Which Banks Offer the Best Car Loan Deals in the Philippines?
- By Venus Zoleta
- July 9, 2020
Shopping for the best car loan deals in the Philippines? There’s no single bank or auto loan that’s best for everybody. Auto loan providers in the Philippines offer different features and promos that cater to the needs and preferences of different car buyers. You have to consider the type of car you’re going to buy, your budget, and your qualifications. This is why researching and comparing auto loans matter a lot before you apply for a car loan. One of the most important things to know in which banks have deals that appeal to you. Table of ContentsWhich Bank is Best for Car Loan in the Philippines?AUBBank of CommerceBDOBPIEastWest BankMetrobankPSBankRCBCSecurity BankUCPBUnionBankFinal Thoughts Which Bank is Best for Car Loan in the Philippines? Here’s a quick overview of what auto loan providers offer to vehicle buyers in the Philippines. Information are updated and accurate as of July 2020. AUB Key Car Loan Features in AUB Loan amount: Minimum of PHP 200,000[1] Interest rate: Contact the nearest AUB branch for the best car loan offer Repayment terms: Up to 60 months Bank of Commerce Key Car Loan Features in Bank of Commerce Vehicle type: Brand-new cars only[2] Loan amount: Minimum of PHP 100,000 Down payment: 20% to 45% Interest rate: 7.24% to 27.54% Repayment terms: 12 to 60 months BDO Key Car Loan Features in BDO Vehicle type: Brand-new and second-hand cars for personal or business use Maximum car age: Up to six years old upon loan maturity Minimum monthly household income: PHP 50,000 Loan amount: Minimum of PHP 100,000 up to 80% of the…
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What Happens If You Stop Making Loan Payments?
- By Moneymax
- June 23, 2020
Are you close to a loan default? Unexpected situations—like a job loss, medical emergency or death in the family, or calamity—can put even the most responsible borrowers in a tight spot, making it extremely hard to make loan payments on time. Defaulting on a loan comes with serious financial consequences, not to mention that you’ll spend stressful days and sleepless nights thinking about how to get yourself out of the sticky situation. You don’t want to reach that point—and you can keep it from happening. Don’t let a loan default affect your finances. Table of ContentsWhat is a Loan Default?4 Serious Consequences of a Loan Default1. Your Debt Will Pile Up2. The Lender Will Take Back Your Car or Home3. Your Credit Score Will Drop4. Unpaid Government Loans Will Be Deducted From Your BenefitsLoan Default During COVID-19Final Thoughts What is a Loan Default? A loan default results from failure to make monthly loan payments for a certain period as specified in the loan’s terms and conditions. This isn’t to be confused with loan delinquency,[1] which happens as soon as you miss a mortgage payment. A loan default is declared when your loan remains delinquent for a long time. The time before a loan goes into default varies from one lender to another. Generally, borrowers in the Philippines have a maximum grace period of 90 days or three months to settle their outstanding balance before their loans become in default. That’s the case for Pag-IBIG multi-purpose loans and housing loans. Some banks have shorter grace periods before declaring a loan default. Citibank, for instance, places…
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Do You Have Bad Credit? What to Know When Applying for a Loan
- By Venus Zoleta
- June 8, 2020
“Can I get a personal loan with poor credit history?” It takes time to repair a bad credit report (or to build one if you have none), so you’re wondering if you can qualify for a loan now even if yours is in a terrible shape. Well, your choices are rather limited. Generally, banks and government agencies deny loan applications from borrowers with a poor credit score. So these lenders are already out of the question. Other types of lenders in the Philippines, however, do accept and approve loans for people with bad credit history. So yes, you can borrow money for any financial emergency even with a less-than-ideal credit record. But once you get approved for a bad credit loan, managing it isn’t as easy as you think. Here’s everything you need to know about bad credit loans in the Philippines. Table of ContentsWhat Type of Lenders Offer Bad Credit Loans?Private LendersPawnshops5-6 LendersHow Risky Is it to Get a Loan for Bad Credit?6 Tips When You Decide to Apply for Bad Credit LoansFinal Thoughts What Type of Lenders Offer Bad Credit Loans? Some informal moneylenders in the Philippines don’t conduct credit checks or evaluation. Others do, but the borrower’s credit score or credit history isn’t the most significant deciding factor for loan approval or rejection. Below are the types of lenders that cater to Filipino borrowers with bad credit history. (Note: This does not, in any way, promote any of these loans for people with bad credit. Understand the risks before applying for a loan for bad credit.) Private…
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Should I Borrow Money from Private Lenders?
