Emergency cash loans
The Philippine microfinance market focuses on population segments with a monthly income of around 10,000 to 40,000 pesos. Citizens take emergency loans in the amount of 5000 – 25 000 pesos. The average loan amount is approximately 37% of net income, which is about 10 000 pesos. Debt repayment can be carried out within a period of up to 13 weeks with daily, weekly, monthly payments. The interest rate is 2.5% per month or slightly more than 60% per year.
Mostly the clients of microcredit organizations in the Philippines are citizens with a bad credit history or those who are not able to provide a pledge for obtaining a standard bank loan. The most part clients are women (85%) with an income of 25,000 pesos. Micro-loans are formalized by people with a secondary education in 44% of cases. Borrowers with higher education represent 45% of the total number of people applying. The main expense items are related to the maintenance of small businesses, in 49% of cases these are small shops. People who are engaged in business also apply for loans: they work in repair, tailor, have their own private hairdressers etc.
Advantages of emergency loans in the Philippines
Advantages of applying to microfinance organizations are in the operative access to cash. Such need arises in the event of emergencies. The application approval is made taking into account the credit history of the borrower and his solvency level. The positive aspects in the rapid receipt of emergency loans are the following:
- the application is filed in online;
- application consideration takes place within 24 hours;
- loan repayment can be made weekly, monthly, bimonthly;
- minimum information about the borrower – name, surname, email, home and mobile phones numbers, link to a Facebook profile.
The microloan amount varies between 2000 and 10,000 pesos. Clients should’t indicate the purpose of a loan.
Where is it better to take an emergency loan in the Philippines
The credit company market is represented by a number of companies offering online cash loans on favorable terms. The most popular microfinance institutions offer the lowest interest rates, flexible payment schedule and approve applications of customers with a bad credit history.
MoneyTree Quick Loan
The company offers loans in the amount of 2000 – 10 000 pesos, for a period of 15 days to 6 months. The application is submitted in online format without visiting the organization office. The company employee contacts the client within 24 hours after filling in the form on the site. Microloans are issued for any purpose to ensure the financial stability of households in the event of emergencies.
Manila, Philippines – Casha
The company processes online applications within 1 to 24 hours from the time of filling in the online form. Confirmation of identity and income is carried out through the Internet. The company provides transparent credit transactions. Clients are informed in advance about the loan terms. There is a flexible system for repaying loans, which excludes the possibility of overdues.
The company issues microloans in the amount of 5,000 – 30,000 pesos for a period of 3 to 5 weeks. The loan repayment is conducted by equal payments weekly, bi-weekly or monthly depending on the borrower’s capacity. The loan is issued in online mode in three steps: filling in an application, verifying an identity, obtaining funds in a convenient way.
It’s possible to apply for a quick emergency loan in a few minutes online. A loan is issued in the amount of 4000 – 10 000 pesos for any period. Repayment is conducted in the chain stores 7-ELEVEN®! Filing an application and its approval takes 10 minutes. The money is given to citizens of the Philippines at the age of 18 – 65 years. After the application approval, the funds are transferred to the client’s bank account.
The organization offers microloans in the amount of 3,000 – 10,000 for a period of 5 to 30 days. Money is given to Filipinos at the age from 18 years. The interest rate is 3,5% if the loan is repaid in 5 days, with money transferring online through the Coins.ph service or bank deposit. If the loan is repaid during 30 days, the interest rate increases to 19.5%. For the application approval, a minimum amount of data is required.
Requirements for an emergency loan in the Philippines
Microfinance organizations have approximately the same requirements for citizens who want to take a quick emergency loan:
- actual identifiers – of an applicant, company, postal;
- confirmation of income, in particular, a report on the profit received;
- confirmation of billing;
- acceptable credit history;
- age is not younger than 18 years.
The money is given out to the citizens of the Philippines with the requirement of mandatory repayment on time.
How to get an emergency loan
When applying for an emergency loan, citizens take risks. A microfinance organization may refuse a loan application, guided by internal rules. It is reasonable to apply to experts who are ready to search a company in a market that will accurately provide a loan in a particular case. Experts will compare the client’s data with the requirements of the financial organization and choose the best option for getting a emergency cash loans. Use the service to get a quick result.
Written by Mikka Montero | Modified date: October 02, 2019