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How Can I Improve My Loan Application?

Here are some tips to help you find the right loan for you and how you can have a better chance at loan approval.

Understand the types of loans available

There are many types of loans in the Philippines, each catering to different budgets, lifestyle, and needs. Don’t apply for a loan you don’t completely understand. It’s important that you read about its purpose, features, and fees. By doing this, you can ensure that you are applying for the right loan for you.

Compare different loans in the Philippines

Different loans have different requirements and processes. When applying for a loan in the Philippines, compare your options side by side so you won’t miss any important information. Read about the provider’s services and reviews.

Make sure you have all required documents

Before starting the loan application process, prepare all the requirements you’ll need. Banks and lending institutions typically ask for a government-issued ID, a fully-accomplished loan application form, and proof of income. Create a checklist to ensure that you have all you need before submitting your loan application.

What are the requirements for getting a loan?+

In general, you have to submit a fully-accomplished loan application form, a photocopy of your valid ID, and proof of income. You may have to submit additional requirements, depending on the lender. As for the eligibility requirements, you must be at least 21 years old, a Filipino citizen (or residing permanently in the country), and must have a landline and/or active mobile number.

How long until my loan application gets approved?+

Loan approval time depends on the lender but it can take as fast as 24 hours like the Citi Personal Loan. However, it may also take up to two weeks so make sure to submit all requirements to help speed up your loan application.

Can I get a loan even without a credit card?+

Yes, you can! There are lenders who accept non-carded applicants like Nook and EasyRFC. Sometimes, they just need a copy of your proof of income to assess if you can repay the loan.

What is the difference between a secured loan and unsecured loan?+

A secured loan is a type of loan in the Philippines that uses one of your assets as collateral. Assets can be your vehicle or property. If you can’t repay the loan, your lender has the right to seize your asset.An unsecured loan, on the other hand, is a type of loan that does not require collateral. However, take note that unsecured loans in the Philippines have higher interest rates as compared to secured loans.

What does loan collateral mean? +

Loan collateral is the asset or property that a borrower promises to a lender. It serves as a backup to a loan. Collateral loan agreements allow the lender to seize the borrower’s asset in case they fail to repay the loan. To avoid this, make sure that you pay your loan in time!