All Articles With Category : Personal Loan

The latest and the best financial news, tips and tricks.

Personal Loan Fees and Charges to Consider Before Borrowing Money

Choosing the best loan for personal use 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 Rate: 10% to 30%Late Payment Fee: 3% to 8% of overdue amount or PHP 500 per monthEarly Payment Fee: 4% to 8% of outstanding balanceReturned Check Fee: PHP 1,000 to PHP 2,000 per returned checkAmendment Fee: PHP 500 per amendmentFinal ThoughtsCompare Personal Loans Today! Personal Loan Fees in the Philippines Effective Interest Rate: 10% to 30% The effective interest rate (EIR)[1] 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. Read more: Need Cash? Check These Options for Easy Loan Application in the Philippines 9 Salary Loans to Consider for Financial Emergencies Loans Without Bank Account: How to Get One in the Philippines Loan Fees and Charges Included in the EIR Computation Personal loans with low interest rates in the Philippines have EIRs…

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How to Calculate Interest and Monthly Payments on a Personal Loan

Everyone knows the importance of choosing the right personal loan. But aside from the lender’s reputation, what else should you be looking into when comparing different personal loans in the Philippines? You should understand how a personal loan is calculated. The interest and monthly payment are two critical factors that borrowers must consider before applying for a loan. Of course, it helps to know how much it will cost you to borrow money from a certain lender, and whether you can afford the monthly payment or not. Table of ContentsHow a Personal Loan is CalculatedWhat is Interest on a Personal Loan?How Interest is Calculated on a Personal LoanWhat is the Monthly Payment on a Personal Loan?How to Calculate Monthly Payment on a Loan?Using a Personal Loan Calculator in the PhilippinesHow Loan Calculators WorkHow to Use a Personal Loan CalculatorHow a Citi Personal Loan is CalculatedHow a BPI Personal Loan is CalculatedHow a Security Bank Personal Loan is CalculatedFinal ThoughtsGet a Personal Loan Through Moneymax Today! How a Personal Loan is Calculated A personal loan—or any type of loan for that matter—is calculated by computing the interest or monthly payments (also called amortization or installment) on the loan. What you should compute for depends on the information you need. For example, to find out how much it will cost you to borrow money from a certain lender, you should calculate the interest on the personal loan. The higher the interest you’ll pay, the more expensive borrowing becomes for you. On the other hand, if you want to know whether you can…

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Drowning in Debt? Here’s How You Can Eliminate Them

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, but the problem of how to get out of debt in the Philippines can really cripple you if you do nothing about it. 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 some of the concrete steps you can take to solve your debt problems and get your finances back on track. Table of ContentsHow to Get Out of Debt in the PhilippinesHow to Pay Off Credit Card DebtHow to Pay Off a Home LoanHow to Pay Off a Car LoanHow to Pay Off Debt From Other PeopleFinal Thoughts How to Get Out of Debt in the Philippines There’s more than one way to solve the problem of how to get out of debt in the Philippines, mainly because there are more than one type of debt to deal with. It’s best to strategize based on the debt you currently have and work your way up from there. How to Pay Off 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. And because of the…

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Loan Options and Approval Tips for Freelancers in the Philippines

Being a freelancer has its downsides, and one of them involves getting a loan for freelancers in the Philippines. Formal lending institutions 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 ContentsHow to Get a Loan as a Freelancer in the Philippines1. Register as a Taxpayer2. Secure Your Business Registration Documents3. Maintain a Good Credit Score4. Prepare Your Supporting Financial Documents5. Try to Borrow From a Bank Where You Have a Long-Time Account6. Get a Cash Loan for Freelancers From Legitimate Private LendersList of Personal Loans for FreelancersBPI Personal LoanCitibank Personal LoanEasyRFC Multi-Purpose LoanRCBC Personal LoanSB Finance Personal LoanTALA Personal LoanFinal Thoughts How to Get a Loan as a Freelancer in the Philippines 1. Register as a Taxpayer In order to figure out how to get a loan…

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Handy Guide to Getting a Citi Personal Loan

