Jefanie Genilla
If ever you need money to pay off debts, medical and school expenses, start a small business or travel the world, you can count on a cash loan in the Philippines. Sure approval is guaranteed as long as you meet the lender’s requirements. Personal loans are convenient avenues to fund an immediate financial need.
Many Filipinos still rely on personal loans to get them through a financial difficulty – be it for medical, educational, household or home improvement expenses or for leisure. That is why banks and lending institutions offer varying personal cash loans to those who are in dire need of financial assistance. Many lenders offer low interest rates and flexible payment terms and schemes to entice borrowers to apply for loans for whatever purpose they deem necessary.
Why Personal Loans are Beneficial to Borrowers
If you are looking for a cash loan in the Philippines, sure approval is almost always guaranteed as long as you meet the requirements set by the bank or lending institution. Collateral is not required for small loan amounts, so you don’t have to worry about putting your house or car up as collateral if you are only borrowing a minimal amount.You can get these benefits if you apply for one:
- Fast Approval. Banks and lending companies compete on who can approve a loan application the quickest. Some lenders advertise loan approval in as little as two hours. Some approve loans after a minimum of three days up to a maximum of ten days. This turnaround time has come a long way since the past several years when applying for loans can take as long as a month or so.
- Low Interest Rates. Another enticing factor offered by lenders is their low interest rates. Lenders can charge as little as 1% or as high as 2% interest per month. Most interest rates are fixed; however there are still a number of lenders that compute your interest rate based on several factors like the amount you will borrow and the period in which you will pay the loan.
- Flexible Payment Terms. Loan applicants can usually choose a schedule of payment of their loans. The shortest period that a loan can be payable can be as short as six months, or as long as five years. Many lenders give the applicants the option to choose the type of payment term suitable for them.
- Multi-Purpose. Personal loans can be used for anything: medical, educational, household, emergency expenses, leisure, starting a business or consolidating debts. Most, if not all, lenders do not require applicants to divulge where they will be spending the loan proceeds.
Where to Apply for Loans
The most common avenues that you can look into when applying for a loan is in banks or lending companies. The only downside to applying to these banks and lenders is that you have to inquire one by one, submit requirements separately, which is very time-consuming to say the least. Then there are companies that have a network of lenders where you can compare offers in one place, like LoanSolutions. This way you do not have to submit your documentary requirements for each lender you are eyeing. What they do is they submit your papers to their partner lenders for evaluation and you will get matched with one or more of the lenders, then you get to you choose which matched loan offer is most suitable for your need. This avenue is more simplified and made more convenient for the busy Filipino.
We cannot deny the benefits that we get from applying for personal loans, and as long as we know how to manage and pay our debts. They are a God-send for saving us from our financial difficulties.
