mabigat sa bulsa. Sa 1 buwan kong bakasyon sa Pinas, halos araw2 may pumupunta sa bahay at nanghihiram ng panghulog sa utang kc weekly ang singilan ng mga lending. Napapaisip tuloy akong pasukin din ang ganitong negosyo at kumpitensyahin ang mga existing na.. Cguro 5% is good rate to start kaso napaisip ako. Kahit papano kilala ko na ang mga tao sa amin at pag may mga ganitong klase ng negosyo don eh pahirapan ang singilan. Iba ang attitude ng tao kapag hindi kakilala or connected personally ang inuutangan dahil talagang na-oobliga magbayad.Kaso kung kakilala at sabihin na nating nakikipag kamag-anak iba rin ang attitude.Kadalasan lalabas pang ikaw ang masama at sila pa ang may ganang sumama ang loob sayo.
« Last Edit: Oct 24, 2010, 09:23 PM by Dodong_Pobre »


puberer

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Reply #3 on: Oct 24, 2010, 10:38 PM
^ tama ka sir. 


Mycapital

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Reply #4 on: Oct 26, 2010, 09:21 AM
I've learnt that lesson. Para'ng obliged kang magpautaung sa relatives or kaibigan. But I guess at the end of the day, I realyse na, walang mag care sa akin kundi and aking mga anak and my self.

Post Merge: Oct 26, 2010, 09:24 AM
anyway, back to lending. In my province they are charging 17.5% for 47 days and 10% sa 30 days or a week. and the bumbay's are charging 20%. But they think that's fair. Do you think that's taking advantage of other people's misery?
« Last Edit: Oct 26, 2010, 09:24 AM by Mycapital »


bauer

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Reply #5 on: Oct 26, 2010, 11:14 AM
yes definitely.  it is what they term as 'usurious rates'.  did you ever encounter a person or a company that made it to the top corporations in the philippines with its main business as lending that charges usurious rates?

our court of law also prohibits usurious charges impose in any kinds of loans.  God's law also prohibits such highly unconscionable charges as well. 


nick.reyes

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Reply #6 on: Oct 26, 2010, 02:26 PM
Do you think that's taking advantage of other people's misery?

I think it's not taking advantage of people.  Lenders do not force people to borrow from them.  it's the people who decide to borrow money to lenders because they are in need of immediate cash. 

For some, it's taking advantage, but for lenders it's one a way of helping and at the same time earning. 


bauer

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Reply #7 on: Oct 27, 2010, 12:22 PM
motivated to 'help' borrowers by giving usurious loans?  are you kidding?

taking advantage of less fortunate people most likely.  you know the 7 capital sins?  check out GREED


Mycapital

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Reply #8 on: Oct 27, 2010, 12:42 PM
Thats what I cant work out. They dont seem to care if the interest is too high. I think its because wala na silang choice. And because of sobrang gipit and too much pride. they go for it.

Post Merge: Oct 27, 2010, 12:48 PM
I told them that we should give at least 1% back to the clients at the end of their term if they are good payers. But I was told I will incur the wrath of other lenders. Magkakaroon ako ng kaaway if I initiate that.
« Last Edit: Oct 27, 2010, 12:48 PM by Mycapital »


bauer

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Reply #9 on: Oct 27, 2010, 01:04 PM
Your idea of 1% rebate on interest is not new as banks are doing it already.  Go ahead and try to give rebates to good borrowers so that you can encourage them to keep a good credit standing and at the same time you can attract new good borrowers to do business with you.

do not listen to your competitors nor be affected by their anger.  COMPETE with them Head On so your business will grow!


mitsurugi

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Reply #10 on: Oct 27, 2010, 04:56 PM
Quote
I told them that we should give at least 1% back to the clients at the end of their term if they are good payers. But I was told I will incur the wrath of other lenders. Magkakaroon ako ng kaaway if I initiate that.[\quote]

What they really actually do if you will feel generous?


Mycapital

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Reply #11 on: Oct 29, 2010, 09:20 AM
She actually didnt say any threats. She just said mag iingat ka as mahirap magkaroon ng kaaway.

Anway. I'm still planning to do it. Bauer is right. I need to be competitive. I'm even thinking of making some of those people my agent. But one thing is for sure, I would not like to be taken advantages and I'm sure lendee's dont too.

But I'm still new at this. I might pick up more tips from professionals here at PMT. But this site gave me so much insight of what people actually think of being a lender.

Have a good weekend everyone.


mitsurugi

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Reply #12 on: Oct 29, 2010, 05:24 PM
Hmm...well, yes they will drool with envy probably.

Hey, I have tried to venture in lending business since 2 years ago. And what I did was simple, follow the usual rate - at the moment it is still at 6.5%/month, advanced interest. But, my way making my venture competitive is I give them gifts in special occasions. ;)


puberer

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Reply #13 on: Oct 30, 2010, 12:31 AM
maayos din ang kita diyan pag advance ang interest.   :hello: 


Mycapital

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Reply #14 on: Oct 31, 2010, 01:49 PM
I'm sending a box of goodies this Christmas. Lots of little bit's and pieces like a pocket utensils. I notice in our country you can only buy a decent pocket utensils if you want to spend a lot of money. Otherwise, the ones that you get in the province are easy to bend. I'm talking about the mini knife, wine opener, bottle opener compacted as one.

Post Merge: Oct 31, 2010, 01:51 PM
@ Puberer

My katiwala lend someone P10K, payable P1K interest every month then the capital is to be paid on the month of March 11. I didnt think it was a good idea. Although the interest is good but she's not able to use the capital till March. She agreed. I dont think she'll do that again.

Post Merge: Oct 31, 2010, 02:08 PM
@mitsurugi

That is actually a very good rate. Is that for large sums? Interest that my katiwala charge is is 10% for 30 days. But I'm a bit worried lending more than P10k. At the moment majority of the people are only borrowing between P1k to P5k. It's okey lang kasi less likely na my heart will break if someone couldnt pay. My risk is very minimal.
« Last Edit: Oct 31, 2010, 02:08 PM by Mycapital »


 


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