Personal Loan Philippines: How to Get Sure Approval
Getting a personal loan in your times of need is like getting extra funds on tap. Simply choose an online cash lender and fill up the form. Then wait for a credit officer to get in touch with you. It’s quick, convenient and reliable.
However, it is also disheartening to get declined when you need it the most. You have to know what you need to do to get the personal loan sure approval.
Positive credit report means you have good payment behavior with your previous loans. The reason a lot of Filipinos get declined is that they didn't pay their past credits diligently. They thought that defaulting on a loan will not affect them in the future if they can get away from it.
This may include your credit card bills and even outstanding postpaid bills. The records can also contain financially related cases like estafa and filed for bankruptcy.
You might be wondering if it is impossible for money lenders to check your past credits.
But here’s the kicker:
The Republic Act No. 9510 mandates the establishment of Credit Information Corporation.
This credit information system will help both the borrowers and the money lenders. The borrowers can easily get approved if they have good payment history, and the lenders can lessen the risk of default by knowing which borrowers have negative records.
While the government is still at work on making the credit reports centralized, loan lenders are now able to use the services of various credit bureaus.
Assuming that you got a loan from a legal money lender. You have settled it on time and the company reported this to the credit bureau it is affiliated with. Then you have decided to get a housing loan from a bank. The bank pulls out your credit report from the credit bureau and sees that you are good at handling loan repayments. The bank will give your payment behavior a score. This is called your credit score.
Another thing to consider is if you apply for a loan from a bank, they will usually reject you if you don’t have any credit history. This means your credit score is zero. There is no history to know how well you will handle your loans.
On the other hand, if you get a quick cash loan from a money lender, they will consider giving you an approval based on other financial factors such as your regular source of income and other existing financial responsibilities.
How to Use Credit History to Get Sure Approval?
Use the credit reports to your advantage!
If it is your first time to apply for a personal loan. Get it from a licensed money lender. Registered loan lenders are required to report good and bad repayments to the credit bureaus. If you pay your loans on time, then you are building your creditworthiness.
By the time you are ready to get a housing or car loan with a higher amount, you already have the positive report to get a sure approval.
At the same time, you can easily get cash loans without much fuss even without any credit history if you apply for a loan from a registered online lender.
Here’s the clear-cut truth: no registered money lender will lend a personal loan to a person who has no stable source of income. You need cash inflow to repay the loan.
Let’s say a complete stranger suddenly asked you for a loan. You learned that the person has no stable salary. Naturally, you will reject the request since you know there is a high risk of not getting paid.
The same goes for the registered money lender. It’s not about the amount of income. In fact, there are lenders who give a loan to those earning the minimum salary rate. On the other hand, the stability of income is another thing.
Legitimate money lenders ask for payslips, bank statements, proof of remittances or any other proof of income to evaluate your capability to repay with ease. This also helps them give you options on which payment terms could best suit you.
Whether you are employed, self-employed or an OFW/Seafarer allottee, you are eligible to get a loan if you can prove that there is a regular cash inflow.
How to Use Income to Get Sure Approval?
You can get a sure approval if you can provide a valid proof of income. If you are unable to provide the proper documents, ask the money lender for any possible options.
Make sure that the information is consistent with your other documents and they are clear and readable.
For employed, you will be asked for payslips or Certificate of Employment. Entrepreneurs can provide their business permits while allottees or individuals receiving remittances may submit their proof of remittances that are under their name.
Getting a personal loan revolves around trust. To get approved, you have to prove that you are creditworthy and can be trusted to pay as agreed.
You build trust starting from the moment you fill in your application form. You must make sure that all of the information is right, consistent and true. Falsifying any information will surely get you declined.
Certain applicants pretend that they have been employed for a longer time, others made-up their payslips with a higher salary.
Money lenders surely have highly trained credit officers who can spot false information and inconsistencies in documents. They will easily know if you are sugarcoating some information to make your application look impressive.
How to Use Transparency to Get Sure Approval?
To get approved, you must show your creditworthiness through transparency. Make sure all of the information are consistent.
It is best to be truthful and you’ll discover that there are money lenders who are considerate and willing to give other flexible alternatives to accommodate your personal loan application.
Money lenders receive hundreds of loan applications a day. When an application form lacks certain information or if you miss a required document, they try to reach you to complete them.
Unfortunately, if you fail to comply within a few days, they may have to put your application on hold or decline it altogether.
How to Get Sure Approval?
