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Requirements to Comply
Complete requirements ensure faster personal loan process.view our faq to learn more
For Salaried and Commission-based Employees
- Government Issued ID
- Company ID
- Latest One-Month Payslip
- Two Proof of Billings
- 2 Government Issued ID
- Bank Statement
- Mayor’s Permit
- Two Proof of Billings
For Taxi/Uber/Grab Drivers
- Driver’s License
- Driving Permit Grab)
- OR/CR of Vehicle
- Provisional Authority or Certificate of Public Convenience (For Grab)
Comprehensive Guide to Personal Loan
In a perfect world, you would have enough money to fund your life’s expenses without any worries. However, that is not the case in the real world. There will be times when borrowing money is your key to have a better life, reach your dreams or even survive until the next payday.
Now, getting a personal loan is more convenient. You can apply online, wherever you are, any time of the day. Here are what you should know about the modern personal loan.
Payday loan is a short-term unsecured loan for employees with a full-time status in their current company. This type of loan is also known as salary loan because this loan used to be settled on the next payday of the borrower. Nowadays, registered private lenders are offering more flexible repayment terms such as weekly, bi-weekly or monthly.
Filipinos who opt for payday loans usually borrower cash depending on how much they need till the next salary day. Payday loans give employees easy access to cash for both planned and unforeseen expenses. While it may seem to only offer immediate benefits, payday loans actually give long term advantages too such as a chance to build positive credit history.
Isn’t it heartbreaking when you need cash but there is no one to give you financial assistance? It is also stressful to apply for a loan which requires physical appearances and a long list of requirements.
Luckily, you can now get payday loans online. SEC registered online lenders offer salary loans with repayments terms that are tailored fit for you. Let’s say your salary is every week, then you can repay the loan weekly. If your salary is on 15th and 30th or 5th and 20th of the month, you can choose the bi-weekly repayment term.
Aside from this, the requirements are lesser compared to the traditional loans. You just have to provide a government ID, proof of billings and proof of employment. Simply upload the documents in the online application form and wait for the credit verification call. Isn’t that easy?
Personal loan for home renovation and upgrades
Filipinos usually have dream homes that they want to build for their family. In fact, 51.7% of Filipinos acquire their homes through purchase while 39.4% inherit their homes. However, there are times when home renovation and upgrades are needed for additional comfort.
Let’s say your home occasionally gets flooded. You need to renovate it while it is still summer. If your savings are not yet enough, get additional funds through online personal loans rather than worry for your family’s safety in the rainy season. This is especially significant for us since Philippines get numerous typhoons with heavy rains and strong winds.
Personal loan for tuition and other school fees
Use personal loans to pay Jun-jun’s tuition and Nene’s field trip fees. Most Filipinos value education. It is a usual scenario when the breadwinners are willing to sacrifice anything just to provide the best education to the children in the family.
As they say, “kahit gumapang mairaos lang ang pag-aaral.” Good thing there are online personal loans with low-interest rates that we can now access to help with the occasional school fees.
Personal loan for furniture
Got a new home but no furniture to finally enjoy its comfort? You can use an online personal loan to purchase chairs, tables, dividers, beds, cupboards and more. There no need to wait if you want to live comfortably now.
Personal loan to purchase appliances and electronic gadgets
What if your fan or aircon suddenly broke down during the summer heat? Why suffer and risk heat stroke if you can have it fix or buy a new one anytime?
Moreover, if you have no refrigerator, the chances are your food will spoil in no time leading to more wasting of money. New versions of refrigerators are also energy savers.
Additionally, smartphones are a necessity nowadays. From catching up with your loved ones overseas to booking your rides, it is hard to get by without a smartphone.
Getting an online personal loan gives convenience more than you can expect.
Personal loan for vacation and travel
Some of us seldom get a long vacation and when we finally get the chance, it is hard to pass up especially if it is a rare occasion that you spend with your loved ones. Why will you let go of the rare opportunity if you can get a loan to enjoy it?
On the other hand, most Filipinos living in Metro Manila get that urgent moment (it could be a sick relative, a wedding, an OFW homecoming or a grand reunion) when they need to go home to the province. Families here in the Philippines are usually close-knit. Traditions and other events or holidays such as the Holy Week and All Soul’s day mean going back to the province and spending time with relatives.
You can consider getting an online personal loan when these travel needs arise.
Personal loan to pay off credit card
Got a couple of credit cards to pay. When this happens, it is typical that you get confused with payment details such as due dates, interest rates, the cycle of billing dates, and balances. It is best to get an online personal loan to pay them off. This way you just have to settle one loan with clear payment details. At the same time, your moneylender can provide flexible terms to fit your payment capability.
Personal loan for special events
We love celebrations! Occasions like fiestas, anniversaries, birthdays, graduations, and despedidas are special events that many can’t let pass without any party. Thankfully, there are flexible online personal loans with competitive interest rates.
Personal loan for medical emergencies
Medical emergencies sneak up on you and surprises you when you thought your finances are under your control.
Here in the Philippines, Filipinos will not get medical help because it is expensive. This is the bitter truth. Even those average income earners would rather spend their money on their basic family needs rather than buy their medicine and get professional medical advice.
What if you got sick more than you can bear and you need to undergo a procedure but you realize that you can’t afford it? Or what if you or your loved ones got a medical emergency but you don’t have enough savings? Online personal loans let you pay off your medical bill within the day. Furthermore, you get the freedom to settle the loan in a more flexible repayment term.
