Late payment

When deciding to issue a loan, the lender sets a certain interest rate for each borrower, the term of the monthly payment and its size. All these conditions are prescribed in the contract, which is signed by the client and the representative of the lender. All clauses of the agreement must be strictly observed by both parties.

When applying for a loan, it is important to repay it on time, otherwise the delay can ruin everything. However, if you pay regularly, you can, on the contrary, improve your credit history. Let’s consider the subtleties of these moments.



  • Loan amount 2.000 - 40.000 PHP
  • Term 30 - 360 days
  • Interest rate 0,08% per day


  • Loan amount 1.000 - 25.000 PHP
  • Term 7 - 180 days
  • Interest rate 11.9% per month
  • Loan amount 2.000 - 15.000 PHP
  • Term 7 - 28 days
  • Interest rate 0,2% per day


  • Loan amount 5.000 - 50.000 PHP
  • Term 7 - 30 days
  • Interest rate 0,8 - 3,5% per day
  • Loan amount 2.000 - 20.000 PHP
  • Term 90 - 180 days
  • Interest rate 0,01 -1% per day


  • Loan amount 10.000 - 20.000 PHP
  • Term 91 - 360 days
  • Interest rate 0,27% per day


  • Loan amount 1.000 - 20.000 PHP
  • Term 10 - 150 days
  • Interest rate 0,15% per day


  • Loan amount 2.000 - 10.000 PHP
  • Term 61 - 120 days
  • Interest rate 0,5 - 1% per day


  • Loan amount 5.000 - 10.000 PHP
  • Term 30 - 60 days
  • Interest rate 0,8% per day


  • Loan amount 2.000 - 100.000 PHP
  • Term 10 - 1800 days
  • Interest rate 0,50% per day

Banks go to court for non-payment

If you’ve defaulted on a loan, you’re not alone. COVID-19 left many Pinoys unemployed and businesses shuttered, and other factors can add up to stress and tight financial circumstances. Medical emergencies, unforeseen events, and rising costs can add up to stress and a delinquent loan. Put off making the payment until you can make it without stress, but if you don’t, the default could only cause your financial situation to get worse.

Borrowers can be fined

If an online loan is not paid in the Philippines, the bank can take the troubled borrower to court to recover the debt. The lender has three years to bring the troubled borrower to justice and take back any property that is the subject of unpaid debts. The borrower is also subject to jail time if he fails to pay the debt. The court may impose fines if he does not pay the loan on time.

There have been several cases of borrowers being contacted by collecting agents for failing to repay online loans. One such case involves a Chinese national, 45 employees of a lending company, and several others. The Chinese national was arrested after he allegedly threatened clients on the phone and harassed them through emails. Despite the firm’s assurances that it does not encourage harassment, one suspect said he was unaware that he had given his own personal contacts to the company.

You can go to jail for non-payment

It’s no surprise that people are scared of going to jail when they don’t make Digido loan payments in the Philippines. In fact, lenders often don’t tell their borrowers about late fees or the penalties that can be charged if they don’t pay on time. The best way to avoid getting into trouble is to avoid applying for any loans in the first place. This may be easier said than done, but it’s crucial to your financial wellbeing.

Fortunately, there are ways to avoid getting into trouble with debt collectors in the Philippines. First, be aware of your rights. Many countries have laws against incarcerating people for debt default. This is a violation of international human rights and violates the terms of the Philippines’ International Covenant on Civil and Political Rights. In addition, you can still accrue interest on your debt despite the fact that you are not paying.

What to do if you can’t pay on time

When you realize that there will be a delay this month, contact the lender. Experts can offer several options for resolving circumstances.

Loan restructuring

This is an opportunity to renegotiate a loan agreement with new, more favorable terms. For example, you can increase the repayment period by several years or reduce the interest rate on the loan. Then the monthly payment is reduced to a more comfortable one for the debtor.

Loan refinancing

This is the transfer of a loan to another bank that can offer better terms than the previous one.

TOP 7 Late payment June 2024
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