Collectors. For some MFIs, this option seems simple - to resell the loan to collectors and not be responsible for their client. MFIs are interested in ensuring that its customers repay loans on time. We do not have collectors, we always meet our customers, and we try to resolve all disputes in a legal manner. That is why our customers are not afraid to contact us again - they are confident in their safety.
Debt bondage. Such a term is used by those who did not calculate their strength in obtaining one, and more often several loans and borrowings, and subsequently cannot pay for a long time loan philippines quick cash. To avoid such a situation, you should soberly assess your capabilities when applying for loans.
When you should not take a microloan
You need an amount in excess of the maximum amount of a microloan, and you plan to arrange several loans in different MFIs.
You admit or are almost sure that you will not be able to repay the loan on time.
You already have outstanding loans or borrowings that repay more than half your salary.
If you are a bona fide borrower who is sure that he will be able to fully repay the loan on time, making a microloan at the MFI “Loan Point” is completely safe for you.