Personal Loan with Sure Approval in Philippines for Everybody
Do you need emergency loans really fast? Today you can benefit from a variety of services that are ready to cater to your needs. You need to work only with licensed experts and professionals when it comes to money. Strangers and shady offices must be avoided at all cost. Don’t ever think of doubtful solutions when you can ensure your own safety. There are few requirements that have to be matched, and a number of questions need to be answered. Getting fast approval is not as difficult as it may seem in the beginning.
Fast and Reliable Personal Loans in the Philippines
It is not usually a big problem to get sure approval for a loan. There are a number of questions involved and you will have to provide a valid answer for each of them. The whole process won’t take longer than a minute. It may even be possible to find a service that poses no requirements, but this is a rare occurrence. Usually, they need you to be at least 21 years old and be officially employed and have a valid ID. The list of requirements varies depending on the particular service. It won’t take long to receive a personal loan, given that all the inquiry was completed properly. Services take around 24 hours to process your request and issue an approval. The best Philippines companies may provide you with the cash loans in an hour, this is real with some services that you can find at our website!
Looking for Private Lenders for a Personal Loan in the Philippines?
Do you really need the fastest online loan approval? The banks will use their calculator to provide you with their conditions. Your banking system may also take its time in which case you will just have to wait. There is no way to influence the work of a financial institution. You could really count on the competition. Most services are trying to provide quick results in order to attract new clients.
The time of approval may vary every time, but by using reliable and reputable services, you can always hope for the best.
Best Variants of Personal Loan Lenders and Their Comparison in the Philippines
You can also use an online service for your financial needs. Just make sure that there are no collateral costs. You can find out more information by using the online support system. They respond fast as a rule and provide veritable data regarding their services, terms, and conditions. You need to read everything carefully. There don’t have to be any grey areas for you. Other advantages of an online service include the possibility to fill out an application directly from your office or home.
Personal Loan with a Low-Interest Rate in the Philippines with Very Clear Process
Getting acquainted with the terms beforehand is really important. You will know exactly what to expect when you close the deal. Also, you can draw comparisons between different services and see which one suits your needs the most. There is no need to take risks when specialized services will provide the safety of your privacy and cover your financial needs.
Money is needed for various purposes, such as healthcare, education or renovation works. The important thing is to identify the service with the most benefits.
According to statistics, about 90% of adult Filipinos had experience of borrowing pesos. More than half of them borrowed at interest in financial institutions. 32% are regular users of lending services. This figure clearly indicates the popularity and relevance of this type of service.
Rejection is not a rare answer form the bank, when people apply for a loan. It’s not easy to provide all the required documents and guarantees to the bank. Lack of collateral, formal employment, sufficient salary, etc. cause a refusal and spoil person’s credit history.
It can become devastating, getting “no” after “no”, especially when you need money here and now. Where to go? What to do? Who will lend money with no collateral? What if I have a bad credit history? Microcredit companies are the key to solving these problems.
Get Your Personal Loan When You Need It!
We have studied a great number of loan applications and found out the most popular reasons of personal loan applications. So, let’s see what makes people ask for cash.
Wedding and Other Celebration
Vocation and Travelling
Criteria of Being Approved For a Personal Loan
Many people wonder what makes banks and registered lending companies approve or reject of a loan. Let’s discuss the most important criteria.
Take Care of Your Credit Score
There are several categories of people who can not be approved for a loan in banks. But licensed moneylenders can reject person’s application even if he has a passport of the Philippines citizen, is between 18 and 65 and has a job. Why is that? He has a bad credit score.
Credit report contains information about customer’s previous loans.
- Does he have debts?
- When, how much and from whom did he borrow?
- Did he repay the debt on time?
All personal loan lenders evaluate borrower’s reputation basing on the credit report. Credit score is earned with time. If you are asking for money for the first time, you can not borrow much. Repaying the loans on time, every time you are trusted more and more. And vise versa, if you have a bad credit history, private lender would either reject your application or raise percent.
Here, we should note that that personal companies are more loyal to customers and approve their applications more often. Their interest is higher and lending period is shorter.
Do not spoil your credit score! How? You must understand that when you borrow money, you need to return it and do it on time. Make sure you do not delay with repayments.
Banks and lending institutions can offer you different repayment plans, choose the one which you find the most convenient and stick to it.
Useful tip! Even if you do not need money, borrow money from time to time and return it to earn a good credit score. As you never know when you gonna need it!
Have Stable Income
Yes, to borrow money, you need a stable income. The lender wants to make sure that you will have an opportunity to return the money. Or that, you need to earn them. Certificate of stable income proves he lender that you are a reliable person and deserve trust. Unemployed, freelancers, self-employed, job hoppers have a worse rating than those with stable work. Usually, the applicant is required to provide certificate of employment for the past six months.