- By Moneymax
- June 1, 2020
Looking for private lenders for a personal loan in the Philippines? Before you borrow from a private lender, you have to know first what you’ll be getting into. Table of ContentsWhat are Private Lenders?Advantages of Borrowing Money from Private Lenders1. Fewer Requirements and Restrictions2. No Credit History Check3. Fast ApprovalDisadvantages of Borrowing Money from Private Lenders1. High Interest Rates2. Short Repayment Period3. Risk of Losing Collateral4. Risk of Getting ScammedPrivate Lenders in the PhilippinesAsteria Personal LoanCash Mart Personal LoanCashwagon Instant Cash LoanRobocash Instant LoansVidalia Online LoansFinal Thoughts What are Private Lenders? Private lenders in the Philippines are non-banking companies or individual investors that provide short-term personal loans, mostly catering to OFWs, small business owners, and car buyers. Filipinos who can’t qualify for bank loans often turn to this kind of money lenders to cover their urgent financial needs. Is it really better to borrow from such entities than a bank? Consider the pros and cons of getting personal loans from private lenders to make the right decision. Advantages of Borrowing Money from Private Lenders Private lending institutions attract borrowers because they offer easy access to funds by simplifying their loan application process. Below are some advantages of borrowing money from a private lender. 1. Fewer Requirements and Restrictions Compared to banks, private money lenders require fewer financial documents and are more relaxed in their conditions for loan approval. When you apply for a personal loan with a private lending company in the Philippines, you’ll be asked to submit only a valid ID or two, proof of billing, and proof of…
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OFW Loan Options in the Philippines for Every Kind of Need
- By Venus Zoleta
- May 18, 2020
Looking to increase your savings as an OFW by starting a small business? Want to build a home or buy a car for your family? Need to borrow money immediately for a medical emergency? No matter what your financial needs are, an OFW loan assistance can help you achieve them. Let’s make choosing the best OFW loan in the Philippines easier for you. Here are the top loan options for OFWs based on interest rates, loanable amount, and repayment terms. Table of Contents5 OFW Loans in the PhilippinesFor Immediate Cash Needs: GDFI OFW LoanFor Buying a Home: Pag-IBIG Housing LoanFor a Car Purchase: BDO Auto LoanFor Personal Needs: SSS Salary LoanFor Starting a Business: OWWA LoanFinal Thoughts 5 OFW Loans in the Philippines For Immediate Cash Needs: GDFI OFW Loan Need a loan with no collateral but still based overseas? An OFW loan assistance from Global Dominion Financing Incorporated (GDFI) can help you out. The GDFI OFW loan was created to “extend financial assistance to both land-based and sea-based OFWs while currently abroad or on-board. Applying for one is easy as OFWs can do it online. Who can apply? At least 21 years old but not exceeding age 60 at the end of the loan term Have a minimum monthly income of PHP 20,000 Should have at least 3 months of employment contract With an immediate family member in the Philippines as co-borrower GDFI OFW Loan Requirements: Principal borrower requirements Latest Contract of Employment Copy of VISA Photocopy of OEC (POEA Overseas Employment Certificate) Plane ticket or flight details Latest electric or water bill. If not…
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6 Tips to Get a Personal Loan for Freelancers in the Philippines
- By Venus Zoleta
- May 4, 2020
