When comparing loans in the Philippines, don’t depend only on the interest rate published. Some loans advertised as cheap loans are not really cheap.
And the reason is that the total interest for the whole term of the loan is deducted immediately. Hindi mo makukuha yong total loan amount na inaplayan mo.
Example itong nakita kong loan na ang collateral ay motor vehicle. Hindi na nila kukunin yong sasakyan mo, pero you need to give a copy of your OR and CR.
Ang loan amount is 10,000 pesos at ang interest rate ay 2 percent a month lang daw. Ang galing, di ba? Iisipin natin, cheap loan, 200 pesos lang a month ang interest, at kung hihiramin natin ang pera for one year, 2,400 ang total interest natin.
But it’s not. With this company, if you borrow 10,000 pesos for one year, you will get only 7,994 pesos and then you pay 1,034 a month for 12 months.
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If we compute, in one year, we’ll be paying a total of 12,408 pesos. Pag i-compare mo sa 10,000 loan amount, 2,408 yong total interest, pero kung i-compare mo sa 7,994 na nakuha mo, ang total interest ay 4,414 pesos — almost half ng loan amount at more than half ng nakuha mo!
Sa 50,000 pesos na loan amount, 44,090 ang makukuha mo, at ang monthly payment mo for 12 months ay 5,167. Kung i-compare mo sa loan amount na 50k, ang total interest na maibabayad mo after 12 months ay 12,004 pesos — pero,kung i-compare mo sa pera na nakuha mo, ang total interest ay 17,914 pesos!
We could say that most lenders advertised cheap loans which aren’t really cheap, but there are loans where the interest is not deducted immediately.
Hi mj, saan ba nanggaling at anong ginamit? Pag galing abroad, iba-iba ang bilis, from instant credit to 3 days. Pag online banking na the same bank, dapat instant. Pag online banking na different bank, ang transfer ay puedeng the same day to 2 days.
Hi po! Paano po kung napadala na yung pera sa ATM ko pero wala pang lumalabas/pumapasok na pera sa ATM card ko. Sana po masagot itong along katanungan. Salamat po
Ito nga pala po exact address namin sa pilipinas. B40 L9 PHASE 2b BARANGAY ANAHAW II BULIHAN SILANG CAVITE at ang pinakamalapit pong BDO branch sa amin SM DASMARIÑAS BRANCH
Nandito po kami sa vancouver canada. Ask ko lang po ung exact address dito ng BDO SA Vancouver Canada kasi gusto ko po sana mag open acct. In Dollar or Peso Magkano ba po initial deposit at maintaining balance . Anu ano po requirments sa pag open ng acct at magkano po interest pag savings in ATM AT passbook. Ilang araw po bago magkaroon ng Acct # at ilang buwan po bago mareceive ung Atm Or Passbook. Hoping for ur reply
Hi Rolyn, BDO ATM savings refer to your BDO ATM account. You have a BDO ATM account no. and you have a debit atm card.
BDO ATM debit card refers to the atm card given to you when you open your atm savings account. The no. on your debit card is not the same as your account no. You can see your account no. in your first deposit slip.
Hi good day !pls. let me know if bdo ATM debit card is the same with bdo ATM savings? Thanks
Hi rayman, the main reason is: many lenders immediately deduct the total interest from the loan, so what you get is an amount much lower than the total loan amount. Kumbaga, merong amount na napatungan ng interest pero hindi mo naman nagamit, kasi ibinawas na agad sa principal loan amount.
ma’am,just want to clarify the above post. Was there a logical explanation as to why it appears that there is double charging of interest?