A Philippines loan is a popular service among those who need small amounts of money for a short time period. The high level of economic development and the stable state of the economy of the “Asian tiger” of the second wave provides broad opportunities for the population in the sphere of crediting and issuing consumer loans.
The average wage in the country is $500, but strict requirements of official banks make the formalization of simple loans almost impossible for people with a bad credit history. Due to this factor, the popularity of microcredit organizations in the Philippines is growing. Anyone can quickly apply for a loan in the Philippines. One cannot do without money that can be received quickly when it comes to solving everyday problems, paying for utility services and buying house trifles.
Advantages of the Philippines loans
The high demand of the Philippines loans is due to several factors
- Accessibility for all population categories
The borrowers are asked to fulfill minimum requirements regarding their age and credit history. Microfinance organizations work even with those whose loan applications were rejected by banks.
- Speed of registration
In order to apply for a loan a borrower just needs to indicate one’s bank card or bank account number and that would be sufficient. The approval procedure is available at any time of the day, and approval process takes up to 30 minutes. Additionally, anyone can study the terms of the loan, which are publicly available on the site.
- The amount of borrowed funds
Regardless of one’s social status and age, any Filipino can apply for a loan up to 83,000 pesos, which is equivalent to 1,500 US dollars. This is quite enough for paying utility bills and overcoming life obstacles.
- Minimum requirements
In order to apply for a loan, one needs a minimum set of documents that includes a passport or other identifying document. In addition, a citizen can provide other documents confirming one’s status, as an option.
Where is it better to apply for a loan in the Philippines?
Loan Philippines is a loan that is processed via Internet, in which the company transfers the funds to the borrower’s personal bank account.
It is the most popular service in major cities such as Manila, San Fernando, Cebu, Iloilo. In those cities, the loans can be obtained not only in a non-cash form, but also in cash by contacting the company office directly.
Citi Personal Loan
The organization offers a loan in the Philippines with a quick approval in 24 hours in an amount of 2,000,000 pesos. The applicant must meet the following criteria:
- Age from 23 to 54 years.
- Philippines citizenship or permanent resident status.
- Credit card.
- The minimum annual income 250,000 pesos.
The maximum period for repayment is 5 years. The interest rate of the loan is specified individually: it can be from 26.9 up to 37.9%. Repayment can be made in cash or by cashless transfer.
EastWest Bank Personal Loan
A maximum loan amount available is 2,000,000 pesos. In order to apply for a loan, a person must be between the ages of 21 and 65 and have a valid credit card. A mandatory requirement is having an active phone number (mobile phone and landline telephone).
The amount of monthly income when applying for the loan should be at least 15 000 pesos. The minimum loan term is 1 year, and the maximum one is 3 years. The interest rate is 22.68%.
Esquire Business Loan
Any Filipino from the age of 21 to 53 can receive a loan from 100 000 to 10 000 000 US dollars in that company. “Esquire Business Loan” Loans are issued exclusively for business needs, and therefore a person must carry out entrepreneurial activity for at least 12 months.
The business must be registered at the DTI or SEC, and have the required permissions. One of the conditions is that the borrower should have an active bank account. The maximum loan term is 12 months, and the interest rate is 12%.
BDO Asenso Kabayan Secured Personal Loan
“BDO Asenso Kabayan Secured” issues loans to Filipinos of up to 90% of their peso deposits or up to 80% of their deposits in dollars. The maximum financing term is 3 years. The interest rate varies from 9.36% to 10.08%.
Citizens of the Philippines between the ages of 25 and 65 can formalize a loan in this company. The company also works with individuals with dual citizenship, compatriots living abroad and other categories of the population.
HSBC Personal Loan
This company works in the sphere of providing loans exclusively for residents of certain areas: Metro Manila, Metro Cebu, Bulacan, Cavite and Rizal, Pampanga, Davao City. A borrower between the ages of 21 and60 can get a loan up to to 500,000 pounds sterling.
The company offers to choose the repayment loan term personally, which can vary from 6 months to 36 months. HSBC also requires having a minimum amount of income, depending on the category to which the person applies.
The company BPI offers loans in the amount of 20 000 to 1 000 000 US dollars at 14.4% per year. The deadline for repayment is 13 years, which distinguishes this company from the rest of the list.
The loan is repaid monthly in equal parts in the amount established in the contract. In addition, BPI gives an option of pre-term loan repayment for its customers.
Loan requirements in the Philippines
The banking conditions in the Philippines make getting a loan accessible not only from the point of view of the requirements being made to the borrower, but also considering of the entire registration process. Each company puts forward its conditions, but the fundamental ones are:
- The citizenship of the Philippines.
- Be over 21 years of age
- Having a permanent place of residence or business.
- Compliance with minimum income requirements.
- Having documents confirming a stable income.
Additionally, companies may request supporting documents to clarify the borrower’s solvency.
What needs to be done to have a loan in the Philippines approved?
A person wishing to obtain an instant loan in the Philippines and increase the chance of loan approval may additionally provide the following information to the company employees:
- About property.
- An income level.
Providing this data increases the percentage of approved applications.
Philippines short-term loan is a good alternative to standard loans therefore this economic sector will only keep developing.