Published: March 26, 2021 | Updated: March 28, 2021 | Posted by: Rouselle Isla | Loans
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.
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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.
Are you looking for an easy loan you can apply for online? CIMB Bank offers an all-digital loan application that you can finish in minutes. Just download and log in to the CIMB Bank mobile app.
Only a valid government-issued ID is needed to apply for a loan from CIMB Bank.
With ACOM, you can quickly and easily apply for a loan online. It has easy requirements, and you don’t need collateral. Your loan can also get approved in just 24 hours.
You can get a loan from Radiowealth Finance Corporation (RFC) in just three easy steps. Fill out the online application form and submit your requirements. Once your loan application is verified and approved, you’ll receive your loan proceeds in your preferred disbursement method.
If you’re an existing Citi credit cardholder, it’s easy to apply for a Citi Personal Loan. Whether it’s to fund a business expansion, home improvement, travel, personal growth, or debt consolidation, you can enjoy Citi’s low interest rates.
Do you have an Android phone and a valid ID? Then you can get an easy loan and apply online using the Tala mobile app.
If you have to borrow a bigger amount and need a longer repayment period, SB Finance Personal Loan may be a good fit for you. Unlike the Citi Personal Loan, you don’t need to be a Security Bank credit cardholder to apply. Furthermore, there’s no collateral needed.
For employed applicants:
For self-employed applicants:
Everything is just so convenient these days, even taking out a loan from banks and other financial institutions. But before you sign up for that loan, here are some helpful reminders.
Why do you need to take out a loan? The answer will determine the right kind of loan and which lender to get it from.
If you just need a few thousand pesos to tide you over, you can get a payday loan or an online loan. But if you’re looking for a loan for funding a home renovation, a wedding, or a small business, you can get a multi-purpose loan or business loan.
How much do you need to borrow to fund your loan purpose? More importantly, how much can you afford in monthly repayments? One of the things that banks and loan providers look at is an applicant’s debt to income ratio, which is the percentage of your gross monthly income that goes to paying your monthly debt payments.
When you take out a loan, you may be offered several loan term options. But keep in mind that longer loan terms mean paying more interest charges and higher interest rates over time. Not to mention, they’ll take you longer to pay off the loan and finally be debt-free.
On the other hand, a shorter loan term can improve your chances of getting approved. Loan providers prefer shorter payback periods because of the lower chances that your financial situation will change during the loan period.
Make sure that you have checked the loan qualifications and that you qualify before submitting your loan application. Banks and financial institutions offer minimum and maximum loan amounts, so it’s not guaranteed that you’ll be approved for the maximum amount. This will still depend on your income and your credit history.
If you wish to apply for a loan and get approved, check your credit score. This is one of the major considerations of loan providers when approving or rejecting a loan application.
Take the necessary steps to fix a bad credit score, preferably while you still don’t need a loan. Improving your credit score does not happen overnight, but it can be done!
So pay off those delinquent credit cards or any unpaid loans. Get a copy of the bank clearance letter and check credit reporting agencies to see if your information is correct and updated.
Check loan products of different loan providers so you can compare their rates and terms. If you can speak to a loan officer, ask questions about the loan application process, the requirements, as well as the repayment schedules, fees, and charges.
This way, you can get all the information you need and choose the right loan product for you. Also, it will help you understand if you have the financial capacity to promptly pay off the loan.
Prepare all your income documents to facilitate a quicker loan application process, especially if you need the loan to get approved ASAP. Make sure they are the latest or the most updated and that all information is true and correct.
Read the terms and conditions of the loan and spend time studying the fees. How much are the application or origination fees? Are the late payment fees and prepayment penalty fees too high? You can find the least expensive loan by comparing the loan’s total cost, which includes fees and charges.
Applying for too many loans is a sign that you’re a high credit risk. This will alert loan providers that you’re really in a financial bind and it can negatively impact your loan application.
It’s best to learn about your available loan options to identify the right fit before submitting your loan application. Compare your loan options online using comparison websites like Moneymax to learn about eligibility criteria, repayment options, and applicable fees.
Read more: Should I Borrow Money from Private Lenders?
Missed payments will not just get you hit with a late payment fee, but it will also negatively impact your credit score and your relationship with your loan provider. As a result, it will be more challenging for you to apply for a new loan in the future.
To make sure you don’t miss a loan payment, set up an automatic debit arrangement on your savings account, or set a recurring reminder on your phone or computer a few days before your due date.
A loan can definitely help you out of a financial bind. But it’s a big financial responsibility, too. As much as possible, applying for a loan should be your last resort. Beef up your savings instead so you have money to cover all kinds of financial emergencies.
If this is not possible for now, don’t get the first loan offered to you. Compare loans to get the best rates.
Aside from the convenience that these easy to apply for loans provide, make sure that the monthly payments are something you can afford. Whether it’s a short-term or long-term loan, pick one that will work with your current financial situation and your repayment timeline.
Related reading: Emergency Loans and Other Convenient Ways to Borrow Money
Rouselle is the Finance Writer at Moneymax, with over six years of writing experience in the personal finance niche. She’s also passionate about ’90s music, books, and film. Follow Rouselle on Linkedin.