The easiest and fastest way to apply for a personal loan in the Philippines

The easiest and fastest way to apply for a personal loan in the Philippines
Showing posts with label Low Interest Rates. Show all posts
Showing posts with label Low Interest Rates. Show all posts

Personal Loan No Collateral Application



If you have good credit, you're a perfect candidate for a personal loan application. We connect people looking to borrow money with banks. Get low fixed rates without any of the hidden fees and red tape associated with other types of loans. Signing up is quick and easy.

It's Simple to Apply for a Personal Loan:

-Give us some basic information about yourself.
-We'll review your personal loan application and provide you your loan options.

That's it!

And once the bank approves your personal loan application, the back will be in contact with your directly is order to get your personal loan.



Personal Loans are Unsecured - No Collateral Required!

Looking for a loan to consolidate debt? Start a small business? Remodel your kitchen? But find you lack the property or other collateral that some banks might require for such loans? Good news: Personal loans are unsecured — no collateral required. You qualify for a loan based on your credit history.

You Can Use Your Loan for Almost Any Purpose!

You're free to use the cash from your personal loan in a wide variety of ways to enhance your life or business, such as:
Debt Consolidation - Free yourself from credit card debt
Home Improvement - Remodel your kitchen or bathroom
Personal Loans for Business Use - Grow or start your small business
Auto & Vehicle - Get a new or used car, truck or motorcycle
Pay everyone you owe money!



What can I do to get my loan faster?
You can get your loan faster by submitting all required information and documents promptly. As we process your loan application, we'll email you with any additional information you need to provide.

Does my credit score affect my loan?
Yes. Banks will look at your credit history and there are no exception. If you are sure you have bad credit, you may want to consider improving it before you apply.

Bring Your Plans To Life With Personal Loans

Bring Your Plans To Life With BDO Personal Loans

Stop worrying about finances and bring your plans to life with Personal Loan. Enjoy low interest rates, easy payment terms on your financing needs such as Home Renovations, Tuition Assistance, Travel Expenses and more.

Enjoy low interest rates and easy payment terms on your financing needs such as:

  • Home Renovation / Upgrades
  • Tuition / Education
  • Furniture
  • Appliances / Electronic Gadgets
  • Vacation / Travel
  • Balance Transfer / Debt Consolidation
  • Special Events
  • Health and Wellness
  • Medical Emergencies


Flexible loan amounts:

  • Minimum of P10,000
  • Maximum of P 3,000,000


Fixed monthly payments – pay the same amount every month with any of the following flexible payment terms:

  • 3 months (for Unsecured)
  • 6 months
  • 12 months
  • 18 months
  • 24 months
  • 36 months

Applying For A Personal Loan In The Philippines

Personal+Loan+Philippines+For+Travel

People apply for personal loans for a lot of reasons like funding their education or buying something that they need. This type of loan provides a cash advance to borrowers if they are short on cash. Borrowers have the option to repay the loan in six, twelve, eighteen, twenty-four or even thirty-six months.

A loan by any perspective is designed to render significant monetary help to the needy customers. This goes same with the personal finance as well. The loan is predominantly designed to render awesome help on financial ground. But, just as all the loans have their terms and conditions; this one also has many terms including repayment on timely manner. You will be supposed to pay off the loan on time so that you can fend off charges of any sort in this context.

The main advantage of applying for a personal loan is because a personal loan is an unsecured loan and that the bank doesn’t require any collateral. Banks take on a higher risk of losing money which is why the policies for this type of loan are more stringent.

To avail personal finance from a bank, you need to comply with its cited terms and conditions. You will be asked to submit all required documents that can prove your credibility as a borrower for the loan. However, there is very less documentation and so you don't have experience time consuming procedures of bank to approve you finance. You don't even have to bother for explaining anything to convince your lender that the loan being taken will be used in particular purpose or needs. Clarification is not required.

However, you need to convince your lender about your repayment capacity. Since this type of finance is risky, especially when you are reluctant to pledge your property, the bank usually charges huge rate of interest believing it could help it offset the risk in the event of borrower's inability to repay. This should be taken into consideration.

Lenders base their decisions on your credit history if you are applying for an unsecured loan. If you have a good credit history and you can convince your lender that you will not fail from your responsibilities then your loan will have a higher chance of being approved. In spite of the very high percentage of rejection this type of loan still seems to be the most enticing form of bank loan in the Philippines due to its leniency.

Get Cash To Meet Your Immediate Needs

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Don't let limited funds limit you from experiencing life. When a personal need arises and you don't have funds for it, apply for a personal loan to help you with your immediate financial concern.

Personal loan is one of the most useful and reliable financial options for everyone who wants to avail short term loan to answer different needs. With the loan, you will be able to buy a car, go for holidaying with family, sort out other needs you are unable to do because of lack of proper finance in hands. The loan will help you make your needs rightly. There are banks and lending institutions which will help you sort out your needs in this context.

