All Articles With Category : Loans

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

SB Finance Car4Cash Guide: How to Get a Loan Using Your Car’s OR/CR

There will be a few instances in your life when you’ll need a great amount of cash immediately. You may be planning to renovate your home, fund your child’s education, or start a business. You may be also dealing with emergency expenses, such as a family member’s hospitalization. In such situations, you may find yourself going to a jewelry pawnshop. But such places, however, can only offer so much. If you have a car, why not get a loan using your OR/CR? When it comes to that, SB Finance Car4Cash is one of the best options that you can go for. Below are some of the important things you need to know about this car title loan and how it can help you with your situation. Table of ContentsWhat is SB Finance Car4Cash?What are the Benefits of Car4Cash?High Loanable AmountFlexible Loan TermWide Range of Accepted CarsNo Need to Surrender Your CarLow Interest RatesLow Processing FeeWhat are the Rates of SB Finance Car Title Loan?Who Should Avail of SB Finance Car4Cash?General QualificationsQualifications for Employed ApplicantsQualifications for Self-Employed ApplicantsWhat Cars are Accepted for the Car4Cash Loan?What are the SB Finance Car4Cash Requirements?General Documentary RequirementsAdditional Documentary Requirements for Employed ApplicantsAdditional Documentary Requirements for Self-Employed ApplicantsHow to Get an SB Finance Car Title Loan1. Check Your Eligibility Criteria2. Submit Your Application3. Wait for the Confirmation4. Have the Car Appraised5. Wait for the Release of CashSB Finance Car4Cash Fees and ChargesHow to Pay Back the Car4Cash LoanFinal Thoughts What is SB Finance Car4Cash? Car4Cash is an unsecured loan from SB Finance, a partnership between Security…

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OR/CR Sangla Guide: All About Car Pawning in the Philippines

These days, there are countless choices of loans and financial services that offer quick cash to those who need it. Some use their credit cards as a cash substitute while others go for salary loans. However, these options can only offer so much, and they may not be the best routes in case you need a large amount of cash. If you own a car, you may consider a car collateral loan in the Philippines. In this guide, we’ll share with you all the important things you need to know about this particular type of loan. Table of ContentsWhat is a Car Collateral Loan?How Does a Car Title Loan Work?What are the Advantages of a Car Collateral Loan?1. Get Cash Instantly2. Application Processing is Usually Fast3. Credit History is Not Required4. Your Car Doesn’t Have to be Surrendered5. Some Companies Accept Different Kinds of VehiclesWhat are the Disadvantages of Car Collateral Loan?1. You Might Need to Surrender the Car2. Interest Rates Can Be Pretty High3. There’s a Risk of Low AppraisalWhere Can I Get a Car Collateral Loan in the Philippines?SB Finance Car4CashAsialink Collateral LoansGDFI Car Collateral LoanMaybank Auto Loan RefinancingTips to Remember When Applying for a Car Collateral Loan1. Check the Lender’s Credentials2. Make Sure Your Car is in Good Condition3. Check If You Can Pay the Loan Off QuicklyFinal Thoughts What is a Car Collateral Loan? A car collateral loan, also known as OR/CR sangla or car title loan, is usually a secured loan,[1] which means that you’ll need to put something as collateral before you can borrow…

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All You Need to Know About Buy Now, Pay Later Installment Loans in the Philippines

The significance of online shopping in the Philippines[1] has been emphasized now more than ever due to the COVID-19 pandemic. To reduce their odds of getting exposed to the coronavirus, Filipinos are turning to the likes of Lazada and Shopee to shop for their needs and wants. Credit cards, online wallets, and cash on delivery (COD) are among the most preferred payment methods for online transactions. However, Buy Now, Pay Later is becoming a popular and practical option these days. If you’re using conventional payment methods, you may be wondering what Buy Now, Pay Later in the Philippines is. Here are some of the things you may want to know. Table of ContentsWhat Does Buy Now, Pay Later Mean?How Buy Now, Pay Later WorksWhat are the Advantages of Buy Now, Pay Later in the Philippines?1. Flexible Installment Plans2. 0% Interest Installments on Buy Now, Pay Later Plans3. Ability to Make Urgent Purchases4. Can be Used for Offline PurchasesWhat are the Disadvantages of BNPL Installment Solutions?1. The Urge to Make Impulse Purchases2. The Temptation to Create Multiple BNPL Accounts3. BNPL Loans with Interest Charges4. Late Payment Fees and Other Transaction FeesBuy Now, Pay Later in the Philippines: 9 Options for Online ShoppersTendoPayLazada LoansGrab PayLaterUnaPayBillEaseCashalo Shop Now and Pay LaterCLiQQ LoansShopee SPayLaterpera247How Should I Pay the Installment Loan?Final Thoughts What Does Buy Now, Pay Later Mean? Buy Now, Pay Later or BNPL is an installment loan that allows shoppers to delay the payment of any transaction or purchase done online. Through this payment option, you can buy something right away even if…

