BillEase Loan: How to Shop Now, Pay Later and Get a Cash Loan Through BillEase
- By Moneymax
- September 11, 2021
Amid these trying times, a lot of Filipinos wish to borrow money as financial relief in these trying times. Different loans fulfill different life goals. But have you heard about the BillEase loan that takes care of your online purchases and cash needs? Yes, BillEase Loan[1] is an option for those who want to buy essentials, gadgets, and other items from digital stores. Aside from that, BillEase also offers cash loans for those who need money for other purposes. Learn more about the BillEase loan through this ultimate guide. How BillEase Works The BillEase loan gives Filipinos a chance to shop and pay with convenience. You can borrow money from BillEase via two loan products: the Buy Now, Pay Later option and the BillEase Cash Loan. Upon BillEase approval, borrowers can enjoy the following benefits: Low Interest Rate With the loan’s monthly interest rate of 3.49%, borrowers don’t need to worry about huge add-ons to the principal loan amount. BillEase now also offers 0% interest[2] when you buy from its select partner merchants. Flexible Loan Amount Borrowing from the BillEase app allows you to get up to PHP 40,000 loanable amount depending on your account’s credit limit. In-App Exclusive Features Upon approval of your BillEase Loan, you can automatically use the in-app features that allow you to top up your e-wallets, pay bills, and buy load. BillEase Buy Now, Pay Later Guide What is the BillEase Buy Now, Pay Later Service? BillEase Buy Now, Pay Later (BNPL) is an online shopping loan that pays for your bills from the list…
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12 Personal Loan Myths Debunked: Know the Real Deal Before Borrowing
- By Adji Hendrawan
- September 8, 2021
Think everything you hear about personal loans is true? Filipinos have this irrational fear of getting a loan 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 child’s education. 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. Be informed. Here are the common personal loan myths debunked. 12 Personal Loan Myths Busted 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 low interest rates, you have to do some research and compare rates online. It also helps to work on having a good credit score, which will raise your chance of qualifying for low interest rates on personal loans in the future. 2. Personal Loan Application is a Complicated Process One of the reasons Filipinos don’t push through their personal loan application is the belief that it takes a lot of time, paperwork, and effort. On the…
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Your Guide to Applying for a Motorcycle Loan in the Philippines
- By Moneymax
- July 16, 2021
For many Filipinos, a motorcycle is an ideal mode of transportation. It’s significantly more affordable than cars, much easier to maintain, and it can navigate even the trickiest traffic jams. More importantly, it can also be a source of livelihood; a lot of motorcycle owners double as couriers or food delivery riders. Just this year, the production of motorcycles and scooters has gone up by 62%, from 209,670 units last year to 339,395 units this 2021.[1] This only shows how highly dependent on motorcycles Filipinos are. Are you planning to buy a motorcycle soon? If you haven’t saved enough or just don’t want to scoop some money from your bank account, consider getting a motorcycle loan. If this is your first time applying for such a loan, here’s a comprehensive guide to help you out. What is a Motorcycle Loan? A motorcycle loan is a type of loan that helps you finance your motorcycle purchase. It’s usually offered by banks and lenders and can be a secured or unsecured loan, depending on the lender. Just keep in mind that unsecured motorcycle loans may have much higher interest rates since you’re not using your motorcycle as collateral. Furthermore, you can use your motorcycle loan to buy either a brand-new or secondhand unit. If the loan proceeds have an excess, you can use the remaining amount to buy motorcycle accessories. Why Should You Get a Motorcycle Loan? There are many reasons that may convince you to apply for a motorcycle loan. Here are some of them: 1. The Application Process is Usually…
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Guide to Pawning Your Car Title Through Asialink OR/CR Sangla
- By Moneymax
- July 9, 2021
Expenses never end, and sometimes, you may find yourself in a bind. It’s either your business requires additional funding or one of your parents needs financial assistance for their surgery. Sourcing quick cash can be difficult, especially when you’ve already exhausted your government loans and your relatives or friends are also short on money. But if you have a car, you may consider applying for a car title loan for cash. When it comes to pawning your car title, it’s best that you rely on reputable loan companies, such as Asialink Finance Corporation. Asialink’s OR/CR loan is definitely one of the best and most practical choices in the market today. Want to find out more? Check out this comprehensive guide to the Asialink OR/CR loan. What is Asialink OR/CR Loan? The Asialink OR/CR Loan is a type of collateral loan that requires borrowers to temporarily surrender their asset in exchange for cash.[1] In this case, the collateral is the car title (also called Official Receipt/Certificate of Registration or OR/CR). If you borrow money through a car title loan, the lender will release your vehicle’s OR/CR once you’ve fully repaid the loan. What are the Advantages of Asialink OR/CR Loan? The OR/CR loan from Asialink has four appealing features that may convince you to apply. 1. Your Car Stays With You While some car title loan companies require borrowers to surrender their car, Asialink does not. You’ll only be required to turn in your OR/CR. With that, you can still use your car. This feature is especially helpful for those who…
