How to Get Fast Approval on Salary Loan?
Salary loans are short-term no collateral loans offered by various financing and money lending firms. Each company has its own process, requirements, and qualifications. Of course, as years pass by, the money lending industry has been developed to fit the changing needs of Filipinos.
Now, salary loans have a faster application process and simplified requirements. This is why it is easier to get approved. Here’s how it works.
Qualifications can be the age, location, citizenship, or other factors that define if a person is eligible for a loan. Each lending company or money lender has its own list of qualifications. Some may approve loans for BPO agents while others do not have job specifications.
On the other hand, there are lending companies who have loan solutions for office employed and home-based freelancers.
Checking the qualifications first can absolutely save your time and effort. With this list, you can easily see if you have a chance to get approved or not. Once you had confirmed that you are qualified for a loan you can then start your salary loan application.
Here in the Philippines, we all know how bothersome it is to get legal documents, valid government IDs, and other paperwork. Good thing that the requirements for the unsecured salary loans have been drastically cut down. Now there are only three main requirements: valid proof of identity, proof of billing and proof of income.
Aside from this, SEC-registered lenders are willing to give you options in case you lack some of these requirements. Let’s say you are renting an apartment and you have no proof of billing under your name. An understanding cash lender will give you other options such as a lease contract.
On the other hand, you must be cautious if the process only requires a valid ID. When you think of it, if you are a lender, there are three things you want to validate before you let a person borrow your money.
These are the person’s identity, where the person actually lives and if the person has the means to pay with interest. So, if the requirement is too lax, then it may be too good to be true. Most probably, you are dealing with an illegal money lender.
Where will you pass your requirements? With constant innovations, the lending industry has improved too. You can now apply for a salary loan online and upload your documents to a secured website. Gone are the times when you have to take a leave from work just to process a cash loan.
Once you have submitted your requirements, a credit officer will get in touch with you. Traditional lenders will visit your home and probably talk with your family and neighbors to check your current financial status and credit standing.
Nowadays, online lenders do credit verifications through phone calls. They may ask for your character references and give them a call too. At the same time, they can ask a credit bureau if you have a negative record with your past debts. This saves time on both ends – yours and the cash lender's
The best salary loan is offered by registered cash loan lenders. Throughout the years, the practice of loan sharks has been rampant. Despite getting loans the fastest way, people end up getting more debts. This is why you have to shop around and carefully choose where to get a salary loan.
Take the time to compare each money lender and their salary loans. Here are the qualities of the best salary loan in the Philippines.
There are too many lending companies, and it is sometimes hard that know which is legitimate to operate and which one is a pretentious loan shark.
Filipinos should get a loan only from money lenders who are licensed to operate under the Securities and Exchange Commission (SEC). This way, they are sure that the company will not take advantage of them and there are fair terms and conditions as mandated by existing Philippine laws.
Additionally, registered cash lenders are required to report your credit information to the credit bureau. This means that if you are able to repay your salary loan on time, you will have a positive credit history. You can use your credit report to get better loan deals in the future from registered money lenders and even from banks.
Every loan application must undergo a process, and the best salary loan providers help the applicants with various options to comply with. For example, you are living with your parents and your proof of billing is under their name. The loan lender can simply ask for your birth certificate as a supplementary document.
In case that you are just renting out, there are cash lenders who accept lease contract, barangay clearance or the landlord’s authorization letter as supplementary documents.
You can now avail salary loan even without a credit card. While having a credit card and good payment history is a plus, it is not a requirement for online loan lenders. Cash lenders have various ways to do their credit verifications. If you have no credit card, then it is best to shop around for a lender who does not strictly require it.
A salary loan without collateral gives you the chance to get a loan even without risking any of your valuables. Aside from this, since there is no collateral needed, there will be less paperwork required. This makes the process faster than the tradition secured loans.
You don’t have to pawn your ATM card too. There are legitimate salary loans available without you losing sight of your payroll ATM card.
Salary loans are much simpler now. Unlike in traditional lending process that requires a co-maker, online lending companies have crossed out the need for a co-maker. This gives you a lot of conveniences, especially if you want to make your loan as private as possible.
What are the Advantages of Loans from a Payday Loan Lender?
You can get a salary loan from a lot of sources, but why should you borrow from an online payday loan lender?
There are payday loan lenders who offer salary loans with flexible repayment terms. You can pay your loan in weekly, bi-weekly or monthly installments. Choose the option that you are most comfortable with. If your salary is weekly, you can choose the weekly terms. If your salary is twice a month, then you may prefer the bi-weekly term.
This way you can ensure that you have an available cash from your salary every due date. You also do not have to pay in just one payment since you can opt for installments.
In addition, the repayment terms are designed to be short. If you are not comfortable with long-term loans, then salary is just perfect for you.
Getting a loan from an online payday loan lender assures you that you have a quick loan process. Unlike in banks that process loans in a week, a money lender can approve your loan and disburse your cash within the day provided that you are able to comply with the requirements.
There is no need to personally visit the payday loan lending office. You just have to go online to submit your application form and upload your documents.
Banks and many traditional lenders have a minimum required loan amount. There are banks which require individuals to borrow at least P10,000. This is not impractical if you only need P5,000. It is risky to borrow way beyond your needs as it can give you difficulties during repayments.
If you want to borrow less than the minimum amount, then you have to shop around for better options.
Since the whole application is online, you can expect a faster loan process that the traditional lending companies. Since there is no required collateral and co-maker, there will be less requirement to comply with.
Furthermore, the cash lender will take less time to verify your documents and submitted information. Since the credit verification is only through a call, you can expect for a shorter process.
You can get a salary loan from registered money lenders. SEC-mandates licensed loan lenders to follow its stringent rules and regulations. As a borrower, you must be able to determine if a loan lender operates legally or not.
Before you apply for a loan, it is best to check if the company has a valid registration. You may also confirm if the company has a physical office which you can visit. A company is required to have a real office to finalize its registration. If you are applying for an online salary loan, you may inspect its website if it is secured.
There may be various money lenders offering salary loans, but you must shop around for the best one that fits your needs and preference.
While the government is still at work on making the credit reports centralized, we 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. It will then decide what score to give it. 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 moneylender, they will consider giving you an approval based on other financial factors such as your regular source of income and other existing financial responsibilities.
Evidently, getting a salary loan here in the Philippines has been made simple through the refined loan process and developed technology. If you need a salary loan, choose the best online loan lender.
Get a salary loan from Onlineloans.ph to experience what it means to get the best loan in the country.
How to Qualify
for Our Salary Loan
- Must be 21 to 50 years old
- A Filipino citizen
- Has been working in the current company for at least six (6) months
- Two (2) proof of billings (Meralco, water bill, cable, internet, or PLDT bills)
- Company ID
- Latest one-month payslip
- At least one valid government ID
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.