This article was published on July 17, 2019 and was updated on May 4, 2020. Being a freelancer in the Philippines has its downsides, and one of them involves getting a loan for freelancers. Formal lending institutions in the Philippines like banks and government agencies are strict when it comes to loan approvals. They require borrowers to provide their payslips, income tax return (ITR), certificate of employment, and other financial documents to prove their ability to repay a loan on time. If you don’t have proof of a stable income, you have a slim chance of getting approved. Worse, you can get downright rejected for a loan. Even though you’re earning more than an average employee, lenders will still see you as a credit risk because of the usual unpredictability of freelance income—unless you have documents to prove otherwise. However, don’t let your self-employment status stop you from borrowing money to cover your financial needs. It takes some effort and patience. But you can definitely improve your chance of getting approved for a freelancer loan with the following tips. Table of ContentsSmart Tips on Getting a Loan for Freelancers1. Be a Registered Taxpayer2. Secure Your Business Registration Documents3. Have a Good Credit Score4. Prepare Your Supporting Financial Documents5. Try to Borrow From a Bank Where You Have a Long-Time Account6. Get a Salary Loan for Freelancers From Legitimate Private LendersPersonal Loan Options for Freelancers in the PhilippinesBPI Personal LoanCitibank Personal LoanRCBC Personal LoanFinal Thoughts Smart Tips on Getting a Loan for Freelancers 1. Be a Registered Taxpayer To get a…
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Emergency Loans and Other Convenient Ways to Borrow Money
- By Venus Zoleta
- April 29, 2020
This article was originally published on July 3, 2018 and was updated on April 29, 2020. “Utang” is so strongly embedded in the Filipino culture that only two in every 10 adults in the country don’t borrow money, according to the Bangko Sentral ng Pilipinas (BSP) financial inclusion survey[1]. There are many ways to do exactly that, the most common of which are emergency loans and personal loans. It’s important to understand the benefits and risks of each loan options before choosing the right one for your immediate need. Here are just some of them. Table of ContentsEmergency LoansEmergency Loans from Private LendersEmergency Loans from Government AgenciesEmergency Loans from EmployersPersonal LoansSalary LoansPawning or SanglaBorrowing from Family and FriendsFinal Thoughts Emergency Loans Emergency loans provide a quick and easy way for cash-strapped Filipinos to fund any unexpected expense. They’re particularly helpful when you need money to rebuild your home or repair your car after a flooding, fire, earthquake, or any disaster. Most emergency loans in the Philippines come from three sources: private lenders, government agencies, and employers Emergency Loans from Private Lenders Of the three common emergency loan providers in the country, private lenders have the simplest application process, as well as the fastest approval and fund release as they usually do not require a bank account. Many emergency loan applications can be filed online nowadays, after which you’ll know if you’re approved for the loan within 5 to 10 minutes. You can receive funds on the same day or even in a matter of minutes. This is why emergency loans…
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Lazada Loans: What Online Shoppers Need to Know
- By Ricky Publico
- April 17, 2020
Online shopping has never been this essential lately, and it’s safe to say that Lazada helped provide a convenient platform for Filipinos to shop for their needs. Another great deal of help they’re providing is their newest Lazada Loans feature, where shoppers can apply for a short-term loan for Lazada purchases. Here’s a guide to help you understand further. Table of ContentsWhat is Lazada Loans?Lazada Loans Features and BenefitsLazada Loan RequirementsHow to Activate Your Lazada WalletHow to Apply for Lazada LoansLazada Loan PartnersPera247AtomeBilleasePerajetPondopesoTendopayHow to Repay Your Lazada LoanFinal Thoughts What is Lazada Loans? Launched last year during the Lazada 9.9 Sale[1], Lazada Loans provides shoppers with an alternative way to pay for their online shopping, may it be for gadgets or grocery items. Lazada partnered with accredited mobile lenders to make this feature possible. Lazada Loans allows shoppers to buy now and pay later with easy installment plans minus the credit card requirement. You can apply for a loan directly through the Lazada website or app and have your application approved within the same day. Once approved, you can use the loan amount to buy items from Lazada or pay your bills within the app. Read more: Different Types of Personal Loans Every Borrower Must Know Lazada Loans Features and Benefits If you’re planning to make a small-ticket purchase, Lazada Loans can help you fund it. You can borrow money as high as PHP 50,000, depending on the lender. Easy Application. The entire process happens within the Lazada app. No need to head somewhere to apply and withdraw your proceeds. Low…