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How to Get Quick Cash Through GDFI Car Title Pawning Loan
- By Moneymax
- July 7, 2021
These days, you have many options for access to quick cash for your urgent needs. You can apply for a salary loan, borrow from a friend, or even sell personal items you’re not using anymore. But sometimes, you’ll need a bigger amount of money. It can be to pay for your hospital bills, for unexpected expenses at home or with your business, or to help a family member with their financial problem. If you’re a car owner, you can borrow a larger amount of money when you apply for a car title loan. One good option is the Sangla OR/CR Loan from Global Dominion Financing Incorporated (GDFI). Here’s what you need to keep in mind if you plan to apply for this car title loan. What is GDFI Sangla OR/CR Loan? GDFI Sangla OR/CR Loan is an affordable secured loan designed for Filipino vehicle owners. For those who are not familiar with them, secured loans are loans where you’re required to give some type of collateral as a condition for borrowing money.[1] In this case, the collateral will be the Official Receipt and Certificate of Registration (OR/CR) of your car, truck, or any other vehicle that you own. Before you apply for this GDFI car title loan, note that your vehicle’s OR/CR will stay with GDFI until you have fully paid off the loan. What are the Benefits of GDFI Sangla OR/CR Loan? There are many car title loans for cash programs and car pawning loans online. But GDFI’s car title loan is a standout because of the following: 1….
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Sangla in the Philippines: What You Must Know Before Pawning Valuables
- By Adji Hendrawan
- June 28, 2021
At some point in your life, you might have been in an emergency or a desperate situation where you needed instant cash. Instant cash, in this context, means money that you’ll be able to pull out of somewhere without filling out mountains of application forms or getting the approval of your employer. While salary loans are fast, they’re not quick enough. So, in such cases, your best bet is a pawnshop. Filipinos have come to view pawnshops as a reliable best friend who is always ready to lend help. Proof of this is the number of people who have gone to pawnshops during the pandemic.[1] While you may already know how a pawn loan works, you may still have no idea about its breadth and scope. Treat this guide as your refresher with additional information and some tips that will help you make a sound decision should you need to apply for a pawn loan. How Does a Pawn Loan Work? A pawn loan is a type of loan that requires collateral. This means you need to turn over something valuable you own to the pawnshop. If the shop is interested in it, they will offer you a loan. Remember, though, that the amount of money the shop will loan to you will depend on their appraisal. While pawnshops offer quick cash, the catch is you’ll also have to pay the interest imposed on the loan. You’ll only be able to get your item back once you have fully paid the loan. Read more: Emergency Loans and Other Convenient Ways…
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SB Finance Car4Cash Guide: How to Get a Loan Using Your Car’s OR/CR
- By Moneymax
- May 7, 2021
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. What is SB Finance Car4Cash? Car4Cash is an unsecured loan from SB Finance, a partnership between Security Bank and Thai bank Krungsri. This auto title loan is for vehicle owners who need quick cash. When you apply for the SB Finance Car4Cash program, you’re submitting your car’s OR/CR (Official Receipt and Certificate of Registration) for safekeeping so that you can borrow money. The amount you’ll receive, however, will depend on the appraised value of your car. So, in essence, a car that has received proper maintenance and upkeep may fetch a larger loan amount. Read more: OR/CR Sangla Guide: All About Car Pawning in the Philippines Borrower’s Guide to Unsecured Loans in the Philippines What are the Benefits of Car4Cash? SB Finance Car4Cash comes with many benefits for car owners in need of quick…
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3 Easy Steps to Apply for a Housing Loan with Nook
- By Moneymax
- May 5, 2021