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 My Loan Proceeds?✔️How to Pay for a Citi Personal LoanCitibank Payment PartnersFinal Thoughts ✔️ Citi Personal Loan Features and Benefits Is it worth submitting that Citibank loan application? Learn all about the features and benefits you can enjoy from your Citi personal loan here. 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 a guarantor. Fast approval, of course, depends on the borrower’s eligibility and completed requirements. Read more: How Fast Cash Loans Work…

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Why and How to Get a Security Bank Personal Loan in the Philippines

A lot of 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 getting deeper in debt with the excessively high interest rates. However, 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 and offer lower interest rates. Still, many Filipinos get easily discouraged from getting personal loans from banks because of the usual strict requirements. Add to that the common 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. Keep reading if you want to know how to apply for a Security Bank personal loan and why it’s worth considering for your financial need.  Table of Contents7 Reasons a Security Bank Personal Loan Makes a Practical Choice1. Easy to Qualify with Simple Security Bank Loan Requirements2. Hassle-Free Online Personal Loan Application3. Quick Approval So You Can Get Your Money Immediately4. Low Interest Rates5. Loan Amounts of Up to P2 Million6. Affordable and Flexible Repayment Terms7. Financially Stable and Trustworthy LenderHow to Apply for a Security Bank Personal Loan OnlineHow to Check Your Security Bank Personal Loan StatusHow to Receive Your Security Bank Loan ProceedsFinal ThoughtsCompare Other Personal Loan Options 7 Reasons a Security Bank Personal Loan Makes a Practical Choice With a Security Bank loan, you’ll…

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What Happens If I Stop Paying My Loan?

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?Can You Go to Jail for Not Paying a Loan?What Happens If Personal Loan is Not Paid in the Philippines?1. 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 ThoughtsCompare Other Personal Loan Options 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…

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Should I Borrow Money from Private Lenders?

Looking for private lenders that offer personal loans in the Philippines? When times are hard and cash flow is a problem, it’s helpful to know what options are available to you. But 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 Lending Interest Rates2. Short Repayment Period3. Risk of Losing Collateral4. Risk of Getting ScammedPrivate Lenders in the Philippines1. Asteria Personal Loan2. Cash Mart Personal Loan3. Cashwagon Instant Cash Loan4. Robocash Instant Loans5. Vidalia Online Loans6. First Circle7. Radiowealth Finance Corporation8. Global Dominion Financing Corporation9. AEON Credit Service (Philippines) Inc.10. Quickloanprovider.comFinal 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 these money lending companies in the Philippines to cover their urgent financial needs. Is it really better to get a private loan from such entities than from 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 in the Philippines 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…

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4 Signs You Need a Personal Loan in 2021

Borrowing money in the Philippines is usually associated with crippling debt and mishandled finances. But nowadays, applying for a loan has become a common way to reach everyone’s financial needs and goals. Even if you don’t need it, you should always consider when to get a personal loan if the need arises. Because admit it or not, everyone could use it. In fact, the Bangko Sentral ng Pilipinas has encouraged lending as a way to shake up the economy during the pandemic[1]. So if you want to know if you need a personal loan, take a look at these tell-tale signs. Table of ContentsSigns That Will Tell You When to Get a Personal LoanYou’re Transitioning from One Job to AnotherYou Feel Like Your WFH Setup Needs an UpgradeYou’re Envious of Other People Starting Their Own BusinessesYou Have This Urge to Renovate Your HomeFinal ThoughtsApply for a Personal Through Moneymax Today! Signs That Will Tell You When to Get a Personal Loan You’re Transitioning from One Job to Another Starting a new job this year? Congratulations! It’s great that you still found a better opportunity in the midst of a pandemic. But depending on the company you’re moving into, you probably won’t receive a proper salary for one whole month. Unless you have other people to borrow money from, applying for a personal loan is a good temporary source of income.  If you don’t have an emergency fund, you should apply for a personal loan right before you leave your current employer. That way, you can still submit the proper requirements…

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Loans Without Bank Account: How to Get One in the Philippines