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COVID-19 Business Recovery and Continuity Guide for Filipino Entrepreneurs

Micro, small, and medium enterprises (MSMEs) are among the hardest-hit sectors during the COVID-19 pandemic. It’s literally a chain of unfortunate events, from temporary shutdowns and mass layoffs to depleting cash reserves. MSMEs that provide essential services and commodities operate as usual, even with a reduced workforce and work hours. However, MSMEs in other industries continue to be affected by the pandemic. The negative implications keep growing. Business continuity and recovery plans also keep changing.  What should Filipino entrepreneurs do to keep their businesses afloat in these difficult times? From cost-cutting measures to MSME loans in the Philippines, here are some ways to get your business back on track during and after the COVID-19 pandemic (and any crisis in the future). Table of ContentsMSME Loans and Other Ways to Save Your Business from a Pandemic1. Find Ways to Cut Costs2. Negotiate Your Debts and Payments3. Secure Funding Through MSME Loans4. Join Online Forums for SMEs5. Shift to Digital Operations6. Nurture Existing Customer Relationships7. Consider What Your Employees Need 8. Be Prepared to Make Tough Decisions 9. Connect with Fellow Filipino Entrepreneurs 10. Stay Updated with the Community Quarantine GuidelinesOther MSME Loans in the Philippines to Consider 1. Security Bank SME Business Express Loan 2. Citi Personal Loan3. Radiowealth Finance (RFC) Loan Final ThoughtsCompare Other Personal Loans MSME Loans and Other Ways to Save Your Business from a Pandemic 1. Find Ways to Cut Costs How has the pandemic affected your business? Do a financial check-up to find out the real extent of the damage. This way, you can also develop a proper recovery plan….

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Need Cash? Check These Options for Easy Loan Application in the Philippines

More often than not, getting a loan is a very meticulous process. But there are easy to apply for loans in the Philippines with easy requirements and quick loan approval processes.  If you’re currently shopping for a loan, here are some lenders in the Philippines with easy loan applications.  Table of ContentsEasy to Apply for Loans in the Philippines1. CIMB Bank Personal Loan 2. ACOM Revomax Personal Loan3. RFC Loan 4. Citi Personal Loan 5. Tala Online Cash Loan6. SB Finance Personal Loan Some Things to Consider Before Getting a Loan1. Determine the Kind of Loan You Need2. Consider Your Debt-to-Income Ratio3. Choose the Shortest Loan Term, If Possible4. Apply for a Realistic Loan Amount5. Improve Your Credit Score 6. Shop Around and Compare Fees 7. Get Your Paperwork Ready 8. Consider the Fees and Charges 9. Don’t Apply for Too Many Loans 10. Never Skip Payments Final Thoughts Easy to Apply for Loans in the Philippines Whether you’re looking for a loan with fewer requirements, a faster approval process, bigger loanable amounts, or longer repayment periods, here are some loans you can easily apply for. 1. CIMB Bank Personal Loan  Are you looking for an easy loan you can apply for online? CIMB Bank[1] offers an all-digital loan application that you can finish in minutes. Just download and log in to the CIMB Bank mobile app.  📌 Key Features Loanable amount: PHP 30,000 to PHP 1,000,000 Interest rate: 1.12% to 1.95% per month Loan tenure: 12 to 60 months Processing time: 10 minutes via the CIMB Bank mobile app  🧑 Who Can Apply for a CIMB Loan? 21 years…

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9 Salary Loans to Consider for Financial Emergencies

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 Loan6. Citi Salary Loan7. Maybank Salary Loan8. Sterling Bank of Asia Avance Salary Loan9. UCPB YES LoanWhat are the Alternatives to Salary Loans in the Philippines?Final ThoughtsNeed to Borrow Money? Check Out Your Loan Options at Moneymax! 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,…

