Getting Easy Instant Online Loans in Manila
Citizens of the Philippines who fulfill certain requirements have an opportunity to get a quick cash loan in an hour in the area of Manila. With the help of lending companies, small and large purchases, paying bills and arranging celebrations become much easier. Banks, lending companies and private lenders provide their financial assistance and have their offices in Manila. On the territory of the Philippines, loans are issued in one currency – Philippine pesos (PHP).
Due to the centralized organizational structure of all financial institutions, main offices of lenders are mainly situated in Manila. This facilitates quick assessment to loans by unbanked Filipinos. All the rest have equal conditions and opportunities as they can apply for a loan and receive money without visiting the office.
Comparison of Lenders in Manila
There are mainly five sources of credit, which are represented in Manila:
- Friends and close relatives. This source of money-to-borrow has its advantages and disadvantages. Sometimes, even absence of amortization is less important than the need to explain reasons and feel like a looser when asking for a loan from close people.
- Banks. Usually have the lowest interest rate and longest loan period but require tons of paper work, different kinds of documents and guarantees. Most often, deposit account is required. Time for application and evaluation of applications is long. The highest rate of refuses.
- Lending companies. The best option in terms of correlation of requirements and results. Minimal set of documents for application, quick assessment of applications and high probability of being approved for a loan. Different types and conditions for various needs and clients. Every customer will find the one, which suits him best.
- Pawn shops. Quick and easy way of getting cash. Require a pledge. Higher interest rate. In most cases, require personal visits to the office.
- Private lenders. Small amounts for short terms. Credit history doesn’t matter. Very high interest rate.
Purchase by Installment in Manila
There is another option to buy things – an installment. Its main advantage is the possibility of getting one in case of a bad credit history for individual purchase. This installment is available for a long terms (from 3 months to 7 years). The minimal and maximum amount for installment are 53,000 PHP – 1,850,000 PHP.
Such a loan scheme has its positive and negative characteristics. It does not require from the customer to have an active account when applying for a loan. It is possible to assess credit history by submitting an application to several banks at the same time. You can do it either online or in person. In case of refusal to increase your chances of getting financed, try to support your application by providing income statement.
Cash Loans Without Visiting a Bank
The process of applying for a loan does not require mandatory visit to the office of Manila bank. But the money will not be allocated to a client before he signs a contract in person. It works like that:
- You go online and fulfill the application form, attach the necessary documents and submit the papers.
- After your application is evaluated, bank’s employee contacts you and to appoint the meeting.
- You visit specified branch of the bank with original documents, after the papers are checked you sign the contract.
- Money is transferred to your bank account.
If you want to get a loan without personal visits to the bank institutions, check out the list of lending companies with the most appropriate offers.
Who Can Be Rejected of a Loan?
Firstly, those who do not have documents, at least one government-issued ID. To take a loan without a passport is a hopeless idea. Only some illegal pawn shops can do that.
Can I get a loan with a copy of my ID? Also no. Stories on the Internet that loans are taken on copies of this document, are not true. Without the original ID, no bank or other legal lending institution will issue a loan. Without them (the originals), you can get an online loan, where you enter the details of documents or attach their photocopies. But the documents themselves are still needed. If you try to slip, for example, a fake or someone’s passport, the scoring systems of financial companies will understand this and the client will immediately be blacklisted.
Borrowers with a damaged credit history are also in a group of risk. If you have a delay in existing loans, you will most likely not be given a new one. In this case, you can contact the lending companies instead of banks. They treat to credit history more easily, but to compensate for their possible risks, they issue loans at bigger interest.