Buying a home may seem like an elusive goal for many Filipinos. For the most part, investing in a property requires a lot of money. Thankfully, though, real estate developers won’t require you to pay for the property’s total sum in cold cash. With the right help, you can get and live in your dream home. Aside from a real estate agent, a mortgage broker, like Nook, can help you find good deals on mortgage. Mortgage brokering may be a new concept to you since it’s not widely known yet here in the Philippines. But it’s worth a try—a mortgage brokering company can help you save time and money on your online home loan application. In this article, you’ll get to know more about Nook and how you can use the platform to easily apply for a housing loan online. Let’s start! What is Nook? Nook is a mortgage broker—the Philippines’ first and the only one of its kind.[1] Simply put, a mortgage broker is a company that evaluates your financial capability to buy a property. It reviews different loan offers from lending institutions and banks and then picks the option that best suits you. More importantly, it simplifies and speeds up your online home loan application, which means less work for you. Another way of looking at a mortgage brokering company is that it is the middleman between you and the bank, with your best interest rates in mind. Why Should You Get a Home Loan Through Nook? Working with Nook comes with many benefits. Using its platform will…
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OR/CR Sangla Guide: All About Car Pawning in the Philippines
- By Moneymax
- April 30, 2021
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. 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 cash from the lender. In this case, the collateral will be your car’s OR/CR or the LTO Official Receipt and Certificate of Registration. On the other hand, some car title loans are unsecured. Instead of using the OR/CR as collateral, the borrower just submits it to the lending company for safekeeping. In such a case, the lender doesn’t encumber the car title. The money borrowed through a car title loan can be used for a variety of purposes, such as medical bills, home repairs or renovation, and tuition. Related article: Complete Guide to LTO Car Registration and Renewal How Does a Car Title Loan Work? To get quick cash, some people head to pawnshops to pawn their jewelry or gadgets. A car collateral loan in the…
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All You Need to Know About Buy Now, Pay Later Installment Loans in the Philippines
- By Moneymax
- April 27, 2021
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. 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 you’re short on cash at the moment. How Buy Now, Pay Later Works When you shop online, you’ll always be presented with different payment modes, usually via credit card, debit card, or COD. But you may notice that your favorite retailer may also offer a Buy Now, Pay Later option. When you choose to pay using BNPL, you’ll be able to buy the product without shelling out cash right there and then. But you’re expected to pay it back on the agreed date. If you choose to pay in installments, the payment will be spread across the agreed number of months. In much simpler terms, BNPL is…
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COVID-19 Business Recovery and Continuity Guide for Filipino Entrepreneurs
- By Moneymax
- April 14, 2021
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). 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. Review your financial statements and compare your current cash flow, sales, and profits to last year’s data. This will give you a clear idea of how much your business has gone down (or maybe up). You might realize it isn’t as bad as you expect, or you might need to ramp up your funding to get through the crisis. Take a look at your business expenses to help maximize your revenues and minimize your losses. What are your most important and urgent expenses? Which costs can be reduced, deferred, negotiated, or…
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9 Salary Loans to Consider for Financial Emergencies
- By Moneymax
- March 19, 2021
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. 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 of income or billing. Compared to personal loans and pawn loans, salary loans in the Philippines have higher interest rates, lower loanable amounts, and shorter repayment terms. However, it’s also important to note that salary loan providers offer lower rates and longer terms than loan sharks. Read more: Online Loans in the Philippines: What Filipinos Need to Know…
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What You Need to Know About Peer to Peer Lending in the Philippines
- By Adji Hendrawan
- March 18, 2021
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. 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 from higher interest rates, and borrowers get quick, easy loans that they otherwise would not from traditional lenders. Read more: Should I Borrow Money from Private Lenders? How Does Peer to Peer Lending Work? Peer to peer lending platforms need investors to lend the money and borrowers to take out a P2P loan. Here’s how peer to peer lending works for both borrowers and lenders. For P2P Borrowers If you need a quick loan without having to go to traditional banks or financial institutions, you can submit an online loan application on any P2P lending platform. But like traditional banks, there’s a pre-qualification screening process, but it’s not as strict as the screening process of banks. After submitting your application, the P2P lending platform will assess your application and review your profile based on your creditworthiness. In short,…
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Mortgage Brokering: What is It and How Can It Help Me Buy a Home?
