Do you know that getting personal loans is one of the best ways to build your credit?
Personal loans are money you get from financial institutions to cater for your needs. Although not knowing where to apply for these loans in the Philippines might be a headache you wouldn’t want to experience. Another intriguing fact about applying for a personal loan is that you don’t need collateral. Due to this, many people easily apply for personal loans in the Philippines for several purposes.
According to research, over half of a surveyed demography in the Philippines use personal loans to cater to basic needs. Some basic things you need to get a personal loan in the Philippines are good credit history, a stable source of income, and an identity card.
Now that you’ve known that personal loans application in the Philippines is not like a tug of war, where do you apply for one?
In this article, we will check out some reliable and stress-free places where you can apply for personal loans in the Philippines. You will also learn how to apply for personal loans and get paid quickly.
What Do I Need to Get a Personal Loan Online in the Philippines?
As mentioned earlier, it’s easier to get personal loans online than other kinds of loans in the Philippines. However, specific qualifications are required to get a loan without any collateral. You must be at least 21 years old and need a permanent address to verify your residence. Some platforms even grant the application of 20 years old Philippines. Other essential qualifications include an expected minimum income value.
Similarly, lenders or financial institutions have different requirements for a successful loan application. However, some common requirements for personal loan application online are:
Being a Filipino citizen,
The age range of 20-55 years old
a valid Government ID.
An active mobile phone number
Complete registration on the platform or website.
Where Can I Get a Personal Loan in the Philippines?
Sometimes, you need the right information to find the best personal loan service in the Philippines. This site https://fintree.ph/ will simplify your choosing loans and other financial products. Surprisingly enough, personal loans are faster to get depending on the fund provider. Most microfinance institutions offer loan payments a few seconds after the application is successful.
Here are some of the online platforms where you can apply for a loan in the Philippines;
DIGIDO: Digido is a fast and accurate personal loan platform that offers quick loans four minutes or less after application. The interest rate is 11.9% per month, with the opportunity to repay within 6 months. Before extending loans to individuals, Digido does not require guarantor signatures, documents, or deposits. However, you must complete the four simple stages of account creation, personal information entry, employment verification, and money withdrawal.
Kviku: Kviku is an entirely automated online financial service that provides loans between PHP 500 and PHP 25,000. Kviku is the only online lender that provides personal loans to borrowers aged 20 to 55. Although the loan repayment period is between 60 and 180 days, the entire process is conducted online without needing to visit a branch office. The daily rate of interest for Kviku is 0.16%.
UNA CASH: UNA is one of the super-fast financial institutions that offer personal loans ranging from 2,000 to 30,000 pesos. Its activation technique does not require hours and comprises three straightforward steps. Simply provide the necessary information on the form, wait twenty minutes, and you will receive your money. A further noteworthy aspect of UnaCash is that any Filipino citizen from 18 years old is eligible to apply for a loan and enjoy a low monthly interest rate of 10%.
MoneyCat: MoneyCat is a user-friendly online tool that makes applying for personal loans quick and convenient. MoneyCat only accepts loan applications from individuals between the ages of 20 and 60. Your credit score has no significant influence on the approval of your loan application, and you can be confident that your information is secure with them. To receive your money within 24 hours, you must complete the simple steps of registering on the website, signing up for an OTP, receiving SMS approval, and getting your money.
How Can I Choose the Right Personal Loan in the Philippines?
Choosing the best personal loan in the Philippines is a game of priorities and alternatives. Before applying for a personal loan, you must first analyze the reason. Some individuals obtain personal loans for business or living expenses, etc. You can now choose the ideal method for obtaining the loan, either the bank or microfinance institutions.
You must be aware that obtaining personal loans from banks can be difficult. You might be required to undergo screenings, which could delay your payment. In contrast, loans from microfinance institutions are easy to apply for and obtain. Access is readily available at your fingertips, even without much documentation.
However, there are limitations associated with borrowing from these private lenders. As previously stated, you must evaluate and select the most suitable place.
Consider the following to choose the right personal loan:
The interest rates of different financial institutions in the Philippines
How to Apply for Personal Loan Online
Most online personal loan systems are user-friendly, and some require only four or five steps to apply for and receive reimbursement. Here are some of the typical procedures involved in applying for a personal loan online:
Conduct research to identify the personal loan platform that best meets your demands.
Browse the website.
Follow the steps and submit relevant information.
You can also use the personal loan calculator to understand your payment rate.
Click Apply Now
Wait patiently for the application review and, once authorized, the payment.
Image Description: Loan approval after waiting patiently for confirmation
It’s not a bad idea to apply for personal loans in the Philippines, and you can take advantage of the opportunity to improve your credit scores right now. The more consistent you are with repayment, the more potential creditors will be willing to put their money in your hands.
The issue is no longer knowing where to apply for a personal loan. Guess what the problem is right now.
The issue is your readiness to make the right decision to boost your credit score. Check out the loan institutions and enjoy more offers.