Do you have a cash emergency? Is taking out a loan your only option? There’s no telling when a financial emergency might pop up. And sometimes, even if you have savings for such instances, it’s still not enough to cover everything. It’s a tough situation to be in, which is why loans without bank account can be very useful, too. Find out your alternative options for obtaining a cash loan without bank account need. And learn why a bank account is often needed in loan applications as well. Table of ContentsWhy Do Lenders Require a Bank Account?Can I Get a Loan Without a Bank Account?Cash Loans Without Bank Account NeededSangla/Pawn LoansCash Loans without Bank Account from Private Lenders5-6 LoansCompare Other Loan Options for Free!Final Thoughts Why Do Lenders Require a Bank Account? Banks and other financial institutions in the Philippines usually ask for a bank account from prospective borrowers. This is because a bank account is your proof to the lenders that you have a regular income. Furthermore, it signifies that you’re less of a credit risk[1] and have the money to repay a loan. It also shows that you’re responsible enough with your personal finances to keep your money in the bank. This is why banks require loan applicants, especially those with unsteady income like freelancers and entrepreneurs, to submit their bank statements. Having a bank account assures lenders of your capacity to repay a loan. In addition, lenders use their borrowers’ bank accounts to transfer their loan proceeds. It’s a faster, simpler, and more secure disbursement process than…

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Your Quick Guide to Applying for an EastWest Bank Personal Loan

Starting a business, renovating your home, settling medical bills, big-ticket purchases, and other unforeseen expenses – all these require a large sum of money. Unfortunately, not all of us have six or seven figures to our names. And so to achieve such goals, applying for a loan is undoubtedly one of the best solutions. EastWest Bank may be fairly young; it’s just over two decades old, but it already has a lot of milestones when it comes to supporting Filipinos through personal loans. An EastWest Bank personal loan can be considered among the most reliable on the market. They offer competitive interest rates, and the processing is straightforward. Here’s what you need to know about EastWest Bank personal loan. Table of ContentsWhat is EastWest Bank Personal Loan?Why Should I Apply for an EastWest Personal Loan?1. Multi-purpose2. No collateral required3. Loan amount4. Fast processing5. Flexible payment terms6. Competitive interest ratesEastWest Bank Personal Loan Interest RateEastWest Bank Loan Fees and Charges1. Processing Fee: PHP 1,9002. Documentary Stamp Tax: PHP 1.50 for every PHP 2003. Late Payment Fee: 50% or 8% per month4. Processing Fee (Early Pay-off Of Loan)5. Returned Check Fee: PHP 1,000 per check6. Check Retrieval and Replacement Fee: PHP 200EastWest Bank Personal Loan RequirementsRequirements for Self-Employed IndividualsRequirements for Loan ReleaseHow to Apply for an EastWest Bank Personal LoanHow Can I Pay My EastWest Personal Loan?Tips on Paying Your EastWest Loan On TimeApply for a Personal Loan for Free at Moneymax!Final Thoughts What is EastWest Bank Personal Loan? EastWest Bank describes its personal loan as a non-collateralized and unsecured loan that…

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13 Personal Loans with Low Interest Rate in the Philippines

You can hit two birds with one stone when you take out a personal loan in the Philippines with low interest rate . Not only can it fund whatever it is you need to buy or pay for, you can pay off the loan in affordable monthly payments as well.  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[1]. This is the main reason why many Filipinos go for a low-interest personal loan. The best personal loans in the Philippines are 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 ContentsHow to Get a Low Interest Personal Loan1. Crunch the numbers2. Compare loan products3. Prepare the requirements4….

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Home Credit Loans: Know the Pros and Cons Plus Steps to Application

“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 Home Credit loans work and if this is a suitable option for you. Table of ContentsWhat is Home Credit?How Does Home Credit Work?Key Features of Home Credit Standard LoanHow to Apply for a Cash Loan in Home CreditKey Features of Home Credit Cash LoanHome Credit HotlineWhat are the Payment Options for Home Credit?What are the Benefits of Home Credit Loans?1. Easy Home Credit Requirements2. 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 PaymentsHome Credit Cash Loan ReviewFinal ThoughtsCompare Other Personal Loan 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. Home Credit Philippines offers two types of loans: a non-cash loan through in-store financing and…

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Easy Guide to Applying for a BPI Personal Loan

