Loan without title

[Galactus]

Non-banks pwede (financing companies and credit cooperatives). I worked for a confederation of credit cooperatives before and we advocated the non-acceptance of Tax Decs and Certificate of Land Ownership Awards (CLOAs) as collateral/loan documents to no avail. Lalo na sa probinsiya, di pa uso ang TCT.

Pero malamang di puwede sa banko, esp. UB's and KB's, depending on their acceptable collateral policy. Maraming auditors na by nature eh masungit, hehehe (internal auditors and BSP auditors).

[ab_initio]

^^ kasi there's this strict policy on unsecured loans e.it's the bank against the depositors. these banks might be placing the depositor's money at a higher risk. loans are based on the credit applicant's commitment to pay. commitment to pay is ascertained by collateral...

tax dec and other non torrens title are in the nature of a traditional collateral.

[Lucius]

Thanks guys. Any specific company na tumatanggap? How long is the processing? The lot is located in Bulacan

[ab_initio]

any rural banks in bulacan, Sir. they might treat your doc as traditional collateral. (i'L check when i have time ha?)