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Business Loans for Startups in the Philippines
- By Venus Zoleta
- March 30, 2020
Finding good sources of funding is a critical step in starting a business. A small business loan from the government, a bank, or a private lender is one financing option for budding business owners. Business loans come in a variety of types that suit different business requirements. Before you start searching for the right loan for your startup business, it helps to have an idea of the types of business loans for starters. Doing so helps you understand your options better and easily find the loan that matches your needs. Below are the basic requirements and different types of loans for every business. Table of ContentsBasic Requirements When Applying for a Business Loan4 Types of Business Loans for Startups1. Term LoansWhat is a Term Loan?Is a Term Loan Right for My Business?Loan AmountMethod of FundingLoan TermRepayment ModeTerm Loan Options for Startups in the PhilippinesLoan NameLoan AmountLoan TermInterest RateRepayment Term2. Credit LineWhat is a Credit Line?Is a Credit Line Right for My Business?Loan AmountMethod of FundingLoan TermRepayment ModeCredit Line Options for Startups in the PhilippinesLoan NameLoan AmountLoan TermInterest RateRepayment Term3. Secured Business LoansWhat is a Secured Business Loan?Secured Business Loan Options in the PhilippinesSecured Business LoanCollateral4. Unsecured Business LoansWhat is an Unsecured Business Loan?Unsecured Business Loan Options in the PhilippinesUnsecured Business LoanLoan AmountLoan TermInterest RateRepayment Mode7 Considerations When Choosing a Business Loan1. Your Purpose for Borrowing Money2. The Loan Amount3. Method of Funding4. Loan Term5. Repayment Mode6. Collateral7. Interest RateFinal Thoughts Basic Requirements When Applying for a Business Loan Prepare the following documents when applying for a small business loan. Valid Government ID (Passport,…
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5 Salary Loans to Consider for Financial Emergencies
- By Venus Zoleta
- February 19, 2020
This article was published on April 19, 2018 and was updated on February 19, 2020. Salary loans—with their quick online application, guaranteed approval with no credit checking, and fast cash loan disbursement—can help cash-strapped Filipinos meet their urgent financial needs. More so when it’s Petsa de Peligro and there’s an emergency, like sudden hospitalization in the family or overdue bills. Before you shop around for options, make sure you’re well-informed about salary loans in the Philippines. Keep reading to know what these loans are and which ones you may consider for financial emergencies. Table of ContentsWhat is a Salary Loan?Salary Loans in the Philippines to Consider for Financial Emergencies1. SSS Salary Loan2. Tala Loan3. Security Bank Salary Advance Loan4. Vidalia Salary Loan5. Cash Mart Salary LoanWhat are the Alternatives to Salary Loans in the Philippines?Final Thoughts What is a Salary Loan? A salary loan is a type of loan borrowers can get to make ends meet or finance an important expense (e.g., tuition, medical bills, and other emergency purposes) before receiving their next paycheck. Salary loans, whose amounts are usually based on the borrower’s gross monthly salary, are expected to be paid off over a fixed period. Also called online loans or quick cash loans, salary loans are easier and faster to get than traditional loans. Simply apply and submit a few requirements online, and receive the money within 24 hours. Unlike pawnshop loans that require collateral such as jewelry and gadgets, salary loans don’t require any collateral. Rather, most of them ask for only a valid ID and proof…