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What You Need to Know About Peer to Peer Lending in the Philippines

Peer to peer lending in the Philippines may be unfamiliar to many Filipinos. But it can be a good option for those who have a bit of money to invest or those who need a loan without going to traditional banks.  In this article, we’ll discuss what peer to peer lending is, how it works, and its pros and cons.  Table of ContentsWhat is Peer to Peer Lending? How Does Peer to Peer Lending Work? For P2P BorrowersFor P2P LendersThe Rewards of Peer to Peer Lending in the Philippines1. Higher Rates of Return2. Option to Build or Diversify Portfolio 3. Additional Passive Income Stream4. Affordable Investment Option 5. Fast and Convenient Way to Get a Loan6. No Hard Credit Checks7. No Collateral RequiredThe Risks of Peer to Peer Lending in the Philippines1. Borrowers with Bad Credit and Higher Default Risk2. Not a Liquid Investment 3. Possible Loss of Investment During Economic Downturns Peer to Peer Lending Companies in the Philippines 1. Vidalia Lending2. Kiva Philippines3. Acudeen4. Blend.PH5. SeedInFAQs on Peer to Peer Lending in the Philippines1. Is peer to peer lending safe?2. Is P2P lending a good investment? 3. Can you make money with peer to peer lending? 4. I’ve read mixed FundKo reviews online. Is it a P2P lender?Final Thoughts  What is Peer to Peer Lending?  Peer to peer lending, also known as P2P or crowd lending, is a money lending platform for both individuals and businesses without a financial institution acting as a middleman.  It’s an online service that matches borrowers with lenders that offer their services, most of which are unsecured loans. As a result, lenders or investors earn…

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OFW Loan Options in the Philippines for Every Kind of Need

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. Fortunately, the government and some financial institutions offer loans and financial assistance programs for OFWs like you. Let’s make choosing the best OFW loans in the Philippines easier for you. We’ve listed five of them, and we also have a quick guide so that you’ll understand how OFW loans work. Table of ContentsWhat is an OFW Loan?Where to Apply for an OFW Loan in the PhilippinesOWWA Loan for Starting a BusinessSSS Salary Loan for Different Cash NeedsPNB Global Filipino Auto Loan for Buying a CarOFW Loans for Buying a HomeHow to Apply for an OFW LoanCompare Other Loan OptionsFinal Thoughts What is an OFW Loan? OFW loans are programs that allow overseas workers to borrow money, which they can use for different purposes. Some loans have special terms and conditions that are suitable for the financial capacity of the borrower, such as low interest rates or a higher loan amount. OFW loans are generally categorized into the following groups: personal loan, car loan, home loan, and business loan. However, the purposes of these loans may overlap with each other. As such, we advise that you ask your lender about the acceptable applications of your loan. Where to Apply for an OFW Loan in the Philippines OWWA Loan for Starting a Business Are you…

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Getting a Car Loan in the Philippines? Here’s What You Need to Know

For many millennials, buying a car is something to cross off their bucket list. Having that first set of wheels means you’re on the right track to becoming a full-fledged adult. But you need money—lots of it—for your biggest investment ever. As a young professional, you aren’t making enough money to drive your dream car out of the showroom and into your garage. The cheapest sedan in the market today costs over half a million pesos. Even if you have that amount in the bank, you won’t dare spend it all on a whim. Because yes, you’re a responsible adult who’s got bills to pay and maybe even mouths to feed. Good thing, you can avail of a personal loan that can help you make monthly payments for a car instead of a one-time payment of the unit’s full price. It’s easier to manage your finances that way. Table of ContentsHow Car Loan Works in the PhilippinesIs Getting a Car Loan a Good Idea?Who Becomes the Owner of the Car Acquired Through a Loan?What are the Types of Car Loans in the Philippines?Can I Buy a Second Hand Car with a Car Loan?Where to Get a Car LoanHow to Apply for a Car Loan in the PhilippinesStep 1: Check if You’re Qualified for an Auto LoanStep 2: Compute How Much You Can BorrowStep 3: Compare Car LoansStep 4: Complete the Car Loan RequirementsStep 5: Submit Your Car Loan ApplicationStep 6: Wait for Your Car Loan Approval and ReleaseMy Car Loan Application Was Rejected. What Now?1. Check Your Requirements Again2. Fix Your…

