Jefanie Genilla
Foreigners can now apply for loans in the Philippines provided they qualify for one and are able to show proof of staying in the country legally. Some may ask, “Where can I loan money in the Philippines to fund my immediate financial need?” There is no need to look far for a lender as there are banks and other lending companies cater to foreigners.
With the increasing growth of the economy and the number of investors coming to the Philippines, more and more people get convinced that the country is a good place to live, especially for foreigners. According to the Census of the Population and Housing released in 2012, there are nearly 200,000 expats living in the country, with 31.1% of them living in Metro Manila.
Although a lot of expats find the country such a welcoming and warm place to settle down in, it seems that the privileges, benefits and opportunities they are entitled to are scarce. One of them is applying for loans.Traditionally, lending institutions and banks in the Philippines only cater to borrowers who are Filipino citizens.That has always been the basic requirement, which leaves expats asking, “Where can I loan money in the Philippines?” Before,the answer was that you should be married to a Filipino citizen to be able to apply for a loan. However, that is not entirely the case anymore. More and more lending companies are now catering to expats as long as they meet the requirements and establish their credibility to pay the loan they are applying for.
Loans Available for Expats
Personal loan approval from lending companies and banks here in the Philippines is possible. However, international banks that branched out in the country give more options to expats especially if you already have a history with them and if you are a good payer. Private lenders are also rampant and you are likely to get a loan from them much easily but with a bigger interest.Car loans are much easier to be approved by lending institutions. Some banks will just require a work contract that extends up to the maturity of the loan. For home loans, it is a fact that foreigners can only own a condo, as they are not entitled to own land. Although your chances of finding a condo loan are limited, it is still very much possible especially if you can pay for a higher down payment and you establish your credibility to repay the loan. On the other hand, if you are an expat interested on a business loan, the lending companies will have to look at a property you own for collateral purposes. That includes a condo or a vehicle.
Expats with Disbursements
Expats with disbursements are of an advantage when applying for a loan. If, for example, you have permanent monthly disbarments such as a military pension or a social security from your country of origin’s government and you can show a proof of those payments being sent to you, then it will serve as good evidence that you can repay the loan. There is practically no need for you to be married to a Filipino citizen. What you need is a Filipino co-borrower that is a regular employee to apply for a loan. Other than that, most banks and lending companies will ask that you reside in the Philippines for at least two years with a good annual income and other identification, residential and employment requirements.
Applying for a Loan
Although there are still many lending companies that do not cater to foreigners, there are those that do, such as Philippine banks and foreign banks that have branches in the country. LoanSolutions PH has partnered with banks and lending companies that accept foreign loan applicants. You have to show proof that you are in the country working and staying legally, like an Alien Certificate of Registration of ACR for your application to be processed.