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A Handy Guide to Getting a Citi Personal Loan
- By Venus Zoleta
- November 20, 2019
This article was originally published on September 10, 2018 and was updated on November 20, 2019. Approval within 24 hours and flexible repayment terms of up to five years—these features make the Citi personal loan attractive for those with urgent cash needs. Thinking of applying for a personal loan from Citibank? Here’s a definitive guide to help you determine if it’s the right borrowing option for you and raise your chance of getting approved for a Citi personal loan. Table of Contents✔️ Citi Personal Loan Features and BenefitsFast Loan ApprovalHigh Loan AmountFlexible Loan TermsLow Citi Personal Loan Interest Rate✔️ Citi Personal Loan RequirementsHow Do I Qualify for a Citibank Personal Loan?What are the Required Documents for a Citi Personal Loan Application? ✔️ Citi Personal Loan CalculatorHow to Use the Citi Online Loan Calculator✔️ Citi Personal Loan Application: 3 Easy Steps to Get a LoanHow to Apply for Citi Personal Loan OnlineHow Will I Receive the Citi Personal Loan Proceeds?✔️How to Pay for a Citi Personal LoanCitibank Payment PartnersFinal Thoughts ✔️ Citi Personal Loan Features and Benefits Fast Loan Approval Citibank approves personal loan applications in as fast as 24 hours, making it the bank with the quickest loan approval time in the Philippines. Other banks take at least five to seven banking days or longer to approve a personal loan. With the Citi personal loan, borrowers can get approved without the need for collateral or guarantor. Fast approval, of course, depends on the borrower’s eligibility and completed requirements. Read more about this in our tips below. ⬇️ High Loan Amount Borrowers can avail…
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Online Loans in the Philippines: What Filipinos Need to Know
- By Venus Zoleta
- November 6, 2019
Struggling with getting approved for a personal loan? Wondering why banks always reject your applications? An online loan might just be the solution to meet your urgent financial needs. Online loans from private lending companies offer borrowers a good alternative to traditional loans from banks. They fill in the gaps in terms of convenience, application requirements, and ease of approval. Is an online loan the right choice? Before you borrow cash online, familiarize yourself with how online loans work and your options in the Philippines. Table of ContentsWhat is an Online Loan?Pros and Cons of Online LoansOnline Loan AdvantagesOnline Loan DisadvantagesLegit Online Loans in the PhilippinesACOM Quick Cash LoansAsteria Personal LoanAtome Credit Cash LoanCash Mart Personal LoanCashwagon Instant Cash LoanEsquire Financing Business LoanFirst Circle Business LoanGDFI Fast Cash LoansHome Credit Cash LoanLoan Ranger Cash LoanOnline Loans Pilipinas Cash LoanRadiowealth Finance LoansRobocash Instant LoansTala LoanVidalia Online LoansZenith Business LoanFinal Thoughts What is an Online Loan? An online loan is a non-traditional type of loan from a private lender that operates over the internet. It’s becoming popular among borrowers who need quick cash but lack the credentials to qualify for bank loans. Unlike government offices and banks, most online lenders don’t perform credit checks to determine a borrower’s capacity to repay a loan. Most online lenders require only a valid ID, while some may also ask for proof of income. The entire loan application process is done online—from filling out an online form on the lender’s website or mobile app to receiving approval. Loan proceeds are released and repayments are made through…
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How to Get a Personal Loan with Low Interest Rate in the Philippines
- By Moneymax
- October 23, 2019
