It has been a goal for me to look for a good loan provider for my business for expansion purposes. I’m willing to pay for the interest charges because I will use the loaned amount for business. So in July 2016, I tried Cebuana Lhuillier’s loan offer. I met with their sales representative and forged a deal.

Here’s the sample loan computation I got from them:

Loan Amount : 150,000

Duration (Month) : 12

Monthly Payment : 14,183.94

Total Payments: 170,207.28

Total Interest Paid : 20,207.28

Estimate Interest Rate: 1.12% monthly

It’s lower than most banks and that amount can go a long way for any business. But in reality, I only loaned for a much smaller amount since I really didn’t need that big amount anyway.

I submitted the following document (as far as I can remember, I might be forgetting something too!)

  • Filled up application form
  • Bank statements (if you have an online banking system, you can simply print it)
  • Billing statement (office and home address)
  • Valid IDs

My application was approved in 2 weeks, I was then met by the representative to collect the 12 PDC (post dated checks) for my payments for the facilitation of the loan release. The representative gave a list of due dates that you will put on the PDCs as well.

Upon loan release the amount was deposited in my bank account, I learned that they will deduct fees. So for example, I loaned P80,000 in reality I only received around P74,000 because of the fees (and I guess the sales rep’s commission).

So everything went pretty well because I paid for my due dates, no bounced checks whatsoever. I never heard from them again even after my last payment passed (August 2017). Oh, except when the time I got a message from the representative saying he’s not with Cebuana Lhuillier anymore and he directed me to another person. But again, I never heard from them.

UNTIL February of 2018, where I received a call from a vile lady telling me she’s from Cebuana Lhuillier’s collection department and that I have many months of payments due. I am so shocked because it has been months since my last checked went through. And didn’t they have my PDCs? Surely, the bank would have called me if I had bounced/bad checks for MANY MONTHS, as she said.

I calmly said that she better check their records because I am very sure I paid well and good. I didn’t like what she replied to me because she’s very harsh and judgmental. AND, she had the gal to cut the line.

I was so furious because I know I paid well! I even had all those 12 checks kept- you know when the bank send you all those checks per month? Yes, I keep them. And it’s good I kept them!

So I called the representative (the new guy) and explained about the call. He promised he was going to take care of it. I told him, the lady better give me PROOF that I didn’t pay on months that she mentioned. I even got her name but won’t mention it here. The rep guy told me he will ask for the billing statement and have it sent to me via email. It never came of course. I kept badgering because I was so bothered and angry.

February 21- I followed up but it was only after 7 days that I got a – You are cleared. WTF.

No apologies from the collections department, no remorse.

I waited for the statement of account so I can slap them with my bank statement clearly stating the check went through and were credited on their darn account.

I mean, are these collection people even briefed how checks and banks work? Surely, a month or two of bad checks will cause my checking account closed and them calling me like crazies for sure. BUT 6 months onto my last cleared payment, they’d be harassing me for nothing? So bad.

SO are you thinking of getting a loan from Cebuana Lhuillier? Up to you 🙂 Just telling you my personal experience.

I cannot recommend Cebuana Lhullier loan service to anyone until they prove that their system has improved and that their collection department has learned manners.