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What You Need to Know About Short Term Loans in the Philippines

No matter how much you take care of your finances, there will always be unforeseen circumstances where you’ll be short on cash. When this happens, a short term loan can save the day. What is a short term loan in the Philippines, and what are its pros and cons? Read on to find out more. Table of ContentsWhat is a Short Term Loan?What Short Term Loans are Available in the Philippines? Payday Loan Line of CreditOnline LoanInvoice Financing Merchant Cash Advance What are the Best Short Term Loans in the Philippines?5 Tips on How to Get a Short Term Loan1. Shop Around for the Best Short Term Loan Provider2. Prepare the Required Documents 3. Fill Out the Loan Application Form4. Wait for Your Loan Approval 5. Understand the Terms and Conditions Final Thoughts Apply for a Loan for Free! What is a Short Term Loan? Short term loans offer smaller loanable amounts and shorter repayment terms than long-term loans. You need to fully pay off a short term loan in less than a year. It also comes with a higher annual percentage rate.[1] Most Filipinos apply for a short term loan to pay for minor expenses and financial obligations. For business owners, a short term loan can help with financing their business needs to keep it running.   The repayment period for a short term loan Philippines can be adjusted according to the borrower’s preference. But they’re usually paid off in a month. If the chosen loan term is longer than a month, it should not exceed 12 months.  Short term loans are unsecured loans, which means they don’t require…

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BPI Housing Loan Application Guide for New Borrowers

For many of us, buying a home is a milestone. Primarily, this is because a real estate property is a major purchase you would probably need to work for. Secondly, just fulfilling all the requirements and going through the loan process are already accomplishments. If you’re planning to buy a home (whether it’s your first time or not), looking for a financing company is a top priority. You will need to look for one that is not just reliable but also flexible. In this regard, the Bank of the Philippine Islands (BPI) definitely fits the bill, as they offer the BPI Housing Loan, one of the most competitive loans in the market. Let this guide give you a walkthrough on the important things about this home loan. Table of ContentsBPI Housing Loan: An OverviewAm I eligible for a BPI Housing Loan?How much is the BPI Housing Loan amount?What are the loan terms?BPI Housing Loan Interest RatesBPI Housing Loan Fees and Other ChargesBPI Housing Loan RequirementsBPI Home Loan Basic Requirements:BPI Housing Loan Additional Requirements for OFWsBPI Housing Loan Additional Requirements for Self-Employed ApplicantsProperty Equity Loan RequirementsBPI Housing Loan Additional Requirements for Self-Employed ApplicantsIs this really the right loan for me?Compare Loans for Free at Moneymax!How to get my BPI Housing Loan application approved?Final Thoughts BPI Housing Loan: An Overview The bank describes the BPI Housing Loan (or BPI Family Housing Loan) as an ideal loan option for earners who have conservative buying patterns. This is mainly because their package can be customized based on the needs and spending power of the…

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Calamity Loan from SSS and Pag-IBIG: How You Can Avail

After a devastating storm, flood, earthquake, or any natural disaster, the tendency is to get everything back to normal as soon as possible. But depending on the damage sustained to your property, this could be a very expensive endeavor. Repairing your leaky ceiling or flooded car will cost a lot of money. Sometimes even more than what your income can cover. This is where a calamity loan from SSS and Pag-IBIG can help. What is the SSS and Pag-IBIG calamity loans? It’s a special type of loan granted only to members in areas declared under the State of Calamity. For this loan, you can apply within 90 days from the State of Calamity declaration in your area. Table of ContentsSSS Calamity Loan at a GlanceSSS Calamity Loan EligibilitySSS Calamity Loan RequirementsCan I Apply for SSS Calamity Loan Online?Where Can I Make My SSS Calamity Loan PaymentPag-IBIG Calamity Loan at a GlancePag-IBIG Calamity Loan EligibilityPag-IBIG Calamity Loan RequirementsHow to Apply for a Pag-IBIG Calamity Loan Online How Much Can You Borrow from Pag-IBIG?Other Ways to Borrow Money After a CalamityFinal Thoughts SSS Calamity Loan at a Glance Amount: One monthly salary credit (MSC) up to PHP 20,000 or the total amount of damage, whichever is lower Interest rate: 10% per annum Repayment period: 27 months (instead of the regular 24 months, with a 3-month moratorium period). Monthly amortization starts on the fourth month after loan approval. Others: Waived service fee SSS Calamity Loan Eligibility This SSS loan is open to any SSS member who meets these criteria: Paid at least 36…

