One of the significant differences in the everyday life of a Canadian to that of a Filipino is in finances. An example would be in getting a loan. For my fellow Filipinos, getting a loan in the Philippines have a lot of room for improvement. The fastest processing time in the Philippines to get a cash advance from would be a few days. Unless of course if you approach loan sharks, which takes a few hours at least. Some of the banks accept online applications for cash advances, but it usually takes 24-48 hours to process as well. Quite inconvenient if you ask me, especially if you're in dire need of money, and time is of the essence.
Here in the US and Canada, getting a cash advance or a loan is quite easy. There are a lot of banks and lending companies that accept online loan applications, and some even give you your much needed cash within half an hour or up to a few hours. This is quite convenient since everything is done online, and once approved, the money is deposited to your checking account. No need to go to the bank or lending office, no need to fill out forms, and no need to wait for days.
I am hoping that the Philippines will be able to adapt this kind of lending system for convenience.
Your idea is good but this kind of lending system is not yet applicable to Philippines. If majority of poor Filipino can easily get a loan from a bank, for sure within few years the bank will go bankrupt due to the simple fact that he/she can not pay back the bank loan when it matures since most of Filipinos are unemployed or live beyond their means.
ReplyDeleteMost OFW's lend money to their relatives and friends. And most of the cases, the debt will be forgotten.