Friday, March 07, 2008

Payday Loans Soon in the Philippines

Is Payday Loan Lending soon to be here in the Philippines? I heard in a buzz at the bank just the other day while I was withdrawing money from my account that payday loan will soon be a part of the Philippine banking system.

Payday loans are very popular in the U.K. and some other parts of Europe and this has something to do I guess with the culture of people. In the Philippines however, I don't believe that the same principles can be applied in a payday loan scheme although there are of course some possibilities that this could work with just a few modifications from the original rules and regulations before the lending institution allows people to make a loan based on their salary amount.

Maybe this payday loan could work here in the Philippines but there has to be some other measures and a swift and smooth market study before going into this kind of business.

1 comment:

Devona said...

If and when you do get payday loans there let me know how it goes!