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Study Now, Pay Later: How to Get a Student Loan in the Philippines

Short on cash for tuition this school year? If you can’t get a scholarship or financial support from relatives, an alternative way to fund your college education is to borrow money from a reputable lender. This is where student loans come into play. Student loans have never been more important for financially challenged families in the Philippines. During the pandemic, educational expenses are rising due to spending on laptops and other equipment, home internet service upgrade, and other costs of homeschooling. Tuition increases could also happen[1]. Not to mention that some parents have lost their job and, hence, the capacity to finance their children’s education. Whether you’re a student or a parent looking for financial assistance, know that there are good education loans for students to choose from in the Philippines. Table of ContentsWhat is a Student Loan?Where Can I Apply for a Student Loan?CHED Student Loan ProgramSSS Educational Assistance Loan ProgramGSIS Education Loan and Computer Loan ProgramsPag-IBIG Multipurpose LoanLANDBANK I-STUDY ProgramBDO Personal LoanCiti Personal LoanBPI SIP Loan for SchoolBukas Tuition Installment PlanInvestEd Student LoanTips for Students Applying for an Education Loan1. Don’t Fall for Loan Sharks2. Get Your PSA Birth Certificate3. Compare Student Loans in the Philippines4. Ask for a Sample Computation5. Seek Advice and OpinionsFinal Thoughts What is a Student Loan? A student loan is money borrowed to pay for the cost of college education. Also called an education loan, tuition loan, or tuition installment plan, this type of loan usually covers tuition and other school fees, books and supplies, allowances, student accommodations, and other school expenses. Students…

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Smart Tips to Get Approved for a Business Loan

In business, there comes a point when getting external funding becomes a necessity. It may be for growth and expansion or simply to push through during tough times. Regardless of the reason, it is undeniable that getting a business loan approved is a great option when looking to acquire extra cash for your company. The thing is, not all applications merit guaranteed approval. Your company’s financial standing and credit score, among others, can easily influence how lenders assess your loan request. This is why it is important to come fully prepared. Read on further to discover key requirements and tips to help get your business loan approved. Table of ContentsCommon Business Loan RequirementsCriteria to Get Your Business Loan Approved1. Credit History2. Cash Flow3. CharacterNext StepsTips to Get Your Business Loan Approved1. Create a Strong Financial Plan2. Maintain a Good Personal Credit Score3. Show Positive CharacterFinal Thoughts Common Business Loan Requirements Although this may vary depending on the lender and purpose, the following are the most common business loan requirements: Two (2) valid IDs Marriage contract (if applicable) Photocopy of audited financial statements for the last 3 years Income Tax Returns (ITRs) for the last 3 years Bank statements or photocopy of passbook for the last 6 months Company Profile For sole proprietorships: – Certificate of Business Registration from DTI For partnerships: – Certificate of Registration from SEC – Articles of Partnership For corporations: – Certificate of Registration from SEC – Latest amended Articles of Incorporation and By-Laws – List of elected officers – Board Resolution or Secretary’s Certificate You should…

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Everything You Need to Know About Housing Loans in the Philippines

Many Filipinos dream about having their own home. However, buying a house or a property in the Philippines can be quite expensive. In fact, the Bangko Sentral ng Pilipinas reported that property prices grew at a rate of 12.4% during the first quarter of 2020[1]. Fortunately, despite the rising prices of properties, you can still get your dream house with the help of a housing loan. Table of ContentsWhat is a Housing Loan?Important Aspects of a Housing LoanPurposes of a Housing LoanHome purchaseHome constructionHome improvementLoan refinancingHome equityTypes of Housing Loans in the PhilippinesConventionalFlexibleHousing Loan Options Based on Financing Scheme1. Bank financing2. Pag-IBIG housing loan3. In-house financingWho Can Apply for a Housing Loan?Joint Housing LoanHow Will My Eligibility Be Evaluated?IncomeAgeSpouse’s incomeDependentsStability and continuity of occupationLoan amountCredit historyWhat are the Other Home Loan Requirements?How Much Can I Borrow?What are the Interest Rates?Fixed interest ratesVariable interest ratesHow Long Until I Receive Approval for My House Loan Application?What are the Reasons for Being Denied a Housing Loan?Additional Home Loan Fees You Should Know AboutTips Before Applying for a Housing LoanFinal Thoughts What is a Housing Loan? A housing loan is a financing facility that provides funds for the following: Acquisition of a fully developed lot Purchase of a residential house and lot, townhouse, or condominium unit Construction or completion of a residential unit on a lot you already own Home improvement or renovation of existing residential property Refinancing of an existing housing loan Important Aspects of a Housing Loan Some of the aspects of a housing loan you should know about are: Monthly payment….

