Applying for a cash loan in the Philippines sure isn’t an easy process especially when you go to known banks or companies. It is a convenient move at times when you need financial assistance, but getting instant cash doesn’t mean undergoing an instant process. As many individuals or even business owners see the need to apply for a cash loan, lenders become meticulous and stringent when dealing with loan applications. To guide you, here are ways and tips for you to be able to have a sure approval for a cash loan in the Philippines:
- Prepare your documents.
When applying for a cash loan in the Philippines, the usual requirements include at least 2 government-issued valid IDs, 2-3 latest proof of billings, 2-3 latest payslips, at least 3 latest bank statements, Certificate of Employment, marriage contract (if married), and application form. If you will be applying for a business loan or SME loan, prepare your Business Permit, DTI Certificate, SEC Registration, and latest bank statements. Make sure to have clear and readable copies of these documents for submission.
- Maintain a positive credit score.
Prove the lender that you are responsible enough to pay for a loan through your credit history. This would tell your behavior on repaying, and how diligently you pay. If you have experienced credit card delinquency, bounced checks, or had unpaid loans, and the like, make sure to settle them first before applying for a cash loan.
- Be honest.
As you submit your documents, make sure that only factual and right information is indicated on the papers. Lenders of cash loan in the Philippines would investigate on your credit history and would also look at the consistency of the information on the different documents. If you would be interviewed, make sure that what you would say is consistent with what’s on your documents to avoid delays on your loan application.
- Ensure a stable source of income.
Aside from the complete requirements and good credit history, you must also prove your capacity to repay a loan by having a stable job with a steady income flow. Also, you should be able to justify your means to pay a loan while financing your daily needs or expenses through your income. Lenders would most likely approve a cash loan in the Philippines if a borrower has a stable source of income.
Getting declined could sure be unfortunate especially when you really need cash at short notice. But by following these four guidelines, you could be on your way to an approved cash loan in the Philippines.
If you are looking for the most convenient way to get a cash loan today, try FundKo, an online crowdlending platform in the Philippines with verified borrowers and lenders. The process would be done online so it’s sure a fast and easy way to fund your needs when you need them the most.