Personal Loan Requirements for Employed Individuals

Personal Loan Requirements for Employed Individuals

Personal loan application requirements for Salaried/Employed individuals varies from one bank to another, here is a list of what is commonly asked/required.
  • The minimum monthly income for salaried/employed individuals applying for personal loan is Php 15,000
  • With or without a Credit Card.
  • At least (1) one year employed or a regular employee
  • Latest ITR | BIR Form 2316
  • ID issued by the employer with photo and 3 specimen signatures
  • Any Government issued ID with photo
  • Three (3) months latest payslip
  • Certificate Of Employment (COE)
For Personal Loan application requirements specific to Call Center employees click here

Personal Loan Requirements for Call Center Employees

Personal Loan Requirements for Call Center Employees

Personal loan application requirements specific to Call Center employees varies from one bank to another, here is a list of what is commonly asked/required.

Minimum Php 25,000 monthly basic salary - commission & bonuses does not count, however you can declare it as an additional source of income.

Must be at least 26 years old - you might be thinking whoever created this policy should be shot on the foot, they know better so leave it be.

Latest ITR | BIR Form 2316 - ask HR

ID issued by the employer with photo and 3 specimen signatures - scan your company ID both side and affix your signature 3 times.

Any Government issued ID with photo - Drivers License, SSS ID, PRC, etc.

Three (3) months latest payslip - photocopy each or a screen shot of whatever payroll system your company is using. For the latter, kudos for doing its share in promoting a greener environment.

Certificate Of Employment (COE) - ask HR

Personal Loan Tip: Build Trust with Creditors

Personal Loan Tip: Build Trust with Creditors

Taking out a personal loan and paying it back on time is an excellent way to prove to creditors that you can be trusted with your finances. Make your payments on time and you will slowly be able to build up your creditworthiness that can help you gain the favour of even more lenders.

Personal Loan Tip: Spend Wisely

Personal Loan Tip: Spend Wisely

Do not spend the money frivolously! Some people proceed to splurge their personal loan on food, clothes, gadgets, gifts and entertainment as soon as they lay their hands on it. This is a sure-fire sign that you will get yourself into more financial troubles. A personal loan should strictly be used to solve your financial problems or to achieve the goals you have set for yourself.

Personal Loan Tip: Consolidate Your Loans

Personal Loan Tip: Consolidate Your Loans

The best way to employ your personal loan is to use it to consolidate your loans. You may have several credit cards each with a balance, unpaid utility bills and car loans. If the loan amount is large enough to cover all the loans, then pay them off. Consolidating all your loans into a single loan saves you a lot of time and headache. It may also lower the interest rate. With only one loan to pay back, you will find the load to be lighter and easier to handle.

Personal Loan Tip: Create a Budget

Personal Loan Tip: Create a Budget

Figure out how your repayment plan for your personal loan will fit into your existing budget. Decide how long you would like your repayment term to be and calculate how much you will need to trim your budget or put aside each month in order to meet the monthly payments. Budgeting for your personal loan repayment ahead of time will make sure you can pay it off in a timely manner according to the agreed terms.

Personal Loan Tip: Plan Before You Apply

Personal Loan Tip: Plan Before You Apply

Once you have decided that you need a personal loan to solve your financial problems, plan where you will use the loan. Give priority to paying off your existing loans, including credit cards, car loans and unpaid utility bills. Carefully calculate the amount you will need and do not apply for more than you think you will be able to comfortably pay back; otherwise you will just spend it on things that you do not need.

Personal Loan Advantage Over Credit Card Purchase

Personal Loan Advantage Over Credit Card Purchase

Taking out a personal loan has a great advantage over purchases made using a Credit Card.

Usury is a different form of abuse, where the lender charges excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates. Credit card companies in some countries have been accused by consumer organisations of lending at usurious interest rates and making money out of frivolous 'extra charges' - check your credit card statement and look at how much is the 'extra charges' and the actual payment per month.

With a personal loan, you are receiving cash and you are in complete control of how you spend it. While it’s wise to formulate a plan ahead of time, you’re still not restricted as to where you can spend your money like with some credit cards. Some people even use personal loans to help make a large purchase. Let’s say you want to buy an expensive item but don’t have the immediate funds. With a personal loan, you can get what you need and spread out the payments so it’s affordable for you.

How Long Does the Personal Loan Process Take?

How Long Does the Personal Loan Process Take?

One of the benefits of getting a personal loan is speed. Once you meet the lender’s requirements, you usually don’t have to wait very long to get the money you need. Personal loans are processed quickly, so you can have your money and start using it.

The length of time between when you apply for a personal loan and when you get the funds can vary widely but greatly depends on just one factor - when are you going to produce and submit the required documents?

Your documents will tell who you are and your financial capacity/background. That will be the basis for the loan application approval.

The Benefits of a Personal Loan

The Benefits of a Personal Loan

It’s very easy to find information about personal loans that warn you to steer clear of them at all costs because of the interest rate or you’ll sink too far into debt etc, etc, etc...

Taking out a personal loan can be quite helpful in some situations. Here are some benefits of getting a personal loan.

No Collateral Required
For anyone who isn’t too keen on putting up an asset as security against a loan, personal loans are a good choice. With loans like home equity loans or car title loans, you are putting up your property or assets as collateral for the loan - failure to pay means you lose your asset, simple.