This article was originally published on September 26, 2018 and was updated on October 23, 2019. Like you, majority of borrowers in the Philippines take the interest rate into account when applying for a loan. According to the Bangko Sentral ng Pilipinas financial inclusion survey, the interest rate is one of the top considerations for 47% of Filipino borrowers. The best personal loans in the Philippines are those with low rates, usually from government agencies and banks. Getting a personal loan with low interest rate helps you save money, as it keeps the interest payments low over the loan’s duration. Lenders typically advertise two types of interest rates: the monthly add-on and effective interest rate. Also called the annual percentage rate, the effective interest rate reflects the true interest you’re paying on a loan. On the other hand, the monthly add-on interest rate is calculated by combining the amount of the loan and the annual interest rate, then multiplied by the number of years you hope to repay the loan. This results to a more expensive monthly amortization cost for the borrower. Thus, when checking for different types of personal loans, try searching for a lower monthly add-on interest rate. Table of ContentsWhere to Get a Personal Loan with Low Interest Rate1. SSS Salary Loan2. Pag-IBIG Multi-Purpose Loan3. Security Bank Personal Loan4. Citibank Personal Loan5. BPI Personal Loan6. BDO Personal Loan7. BDO Kabayan Personal Loan – SecuredHow to Get a Personal Loan with Low Interest RateFinal Thoughts Where to Get a Personal Loan with Low Interest Rate 1. SSS Salary Loan…
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Home Credit Loans: Weighing the Pros and Cons
- By Venus Zoleta
- August 28, 2019
“Is that a housing loan?” is a question you’ve probably asked after seeing the Home Credit logo. Don’t worry, it’s not something related to real estate, but it is a non-traditional type of lending in the Philippines. And chances are you’ll end up finding yourself deciding whether to apply for a loan from them or not. Read on to learn how it works and if it’s a suitable option for you. Table of ContentsWhat is Home Credit?What is a Home Credit Standard Loan?Key Features of Home Credit Standard LoanWhat is a Home Credit Cash Loan?Key Features of Home Credit Cash LoanWhat are the Payment Options for Home Credit?What are the Benefits of Home Credit Loans?1. Easy Loan Application2. Quick Approval3. Flexibility4. Easy Loan Management5. Early Repayment Option6. Loan Insurance OptionWhat are the Drawbacks of Home Credit Loans?1. High Interest Rates2. Easy Way to Earn Debt3. Rejection for Delinquent Borrowers4. Consequences of Late PaymentsFinal Thoughts What is Home Credit? Home Credit Philippines[1] started its operations in 2013 as a money-lending service. As part of Home Credit Group, a global consumer finance provider, Home Credit slowly became a popular payment option for big-ticket items like home appliances and gadgets. And since then, the company expanded its operations to include cash loans. Loans are available to Filipino citizens only, 18 to 68 years old, with stable income as employees, entrepreneurs, self-employed professionals, or pensioners. As mentioned before, Home Credit Philippines offers two types of loans: a non-cash loan through in-store financing and a dedicated cash loan through its mobile app. What is a…
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Common Personal Loan Application Questions You Need to Prepare for
- By Venus Zoleta
- August 7, 2019
A personal loan application is like any job application. As a prospective borrower, you do your best to prove you’re a worthy candidate for the lender’s money. The loan application form is your resume, and the requirements you submit are like your portfolio. And then there’s the dreaded interview portion. Are you ready for it? Aside from the information you provide in the application form, the lender will need to talk to you in person or over the phone to verify your eligibility and documents, especially if you’re applying for a business loan. This is part of the background check or credit investigation that banks and lending companies conduct to determine a borrower’s creditworthiness. It’s also an opportunity for both parties (the lender and the borrower) to ask personal loan questions and make sure they’re fit for each other. Before that important call props up, anticipate the questions that the lender might ask, come up with sensible answers, and rehearse with a friend if you must. It’s better to be over-prepared than be caught off guard with an unexpected question during your interview. Here are the personal loan questions a lender typically asks that you should be prepared to answer. Table of Contents1. Can You Confirm Your [Personal Information]?2. What is Your Job and How Much Do You Make?3. Why Do You Need a Loan?4. How Much Money Do You Need?5. How Will You Repay the Loan?6. Do You Have Any Current or Past Loans?Final Thoughts 1. Can You Confirm Your [Personal Information]? The first personal loan questions that a…
