R.A. 3765 - Truth in Lending Act
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| No Hidden Charges Seaman Loan |
Most seafarer's concern when applying for
seaman loan is the charges and fees as well as interest rates. But there are those who dwell from Metro Manila as well as in nearby provinces like Bacolod who do not know until now that just like any other types of loans offered anywhere in the Philippines should not have any hidden charges. You can read about this in the new lending law of the Philippines through R.A 3765 (Truth in Lending Act") which basically states -
"policy of the State to protect its citizens from a lack of awareness of
the true cost of credit to the user by assuring a full disclosure of
such cost with a view of preventing the uninformed use of credit to the
detriment of the national economy" (quoted from Republic Act 3765 Section 2). You may read further about this factual sheet from
here.
