Choosing the Right Lending Provider
Getting you cash loan application is as easy as pie for some but for many who do not have the resources such as internet and probably flyers or leaflets to find somebody to talk to regarding a loan to qualify to apply for, that must be a dilemma. Add to that, many borrowers don’t realize the fact that different loan providers have different set of requirements. You may not be able to qualify for this one but your requirements will do to the other. It really is all about searching and finding.
Now, we all know that loans are pretty easy to come by but the problem of most Filipino borrowers is that they usually end up finding only what is available out there that is within reach. As I’ve said earlier, if you don’t have the resources to come up with a good lending provider, chances are, you don’t have any choice. That is when choosing is no longer an option when it comes to entrusting your documents to a credit institution. If this is your case, fear not, there are other ways you can come up with a better interest rate with less and easier requirements to produce to qualify to apply for a cash loan in the Philippines. Here are a few tips.
Lending Provider Tip 1:
First step is to choose a lending provider. We all know that internet is no longer an issue and you can maximize your effort to find the perfect lending institution only if your tools are right. These days, it is cheaper to rent a computer with an internet so that even if you actually don’t have the resource, you can still opt in to use one to your advantage. This is a first tip – rent a computer in an internet shop.
Lending Provider Tip 2:
The second one is to find the right keywords to search using your rented computer and do an internet search. In addition to this, you have to know which ones are the right tools. Whenever you are searching, knowing the right keywords will always get you best results. For example, if you are looking for a local loan consultant, you can use “Pinoy loan consultant” or “Filipino loan consultant” as your search term. On the other hand, if you are searching for a local lending company, you can use the search terms, “Philippine lending companies“. As an additional tip, if you are searching in the Philippines, be sure that the search engine you are using is geo-targeted to the Philippines.
Now, notice that when you type in Google, the address bar indicates if what you are using as your search tool (in this case, Google) it has an appended extra series of words or letters at the end of the URL or web address indicating that you will arrive at the right results based from a place or a country. Ex. Google.com.ph by a bigger chance will give you in your search results, businesses or websites based or serving the Philippine market.
Therefore, if you are searching for Philippines loan providers or lending institutions, it would be right assume that you have to be using Google.com.ph if you want websites based in the Philippines to be on top of your results. On the other hand, you can use that same URL if you are in other countries.
Facts About Salary Loan Providers
There are so many salary loan providers today and part of the population apart from private lending companies are banks. These institutions call their salary loans by different names. It could be personal loan (due to purpose or use of the cash loan money) and salary stretch / salary loan. Now, apart from this issue, borrowers have to know that different banks offer the same loan product but may differ in the terms and requirements slightly. Now, when I say slightly, it means that most or many of these banks have the same set of rules and regulations when approving or accepting salary loan applicants.
1. Use of Credit Card
These days, people with credit card already have the advantage of getting their salary loan approved. In case you didn’t know, credit cards are a way for banks and lending institutions to get assurance that the salary loan applicant will be able to pay for the dues on a monthly basis. That is by trying to see the credit status record of the credit card holder. If you are a frequent user of your credit card and you do not have late or delayed payments or penalties in your account, chances are bigger for you to get your salary loan approved fast!
2. Basic Salary Limit
Although very few would allow, especially for banks a basic salary of less than 15 k to qualify to apply for cash loan, there are a few slack institutions who would dare to approve applications with lower basic salary regular workers especially if they have higher positions in a company. Now what types of employees would have a small basic salary with high positions regarded in a company? Well, those are the supervisors in a factory. Yes, many of these guys and gals do have low basic salary outputs but they serve factories more than the years you can ever imagine them doing it.
3. Position in a Company
Most of the time, position does matter. People with higher position in a company were those who were usually the kind of people who serve with honesty in a corporate world. These people were usually also given priority over workers with no position at all in a company. Sad to say but it is true that all lending institutions would prefer giving priority and higher loan approval rate to employees with higher positions simply because most of the time, they have proven track record of serving as regular employees longer than you can imagine.
4. Collateral Ownership
This simply means that the higher value of collateral you own (ie: car, house and lot, high end and high tech gadgets etc) the bigger chance of loan application approval rate is given to you. Lending companies like the thought of security that they can get something out of the borrower if they fail to produce the monthly loan remittance they promised to pay on a regular basis in exchange of getting cash loan. This matter is usually stated in a contract so borrowers must make sure to read guidelines and terms and conditions first before signing with any loan application document and getting the cash loan.
5. No Derogatory Records
I believe that this is almost self explanatory and if you can’t comprehend with this simple issue, then you ought to call me to ask about it. Otherwise, don’t try your luck anymore with lending companies to apply for any type of non-collateral loans. If you have a car or a house and lot and would like to use that as a collateral, then this issue is not hindrance with getting your loan approved fast. Collateral loans only need material things of value to the lending company to get a loan application approved.
Just to inform some of you who still did not know it yet. In the Philippines, salary loans are also called as ATM loan or personal loan.