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7 Reasons Your Personal Loan Application Got Rejected
- By Venus Zoleta
- July 3, 2019
Rejection of any kind is hard to accept—more so if it involves money. Case in point: getting your personal loan application denied. Your time and effort spent preparing your requirements and waiting anxiously for the loan approval all just went to waste. It makes you want to demand an explanation from the bank, lashing out like that memorable scene from that one movie starring Piolo Pascual. But no need to go berserk to try and reverse the bank’s decision. Cooler heads always prevail, so try to find out why they rejected your application and correct the problem. Personal loan providers in the Philippines base their credit decisions on a borrower’s financial information and their assessments from credit investigations and background checks. If you received a no from a personal loan provider, it’s likely due to the following reasons. Table of ContentsInsufficient IncomeUnstable Employment RecordLoan Amount is Too HighBad Credit ScoreToo Much DebtIncomplete and Inconsistent DetailsFailure to Meet Eligibility RequirementsFinal Thoughts Insufficient Income It doesn’t matter if you have enough money on your account. Banks will reject your personal loan application if your income can’t sustain the monthly loan repayment. They always require borrowers to meet a minimum annual or monthly income requirement. Before you sign that application form, check the minimum income requirement of the lender where you filed your loan application. In case you forgot to check the requirements before applying, do it now and see if your income documents matched the bank’s criteria. For example, to qualify for a BDO personal loan[1], you need an annual income of…
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Tala Loan Guide: Everything About Borrowing from Tala Philippines
- By Venus Zoleta
- June 17, 2019
What’s the quickest and safest way to borrow money if you don’t have any supporting financial documents? If you’re having difficulty getting approved for a bank loan, know that there are alternatives you can turn to, like quick cash loans from private lenders. One of the alternative loans to consider is Tala Loan from Tala Philippines. Read on to learn more about this lending company and the loan it offers. Table of ContentsWhat is Tala Philippines?Tala Loan FeaturesHow Much Can I Borrow?What are Tala Philippines Loan Interest Rates and Terms?How Long Does Tala Take to Approve a Loan?How to Receive Tala Loan AmountHow to Repay a Tala LoanShould You Borrow From Tala Philippines?Tala Loan RequirementsHow to Apply for a Tala LoanTala Loan Application ProcedureFinal Thoughts What is Tala Philippines? Tala is one of the best quick cash loan providers in the Philippines. It’s a legitimate online lender that’s registered with the Securities and Exchange Commission [1]. Based in Santa Monica, California, this fintech company also operates in Mexico, Kenya, Tanzania, and India. Tala Philippines provides instant loans through a mobile app where the entire process happens, from loan application to funds release and status tracking. It allows Filipinos with an Android device to conveniently get a cash loan anytime and anywhere regardless of their credit history. Tala Loan Features How Much Can I Borrow? Qualified first-time borrowers can loan from PHP 1,000 to PHP 2,000. The initial loan amount is small, but making timely repayments and frequently borrowing from Tala entitles you to higher loan amounts up to PHP 10,000….
