Even if you plan your finances responsibly, life often has other things in store. Home repairs following a typhoon, unexpected school fees, or a sudden hospitalization can leave you with a gap in your cash flow. While having enough savings is ideal, taking out a loan is sometimes the most practical way to move forward.
As the Philippine economy improves, low interest personal loans have started to become more accessible to a wider spectrum of Filipinos. Regular Filipinos are no longer obliged to turn to informal lending products when times get challenging.. However, the growing demand for loans has also opened the floodgates to questionable offers and outright scams.
While your options can be a bit confusing, it still pays to be discerning. Maya, a licensed digital bank supervised by the Bangko Sentral ng Pilipinas (BSP), offers a safer, more convenient way to access credit. Whether through Maya Personal Loan or Maya Easy Credit. Maya is focused on giving users transparent terms, quick approvals, and secure access to funds. Even better, unlike informal loans, a properly managed Maya loan or virtual credit line can contribute to a better credit history, helping you secure more financial options in the future.
In any case, you want to make sure the loan and credit solutions you’re considering can truly help you achieve your goals. Here’s how you can tell if a loan offer is legit or something to stay clear of.
Indications That a Loan Offer Is Legitimate
1. The Lender Is Registered with the BSP or SEC
In the Philippines, lenders are required to be registered with either the BSP or the Securities and Exchange Commission (SEC) before they are accredited. You can easily verify if a lender is registered via the BSP or SEC websites. Maya is a BSP-supervised financial institution so you know your loans and the rest of your borrowing experience are protected by Philippine law.
2. There Are Clear Terms and Transparent Fees
A legitimate loan provider will give you all the information you need up front, with no deep dives required. You can expect to see your total loan amount, personal loan interest rate, credit line service fee, payment schedule, due dates, and any other applicable fees with no fuss. With Maya Personal Loan and Maya Easy Credit, all these details are shown clearly within the app, with no surprise charges hidden in the fine print.
3. You’re Not Asked for Upfront Fees
Demands for a “processing” or “activation” fee before disbursing your loan are a major red flag. Legitimate lenders will always deduct any applicable fees from the disbursed amount or during repayments, not before you actually take out a loan.
4. You Get a Professional Application Process
If you’re asked to submit sensitive personal information via email, Facebook Messenger, or Viber, you may want to look elsewhere. Trusted lenders have secure, app-based or web-based systems for collecting this kind of information. Maya users, for instance, can access loan offers directly through the Maya App, with no third-party intermediaries required.
5. The Lender Respects Your Privacy
Scammy operators often may threaten to “expose” you to your contacts if you don’t repay, sometimes sending dozens of spam messages a week to pressure you into paying. Legitimate lenders, on the other hand, must abide by the Data Privacy Act and will never use scare tactics like these. Maya’s lending services are discreet, with your privacy and security built into every step of the borrowing journey.
6. You Can Easily Contact Support
Legitimate lenders should be reachable through at least one verified customer support channel. Often, they’ll give you a choice of a working hotline, email address, or in-app help system. Maya offers support right through the app so you can get assistance whenever you need it.
How to Avoid Shady Lending Offers and Scams
1. Don’t Trust Offers That Seem Too Good to Be True
If someone promises you a huge loan with zero interest and no requirements, even if you’ve never applied before, you’re right to be suspicious. Scammers will try to bait you with overly generous terms then start applying pressure once you’re hooked.
2. Avoid Lenders That Use Aggressive or Pushy Tactics
If someone is pressuring you to “apply now before the offer disappears” or discouraging you from reading the terms and conditions, step away.
3. Do a Background Check Before Applying
Look for online reviews, complaints, and the lender’s BSP/SEC registration. If you see reports of harassment, aggressive debt collection, or surprise fees, look elsewhere for your funding.
4. Don’t Settle for Vague Answers
If the loan listing or agent avoids giving straight answers to your questions, that’s a major red flag. This is especially true if you’re asking about terms, service fees, or personal loan rates, since these have a major impact on your ability to pay. If they’re leading you in circles, chances are, they’re trying to hide something.
5. Trust Your Instincts
If something feels off, chances are that it is. Whether it’s a poorly designed website, poor grammar from the loan agent, or anything “off,” just go with your gut. There are better options out there.
When in Doubt, Choose Maya
Scammers are getting better at what they do. Thankfully, more transparent loan options now exist for everyday Filipinos. Maya Easy Credit offers a credit line of up to PHP 30,000 with clear terms, instant access, and built-in repayment tools, all in the convenient Maya App. With service fees as low as 3.99% and a flexible 30-day repayment period, it’s a smart solution for short-term cash needs that you can pay off quickly.
If you need more financial breathing room for bigger obligations, Maya Personal Loan gives you the chance to borrow up to PHP 250,000, with repayment terms of up to 24 months. And with add-on rates starting at just 0.77% per month, you can manage larger expenses like medical bills, school tuition, or business funding without the fear of draining your savings. The entire process is digital, so you can apply, get approved, and receive your funds, all from your phone.
So the next time you’re considering a loan, choose one that puts your financial well-being first. Check your Maya App to see if you’re eligible for our lending options.
