The financial market in the Philippines allows for a variety of credit options. Unsecured or secured loans, credit cards – this is just a glimpse of what the applicant can use to get quick cash. Nevertheless, a salary loan is the most popular option among potential borrowers. It offers the most flexible conditions and terms. Different financial institutions offer different interest rates, terms of repayment, and additional fees. Keep reading to get more info about this kind of cash advance, which requirements the applicant should meet, and how to get quick approval. Salary loans are perfect options for those who are going to pay off the borrowing monthly.
What is Pag IBIG Salary Loan?
Pag IBIG salary loan is a perfect opportunity to fix your budget and solve financial issues. With quick application approval and fair charges, it becomes easy for the applicants to get money and recover the debt. Whether you are going to spend money for minor home improvements or medical care, you can rely on a reputable lender and borrow money to enhance your financial state of affairs. It is possible to make a full repayment in 3 months. However, there are special conditions that allow you to prolong the term up to 120 months. The allowable amount to qualify is from 60% to 80% of the contribution's total accumulated value.
Advantages of a Salary Loan
Filipinos can benefit from numerous advantages if it comes to borrowing money from lending companies. The most important thing here is to approach the right company which meets all your expectations.
- Quick Application Approval
If you are going to address a lender online, you won’t even need to leave your home. Once you visit a website, you can use an online calculator to find out how much you should repay every month. The next step is filing an application. If you meet the requirements of a lender, your application will be approved in an instant. In case you can prove your income, you can receive money in your bank account the same day or within one business day. Usually, the managers approve the application within 20-60 minutes.
- No Need to Gather a Bundle of Documents
Usually, the lending companies have minimum requirements for salary loan Philippines. This means you don't need to visit different institutions and collect documents. Most often, it is necessary to provide an identification document, income statement, and Filipino residence. If you have any questions concerning the documents, feel free to contact a customer support team of a service you address.
- Ability to Quickly Get Your Money
In case you can prove your income, you can receive money in your bank account the same day or within one business day. Everything depends on the amount you qualify for and your credit history. Some lenders may ask you to provide additional documents. Once you get your money, feel free to spend it based on your needs.
Ability to Take Large Amounts of Money
Feel free to choose which amount of money you need to borrow. While SSS salary loan offers the maximum first-time amount of PHP 15,000, other services may offer even more. If you have a registered business in the Philippines, you may qualify for large amounts of up to PHP 1,000,000.
Minimum Requirements to Get a Salary Loan Online
To qualify for a salary loan online, the applicants should fulfill the following requirements:
- Have a bank account where they regularly get payments from the employer
- Have a permanent residence in the Philippines
- Be at least 18 years old
- Have a good credit history
- Be employed at least one year
- Provide all the necessary documents
How to Quickly Get a Salary Loan Approved?
If you need your cash as soon as possible, you should prepare in advance:
- Research the market and find a reliable lender.
- Provide the necessary documentation.
- Validate your identity.
- Specify your contact information, including the telephone number of your work.
- Carefully study the terms and conditions of a particular lending company.
- Complete the application correctly.
- Qualify for a loan within a salary range.
What are the loan conditions?
Different financial institutions offer various conditions for their clients. For example, with a Pag-IBIG salary loan online, you can take up to 80% of the total amount of contributions with a 0.89 interest rate per month. The loan term is from 6 to 24 months and your salary should be at least PHP 20 000 per month. The situation is completely different with Security Bank. Here it is possible to qualify for a loan of PHP 10 000 – PHP 1 000 000, which is great for medium and large businesses. The interest rate is 1,39-1,69 per month. The term of a loan is 12 – 36 months and the minimum income required is PHP 15 000. Research multiple financial institutions to find the option that suits you most.
How to Return the Borrowing?
According to the terms and conditions of the majority of salary loan Philippines options, you will need to return a part of the borrowing and the interest rate each month. If you fail the repayment, the financial institution will charge fines, which sometimes are relatively high. This results in not only higher payments but the credit history deterioration.
To prevent delays, it is advisable to make payments 2-3 days before the date specified in the agreement. There are several ways to deposit money into a financial company account. Aside from the bank’s cashier, you can use online banking services or recharge in an ATM.
It is only the borrowers' responsibility of how correct the repayment is provided. That is why it is necessary to keep caution when checking all the transfer details and the amount you are going to repay.
If you have an emergency but don't have enough money to cover all expenses, taking a salary loan online may be a wise solution. The procedure of taking money and repayment is rather straightforward. The most essential thing is to learn the terms and conditions of a particular financial establishment.