Where to take a loan for pensioners
A small pension does not allow the elderly in the Philippines to plan large purchases or long trips. It happens that the existing pension is not enough for everyday life. To solve this problem, for older people is available loan for pensioners.
Loans for pensioners can now be drawn up by submitting an online application on the microfinance company website. To do this, it’s necessary to fill out the appropriate form, as well as familiarize yourself with the contract, accept its terms and sign it. If approved, a loan can be received both in cash at the company’s office and into your bank account.
The advantages of a loan for pensioners
The possibility of getting a loan online is not the only advantage of loans for pensioners. Loans for pensioners also have such advantages:
- Flexible repayment term. If the borrower has unforeseen circumstances that will not allow him to repay the loan on time, the microfinance organization can extend the repayment term.
- The speed of consideration of the application. Pensioners can receive money into their account within a few hours after submitting the application. Microfinance organizations consider customer’s applications immediately upon receipt.
- Transparent conditions. Small loans for pensioners has no hidden fees. In order to find out the full value of the repayment even before signing the contract, you can use the loan calculator.
Calculate your loan
Small loans for pensioners in the Philippines are ready to issue such companies as Robocash, Binixo, Penbank, Philippine National Bank and Philippine Veterans Bank and others.
Penbank lends to pensioners under the age of 70 years. The maximum loan amount is 150 thousand pesos. The maximum loan term is 2 years (for pensioners under the age of 65). This organization issues loans only to those individuals who live in the service area of Penbank Inc.
Philippine National Bank
The National Bank of the Philippines has recently launched a low-interest (1.25%) loan program for retirees. Best loans for pensioners are available to all PNB customers who are 70 years old.
Philippine Veterans Bank
PVB is an organization owned by World War II veterans. It is ready to lend to pensioners in the amount of 20 to 50 thousand pesos. A feature of this organization is the possibility of extending the maturity of a loan in case of force majeure circumstances.
Requirements for loan for pensioners
Best loans for pensioners are provided on such conditions:
- the borrower’s age is up to 70 years (loans for persons over 70 years of age can be issued on an individual basis in case of a satisfactory state of health of the borrower);
- minimum pension – 10 thousand pesos;
- loan for pensioners is issued only if there is a co-borrower;
- loan term from 1 day to 2 years;
- the borrower must provide contact and personal details of the nearest relatives.
How to get approval
In order to get approval, the retired borrower must provide a complete package of documents and confirm a good health condition. The pensioner must also provide information about the co-borrower, who is ready to take over payments on the loan in case of unforeseen circumstances.
Written by Mikka Montero | Modified date: February 13, 2020