Borrowing money is a common part of life. Whether for an emergency, a major purchase, or an investment, loans can be a helpful financial tool. However, not every loan experience is positive—some borrowers encounter aggressive, unethical, or even illegal practices from unscrupulous loan providers.
At Globewest Finance, borrowing should be a transparent and secure process. You have rights as a borrower, and understanding these rights will empower you to make informed decisions and protect yourself from scams, unfair treatment, or harassment. Here are the most essential things you need to know.
You have the right to clear and transparent terms
As a borrower, you are entitled to a clear understanding of the terms and conditions of your loan.
- Interest rates. The provider must disclose the annual percentage rate, detailing how much the loan will cost you over time.
- Payment schedule. You should know how often payments are due and what happens if you miss a payment.
- Additional fees. Any extra charges, such as processing or late payment fees, should be explicitly stated.
Know that you are protected under RA 3765, or The Truth in Lending Act. The law requires lending companies to disclose interest rates, fees, and other charges clearly, without misleading or taking advantage of the borrower. The same law allows for fair collection practices in case the borrower defaults.
Globewest Finance is a Filipino loans company that prioritizes transparency by providing detailed loan agreements in simple language. You’ll never be left wondering about hidden costs.
You have the right to fair treatment
Harassment from loan providers is not just unethical—it’s often illegal. Fair treatment means you should never face:
- Aggressive collection tactics. You shouldn’t be getting repeated calls or threats. The loan provider should never contact you outside reasonable hours.
- Discrimination. Loan terms should not be affected by your race, gender, age, religion, or any other personal characteristic.
For guidance, look into RA 7394 or The Consumer Act of the Philippines, which covers the protection of consumers, including borrowers. It prohibits unfair or abusive acts by creditors, especially in collection practices.
At Globewest Finance, we promise to treat every customer with dignity and respect, ensuring fair and ethical interactions at all stages of the loan process.
You have the right to privacy
Your financial and personal information should always remain confidential. Loan providers are required to protect your data under privacy laws.
- Your information should never be shared with unauthorized parties without your consent.
- Your loan details should never be made public in order to embarrass you or pressure you into paying up.
RA 10173 or The Data Privacy Act of 2012 protects an individual’s personal information. Lending companies are not allowed to share information to any third party, including the borrower’s family, friends, and colleagues, unless explicitly given the permission to do so by the borrower.
Globewest Finance strictly adheres to privacy policies to keep your information secure. Your trust is our priority.
When you are facing harassment
Protect yourself from unfair treatment through the following:
- Document everything. Keep records of all interactions, including dates, times, and the nature of the communication.
- File a complaint. Report the lender to the regulatory body. In the Philippines, the Securities and Exchange Commission (SEC) governs loan companies.
- Know your rights. Do not succumb to pressures or threats. Educate yourself with consumer protection laws and know what mechanisms can protect you.
Be a responsible borrower
Understanding your rights as a borrower is the first step to a responsible and safe borrowing transaction. You are accountable for paying back what you owe, but also remember that you deserve a professional and fair treatment.
When you choose Globewest Finance, you’re choosing an ethical lending partner that prioritizes your rights and respects your financial journey. Let’s make MORE possible!
Access our quick, transparent, and fair loans at globewestfinance.com.