If you are switching jobs too often, get ready to be rejected by the bank. Private lenders will, be more loyal while lending the amount, but less when taking it back.
Useful tip! If you are not officially employed or you are a freelancer, but you still have an income, you can prepare a statement from the bank account for the last three months. If you can prove that amount come and go from your account, you regularly receive funds and spend them, the creditor is more likely to approve your personal loan application.
Don’t Lie in Your Application
Remember this once and for always, be honest with your information. All the information, which you provide to the lender is carefully evaluated and checked. If you are caught at lying, your credit score will be damaged badly.
Most banks and certified lenders use a single credit history base. Thus, when you spoil the credit score at one place, it is spoiled everywhere and no one would trust you as a client.
Useful tip! We recommend you to build trustworthy partnership with the creditor. Make sure you provide only accurate information, do not falsify the documents, return the amount on time. If you follow these steps, the lender might lower the interest rate for you, prolong loan period, lend more money. At the end, both sides win.
Provide a Proof of Billing and Other Documents
Most registered creditors and banks ask for a proof of billing, which is a piece of documents with your name and address. It is used as a way to verify your place of residence. This document should contain your name and address, so it might be a phone bill, credit card bill, etc. Particular ender might ask for a specific proof of billing.
In case you live in your own house, you only need to give a clear copy of your regular bills. The most appropriate choice in the Philippines is the Meralco bill. For the rest citizens, who rent the apartment, he rules might be different. Ask your lender. Maybe Lease Contract will be enough and you will have to disturb the owner of the place you rent.
Ask for an Appropriate Personal Loan Amount
One of the reason for the rejection is that people tend to ask for more cash than they can afford to return. You need to return not only the borrowed amount, but also interest rate and other costs, which might include service and processing fees. Make sure that according to your income certificate, you are able to return the debt on time.
Understanding whether you will be approved for a certain amount requires easy math. Creditor will not approve of personal loan customers that do not understand their financial status. Use this example, if your salary is Php 18,000 a month and you apply for a loan that requires a repayment of Php 20,000 per month, you will be rejected. And you remember that every rejection influence the credit score you have.
Before applying for a loan, calculate what sum you can borrow so that returning it you do not go bankrupt. For that, estimate the volume of monthly payment you are able to make. If you earn Php 15, 000 a month, you can take a personal loan of Php 30,000 and pay it back during a year with no problem.
Useful tip! If you are asking pesos for the first time, apply for a small amount, which you can easily return. The less risky it is for the lender, the bigger chances for the approval you get!
Follow the Rules and Requirements of the Lender
Incomplete applications will be rejected. Before applying for the credit, make sure you know the procedure and required documents, be prepared. Complete the application form, enclose the needed documents and submit your request. With such an approach, you are unlikely to be rejected.
When providing all the information at once, your application will be processed quicker and evaluated better. Do not delay with the process yourself if you want to get pesos quickly. Make sure that the provided information is up-to-date.
Useful tip! If you need pesos urgently and you really need a positive reply from the lender, be persistent. After submitting the application form and providing all the documents, contact the lender to make sure he receives your application and he has everything he needs. This will show your responsibility and attract attention to your application among thousands of others.
Find Your Lender
The market of lending service is diverse. Starting from banks and ending with private lenders. Each financial institution has advantages and disadvantages. Banks usually have better conditions, but their requirements are too strict for a regular customer. Private lenders for personal loan easily borrow money, but they have higher interest rates and small lending period.
Microfinance companies are the golden middle, that is why most Filipinos prefer using their service. The risk of being declined is lower and the interest rate is not that high.
No matter which financial organization you choose, make sure it is officially registered and has license. According to LawPhil Republic Act No. 9474, a lending organization may provide loans in amounts and interest that is reasonable. Officially licensed lenders are not allowed to establish too high interest rates.
Choosing where to get personal loan with sure approval in the Philippines, you need to evaluate yourself from the viewpoint of the different lenders and estimate your chances. Depending on your needs and abilities, choose the best option.
Useful tip! After sending the application form, check your email and mobile phone so that you do not miss any notifications and replies. You can get a call any time. Lenders will contact you if they need additional documents and information from you.
To Sum Up
In the Philippines, many people lend money from banks, microfinance organizations and private lenders. Depending on the required amount, loan period, terms of return, a person choses an appropriate lender. The most important advice here is to be honest when applying for cash loan. Build good relationships with the lender so that he can trust you his funds. Make sure you return the amount in time.