Credit companies in the Philippines offer citizens to receive funds for personal needs. It can be both urgent loans (for example, in case of crash or treatment in hospital) or long-term loans (purchase of equipment, housing, car).
General information about cash loans in Davao
All loans issued by various financial organizations are always united by three common features:
- Limited repayment term. As a rule, funds are issued for a period of 12 to 36 months. The shorter this period, the greater the amount of the monthly payment. The interest rate for short-term loans is much lower than for long-term loans.
- Limited loan amount. You will be able to get from 10 thousand to 2 million pesos, if the loan is approved. The higher your income, the better the credit history – the greater the available loan amount.
- Fixed interest rates. They do not change throughout the whole term. There are exceptions, but they are rare.
Conditions for issuing loans in Davao are quite advantageous. Of course, it all depends on your chosen bank or MFI. Lending services in Davao city are widespread.
Requirements to the borrowers
Before you apply for a fast cash loan in Davao city, make sure that your person fits the bank’s requests. The loan will be exactly approved if the recipient:
- is aged 21 years and up to 65 years old;
- has a stable income and can confirm it (get a statement from work or bank account);
- has a good credit history, or it is absent;
- has a personal bank account.
The borrower can get a loan without having a bank account. Unfortunately, such services are much more expensive. Only short-term loans in MFIs are available to residents of the Philippines who do not have a personal account. They are distinguished by high interest rates and short repayment periods.
Types of consumer loans
A few dozen of the largest banks are engaged in monetary lending in Davao city. There are two types of loans in the Philippines: they are called “secured” and “unsecured”.
The first option involves making a pledge. In its role acts as a deposit account, real or movable property. If the borrower does not have time to repay his debt on time, the pledge remains with the lender. The risk to the bank (MFI) is noticeably reduced, so the rate on secured loans is much lower.
Unsecured loans are issued without any collateral. This is the most common category of cash loans. The repayment period will be from 12 to 36 months, and the maximum amount is one million pesos. This is an acceptable option for receiving a salary loan in Davao city.
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What loan options are available in Davao banks
BDO Bank offers everyone to get consumer loans from 10 thousand pesos. The rate ranges from 25.98% to 26.76% per year. The lender offers unsecured (non-collateral) loans. He has similar conditions with the bank Asenso Kabayan.
One of the available options is EastWest Bank. The organization offers personal loans in the amount of 25 thousand to 2 million pesos. Annual interest rate is from 41.62% to 41.94%. If you do not have a personal credit card in this bank, it will increase to 53.21%.
Maybank is an excellent solution if you want to get a prepaid personal loan of 50 thousand to one million pesos. The interest rate is minimal – only 1.3% per month.
Security Bank also provides consumer loans to residents of Davao. The loan amount remains standard – not less than 50 thousand and not more than a million pesos. Interest rate – from 29.48% annually.
If you have a stable income and are confident in your solvency, then getting a personal loan in Davao city will not be a problem.