Personal loan to improve your credit history
Taking out a personal loan actually helps you improve your credit score. When you get a housing or car loan, you could be surprised if you get declined instantly. Either you have no credit history to prove your creditworthiness or you have negative score showing you as a risky borrower.
No worries, you can have a positive credit record with an online personal loan. Registered money lenders who are active submitting entities in Credit Information Corporation (CIC) will submit your good payment habits to the credit bureau. As long as you meet your payments on time, your records will remain squeaky clean.
Once you decide to get a loan from banks to buy your dream home or car, you will easily get approved once the bank sees that you are a good risk borrower.
Personal loan to start up a business
One job is not enough for a hardworking breadwinner even now that most of us have untaxable salaries. The basic goods have continuously increased their prices and even hike fares are impending.
You can use an online personal loan to start a business and have another source of income aside from your current job. You can pay your loan with the revenue of your new business or side hustle. As soon as it gives regular profits, you can enjoy having a financial breather.
You see, personal loans are usually multi-purpose loans which you can use in any way you want. May it be an emergency or a planned circumstance, having a personal loan when you need it the most gives you an assurance that all will be fine.
Types of Personal Loan
There are two types of personal loan: secured personal loans and unsecured personal loans.
A personal loan with no collateral is technically known as unsecured loans. This is because you don’t need to pledge a property to get a loan against it. Most money lenders based their loan approval on your creditworthiness or capacity to pay your requested loan amount.
There are various factors that can help you get sure approval for a personal loan without collateral. If you fit the money lender’s eligibility requirements, you have to submit the complete application form and required documents. All information must be consistent and true. Having a good credit score is also a plus but not having a credit record will not affect the lender’s approval.
Secured personal loans require borrowers to pledge a property to get a loan. The loan amount must be covered by the current market price of the collateral. This means the amount you can borrow is highly limited.
In addition, the process takes longer turnaround time than the no collateral personal loans since you will have to submit additional documents to prove your ownership of the collateral. Aside from this, you might even pay for the assessor who will evaluate your collateral’s value.
The bottom line is that should you fail to settle the loan as agreed, you will lose your collateral which could also have sentimental value to you.
Qualities of the Best Personal Loan
There are various factors to consider when looking for the best personal loan.
The Philippines now enjoy the services of online moneylenders. Gone are the long processes, the long list of requirements and grueling credit investigations.
When in need of emergency funds, it is best to find a moneylender who can provide online personal loans in just a day or even in an hour.
The internet has been making our lives more convenient by bringing products and services to us in the comforts of our home. Getting a loan nowadays is no different. Moneylender can process and disburse a loan in a day provided that you are able to complete your application form and required documents on the same day.
The online personal loan process is quick and simple, however, it is usually prolonged or put on hold because some borrowers fail to comply with the basic requirements.
When applying for a personal loan it is best to review the details in the application form. Make sure it is duly completed. In addition, make sure that your contact details are all correct and still available. As for the documents, it is important to submit clear colored copies.
Once you have provided everything, make sure that your phone number is available to receive a call from the credit officer within the day. Should you not receive any call or SMS, check your email and the spam folder.
Some Filipinos are hesitant to apply for online personal loans from a registered moneylender because they thought that they will get rejected due to low income.
The truth is, money lenders do not exactly base their loan approval on the borrower’s income amount. There are even borrowers with high income that gets rejected. Moneylenders are more concern on the stability of your source of income.
Even if your income is low or average, if you are working as a regular employee in your current company, you can still get approved.
No credit history means a borrower has no experience borrowing form a registered money lender or bank. He or she might have experienced getting a loan but it could be undocumented.
Credit history is the borrower’s record of previous loans and how it was handled. Were you able to pay your past credit on time or has it defaulted? Banks and other financing institutions including registered money lenders use this record to know the person’s creditworthiness or how the level of risk should they let the person get a loan.
Banks and traditional financing firms usually do not approve those who have no credit history. On the hand, legal moneylenders approve loans by considering other factors to gauge a person’s creditworthiness such as the personal references, sources of income, age and other factors.
Online moneylenders are highly competitive in the financing industry. The best personal loan must be affordable with a low-interest rate.
Interest rates are usually calculated based on the repayment terms. Good that Moneylender has its own online loan calculator. This way you can easily see how much you can borrow, which payment term suits you and how much interest you have to pay.
When you use the online loan calculator, you have to reflect if you are getting the best repayment term so you can pay your principal loan and the interest rate with ease. Low-interest rates are fixed based on the term. Avoid lenders who charge interests on a daily basis, the figure may seem small at first but it will easily balloon if you are not careful.
Finally, even with low interest from a registered moneylender, you must always pay on time to avoid late payment fees. Moneylenders encourage their borrowers to pay on time so they don’t have to pay the penalties. At the same time, you can also keep your credit score healthy.
To get the 100% sure approval, you must make sure to establish your creditworthiness.
First of all, make sure that you qualify for the eligibility requirements. Take the time to read the requirements and the guidelines of the process. Then, complete the application and submit clear copies of your documents through its online application form. Make sure that your lines are open and you are available to take a call from the credit officer.
Each lender has its own process but all of them will put your application on hold if they will not be able to contact you or if you will not comply with the requirements.
Remember that even if you have provided all the documents, the lender can either approve your loan or decline your loan application depending on your ability to settle the requested loan amount at your requested payment term. Also, they take into consideration if you have a stable source of income (regular income, business revenue, or remittance) if your permanent address is in their serviceable area and if you have been truthful in every detail you have submitted.
Once you got approved, make sure to repay your loan on time to build a positive credit history.
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