If someone is looking for a cash loan outside the bank in the Philippines, they must have tried the bank already. They understand how difficult it is to borrow some cash there. The requirements that traditional banks have are quite strict. The applicants must have a certain credit score, credit history, and income. So, oftentimes there’s no chance for those who don’t fit even one small standard.
But there’s a way out because nowadays anyone can get an easy cash loan thanks to the plethora of private lenders. There are some requirements and algorithms to learn as well. However, the applicant can be 100% sure they will get the cash they need. There are several trustworthy lenders that offer great terms and reasonable interest rates!
Requirements for getting a cash loan
Private lending companies have fewer restrictions than traditional banks. The only requirements are:
- Age. The applicant has to be 20 to 65 years old to be eligible;
- ID. The person applying also must have a valid ID of any kind;
- Citizenship. The applicant must be a citizen of the Philippines; any city or town is fine;
- Income. The applicant should have a steady monthly income; they should be able to prove it with proper documentation (a couple of payslips should do);
- Bank account. To approve the cash loan, the company needs to have the applicant’s bank account information.
Credit score and history don’t play any role in whether the person applying gets the money. Besides, there’s no need to gather a whole package of documentation to prove the person’s identity.
How to apply for a cash loan?
After the eligibility checklist is all done, it’s time to actually apply for a loan. Here’s a very simple step-by-step guiding from the choice of the company to the repayment:
- Finding a lender. People go through several services, read what they have to offer, compare them. Then, they choose a couple of leaders and contact them for any additional information they need. Their replies show clearly which is the best service;
- Filling the form. There shouldn’t be too much to fill since the list of the data to provide is very small. Some must-have info: full name, contact number, email;
- Following the instructions. There may be more forms to fill with the bank account info, residence and income proof, etc. Besides, reading the Terms and Conditions and accepting them before proceeding is highly recommended;
- Getting confirmation. There is an email, SMS, or call coming from a representative of the company saying the application is approved. Usually, the notification arrives very fast, often within an hour, maximum within a day.
- Getting the loan. After all, the money is transferred to the bank card the borrower has indicated in the application. If cash is needed, the physical office or an affiliate can help.
It’s not that difficult to find a trustworthy company. A lot of businesses move online nowadays because it’s much more convenient and the reach to potential customers is larger.
Advantages of a cash loan in the Philippines
The options of cash loan Philippines have to offer, give great benefits. It’s much easier to get such a personal loan, because:
- Options. There are hundreds of fast cash loan options to choose from. Starting from reliable online lending companies and finishing with the good old banks;
- Internet. Anyone can apply for a loan from the comfort of their living room, café, or office. There’s no need to look for a physical branch to provide all the necessary information;
- Documents. There’s a fairly small list of documentation the applicant has to gather to fill the forms on the chosen website. They don’t have to go to other institutions to get their forms and papers;
- Fair terms and conditions. Due to the number of offers available, companies tend to make their terms and conditions as convenient and resilient as possible;
- Repayment options. It’s never been that easy to repay a loan. The options range from finding a physical branch of the company and paying them directly to using a 7-Eleven kiosk.
FAQs on cash loans in the Philippines
Are these lenders legal?
Why so little information is needed?
Because this is everything that is actually needed to get a loan. These companies are just ready to take a risk and give people a chance to improve their credit score. There’s no need to provide so many documents to get a moderate personal loan.
Is there an option of a reloan?
Yes, if the borrower pays the money back on time. Actually, most lending companies encourage people to reloan, offering larger sums of money and better terms. Usually, there’s no limit on the number of loans taken from one company. So, when a borrower finds one reliable option, they usually stick to it for a long time.
Is it possible to improve credit history with cash loans?
Yes, if all the money and interest are paid back on time. The more successful loans one has, the better their history and credit score will become. Sooner or later, the successful deals will exceed the unsuccessful ones, and the borrower will get out of the blacklists they may have been in.
It’s clear that getting a loan has become much easier nowadays. The most important thing here is to catch a trustworthy company with suitable terms. Of course, it’s crucial to be eligible for a loan, but without a reliable loaning option, it all doesn’t matter. The advantages of cash loans draw more and more people towards them. Healthy competition inspires services to become more resilient and client-oriented. So, one could say it’s a golden time for the credit industry.