And while these kinds of loan products work well for some people, others can feel anxiety knowing what they stand to lose if things go awry. For personal loans, you just have to meet the requirements set out by the lender, and the money is yours.

Personal loan is all about 'you'. If you are a first-timer, you just have to prove you have the capacity to repay. Keep a good record and you can apply for your next loan faster.

Speed
Once you meet the lender’s requirements, you usually don’t have to wait very long to get the money you need. Personal loans are processed quickly, so you can have your money and start using it.

Control
With a personal loan, you are receiving cash and you are in complete control of how you spend it. While it’s wise to formulate a plan ahead of time, you’re still not restricted as to where you can spend your money like with some credit cards. Some people even use personal loans to help make a large purchase. Let’s say you want to buy an expensive item but don’t have the immediate funds. With a personal loan, you can get what you need and spread out the payments so it’s affordable for you.

Debt Consolidation
While it’s true that taking a personal loan is actually adding to your debt, you can still use it to reduce your overall debt faster. If you have other debts and choose to consolidate with the help of a personal loan, it will simplify the whole process for you. Creditors will stop calling you, you’ll be paying less interest and you’ll only be making one or two payments per month.

What You Should Know About Personal Loans

What You Should Know About Personal Loans

When you need to borrow money you have a number of option: the bank, cooperative, credit card, home equity loan and even from a "bumbay" which either have a fixed or variable rate.

One option you may be considering is a personal loan, which can be used in a variety of different ways - to help with a small business, finance a home renovation, consolidate debt or even pay for a wedding or vacation. So what makes a personal loan different?

Personal loan carry fixed interest rates. That makes them different than, say, a home equity line of credit which usually carries a variable interest rate that can change when interest rates in the economy change. Variable-rate loans may look more attractive at first since their "initial" rates are often low. But the rate (and payment) may rise later, and may make the loan more expensive (and risky) over time.

You must pay them back in a certain amount of time. Most personal loans carry a fixed repayment period of one to five years. During that time you make fixed monthly payments. That makes them different than credit cards, which allow you to make a minimum payment that will barely make a dent in your balance. If you prefer the certainty of knowing when your debt will be paid off, a personal loan is the preferred choice.

Personal loan give entrepreneurs a chance to prove themselves. It's become more difficult over the past few years to borrow to start or jumpstart a young or small business. Brand new businesses, for example, aren't likely to find a bank that wants to give them a loan just because they have a great idea for a business. Banks often want to see sales and revenue figures, which newer businesses aren't likely to have. That's why some small businesses are turning to personal loans, which they obtain on the strength of their personal credit and finances, rather than that of the business.

Perfect for home improvement. A few years ago, if you wanted to build a deck or remodel your kitchen, your bank was probably more than happy to give you a home equity loan to fund your project. But now, between stricter mortgage loan requirements and home values down in many parts of the country, getting a home equity loan may feel like more trouble than it's worth. That's why many borrowers are turning to personal loans to fund home improvement projects. And unlike home equity loans, which often require interest-only payments for ten years before the borrower has to start repaying the principal, with a personal loan you'll know your project is paid for in a few years and you're ready to start a new one!

What is a Personal Loan?

What is a Personal Loan?

Personal Loans (also called Signature Loans, Character Loan, etc) is a type of unsecured loan that are often used by borrowers for small purchases such as computers, home improvements, vacations or unexpected expenses.

An unsecured loan does not require a collateral and that means the lender relies on your promise to pay it back. They're taking a bigger risk than with a secured loan, so that is why interest rates for unsecured loans tend to be a little bit higher.

You normally have set payments over an agreed period and penalties may apply if you want to repay the loan early. Unsecured loans are often more expensive and less flexible than secured loans, but is suitable if you want a short-term loan (one to five years).

BDO Personal Loan Assistance Philippines

Personal Loan Philippines
Application Assistance Services

Requirements & Documents:
The requirements for Personal Loan Application varies from one bank to another. You will be informed.

Loan Amount:
From P10,000 up to P2,000,000 depending on your salary and/or Credit Card limit. Approximately the maximum approvable monthly loan re-payment is 30% of your gross monthly salary.

Available Loan Terms:
From 6 months, 12 months, 36 months and up to 48 months depending on the bank.

Basic Qualification:
- Must be 21 to 65 years old (end of loan term should be before your 65th birthday).
- Must have good credit standing. No historical defaults.
- If self-employed, business should be operational for at least 2 years.

Requirements for Employed/Salaried Individuals:
- Checking Account
- Latest Certificate of Employment (should not be more than 30 days old). Basic monthly salary, position and length of service must be indicated.
- 2 months latest payslips
- Latest ITR
- 2 Government issued ID (Passport, SSS, PRC, Driver's License, Voter's ID)
- 1 Company issued ID (front and back) with 3 specimen signatures beside the front copy of the ID
- Copy of recent Credit Card statement, if any

Requirements for Self-Employed Individuals:
- DTI/Business Permits
- 6 months bank statements
- Latest Audited Financial Statements with ITR
- Trade References