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RFC Loan Guide: How to Get a Loan from Radiowealth Finance

Struggling to find a loan that’s easy to get and suitable for your needs? The RFC loan might just be what you’re looking for. Here’s everything you need to know about this online loan, so you know if it’s perfect for you. We’ve also included a quick RFC loan application guide should you decide it’s the best loan for your needs. Table of ContentsWhat is an RFC Loan?What Types of Loans Can I Get from RFC?1. RFC Financing Loans2. RFC Multi-Purpose Loans3. RFC Business LoansWhat is the RFC Loan Interest Rate?How to Apply for an RFC LoanRFC Loan RequirementsRFC Loan Application StepsFinal Thoughts What is an RFC Loan? An RFC loan is an online loan from the Radiowealth Finance Company (RFC) [1] that gives Filipinos an affordable and easy way to get personal or business financing. RFC has been operating for over 50 years, starting with providing car loans and appliance loans—the first financing company to offer these financial products—in the 1960s. What Types of Loans Can I Get from RFC? Radiowealth Finance has three types of loans for various financial needs: financing loans, multi-purpose loans, and business loans. 1. RFC Financing Loans Minimum loan amount: PHP 10,000 Loan term: Three to 36 months RFC Financing Loans are for borrowers whose goal is to fulfill a financial goal, like buying their dream car, upgrading their appliances, procuring office and business equipment, and more. Here are the different financing loans that Radiowealth Finance offers: Vehicle Loan – Budget-friendly way to purchase a new car Appliance Loan – Easy installment plans at…

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Personal Loan Myths in the Philippines You Should Stop Believing

Think everything you hear about personal loans is true? Filipinos have this irrational fear about loans because of what they hear from other people. Believing in personal loan myths could lead to missed opportunities for achieving goals like starting a business or funding your graduate studies. In itself, borrowing money from reputable financial institutions is not bad. When used and managed responsibly, personal loans can help you financially. Educating yourself about personal loans in the Philippines is a good first step when deciding whether to get one or not. Here are the common misconceptions about personal loans that Filipinos should stop believing. Table of Contents10 Personal Loan Myths in the Philippines1. Personal Loans Have High-Interest Rates2. Personal Loan Application is a Complicated Process3. Loan Approvals Take Time4. Only Employees Can Apply for a Personal Loan5. You Need an Excellent Credit Score to Qualify6. You Can’t Qualify for a Loan without a Bank Account7. Lenders Charge Many Fees8. Online Loans are Scams9. Personal Loans Can Drown You in Debt10. Personal Loan Terms Can’t be NegotiatedFinal Thoughts 10 Personal Loan Myths in the Philippines 1. Personal Loans Have High-Interest Rates Personal loan myths like this come from the experience of borrowers who get trapped in high interest of many quick easy loans, who believe that these are the only types of loans available for them. However, not all types of loans in the Philippines come with high-interest rates. Interest rates on personal loans from government agencies and banks, for example, are as low as 10% per annum. To find personal loans with…

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CTBC Personal Loan: Guide to Application and Approval

