Application Process in a Breeze
Get fast cash loans for your every need from
travel goals to home renovations. It just takes 3 easy steps.
Click “Apply Now” and fill in all the needed information.
Get a call, SMS or email from our friendly credit verifier within the day.
Once approved, we send your funds to your bank account within the day.
Requirements to Comply
Complete requirements ensure faster salary loan process.view our faq to learn more
Eligibility Requirements and Documents
- At least 21 years old
- Filipino citizen
- Currently employed
For Salaried and Commission-based Employees
- Government Issued ID
- Company ID
- Latest One-Month Payslip
- Two Proof of Billings
For Taxi/Grab Drivers
- Driver’s license
- Company ID
- OR/CR of vehicle
- Drivers and Operator’s Association Document (TODA)
Online Payday Loan in Philippines
Filipinos need salary loans for various reasons. In fact, Bangko Sentral ng Pilipinas (BSP) shared that 47.1% of Filipinos borrow money and the main reasons are to purchase food (59.5%), pay school related expenses (38%) and finance emergencies (32.7%).
Loans have been bridging our financial gaps for hundreds of years. And now these financing products are innovated with digital technology because every Filipino deserves fast and affordable loan services whenever you need it.
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?
Salary loans in the Philippines are now faster than ever. Gone are the days that you have to wait for weeks to complete the loan process. Now, you can apply, get verified and receive the funds from an hour to just a day.
Yes, you get a payday loan in the Philippines in just 24 hours especially if you have good credit standing. Aside from this, you must remember that the faster you can complete the require documents and provide every needed data, the quicker you can have your cash disbursed.
With the digital technology used by online moneylenders, they can easily verify your creditworthiness. This means that’s if you have previous loans which you have settled on time, then the moneylender can approve your loan easily since you have a good credit history.
On the other hand, if this is your first time to get a loan from a registered moneylender, do not worry. They can verify your creditworthiness through your documents and persons of reference.
The fastest way to get payday loans online is to maintain a good relationship with your moneylender. This means that every time you get a salary loan from the same moneylender, you must settle your loan as agreed. This way you can have the privilege of getting an online payday loan in an hour. Simply, you get included in the loyalty list.
It depends with the way you build your relationship with your direct lender. Every time you settle your loan earlier or on your due date, you build trust and creditworthiness.
Also, if you keep your loyalty with your money lender, there is no need to resubmit most of your documents. This saves most of your time.
Furthermore, since your ability to pay has already been established, you can request for a higher loan amount, a more flexible payment term or other benefits.
Admittedly, there are money lenders who do not offer salary loans to BPO employees. This is because job “hopping” is prevalent in this industry. BPO agents would suddenly resign or go AWOL without any warning. For financing companies, this puts BPO employees into high default risk.
Good thing there are still registered money lenders who offer salary loans to call center employees. After all, there are a lot of BPO employees who keep their loyalty to their company and choose to stay and climb up their career ladder.
Call center agents, like most Filipinos, also encounter financial bumps. They have families to support, dreams to reach and cash emergencies to handle. This is why they are in need of salary loans. When applying for a salary loan, check for the eligibility requirements. It will be not surprising if lenders require borrowers to be employed with permanent status. Usually a loan applicant, employed in any industry, must be working for at least six (6) months in their current company to be eligible.
Before you apply, do not hesitate to ask for the moneylender’s eligibility requirements. If you are applying for payday loans online, you can easily check this on their websites. You may also inquire through calls and emails.
The truth is that reputable moneylenders do not depend their loan approval to the nature of work alone. There are various factors that can impact your loan application.
ATM salary loans got its popularity because of its quick process. There are minimum requirements and you have to use your payroll ATM card and PIN as your collateral. While it gives solutions to your dire need of cash, ATM salary loans are highly discouraged by Bangko Sentral ng Pilipinas (BSP).
While it can save you temporarily, it can lead to financial troubles. For one, the illegal moneylender may withdraw cash from your payroll more than the agreed amount. While this type of loan is faster, it poses risks for your future finances.
Fortunately, SEC-registered moneylenders offers salary loans with no collateral which are available to employed borrowers.
Frequently Asked Questions on Salary or Payday Loan
Here are the usual questions Filipinos ask about payday loans.
Payday loans are offered to permanently employed Filipinos. To get a traditional loan, you need to provide a long list of documents such as your payslips, Income Tax Return, Certificate of employment, a couple of government IDs, proof of billings, and proof of ownership of collateral. You have to go to the lender’s office to submit everything and there will be a personal credit check.
Most of us value the discrete nature of our finances. That’s why we are not comfortable when credit investigators pay a visit. Then after the credit check, you will have to visit the office to pick up your check or cash if you are approved.
Online payday loans are easier to get.
Just visit the moneylender’s website. Click “Apply Now” and fill up the application form. The requirements are significantly reduced. You just have to upload your valid government ID, your latest payslip and your recent proof of billing.
Online payday loans has no credit check. A credit investigator will not visit your home or your workplace. You and your character reference will just receive a credit verification call. This is a more convenient way of verification especially that you can even give your preferred time of call to avoid missing their calls.
After the credit verification, you will receive the lender’s decision. If you are approved, you will receive your loan contract. Read the terms and conditions carefully. Should you need any clarification, immediately send your question via email or call the company’s hotline.
You will receive your funds on the same day though your personal bank account.
With the modern payday loans, you can apply online and process the loan in just a day. There is no need to go through the hassle of going to the lender’s office and sacrifice your time.
Do not miss your payment dates. If you want (one) 1 hour payday loans, you need to have a good credit history with your moneylender. As soon as you have settled your loan, you can instantly get another payday loan in just one hour. There is no need to reapply and this makes the process way faster than the previous loans you have experienced.
Banks have payday loans but they have very strict eligibility requirements including your company’s affiliation with then. This means that if you get a salary loan from a bank, your company will also know it.
Make sure that you get your payday loans only from SEC-registered money lenders. While it is tempting to get a salary loan from illegal lenders, this will post a future financial risk and you will lose the chance to build your credit history.
This means that if you always get a loan from the unregistered lenders, your loans will be completely undocumented in any credit bureau.
You might be wondering: how will this impact my future?
Here’s the deal: borrowing payday loans from registered money lender will give you long term benefits.
You see, legal money lenders operate as mandated by the Truth Lending Act. This means that you are getting safe payday loans. Before you sign the contract, you can be sure that it has fair terms for you as a borrower. The credit officer will also make sure that you have understood every related detail such as the interest, due dates, late penalties and advantages of early repayment. There will be no surprising charges!
Another benefit is building a healthy credit score. This means that if you pay your loan on time, the registered money lender will report your diligence to the credit bureau. This way banks and other financing companies will see that you have less risk to default. Should you get a car or housing loan, banks will give you a better deal.
If you borrow from a loan shark, even if you pay your loan on time, you will not reap other good benefits.
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