Other Types of Quick Loans in the Philippines
Different lending companies in Quezon City offer other types of loans for different categories of people. Here are some of them.
Seafarer loans are a type of credit intended for Filipinos who are working out at sea. Many banks offer special conditions for seafarers, reduced interest rates and longer periods to ensure that their families are provided for during the long absence of husband and father.
This is a type of loan intended for Filipinos who are working in other countries (OFW Loans mean Overseas Filipino Workers). Applicants for this type must fulfill requirements such as the following:
- OFW must be at least 21 years old but not older than 60. The applicant must not be 70 years of age by the time the credit matures.
- Employment is stable for at least 2 years.
- Must have relatives in the Philippines who can function as co-borrowers.
- The salary of the OFW must be between 40,000 to 50,000 in local currency.
- Must possess any two IDs (OWWA, Seaman’s book, Passport, and other OFW related ID)
- Certificate of Employment, Visa copy, Plane ticket and flight details.
Different companyes may have different requirements, it is best to clarify them in a particular institution.
A salary loan is a type of credit that can be used for a variety of purposes such as home improvement, payment of education-related fees, medical emergencies, funding holiday vacations, and activities.
The requirements for obtaining this type of credit can vary from one financial institution to another so it is always a good idea to check for a list of these requirements on the financial institution’s website. Usually such a loan is issued through the company where the client works, and then payments are deducted from his or her salary.
Where can I borrow money in Quezon city?
Before applying and searching for a money lending company in Quezon city, it is always a good idea to do a quick search on the difference in style between banks and other personal loan lenders in Philippines. Let’s talk about the types of financial companies, the pros and cons of each of them.
People go to the bank when they want to borrow a large sum for a long period, have a large stable income, and often a co-borrower.
Pros of Loaning from Banks:
- Low-Interest Rate. Banks generally give out loans with lower interest rates than those offered by private lenders. The reason for this is banks are more stringent when it comes to requirements, in some cases, it can also ask for a collateral.
- Payments are done at regular intervals. The beauty of loaning is a fixed schedule of payments. This fixed schedule allows clients, especially businesses, to schedule their finances.
- No-Risk of Equity. In the case of a business loan, banks do not require a seat or position at the business as a trade-off. Banks evaluate the business’s ability to pay by checking to ensure that the business has a stable operation for a certain amount of time.
- No Strings Attached – Once the credit has been paid off, there are no more obligations left.
Cons of Loaning from Banks:
- Stringent Requirements – The barrier to entry in loaning is the strict requirements so anyone who wants to borrow must fulfill the requirements and banks have a varied set of demands so clients must check everything from loaning requirements to payment conditions.
- Collateral. Some banks may require collateral depending on the type of loan so borrowers must make sure to pay their debts before their respective deadlines. If the loan is unpaid on time then any assets set as collateral can be claimed.
- Late Payments Can Cost Borrowers. Banks can be strict, and being late in payments may result in a negative credit score.
Personal loans without credit check
Pawnshops loan is a type of credit practiced by financial institutions. It is a loan against the security of valuable property.
Pros of Loaning from Pawnshop:
- Speed. You can get the required amount within 1 hour.
- 100% approval. If you have collateral, you’ll be guaranteed a loan.
- Convenient location. At the moment, pawnshops can be found in every district of Quezon City, and not even one.
Cons of Loaning from Pawnshop:
- The risk of losing property. You may lose your deposit if you allow a delay.
- Low valuation. A pawnshop employee may underestimate the value of your collateral.
- Personal presence. Pawnshops don’t work online.
Loans For Students in the Philippines
Fast lending companies
If a customer needs money right now, he or she goes to a microfinance organization for an emergency loan. This is a good option for those who do not have collateral and guarantors and cannot wait long for approval, as is the case with a bank loan.
Pros of Loaning from lending companies:
- Simplicity. Requirements are not as stringent as those in banks.
- Small term. You can return it quickly.
- Quick approval. You’ll get a money faster.
- No need to come to the office. Application can be performed online
- No bail. You do not need collateral and a guarantor to obtain a money.
Cons of Loaning from MFIs:
- Small amount. The maximum amount that can be loaned is typically smaller.
- A short loan time. Depending on the lending company in Quezon City, the period required to pay for everything can be shorter.
- The interest is higher than in the bank. Interest rates can be quite high even for a small loan.
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