The CTBC personal loan is one of the most sought-after personal loans today because of its fast processing (within 24 hours) and loan release within 72 hours upon approval. Also called the Salary Stretch Loan, CTBC Bank (also known as Chinatrust Bank) offers this multi-purpose short-term or mid-term unsecured (meaning there’s no collateral required) personal loan to salaried and self-employed individuals in the Philippines. Table of ContentsCTBC Personal Loan FeaturesCTBC Loan Amount and TermsInterest RatesLoan Disbursement ChannelsCTBC Salary Stretch Loan Repayment Channels4 Tips for Your Chinatrust Loan Application1. Verify If You’re Qualified for a CTBC Personal Loan2. Prepare All the Required Documents for the CTBC Salary Stretch Loan3. Avail of a CTBC Salary Stretch Loan Promo4. Contact CTBC Bank for Questions Regarding Your Personal Loan ApplicationFinal ThoughtsCompare Other Personal Loan Options CTBC Personal Loan Features Before you file your application for personal loan with CTBC Bank, get to know what you can get out of it, so you’re sure it’s the right loan for you. CTBC Loan Amount and Terms CTBC Bank allows you to borrow from PHP 20,000 to PHP 1 million, which is payable for 12, 18, 24, or 36 months. Interest Rates The Chinatrust personal loan has among the lowest personal loan interest rates in the Philippines. Its effective interest rates start at 28.58%, depending on the chosen loan term. Monthly add-on rates range from 1.39% to 1.79% across all loan terms. Read more: How to Get a Personal Loan with Low Interest Rate in the Philippines Loan Disbursement Channels Unlike other commercial banks that disburse funds only through checks…

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Home Improvement Loans: Finding the Best Fit for You

Filipinos renovate their homes for various reasons. Usually, renovations involve fixing damage caused by flooding, fire, or any other disaster. Some take on home improvement projects to accommodate their growing family or boost the comfort and structural integrity of their living space. Enterprising Pinoys renovate their property to generate extra income, like those renting out their home via Airbnb, or to increase its resale value. Others simply do it to improve their home’s appearance. Whatever your reason for upgrading or fixing your home is, using up all your savings isn’t a practical choice. A sensible alternative is to get a home loan for a renovation that allows you to complete your home improvement project while managing your finances well. Table of ContentsLoan Options for Home Renovation in the PhilippinesPersonal Loans for Home ImprovementAdvantages of Personal Home Improvement LoansDisadvantages of Personal Home Improvement LoansReasons to Choose a Personal Loan for Home ImprovementHome Equity LoansAdvantages of Home Equity LoansDisadvantages of Home Equity LoansReasons to Choose a Home Equity LoanHome Loan RefinancingAdvantages of Home Loan RefinancingDisadvantages of Home Loan RefinancingReasons to Choose a Home Loan RefinancingTips on Choosing the Best Home Renovation LoanFinal Thoughts Loan Options for Home Renovation in the Philippines In the Philippines, there are three ways to fund your home renovation project aside from a regular housing loan: through a personal loan, home equity loan, or home loan refinancing. Each type of home improvement loan caters to different needs and has its pros and cons. The best type of loan for home renovation depends on factors such as the scale…

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Sangla in the Philippines: Know the Benefits and Risks Before Pawning Valuables

Ever noticed that there are more pawnshops than banks outside Metro Manila? In the provinces, especially in far-flung areas, pawnshops can get crowded with long queues. In places where banks are scarce, pawnshops provide a wide range of financial services, including pawn loans, money remittance, bills payment, and more. But the most popular transactions involve sangla or pawning. Pawn loans allow Filipinos to borrow money using valuable items—typically jewelry, gadgets, or appliances—as collateral. Planning to borrow money through pawning? Consider the benefits and risks of sangla before you go to a pawnshop. Table of Contents5 Advantages of Sangla1. Instant Access to Cash2. Easy and Fast Pawning Process3. No Credit Checks4. No Effect on Credit History5. Safe Transactions with Licensed Pawnshops5 Disadvantages of Sangla1. High Pawn Loan Interest RatesPawnshop Interest Rates in the Philippines2. Low Appraisal3. Too Short Loan Terms4. Risk of Losing or Damaging Pawned Item5. Risk of Getting ScammedFinal Thoughts 5 Advantages of Sangla 1. Instant Access to Cash Sangla allows quick access to money when you need it. Filipinos use pawn loans for various purposes, usually to get through Petsa de Peligro, add to the capital for a small business, and financial emergencies in the family. In fact, the latest Bangko Sentral ng Pilipinas (BSP) national financial inclusion survey notes that pawnshops are among the most well-known and accessible places where people perform financial transactions, including obtaining loans. Aside from their presence all over the Philippines, pawnshops also have longer operating hours than banks. Online pawnshops and some physical pawnshops (select Cebuana Lhuillier and M Lhuillier Pawnshop branches) serve…

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