- By Moneymax
- March 12, 2021
Nothing could be more exciting than buying a house. As you plan for your purchase, you might be already daydreaming about the interior design and envisioning how many rooms will be needed. You might have even considered creating your Pinterest-inspired mood boards! The excitement, however, may be dampened eventually. This is after knowing that the process of buying a home isn’t just about going on house tours and then signing papers. The entire process can be overwhelming, as there is a heavy amount of paperwork involved and a lot of people to talk to. Along the way, you’ll find yourself spending more time, money, and effort than you should. The stress starts with finding the right home loan, and it all trickles down from there. But you can get yourself a head start when you work with the right people. In this case, it will be the mortgage broker. We’ve outlined below how mortgage brokering, a relatively new concept in the Philippine real estate industry, can help you purchase your dream home. What is Mortgage Brokering? Confused about the complexities of the home buying process? You may need a mortgage brokering company such as Nook, the first and only mortgage broker in the Philippines. A mortgage broker gives financial advice to homebuyers and connects them to lenders. Mortgage brokers can evaluate your financial capability to buy a property and then recommend the right kind of loan for your current needs. That way, you can save money on your home purchase. A mortgage broker can even help you with the paperwork…
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OFW Loan Options in the Philippines for Every Kind of Need
- By Moneymax
- March 5, 2021
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. 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 an OFW planning to open a small business soon? You can seek funding assistance through the Overseas Workers Welfare Administration’s (OWWA) business loan program. The Overseas Filipino Workers – Enterprise Development and Loan Program has a low annual interest rate of 7.5%, which is fixed throughout the loan period. You…
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What You Need to Know About Short Term Loans in the Philippines
- By Adji Hendrawan
- February 19, 2021
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. 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 collateral. You also don’t need to borrow against the value of your property. However, the downside is that interest rates are higher because the risk of borrowers defaulting or not paying off the loan is also higher. Read more: 10 Sulit Ways to Use a Cash Loan in the New Normal What Happens If You Stop Making Loan Payments? What Short Term Loans are Available in the Philippines? Payday Loan This type of short term loan…
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BPI Housing Loan Application Guide for New Borrowers
- By Moneymax
- January 22, 2021
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. 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 client. The BPI Housing Loan can be used in two ways. When you use it as a Housing Loan, you can buy a vacant lot, a townhouse, or a residential condominium. But if you use it as a Property Equity Loan, the proceeds can be used for any purpose other than purchasing a real estate property. You can use it to fund your business or refinance an existing loan. In this arrangement, though, your property will be the collateral. Am I eligible for a BPI Housing…
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Calamity Loan from SSS and Pag-IBIG: How You Can Avail
- By Moneymax
- January 5, 2021
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. 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 monthly contributions, six of which are posted within the last 12 months before the month of loan application Home address or property at an area declared under the State of Calamity Has not availed of any of these SSS benefits: total permanent disability, retirement, or death Has no outstanding SSS Loan Restructuring Program or Calamity Loan Assistance Program Read more: Pag-IBIG MP2 vs….
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How Home Loan Refinancing Can Help You Save Money
- By Adji Hendrawan
- October 20, 2020
Bills, bills, bills. There’s no way to eliminate them, but you can reduce what you’re paying every month. Assess your monthly expenses. If you discover, for example, that you’re paying too much on your home loan, consider switching to a new loan that will help ease your financial burden. Rather than making you sink deeper in debt, home loan refinancing can help you save money, as long as you go with a loan that offers the most favorable terms. The benefits of refinancing couldn’t come at a better time when everyone is reeling from the effects of the COVID-19 crisis, such as unemployment and business losses. Read on to know what refinancing a mortgage means and how you can use it to reduce your debt. What is Home Loan Refinancing? Home loan refinancing is the process of paying off an existing mortgage by replacing it with a new loan from a different lender. Ideally, the new home loan has a lower interest rate and better terms than the first one. The goal is to make your monthly or total loan repayment cheaper and easier on the budget. Read more: Everything You Need to Know About Housing Loans in the Philippines 5 Ways to Save Money Through Home Loan Refinancing in the Philippines Refinancing a mortgage means borrowing money to pay off your current home loan. But there’s another compelling reason to switch to a new home loan: It can lead to significant savings in the long run. Here are several ways you can reduce your mortgage payments through refinancing your…
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Smart Tips to Get Approved for a Business Loan
- By Adji Hendrawan
- August 13, 2020
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. 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 already have most, if not all, of the requirements listed above. The only thing you have to do is to compile these records. However, as mentioned earlier, a complete set of documents does not guarantee that your business loan gets approved. To get a complete list…
