Types of lending company in Manila
Now, let us take a look at the different types of lending companies in Manila where you can get a loan.
Banks – there are so many banks in Manila. The two biggest ones are BDO and BPI. Banks offer many kinds of loans, such as personal loan, housing loan, car loan, and so much more. The problem with banks is that they do not process loans as quickly as Digido. Also, they have a low approval rate.
Pawnshops – they give you a loan, but you pawn gold, equipment or other valuable thing. However, this ensures that if you default on your loan, the pawnshop can seize your asset and then sell it to recoup the money you did not pay. This is a tad dangerous, especially if you are filing a loan for emergency purposes. You see, you are looking for a loan because you do not have money. If you offer your property as a collateral, you may lose that property. It is always best to get a loan where you can pay the interests and yet the lending company in Metro Manila is not going to seize your property.
Private lenders – these are not exactly companies but people. These people could be your friends, relatives, or rich individuals who offer loans but not registered in the government as a loan company. These are sometimes called loan sharks. Such loans are not regulated by the government, which means they can break agreements and cheat you.
Fast Lending Companies – fast lending companies are like Digido. Their main business is to offer quick loans to people who need money. When lending in Manila or other places in the Philippines, they no longer ask for collateral.
So far, the best place to get a loan is fast lending companies like Digido. They do not ask for so many questions, and they are quick to respond. When they lend money online in Manila, they provide quick results. They take 1 day to approve someone who applied for a loan.
The other reasons why people apply for loans are car loans and home loans. These loans, however, are not offered by fast lending companies. You can only avail of these loans from banks. Some car dealers offer in-house financing — you no longer need a bank for a loan. If you are buying a house from a developer, you can also get a loan from them instead of the bank. However, you will be paying a higher interest rate.
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How to get approval for online loan in Manila?
How do you get approved if you file for a loan in Manila? Let us share you some good tips to get you started.
- Carefully select a lender. Before applying for a loan, you need to choose a money lender online. The way you choose should be based on the loan term and the interest rate. Naturally, you have to pick a lender that allows you to pay for a longer period of time with lesser interest. You also should to pick a lender that processes your loan quickly.
- Do not have debts to other banks. Although credit score is not a big thing in the Philippines like it is in the US, it still exists. You will find it difficult to get approved for a loan in the Philippines if you owe money to other institutions, especially banks. Banks here have a group, and they share information with each other. If you have an existing loan from one bank, the other banks may not approve you.
- Keep your documents in order. Your documents prove who you are. You need to have at least two government issued IDs. If you do not have one yet, you better go to SSS and get one. You should also get a passport and a driver’s license. You must also prepare documents that prove your billing and income. Here are some examples:
- Billing statement from utility companies or credit card companies
- Income tax return
- Certificate of employment from your company
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All loan companies will ask you for these things. You better prepare them now, not at the time you will apply for a loan.
Take as much as you can give away. You cannot loan millions of pesos of you are not earning the same. If you want to be approved for a loan, you have to borrow money that you can afford to pay. Although there is no golden rule about the percentage, the safe amount is no more than 30% of your net income. Loan approval is tough for banks, especially if you are applying for a big amount of money. The key to getting approved is ensuring that you have a good credit standing. If you have a credit card, you must pay it on time all the time.
You should also avoid applying for a loan if you still owe a bank money. Many loan companies, even those that are not banks, have an association where they can access your credit history. This is one of the things they will look at before approving you for a loan.
Where can I get a loan of PHP 5000 in Manila?
You can choose any of the official lending companies, the most important thing is to make sure that it is under the control of the state. We recommend Digido Lending Company.
Which type of loan in Manila is cheapest?
Generally, secured loans are more advantageous than unsecured loans. However, quick loans without collateral and guarantors are much more affordable for Filipinos.
Can I get a loan in Manila with a low credit rating?
Yes, you have that chance. Some lending companies may approve your loan for a small amount.
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