There are plenty of reasons to get a personal loan and just as many places to apply for one. Borrowing money from a bank makes sense when you’re in a tough financial spot during the pandemic. For instance, when you’re out of a job, a personal loan can help you secure additional funds to open an online business from home or tide you over until things get back to normal. The Bank of the Philippine Islands or BPI is a good option when choosing a loan provider. BPI has one of the lowest interest rates in the market, not to mention that it offers a reduced rate promo from time to time. The bank also provides a BPI personal loan package that fits various needs plus potential borrowers can apply online. Table of ContentsWhat is BPI Personal Loan?Why Should I Get a BPI Personal Loan?BPI Personal Loan Key FeaturesBPI Personal Loan RequirementsEligibility RequirementsRequired Documents for BPI Personal Loan ApplicationHow to Apply for a BPI Personal LoanOnline BPI Personal Loan Application StepsBPI Personal Loan Application via Sales Agent StepsIn-Branch BPI Personal Loan Application StepsHow to Pay BPI Personal LoanBPI Personal Loan Promo Offers1. Reduced Rate Promo2. Loan Now, Pay Next Year3. Special Offer to Healthcare WorkersFinal Thoughts What is BPI Personal Loan? The BPI personal loan is an affordable, no-collateral cash loan that Filipinos may secure to pay for a variety of purposes, including business, home improvement, education, medical expenses, and travel. Why Should I Get a BPI Personal Loan? BPI’s personal loan offers the ability to take out a loan up…

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Moneymax Reviews: What to Know About Citi Personal Loan

Here’s another edition of Moneymax Reviews! This time, we take a closer look at one of the better-known bank loans in the Philippines: the Citi personal loan. You might have come across it while you’re searching for options to borrow money online. If you’re considering it, you’ve come to the right Citi personal loan review. You probably have some questions in mind about the Citibank personal loan. Is it good? Is it easy to secure? How does it stack up against other personal loans in the Philippines? This Citi personal loan review will look into these and more. Table of ContentsCiti Personal Loan Key FeaturesWhy Should I Get a Citi Personal Loan?Convenient Online Personal Loan Application24-Hour Personal Loan ApprovalLow Interest RateNo Collateral LoanHigh Loan Amount to Cover Big ExpensesFlexible Payment Terms of Up to 5 YearsCiti Personal Loan AlternativesSB Finance Personal LoanBPI Personal LoanTala Cash LoanFinal Thoughts Citi Personal Loan Key Features Before we dig deeper into this Citi personal loan review, you first have to know if the Citibank personal loan is the right fit for you. Take a look at its features, fees, and charges below: Loan amount: PHP 100,000 to PHP 2 million Loan terms: 1 to 5 years Monthly interest rate: 2.42% Average annual contractual rate: 26.9% Disbursement fee: PHP 1,750 Documentary Stamp Tax (DST): PHP 1.50 per PHP 200 of the loan amount Effective annual interest rate: 32.05% for a loan worth PHP 200,000 at 36 monthly repayments  (inclusive of monthly interest charge, disbursement fee, and DST) Monthly late charge: PHP 500 or 6% of…

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Tala Loan Guide: Everything About Borrowing from Tala Philippines

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?How Much Money Can I Borrow?What are Tala Philippines Loan Interest Rates and Terms?Should I Borrow from Tala Philippines?Where Can I Use My Tala Loan?Tala Loan RequirementsHow to Apply for a Tala LoanTala Loan Application ProcedureHow Long Does Tala Take to Approve a Loan?How Do I Receive My Tala Loan?How to Claim Your Tala Loan at Palawan Express and Other Remittance CentersHow Do I Repay My Tala Loan?Where to Pay My Tala LoanAnti-Fraud Reminders from TalaKeep your personal information safeBe wary of fake Tala pagesOnly pay your Tala loan through official payment channelsFinal Thoughts What is Tala Philippines? Tala is one of the top 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, 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. Read more:…

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Buy Now, Pay Later: How to Use TendoPay for Online Purchases

