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Borrowing from a Remittance Center (e.g Cebuana Lhuillier)
#1
Some Remittance center in my country offering small installment loan. Is it good to avail that? Is there any cons? How many percent is the interest?
Is there someone already tried that loan? What are the conditions?
Thank you very much.
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#2
Remittance centers in the country you specified for like Cebuana, M Lhullier, Palawan and the like are not really providing installment loans like the money loan itself. I'd like to make a disclaimer that my information might not be updated but what these remittance centers are referring to as an installment loan is a pawned jewelry. Basically, you need to have a good quality of jewelry that will pass their criteria and from there you will have the assessed value of it. They just simply called it installment loan because they will give you an option to pay for it for the number of months that is convenient for you.

     Now in case you didn't make it to your deadline then the jewelry you pawned will be forfeited.
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#3
(01-15-2018, 01:07 AM)babyblue09 Wrote: Remittance centers in the country you specified for like Cebuana, M Lhullier, Palawan and the like are not really providing installment loans like the money loan itself. I'd like to make a disclaimer that my information might not be updated but what these remittance centers are referring to as an installment loan is a pawned jewelry. Basically, you need to have a good quality of jewelry that will pass their criteria and from there you will have the assessed value of it. They just simply called it installment loan because they will give you an option to pay for it for the number of months that is convenient for you.

     Now in case you didn't make it to your deadline then the jewelry you pawned will be forfeited.

I agree with this one. I haven't heard that Remittance centers are now accepting loans. As far as I know, you can pawn your pieces of jewelry from them. You can also send and receive money from them that's why they called remittance center. If ever they add some services like loans it's good news so people have other options to borrow money.
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#4
I think it is the personal loan of Cebuana with 3 stages the happy/happier/happiest loan with 3 cycles each. Those stages were made to track if the debtor has good record before he/she can proceed to the next stage and could qualify for larger amount of loan. They are offering a micro loan with I think (if it didn't changed) 5% monthly interest payable for 3months. It is unsecured loan, that is very easy to avail with lesser requirements and faster approval. What I don't like about it is the monthly interest rate of 5% plus you will also have to pay for a service charge of 4% per availment.
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#5
I agree to cebuana Lhuillier because in my country in the philippines its very helpful in my community it helps to get money that came from the sender of the money easy and fast and also have a pawnshop. It remit easy and fast have little interest rate but its low and not very affected to the people in my country.
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#6
(01-15-2018, 01:07 AM)babyblue09 Wrote: Remittance centers in the country you specified for like Cebuana, M Lhullier, Palawan and the like are not really providing installment loans like the money loan itself. I'd like to make a disclaimer that my information might not be updated but what these remittance centers are referring to as an installment loan is a pawned jewelry. Basically, you need to have a good quality of jewelry that will pass their criteria and from there you will have the assessed value of it. They just simply called it installment loan because they will give you an option to pay for it for the number of months that is convenient for you.

     Now in case you didn't make it to your deadline then the jewelry you pawned will be forfeited.

This is correct! So be wary of the things you hear from friends or misread advertisement. Now there are some pawnshops, well, small time pawnshops who accepts gadgets as well but they're really picky. If you're looking for a loan I'd suggest to go to search for the most go to loan place in your area. And make sure they have good reviews and stuff.
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#7
(01-14-2018, 10:43 PM)kimberleemolon Wrote: Some Remittance center in my country offering small installment loan. Is it good to avail that? Is there any cons? How many percent is the interest?
Is there someone already tried that loan? What are the conditions?
Thank you very much.

I don't really think it's possible to borrow money from remittance center, from what i've know remittance center is mainly for sending money or remitting money. If it is true then would be great.
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#8
(01-15-2018, 10:02 AM)Heart Wrote: I think it is the personal loan of Cebuana with 3 stages the happy/happier/happiest loan with 3 cycles each. Those stages were made to track if the debtor has good record before he/she can proceed to the next stage and could qualify for larger amount of loan. They are offering a micro loan with I think (if it didn't changed) 5% monthly interest payable for 3months. It is unsecured loan, that is very easy to avail with lesser requirements and faster approval. What I don't like about it is the monthly interest rate of 5% plus you will also have to pay for a service charge of 4% per availment.

I always transact in Cebuana but this is just the first time I heard that they now offer personal loan.  It's a good thing though because at least there's an additional option where to take a trusted personal loan.
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#9
Isn't this just a pawn shop? In my opinion this is not a normal loan that requires security. Even when you get a mortgage the bank does not come to stay in your house? I think you need to be careful, this is just a normal pawnshop and they should charge you very little interest because they have your jewellery. Be careful, something smells fishy to me.
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#10
As far as I know they don't really offer such loans. I think they are just like pawn shops wherein you will pawn youe valuable item in exchange of the money. In case you did not pay it or were not able to pay it, it will now become a property of that remittance center.
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