Before you submit your application form and documents, ensure that you have completed every needed data. If you don’t get an immediate reply from a credit officer, recheck the information if all of your contact details are right. Also, take the time to send a follow-up email to know if there are other things that you need to provide.
Do not forget to check your contact details too. Make sure that your email and contact numbers are all active and you have access to them.
In case that your work policies do not allow you to bring your mobile phones during working hours, make sure to indicate your free time on your application. This way the credit officers will know your best available time.
Using an online loan calculator can help you in a couple of ways when applying for a personal loan.
First, you can easily see the amount you can borrow and the interest fee you will be charged with. This way you will know how much you have to settle considering that you also have other financial responsibilities such as your family’s needs, transportation, and food.
With the loan calculator, you can also figure out which term can help you pay with ease. Should you pay the loan weekly, every payday or once a month?
How to Use Loan Calculators to Get Sure Approval?
The online loan calculator actually helps you make a realistic loan amount request. Take the time to use the calculator and consider if you can handle it without any problem. Reflect if you have enough cash on its way to settle the loan and avoid late payment fees.
A registered money lender will only lend you the amount it thinks you can handle. Do not misunderstand if a cash lender gives you a lower amount than you are requesting. If you will keep on insisting to get a high loan amount more than you can handle with your current financial capacity, then you might just get declined.
There are more than a handful of online personal loans to choose from, however, not all of them are affordable. You might get enticed with the 1% interest charge a day. But will you be able to save up on this option or is it only tricking your mind?
Most of us need emergency cash when we get personal loans, yet, this is not reason enough to skip shopping around for the most sensible loan options in the lending industries. When you look at it, the 1% interest a day will all add up as long as you prolong your loan payment. If you don't pay in a week, then imagine how much your loan has ballooned.
Choose a personal loan with a fixed interest rate for a payment term. At Onlineloans.ph, the personal loan interest rate is a low as 0.8% for a 2-week repayment term. This is the lowest interest among personal loans from a registered online cash lender.
With technology, Filipinos can now enjoy the innovations in the lending industry. You can now access personal loans for additional funds when you need it the most. With a lot of loans to choose from, why should you get an online personal loan?
One of the greatest factors of why Filipinos get loans online is the convenience it brings. The process is quick and simple. You can apply for a personal loan from the comforts of your home, while you are on your way to work or while you are at work during breaks.
The whole process is done online. In fact, you can submit your personal loan application any time of the day. From application to disbursement, you don't need any physical appearance.
Getting approved for a personal loan is quick and easy if you get it from an online loan lender. Its online process saves a significant amount of your time and effort. You can even get a sample calculation for your loan request in real time with the use of the loan calculator. There is no need to request or wait for a quotation or sample calculations.
You just have to send your application, upload your documents and wait for a call from a credit officer. What can make the process longer are incomplete information, missing requirements and if the credit officer is unable to reach you.
A credit score is not always necessary when getting a personal loan from an online lender. On the other hand, a personal loan from a registered online lender can build up your credit score if you settle it on time.
A credit score can impact your future. A bad credit score can get your loan applications declined when a positive credit score can be your best asset to acquire better loan deals.
Emergency needs are unexpected. Sometimes they occur at inconvenient times when offices are already closed and no assistance available. With online personal loan lenders, you can apply even in wee hours of the night.
The application form is always available. There no need to wait for office hours. You just need a laptop, a tablet or a smartphone and an internet connection wherever you are. Fill in the application form and submit it in just a few minutes.
Getting declined when you need cash the most is distressing. It is even harder to accept the rejection if you do not know why you get declined. And naturally, the lender will not tell you this.
What’s the bottom line?
Applying for a personal loan is about creditworthiness. Once you are given a chance and got approved, make sure to handle the privilege with care. If you settle your loans on time, it will open more financial opportunities such as a reloan with a faster process, getting approved with a higher loan amount and building a good credit history for better loan deals in the future.
In times of need, get a personal loan from Onlineloans.ph for the best and most affordable loans in the Philippines.
How to Qualify
for Our Personal Loan
- Must be 21 to 50 years old
- A Filipino citizen
- Has a regular source of living
- Two (2) proof of billings
- At least one (1) government ID
- Business permit
- Bank statements
- Two (2) proof of billings
- Driver’s license
- 1 supporting government ID
- Copy of OR/CR
- Drivers and Operator’s Association Document (TODA) membership
How to Get a Loan
Instant cash in just 3 steps
Fill up the form online.
Receive a call from a loan officer.
Expect your cash in a day.