Personal loan for travel
If you want to make a long trip, you need money. But it is not always possible to save the necessary amount in advance. Getting a loan is a good solution of such issue. Emergency tourist loans are issued by different companies. It is difficult to choose an advantageous offer by yourself. The solution is to use an aggregator.
It is easy to get a tourist loan in the Philippines. But conditions are not always beneficial. Most companies offer standard programs:
- the loan term is from 1 day up to 365 days;
- the amount, PHP — from 1000 up to 300 000;
- the interest rate is fixed, it is calculated after the application is made.
A small loan term will make overpayment minimal. But the monthly repayment amount increases. The overpayment is maximum at a term of 36 months, with a minimum monthly payment. The maximum approved limit can fluctuate depending on the income and the credit history of a borrower. Absence of debts increases the chance of an application approval.
Bad credit history and the lack of a permanent source of income will be the reason for the denial. If the application is approved, then the limit will be minimum. The interest rate varies for all customers. It depends on the credit history, level of income and the country of residence.
Loan calculator for travelers
Requirements for borrowers
Lending «assistance» for travelers is provided by a lot of companies. But they all set the requirements for customers. The fulfillment of some requirements is mandatory. They are the following:
- age is not less than 18 years at the time of application formalization;
- you are a citizen of the Philippines or the United States;
- availability of a permanent source of income.
Requirements for age and citizenship are mandatory in all companies, without exception. At the same time, the absence of credit history and the existence of delays don’t mean a denial. A collateral will increase the chances of approval. In the presence of a car or other property, it is possible to get a fast loan for up to 25% of their value.
In some companies, the value of the amount given on bail reaches 90% of the value of the property. But it is difficult to find such solutions. If the obligations are not fulfilled, the client completely loses the property rights to the pledge.
Special conditions are provided for US citizens. According to statistics, more than 10 million Filipinos live in the states. The formation of special offers is determined by high incomes. A short term loan may be required for a visit to the homeland or for a holiday with your relatives.
How is such loan formalized?
It is easy to understand how to get a tourist loan. Aggregator will help you to choose the best offer. The probability of approval will be 90%. There are several steps to do:
- application making;
- data analysis;
- formation of a list of suitable programs.
It is important to enter all personal data correctly. If the scoring program finds false or unreliable information, the application will be denied. Some financial institutions put such customers in a blacklist. In the future, it will be difficult for Filipinos to obtain the travel financial assistance.
It is important to take into account your own solvency. Complicated situations, related to the impossibility of obligations performance, arise because of incorrect estimation of your own income.
The tourist loans calculator will help to calculate:
- monthly payment;
- amount of overpayment.
Factors influencing the application approval
You can get the needed amount anyway. But the most profitable options are available if:
- there is a permanent source of income — documented;
- there are no delays concerning previous loans.
Most of the lending organizations work without days off, 24/7. It is unnecessary to leave your home in order to make an application or to fill in documents. Scoring is performed automatically. The entered data is analyzed without the participation of employees. The funds are transferred within a few hours. The exact time depends on the method of receipt chosen by the company.
How to receive funds?
Funds are transferred in the following ways:
- to a bank account;
- to a plastic card;
- can be issued in cash.
Condition: plastic card must be personal. Often VISA or MasterCard are required. Some companies work with electronic payment services. In order to receive money, you need to specify your data correctly. Otherwise, you won’t be able to receive funds. Customer receives a list of suitable credit options, and then he independently chooses the most convenient for him or her. With the help of the offers aggregator you can easily understand how to get a tourist loan.
Beneficial offers of popular companies are collected. Customer indicates the required amount and the maturity of a personal loan. Suitable lending programs are selected automatically, according to the specified parameters. It is necessary to study the established requirements in advance, and to prepare documents.
Written by Mikka Montero | Modified date: Февраль 13, 2020