Gadget Loan Requirements

The gadget loan Philippines is a kind of loan where your purpose is to buy an electronic device. This is not a new concept, but more banks are marketing it now because of the drastic need caused by the pandemic.

Today, all students cannot go to school. All classes are either held on television networks or online. The problem that most people have is that they do not have a gadget that allows them to access online classes.

Banks and other financial institutions understand this situation. As such, many decided to extend a helping hand to those in need. Today, we will review how you can get a gadget loan for your studies or for your children.

Where Can I Get a Gadget Loan?

You can get a gadget loan without a credit card from banks. The good news is that there are many banks that offer this service. Also, there are other financial institutions that want to help students like pawnshops. You can get a loan from these pawnshops if you qualify.

BPI

BPI offers gadget loan online through participating merchants. However, this loan basically requires that you have a BPI debit card or credit card. You can visit the website of the participating outlets to buy online.

Home Credit

This is a lending company. The Home Credit gadget loan is similar to what you get from other lending companies. You have to apply for credit and when you get approved, you will get the cash. If you see a Home Credit sign in a gadget store, they will facilitate your loan right there.

Cebuana Lhuillier

This is one of the biggest pawnshops in the country. The Cebuana Lhuillier gadget loan only lasts for one month. The thing is that in this loan, you will not get a gadget. Instead, you will pawn your gadget to the company as collateral so you can get cash. Cebuana lhuillier loan application requirements you can see on the official website.

If you are looking for a pawn shop where you can borrow money and buy a gadget, you can try Cashalo gadget loan. Again the Cebuana gadget loan is not a loan so you can buy a gadget. It is a loan where you pawn your gadget and they will lend you money. That loan, of course, bears interest.

Unionbank

The last in our examples is a big bank. This bank offers many kinds of loans. However, it has no specific loans for gadgets. What you can do instead is to file a personal loan. In this loan, you can borrow money and it is completely up to you to spend that money.

Take note that not all institutions have the same credit limit and rules. Some will charge more interest, so you have to visit their website so you can make an informed decision.

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I-STUDY Lending Program from LandBank

This loan scheme is one that offers a low-interest rate. If you ever get approved for this, you will only pay 5% interest per year.

This is a great program for people who need money to pay for their tuition fees or for those who need money to buy gadgets for the purpose of studying.

So, what is this loan?

This loan is for educational purposes. It applies to pre-school, primary, and also secondary students who need the cash to pay for their studies.

This is great because you can use this loan to buy a gadget—this is brought about by the pandemic where students have to spend their time on computer devices to learn.

Terms and conditions to Landbank Gadget Loan

To understand the loan you are applying for, you need to know the terms and conditions. Below are the most important things to know.

• A loan can be short-term or long-term. You can pay it within one year or up to 3 years
• The loan will be released to the school; for gadgets, the money will be released to the borrower
• The interest rate is fixed at 5% per year
• The penalty is 24% per year

Take note that there are other fees that you will incur such as the loan processing fee and documentary stamp tax.

How to Apply for Landbank Gadget Loan

To apply for this loan, you simply have to fill up the loan application form. Go to the nearest branch of Landbank, and present the documents that they require.

Later on, we will discuss the requirements that you need to present.

Who can apply for Landbank Gadget Loan

Here are the eligibility requirements of the gadget loan through the I-STUDY program:

• Parents must be the ones to apply
• Must be a Filipino citizen
• There must be a co-borrower if the principal borrower is more than 60 years of age
• Must have a good credit rating
• Must have at last ₱10,000 monthly income

The enrolled student must be a Filipino citizen and not over 50 years of age at the time of application. The school must be accredited by TESDA and CHED or DepEd. Also, the student must not be a scholar of any organization for getting a student loans in the Philippines.

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Landbank Gadget Loan Requirements

Before you apply, you have to prepare your documents. You will have to submit these to the bank along with your application form:

For parents:

– Certificate of employment or any proof of income like Income Tax Return, copy of payslip, or contract

– If you are self-employed, you have to provide your business permit and your ITR

– Valid government ID

– Proof of billing from at least two utility companies

For students:

– Admission slip of the school

– Proof of enrollment

– Form 138 or the Certified True Copy of Grades of the student

– Certificate of Good Moral Character

You also need to submit a document showing the schedule of payment or financial obligation to the school. This is essentially a list of the things that you have to pay for.

Importance of Landbank Gadget Loan for students

Overall, what Landbank did here is amazing. It is important to the economy now because there are many students who do not have the gadget to attend an online school.

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What is Phone Loan in the Philippines?

Although there are hundreds of affordable phone models, many of them are no match against the top-of-the-line ones. Good phones are expensive, more expensive than the average salary of a Filipino.

The great news is that if you cannot afford it in cash, an installment phone is readily available for you  in the Philippines.

Today, we will discuss how you can get a phone loan in the Philippines Via Home Credit. By the end of this tutorial, you will learn how to apply for one, and subsequently prepare your requirements.

A phone loan is a kind of loan specific to mobile devices, which includes tablets, but not laptops. It is a loan offered to people who desire a good quality phone but cannot afford to pay it in cash at the moment.

Home Credit is a credit facility in the Philippines that offers fast and reliable loan services nationwide. This is not a typical kind of loan institution. They are in partnership with many companies that sell mostly appliances and mobile devices.

If the mobile phone store is a partner, you can apply for installment phones Ph at that store. The mobile phone store clerks are the ones who will process your loan application for you.

