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The Loan Ranger

September 24, 2013

The Loan Ranger

Category: Banking & Finance
Published on Monday, 23 September 2013 18:28


IN the 1930s, an elderly Tonto tells a young boy the tale of John Reid, the Lone Ranger, who departs on his white stallion, Silver, and would shout, “Hi-Yo, Silver! Away!”

The Lone Ranger is so named because the character is the last survivor of a group of Texas Rangers.

An idealistic lawyer, he rides with his brother and fellow Texas Rangers pursuing the notorious Butch Cavendish. Ambushed by the outlaw and left for dead, John Reid is rescued by the renegade Comanche, Tonto, and offers to help him to bring Cavendish to justice. Becoming a reluctant masked rider with a seemingly incomprehensible partner, Reid pursues the criminal against all obstacles. However, John and Tonto learn that Cavendish is only part of a far greater injustice and the pair must fight it in an adventure that would make them a legend.

In the present day there are a lot of rangers who are going after people from the middle class. One of them can be can be seen on the road especially along Ayala Avenue, Makati City, passing out flyers to passersby. Some rangers stay in the office and hunt down people using the power of technology. Another one can be seen in the malls encouraging people to get their product that come with a gift such as umbrella. I am not stranger to this as I often oblige just to get their freebies.  These rangers are so good in convincing their targets that if one is not careful, he runs the risk of falling into the debt trap.

These rangers are what we call the Loan Rangers. Their job is to get people agree to the idea of what they are offering. The first kind offers quick- cash loan even without collateral. If one is in dire need of money, he will not think twice in availing of that offer. The second one is the credit card offer. which upon approval, this will mean instant money that can be withdrawn anytime. This is a great convenience especially during time of need. However, convenience has a price. If mismanaged, the temporary convenience will become a source of unnecessary stress coming from the building up of interest charges. The temporary joy of getting easy money will now be replaced by anxiety and worry.

Not only that, another set of ranger will haunt him. This time around it will be the collecting department who will use harassment in order have the borrower pay up. I have often encountered people who are deep in credit card debt who are often being run after by the credit card companies for their growing outstanding debt. They will often blame the credit card companies for misery but in reality it is their wrong behavior which led them to their present predicament.

Please allow me to share some techniques whenever these loan rangers communicate with me:

1. Decline the offer.  This is the best way to prevent going into debt. Since this is an offer that will definitely take away money from your pocket, politely decline the offer. I always use a joke to ward them off. I tell them that I always have asthma when I receive such offers. When they ask me to elaborate, I smilingly tell them that I have to ask my wife. This is only an alibi but it works for me.

2. Make a counter-offer. Since I am in the field of sales, what I do when I am being offered is to gradually shift the topic and turn the table around. I will be the one making an offer to the point that the sales agent will try his best to end his conversation with you. I used the Golden Rule “Do unto others what you would like others do unto you” to scare them away.

3. Accept the offer. If all else fail, just accept the offer and do not use it. Many times I was offered credit card and when I run out of reasons, I accept the offer but make it a point to keep the card away from me.  Out of my 15 credit cards, I only use two (one for personal and one for corporate). Credit cards are handy especially in times of emergencies. Just do not abuse it.

Instead of being the target of the loan rangers in getting our money,  one must try his best to be a lone ranger in looking for people or group who can help in improving his finances just like I experienced in the past. Having learned personal finance a decade ago, I decided to become a lone ranger who runs after knowledgeable people and group to learn more.

Are you hunted by the loan ranger or are you a lone ranger?


Mon Lao is registered financial planner of RFP Philippines. To learn more about financial planning and how to become RFP, attend their free personal finance talk on September 26, 7 p.m. at PSE Ortigas. To reserve, e-mail or text <name><mobile><RFP> at 0917-3464126.


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