The name of the loan program speaks for itself. Citizens who urgently need to borrow a small amount of money apply for a salary loan. It is assumed that the borrower will receive the nearest salary and pay off the debt.
Features of the Salary Loans
The main characteristics of the program:
- Small limits, which rarely exceed P40,000. More significant amounts are issued, but usually they are relevant for regular borrowers of MFOs;
- Money is issued for a short period, which is usually within 6-36 days. That is, you can borrow funds for literally a few days;
- The interest rate is assigned to each MFO individually, its value is approximately at the level of 2%. Regular clients of credit companies receive money before payday on more attractive terms.
For those wishing to take out a salary loan in the Philippines, we recommend first to consider interest-free loans. Such design options are available in some microfinance organizations. They hold promotions for new clients, giving them money at 0%. How much the citizen received, so much in the end he will return. But it is important to close the loan without delays, otherwise, the entire free offer will be canceled and interest will be charged.
Loan Processing without Visiting the Bank
The most attractive moment for many borrowers is that a payday loan can be obtained remotely. Credit organizations have established completely remote work, thereby allowing citizens to receive money without leaving their homes. If you examine all salary loan online offers, you will find similar offers, and you can take advantage of them.
The online payday loan process looks like this:
- Explore lending options on the chosen website. You should be interested in short-term loans, not standard ones, which are usually issued for at least 6 months. Select a program and start designing.
- You need to register on the website of the credit company or simply fill out an application form - follow the algorithm proposed by the MFO. An application is submitted online, a citizen simply indicates information about himself, how much and how he wants to receive.
Microfinance organizations issue loans without certificates and guarantors, and always quickly consider applications. Sometimes the applicant will know the answer within a few minutes. And given the loyalty of the MFOs, most of the questionnaires are approved.
If a positive answer is given, the lender provides the text of the electronic loan agreement for review. You need to study all the parameters of the approved PAG IBIG salary loan and agree with them. Then the money is transferred to the client.
Most often, citizens receive online loans for bank cards - this method of issuance is offered by every MFO that works remotely. A Visa or Mastercard of a personal type will do. Someone else's cards are not suitable for payday loans. You can only use your own.
You can contact a microfinance organization directly, or you can use services for the selection of PAG-IBIG salary loan online programs. It will be easier for many citizens to get money in debt through them.
Services’ advantages are the following:
- They cooperate with many credit companies, so we can talk about trouble-free lending. Even if the client is problematic, there is always a chance that at least one of the partners will approve the application;
- the best option if you need money here and now. Approval from the first lender can come within 1-2 minutes;
- work with all categories of borrowers who often experience difficulties in obtaining loans. Through services, young citizens of 18-20 years old, older clients from 65 years old, borrowers with a negative profile, officially unemployed citizens can take out an SSS salary loan before receiving their salary.
Initially, it is better to try to personally contact the MOI. And if it is not possible to hear an approval, then already consider the option of contacting the selection service.
These are affordable loan programs. Clients are not required to provide certificates; they simply indicate their ID and address in the application form. Some organizations ask to upload photos of documents and the borrower himself to the application form.
As for the requirements, in each MFO they are individual, usually boiling down to the following points:
- citizenship of the Philippines, the presence of a permanent residence permit;
- regular income (not confirmed by certificates);
- compliance with the age range of the MFO. Usually, it is 18-69 years old. If desired, citizens of other age groups will also find a loan option.
The programs involve the issuance of a small amount and increased interest rates, so the criteria for borrowers are significantly lower. Thanks to this, a payday loan can be taken even if you have a bad credit history.
Loan Repayment Process
If, in the classical form of lending, the borrower receives a payment schedule, which he undertakes to comply with, then with salary loans, everything happens completely differently.
When submitting an application, a citizen indicates when it is convenient for him to close a loan, for example, he takes out a loan for a week. After receiving the loan, the borrower must return the entire amount due, including interest, by the specified date.
As a result of registration, the MFO immediately indicates the exact amount, including interest. The borrower can deposit money in the personal account, which is created when the application is submitted. It accepts payments from bank cards and e-wallets. You can also pay the loan through third-party banks: cash desks, online banks. A complete list of cancellation options is always displayed on the website of the microfinance organization.
Benefits of Payday Loans
This is an opportunity to quickly borrow money without contacting friends and family, without telling anyone about your problems. There are other important points:
- Round-the-clock lending. If you need money at night, you will quickly receive it on your card;
- a completely remote issue. No need to leave home, the registration process is carried out on the Internet;
- short terms up to 1 month, which cannot be found in banks of the Philippines;
- the ability to get a loan even with a negative dossier;
- practically trouble-free issuance.
Citizens are often discouraged by higher interest rates. But if you use the interest-free option, there will be no overpayment at all. Plus, you borrow money for a short time, so the total overpayment will not be large.