Have you ever badly needed to buy something but you’re short on cash? Your laptop might be broken beyond repair, and you have to immediately buy a new unit for work or your child’s online classes. You might need money to buy groceries, but payday seems like light-years away. Or you want to cheer up your mom on her birthday by getting her something special. When caught in such a difficult situation, what would you do? If you need to make an all-important purchase but you’re out of budget, consider taking an installment loan like that of TendoPay. An alternative to bank loans, TendoPay offers affordable and convenient financing for cash-strapped Filipinos, especially during the COVID-19 crisis. Learn more about this installment loan and how to use it through this guide. Table of ContentsWhat is TendoPay and How Does It Work?TendoPay Installment Loan FeaturesHow to Apply for a TendoPay LoanReview the TendoPay RequirementsHow to Register in TendoPayHow to Use TendoPay for Online PaymentsHow to Get Installment on Lazada Through TendoPay VoucherHow to Use TendoPay for 7-Eleven PurchasesHow to Pay for ZALORA Purchases Using TendoPay VoucherHow to Use TendoPay as a Checkout OptionHow Do I Pay My TendoPay Loan?Payment via GCash or PayMayaPayment via BDO or UnionBankPayment via a Bills Payment CenterPayment via 7-ElevenFAQs on TendoPay Installments1. Is TendoPay legit and safe?2. What are the available TendoPay merchants?3. Can I use TendoPay to pay for Shopee installment?4. What will happen if I miss my installment payment?Final Thoughts What is TendoPay and How Does It Work? TendoPay[1] is an emerging fintech brand…

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Borrower’s Guide to Unsecured Loans in the Philippines

Do you need a loan but don’t have collateral? Unsecured loans may be a good option. However, before you jump the gun and rush off to the nearest lender, you need to know more about this type of loan. Table of ContentsWhat is an Unsecured Loan?Secured Loans vs Unsecured Loans: What are the Differences?Examples of Unsecured Loans1. Credit Cards2. Personal loans3. Salary LoansWhat are the Advantages of Unsecured Loans?1. No Asset to Lose2. Quicker Access to Funds3. No Down PaymentWhat are the Disadvantages of Unsecured Loans?1. Harder to Qualify For2. Higher Interest Rates3. Lower Loan AmountWhat Lenders Check in an Unsecured Loan ApplicationYour credit Your incomeYour debt-to-income ratioCompanies Offering Unsecured Loans in the PhilippinesBlend.phBDOSecurity BankCashwagonEastWest BankAsteria Lending, IncBPIMaybankTALA UCPBFinal Thoughts What is an Unsecured Loan? Unsecured loans are a type of personal loan issued by commercial banks and private lenders that require no collateral, meaning there’s no need to pledge a valuable property you own. Examples of such properties are your car, house and/or lot, or even an ATM card. Most lenders in the Philippines offer unsecured loans without collateral up to PHP 1 million payable in one to three years. If you need money but don’t want to pledge a collateral, then an unsecured loan might be a good option for you. An unsecured loan is also a viable option if you need to fund an emergency expense. However, make sure that you really need a loan before applying for one. Unlike secured loans, unsecured loans have higher interest charges and loan fees. Read more: Should I Borrow Money from…

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Smart Tips to Improve Your Personal Loan Application

Personal loans serve as a quick financial solution, especially if you need money for an emergency. There’s no need to wait for the next payday or borrow money from a friend. However, before you hurry and submit your personal loan application, you need to get a few things in order. Banks and other lending institutions will review your credit history before granting you a loan. Here are nine personal loan tips that can help improve your loan application: Table of Contents9 Personal Loan Tips to Help Improve Your Application1. Be Realistic with Your Numbers2. Understand the Types of Personal Loans Available3. Compare Personal Loans4. Talk to Lenders5. Have Your Personal Loan Application Documents Ready6. Check Your Assets and Liabilities7. Improve Your Credit History8. Make Sure You Have Proof of Income9. Be a Disciplined BorrowerFinal Thoughts 9 Personal Loan Tips to Help Improve Your Application 1. Be Realistic with Your Numbers Make sure you’re borrowing an amount you can realistically pay. You can use the debt-to-income ratio to measure how much of your salary should go to loan repayments. Debt-to-income ratio is a personal finance measure that compares an individual’s monthly debt payment to his or her monthly gross income[1]. How to compute debt-to-income ratio? For example, your monthly gross income is PHP 25,000, and your total monthly debt payments are PHP 9,500, your debt-to-income ratio is 38%. This means you spend 38% of your salary on monthly debt payments. It’s best to keep your ratio low because lenders may not approve your personal loan application. This is one of the…

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Which Banks Offer the Best Car Loan Deals in the Philippines?

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 BankUCPBUnionBankCompare Other Loan OptionsFinal 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…

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