Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

Foreigners (13a) and loans

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Foreigners (13a) and loans on Mon Nov 20, 2017 9:32 pm

armygruntjoe


Arresto Menor
If a foreigner has been living in the Philippines for years, is married to a Filipina, and has a verified 13a PERMANENT RESIDENT VISA...

Is it legal for a business to refuse a loan "because you're a foreigner"?

Background: Loan was for a cheap motorcycle, valued at less than 130k PHP.

View user profile

2 Re: Foreigners (13a) and loans on Tue Nov 21, 2017 12:40 pm

xtianjames


Reclusion Perpetua
Did his nationality changed to Filipino? most probably no since he only has a permanent residence visa.

View user profile

3 Re: Foreigners (13a) and loans on Tue Nov 21, 2017 5:06 pm

armygruntjoe


Arresto Menor
Foreigner is not a Filipino citizen..."FOREIGNER", but has a permanent resident visa 13(a), is married to a Filipina, and has been living in the Philippines for 4 years.

All I am asking is:

Is it legal for a business to deny a loan "because you're a foreigner" if you are legal to transact business like this according to the Immigration office?

View user profile

4 Re: Foreigners (13a) and loans on Tue Nov 21, 2017 5:39 pm

xtianjames


Reclusion Perpetua
The business has the sole authority to decide who they will give their loans to. There is no law that will compel any business to force them to give out a loan to someone who they deemed not eligible.

IMHO being a foreigner, you have the option to return to your country whenever you want. Hence, if you returned while the loan has not yet been paid, it will be hard for the company to chase you. I think this risk is what they want to prevent.

Anyway, since you have a Filipina wife, why not put the loan under her name?

View user profile

5 For me... on Tue Nov 21, 2017 9:10 pm

armygruntjoe


Arresto Menor
Truthfully, the reason why I had not done that already is that I am planning in the future to apply for citizenship. I want a paper trail that shows I am a good citizen, I pay my bills, and if I can build credit here, it would show that I am trustworthy.

I'm taking things in small steps as much as I can to build a life. It's just very frustrating to be refused at every turn.

View user profile

6 Re: Foreigners (13a) and loans on Thu Nov 30, 2017 8:00 am

Lunkan


Reclusion Perpetua
armygruntjoe wrote:Truthfully, the reason why I had not done that already is that I am planning in the future to apply for citizenship. I want a paper trail that shows I am a good citizen, I pay my bills, and if I can build credit here, it would show that I am trustworthy.

I'm taking things in small steps as much as I can to build a life. It's just very frustrating to be refused at every turn.
It's common foreigners are treated some EXTRA unfair, but much happen which is very unfair specialy to poor Filipinos too.

Although other poster is right, lenders can decide who to lend to of ANY reason, even without telling why. And both foreigner and a motorbike can leave the country. I don't know but brokers say it's often approved when the collateral is real estate so it can't be moved Smile

Many Filipinos are refused too, even when it's for proper prepared business, which a government program were MADE to support poor to start businesses. So a Filipino, who I know a bit, got very frustrated when he came with his propermade business plan, but handler refused because the poor didn't have collateral!! OF COURSE poor don't have collateral normaly, because that's a part of being poor...
And banks normaly demand a FILIPINO business to be up and running at least 3 years before banks even think of giving a loan! If it's a good businesses then no loan is needed after 3 years...

(Compare:
In my home country, I went to a bank and did draw some predictions from my head on a paper siting there Laughing Within less than an hour the bank doubled the start capital I had saved...
Btw - in less than 6 months I didn't need that check credit anymore, did even beat my predictions Smile

View user profile

Sponsored content


View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum