What are the Types of Loans in the Philippines?
As an applicant, you can qualify for numerous types of loans. Depending on your needs, you can choose between secured or unsecured personal loans, cash loans, calamity loans, salary loans, car/home loans, cash advance, credit card, business loans. Each type of loan has its own terms and conditions and differs in terms of periods of repayment and interest rates.
What is a Credit Card Aggregator and Why is it Useful?
A credit card aggregator is a perfect solution for business people who want to perform credit and debit card transactions for other merchants within the company’s payment ecosystem. It is possible to perform mobile or e-commerce payments. This system is convenient and useful since you don’t need to set up a merchant account through a financial institution. Instead, you approach a third-party payment provider to perform all online transactions. Everybody who runs their own business can make the best use of a credit card aggregator for streamlined transactions.
What is Credit History?
A credit history defines the current documentation of debt repayment. This includes total debt load, number of loan lines, and terms of payment. Lenders check out applicants' credit scores to determine whether it is risky to approve applications or not. Also, a credit history helps set the most appropriate terms of the loan. If a client has failed with previous repayments, it spoils a credit history. This may result in low credit scores and, consequently, application rejection.
What is the Difference Between a Cash Loan and a Personal Loan?
If you qualify for a personal loan, you will need to assign collateral. This is the main term for a personal loan. It may be any kind of property, such as apartments, houses, or vehicles. In case you opt for a quick cash loan, there is no need to tie it to collateral. However, cash loans usually have higher interest rates.
Is it Possible to Get Approval for a Loan with a Bad History?
Everything depends on a particular situation. If a client has spoiled a credit history by failing multiple repayments, most probably, the lender will reject an application. In case the client has delayed the repayments but covered the borrowing to the fullest, there is a chance to get a new loan approved.
What Amount Can You Borrow With a Payday Loan?
With a payday loan in the Philippines, you can borrow from PHP1,000 to PHP30,000. However, keep in mind that you need to fully recover the borrowing and the interest rate within 30 days.
How Does One Get a Payday Loan?
To qualify for a payday loan, you will need to complete an online form and determine the required information. Usually, the application is approved within 20 minutes, and money is credited to your bank account within one business day.
What Do I Need To Merit For a Payday Loan?
It is necessary to provide an identification document, proof of income, and a permanent address. The lender Cashalo also needs to make sure the applicant is over 18 years old and determine the credit scores.
How Many Payday Loans Can I Have At Once?
A client can have no more than two payday loans simultaneously. Moreover, it is necessary to borrow money from different lenders. Each borrowing is limited to PHP 15,000, without the additional charges. The lender should verify a customer's eligibility and the ability to pay off a debt.
What Is The Maximum Amount One Can Borrow With A Payday Loan?
The maximum amount of a payday loan in the Philippines is PHP 30,000. If you need to borrow more money for longer terms, it is advisable to opt for a secured personal loan.
What Are The Requirements For a Payday Loan?
To qualify for a payday loan, the applicant should meet certain requirements. First off, the client should be at least 18 years old. It is necessary to have a checking account and provide an identification document. Aside from proving income with a special statement, the applicant should provide valid contact data. While not all lenders check credit scores, some do. If your credit history is bad or your debt-to-income ratio is unfavorable, the lender may reject your application.