In Philippines, accessing much-needed funds can be a tricky job when traditional lenders place such hurdles in the path of loan applicants, particularly those with poor credits scores. Between high interest rates and high penalties, a loan can turn out to be too expensive to get approval on. But getting your unsecured personal loan in the Philippines remove these challenges.
Securing loan approval from banks normally involved a nervous wait, but there are huge benefits to turning to online lenders. For a start, the interest rates charged are typically lower than those charged by traditional lenders, but it is also more likely to get a no credit check approval online than with a bank.
And with online lenders targeting applicants with bad credit scores, repayment schedules are more flexible too. Before we proceed to the list, here are three important steps to take when applying for an unsecured personal loan from an online lender.
1. Know Your Budget
It might seem logical but when applying for an unsecured personal loan online, it is just to important to calculate a budget in advance to it is when approaching a traditional bank. There is an point in submitting an application that ends up being rejected because the repayments are clearly too expensive.
The steps involved in calculating the budget are easy. The first step is to see how much money is free to use for repayments, than work backwards from there. If your monthly income is $3,000, and a total of $800 is left over after paying all essential expenses and debts, then a maximum $300 is available for repayments.
Securing loan approval depends heavily on meeting the debt-to-income ratio, which dictates that no more than 40% of an available income can be committed to paying debts. So, adhering to there ratios is vital. Now that a limit of $300 per month is known, an unsecured personal loan with the right terms to ensure approval can be identified.
2. Search Online
The next step is to get onto the internet and begin the search for the best loan deal. Finding the best unsecured personal loans online is not huge a task as it might seem, thanks to the speedy nature of the leading search engines and the availability of comparison sites.
Google and Yahoo can bring up thousands of results within seconds of entering a suitable key phrase in the search. Each site address provided can be clicked into individually, but this can be laborious. A much better method is provided by comparing dozens of qualifying loan types on one comparison site. By identifying the most suitable loan product, complete with interest rate charged and likely repayments, securing loan approval becomes more assured.
Of, shopping around is essential because the individual rates and terms offered by different online lenders can vary dramatically. Having a simple way to compare is, therefore, hugely beneficial, allowing the most affordable unsecured personal loan to be found quickly.
3. Check Lender Reputation
This is not always thought of, but it is just as important a part of the process as finding a lender. The problem with getting unsecured personal loans online is that the lender can sometimes be less honest than was thought.
There are many unscrupulous operators on the internet, so it is very important to check out the reputation of the lenders before signing on to any loan agreement. Securing loan approval might be the final hurdle to clear, and is often reason for celebration. But if the bad lender is involved, the costs could end up causing tears rather than cheers. So, get onto the BBB websites before agreeing the unsecured loan.
Now here are 7 best fast loan products:
Access to P2P Loan
FundKo is an online peer-to-peer platform that connects borrowers and lenders. As with any other lending institution, FundKo verified borrowers by reviewing the documents that they have submitted.
Since we’re talking about investments, I will give my review as an investor. Obviously, you will have to register for an account. Once you have, you will need to add funds to your FundKo wallet. You have two options: Dragonpay and Direct Deposits. Instructions are easy to follow once you have selected your option.
Available to Local Business
Companies like Lendr focuses on small and mid-sized business needs. Rather than evaluating strictly how long your business has been around and your personal credit score, Lendr takes a more holistic approach and considers all aspects of your finances when determining rates and terms. But you’ll need to make sure your business can afford daily or weekly repayments.
Equal Credit Score
CashMart provides equal credit conditions to everyone and is able to enter into any position so that a person receives for any needs. Here you can borrow money both for personal needs and for business development, choosing the necessary loan amount. According to users’ estimates, the company’s activity deserves 9.5 points out of a possible.
Approval of the application takes place within 24 hours. Fixed dates for the payment of a mandatory contribution are determined. In addition, to the considered rate of getting loans, there is also the option to receive money at other fares. These are personal loans, loans for business development and others.
Variant Loan Options
Online platform Go Bear, which allows users to search and compare various financial prodcuts in the marketplace, recently received US $80 million in fresh funding. Following the capital infusion, the company is stepping up business expansion initiatives.
Since its founding in 2015, Go Bear has expanded to six markets, namely Hong Kong, Indonesia, Malaysia, Thailand, Philippines and Vietnam, beside its home base of Singapore.
Easily Accessible Loan
Tala is an online lending provider that allows you to instantly apply for a loan through an Android app. All you need is an Android phone and an ID and you can easily apply and get the results in an instant.
You can get approved from as low as ?1,000 to as much as ?10,000. Another great feature is you don’t need to have a credit card or a minimum monthly income to be qualified for a loan. There are also no collateral requirements. You can settle the loan as early as 21 days up to 30 days with an interest rate of 15% -15.7% per month. The only requirement is you have to be 18 – 65 years of age to apply. Get the additional funds you need right at your fingertips whenever, with Tala.
Huge Capital for Any Business
First Circle is a Phillippine-based fintech startup. First Circle has raised fresh investments of $26 million (P1.5 billion) in a series A round led by Ventura Capital even as it launched a new credit facility backed by the Department of Trade and Industry (DTI), and the Bangko Sentral ng Pilipinas (BSP).
Fast Loan Process
Binixo Corporation is a modern Philippine company providing micro-credits and user financing. Thanks to the convenient online application form, each user can receive the required amount of money within a minimum period of time. Registration of legal nuances takes places online so you don’t need to visit a banking organisation or financial companies. Money arrives in your card for a short period of time.