If you get approved, you can now get your device. Like any kind of loan, there is an interest that you have to pay, and you have to choose a fixed-term rate. Depending on the price of the phone, you can pay it between 9 and 12 months. Also, you need to put in a down payment for the phone.

The total interest is calculated according to the term length and the amount of down payment you are willing to give.

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Where to Apply for Installment Mobile Phones?

If you are looking for installment phones in Baguio or any other place, Home Credit is accessible. If the phone shop has a banner or tarpaulin of Home Credit, then it means it is a partner. All you need to do is to ask the clerk about it.

On the other hand, if you are looking for an installment phone shop in Cebu, but the shop is not a partner, you can get a loan on the Home Credit website. You can fill out the application from there and submit your documents, and then just wait for their approval. Like all loan facilities, your application for a phone loan in the Philippines has certain requirements and terms.

For Home Credit, here are the terms:

1. A down payment – the percentage of the down payment varies. If you loan the smallest amount, which is ₱3,345, the down payment is only 13%. However, if you loan the maximum, which is ₱50,000, the down payment is 40%.

2. Terms – there are only two terms. You can choose to pay your loan in either 9 or 12 months.

3. Interest – the interest rate also varies. For the maximum loan of ₱50,000, the interest in 9 months is 22%, but you will pay a smaller interest if you pay in 12 months. The interest for 12 months is only 11%.

The prices of the monthly amortization will change if you also pay a higher amount of down payment. The great thing about Home Credit is that it offers installment phones without credit cards. They are primarily serving people who are employed or people with a source of income who have no credit card.

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Installment Phones Requirements

Here are the specific requirements of Home Credit:

• You must be a Filipino citizen;
• You must be 18 to 68 years of age;
• You must be employed for the last the months.

If you apply for a loan, the company will ask you to provide documents. These are:

• 2 valid IDs;
• Proof of income like Certificate of Employment, payslip, etc.

In your application form, you must also indicate how much money you are trying to loan, and how much down payment you are willing to give. From here, someone will review your application and let you know if you are approved.

How to Buy Phone in Installments: Simple Steps

Now, let us take a look at the simple steps that it takes to apply for installment phones in the Philippines:

Step 1: Go to any mobile store that is in partnership with Home Credit;
Step 2: Choose your desired phone;
Step 3: Tell the clerk that you will apply for the phones installment by Home Credit;
Step 4: Fill out the application form and submit your documents;
Step 5: If your application form is approved, pay the down payment and get the phone.

If you want, you can apply online too. Just go to the Home Credit website and fill out the form. Check if you are eligible first, then wait for further instructions. If you need a list of their partner stores, you can also find it on their website.

Tips before Buying a New Phone

What should you consider before buying a new phone? Before you apply for a loan, read our tips below.

1. Determine what you need – Why do you need a phone? Are you going to make phone calls and text? Do you browse the Internet a lot? Do you like playing games? You have to understand what you need. Once you do it, you should be able to start looking at phones with specifications that meet these needs.

2. Read reviews – do not rely on what the advertisements tell you. Of course, the manufacturers paint a pretty picture of their products. The thing is that they are not always honest. Take the time to go through website forums. Ask people on forums about how their phones perform. Read reviews on websites like Amazon and find out if the phone you want can really live up to its hype.

3. Narrow down your options – Once you have read the reviews, you have to select 2-3 phones that meet your needs. These are phones that you are willing to buy. Make sure you like their style. Compare them side-by-side. There are many review sites that allow you to do this. You no longer have to write down the specs of each phone.

4. Set a budget you can afford – Once you have narrowed down your options, it is time to think about how much you can really afford. It is tempting to buy a phone that is worth ₱60,000, especially so if you can afford the monthly amortization. Do not buy a phone where you will be paying more than 20% of your monthly income in monthly payments.

Buying a phone is not like buying a hamburger. It is expensive, and it is something that you will use for the next two or three years. You have to take your time and decide what phone will serve your purpose. Make sure you buy a good quality phone. Do not buy cheap ones as they do not really last long.

Lastly, ask yourself if you really need a new one. It is understandable to desire a new phone if your current one is already broken and beyond repair. But if your old phone is still working, you have to think about this expense carefully. You see, many people buy new phones simply because it makes them feel good. The thing is that manufacturers release a new phone every year. One year passes by quickly, and the value of your phone has significantly degraded by that time.

You do not need to buy a new phone all the time. If your phone is still working, make do with it. Do not buy a new phone just because you want to elevate your status symbol. Buy a new one because of a real need.

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An Alternative to Phone Loan

If you want another option, you can apply for a loan in Digido. It is an online loan facility where you can apply for a loan.

Minimum loan amount	10,500 PHP
Maximum loan amount	25,000 PHP
Payment terms	3 to 6 months
Interest rates	11.9% per month

Here are the eligibility requirements of Digido:

• You must be 21 to 70 years old;
• You must be a Filipino citizen;
• You must either be employed or have a source of income.

But why apply for installment phones online with Digido?

Here are the benefits:

Fast – you can get approved in as little as 24 hours;
Online – you do not have to visit any physical facility to be able to apply for a loan. You just need to apply online and scan your documents;
Convenience – you will get your money via bank transfer. For your payment, you will also do it online.

As you can see, Digido is a facility that offers convenience. The interest rates are small, and anybody can apply. If you need a phone, you have to seriously consider Digido. It is fast and convenient, plus it does not need collateral for your loan.