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Personal Loan Fees and Charges to Consider Before Borrowing Money
- By Venus Zoleta
- May 22, 2019
Choosing the best personal loan for you isn’t as simple as comparing interest rates and monthly installments. You also need to consider the personal loan fees and charges that add up to the cost of borrowing money. Some of these fees are avoidable, while others aren’t. Taking all these factors into account gives you a better idea which of your options will fit your budget and won’t charge you with expensive fees. Ultimately, this will keep you from incurring debt over time. Table of ContentsPersonal Loan Fees in the PhilippinesEffective Interest RateLoan Fees and Charges Included in the EIR Computation1. Monthly Interest Charge2. Processing Fee3. Documentary Stamp Tax4. Disbursement Fee5. Notarial FeeSample EIR ComputationLate Payment FeeEarly Payment FeeReturned Check FeeAmendment FeeFinal Thoughts Personal Loan Fees in the Philippines Effective Interest Rate The effective interest rate (EIR) is “the rate that exactly discounts estimated future cash flows through the life of the loan to the net amount of loan proceeds,” as defined by the Philippine Accounting Standards. The Bangko Sentral ng Pilipinas (BSP) uses this EIR definition as well. Put simply, it’s the rate that measures the actual cost of borrowing money. Personal loans with low interest rates in the Philippines have EIRs ranging from 10% to 30%. The EIR includes monthly interest charges and service fees such as processing fee and documentary stamp tax. Here’s a closer look at these personal loan fees. Loan Fees and Charges Included in the EIR Computation 1. Monthly Interest Charge This is the interest rate applied to the total amount due or outstanding balance…
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Drowning in Debt? How to Eliminate the Common Types of Debt
- By Venus Zoleta
- April 25, 2019
One of the last things anyone would like to happen: having too much debt. But it does happen when debt is managed poorly. It’s bad for one’s mental health as it is to the wallet. And so, taking proactive steps to solve this financial difficulty is a lot better than wallowing in anxiety and worrying over your unpaid obligations. It all starts with having a firm resolve to pay off what you owe, regardless of the types of debt you have and how you went into debt. Here are the common types of debt in the Philippines and how to pay them off, so you can get your finances back on track. Table of ContentsCredit Card DebtHow to Pay Off Credit Card DebtCar LoansHow to Pay Off a Car LoanDebt to Family and FriendsHow to Pay Off Debt to Other PeopleFinal Thoughts Credit Card Debt PHP 297.49 billion—that’s how much credit card debt Filipinos have as of February 2019, based on data from the Bangko Sentral ng Pilipinas. Apparently, unpaid credit card balances are among the types of debt that are easiest to accumulate. One seemingly harmless swipe in a cafe can snowball into hard-to-manage debt that can go as much as six-digit figures. Three things make credit card debt among the most challenging types of debt to pay off: high monthly interest rates (ranging from 2% to 3.54%), low minimum monthly repayments (ranging only from 3% to 10% of the total outstanding balance), and other credit card fees on top of the unpaid balance. Read more: 5 Reasons Why…
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7 Reasons a Security Bank Personal Loan Makes a Practical Choice
- By Venus Zoleta
- March 18, 2019
Time and again, many Filipinos would prefer to borrow from informal moneylenders for their urgent financial needs. Some even turn to loan sharks like 5-6 lenders when they’re desperate for cash, not minding the risk of drowning themselves further in debt with the excessively high interest rates. Borrowing from banks and other formal lenders is the safer route. Because they’re regulated by the government, these lenders observe fair and ethical practices, not to mention that they offer lower interest rates. But then Pinoys get easily discouraged from getting personal loans from banks because of the usual strict requirements, plus the perception that it’s hard to qualify for a bank loan. There are a few exceptions, though. Security Bank, for example, has been providing a different, better experience for people seeking personal loans in the Philippines. Here are six reasons a Security Bank loan offers is worth considering: Table of Contents1. Easy to Qualify for Personal Loan with Simple Security Bank Loan RequirementsEligibility RequirementsDocument Requirements2. Save Time with Hassle-Free Online Personal Loan Application How to Apply for a Loan in Security Bank Online3. Quick Approval So You Can Get Your Money Immediately4. Save Money with Low Interest Rates5. Loan up to PHP 2 Million6. Affordable and Flexible Repayment Terms7. You’re Borrowing from a Trustworthy LenderFinal Thoughts 1. Easy to Qualify for Personal Loan with Simple Security Bank Loan Requirements Photo by Nick Youngson via Alpha Stock Images Unlike other lenders with an overly long list of requirements, Security Bank makes it easier for Filipinos to qualify for a personal loan by…
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