loan with lending company where pdcs were issued

hi po!
need advice po abt a loan with a lending company
they charge 6.75% per month, upon application, sabi po eh meron daw pong choice to pay loan amt in 6 months, 12 months, etc pero nung na approve na po sya, automatic nilagay po nila sa contract na 12 months payable and since approve na daw po and after waiting the whole day, i end up accepting nalang po since kelangang kelangan din po kc ng cash during the time

loan amt was 25k and ung total payable po sa 1 year is 45k which means halos 100% po ng loan amt ang interest. legal po ba ito? plus nung nag issue po sila ng cheque, wala naman po silang prinovide na copy ng contract

may payments po kc na nag bounce cheques dahil sobrang gipit po

pano po ba procedure ng bank pag ganito?

thanks po

ems31 wrote:
they charge 6.75% per month, upon application, sabi po eh meron daw pong choice to pay loan amt in 6 months, 12 months, etc pero nung na approve na po sya, automatic nilagay po nila sa contract na 12 months payable and since approve na daw po and after waiting the whole day, i end up accepting nalang po since kelangang kelangan din po kc ng cash during the time

loan amt was 25k and ung total payable po sa 1 year is 45k which means halos 100% po ng loan amt ang interest. legal po ba ito? plus nung nag issue po sila ng cheque, wala naman po silang prinovide na copy ng contract

Legal po yun PROVIDED, lahat ng interest rate ay nakalagay sa contract of loan nyo, otherwise the lending company or bank violated the "truth in lending act"-batas po to na nagsasabi na DAPAT ilagay sa contrata lahat ng rate interest pati mga babayarin, for short wala dapat mga "hidden charges", "hidden interest in case of default or non payment in form of penalty"

Sa palagay ko from 25k to 45k BAKA meron pang mga "hidden charges" yan, which is bawal if hinde nakalagay sa contract.

You should have a copy of the contract, try to look at it, kung wala dun yung mga "other charges" maliban sa agreement na 6.75% / month then VOID yun, you can question that in court.