Gadget Loan Requirements

In a world where technology evolves faster than our savings accounts, being equipped with the latest gadgets isn’t merely a luxury, it’s a necessity. As the Philippines strides forward in the digital age, the demand for mobile phones and tech devices is on the rise, and with it, new ways to finance these essential tools.

Now, the much-coveted device is no longer a major financial decision that requires months, or even years, of saving. The introduction of various gadget loan programs in the Philippines is turning the dream of a new smartphone into a reality. The gadget loan in Philippines is a kind of loan where your purpose is to buy an electronic device.

In this article, we delve into the world of these specialized loans, exploring their intricacies and benefits for the everyday tech user in the Philippines.

Where Can I Get a Gadget Loan

Bank gadget loans in the Philippines are a convenient option for those looking to purchase electronic devices such as smartphones, laptops, and tablets.

You can get a gadget loan without a credit card from banks. The good news is that there some digital banks and financial institutions 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.

• 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.

• Metrobank

Metrobank in the Philippines offers a comprehensive Personal Loan program that can be used for various purposes, including purchasing gadgets. The Metrobank loan allows customers to borrow up to PHP 2,000,000, with a minimum loan amount of PHP 20,000. The loan comes with flexible repayment terms ranging from 12 to 36 months

• 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.

Where to get Cellphone Installments

In the Philippines, several online platforms and financial institutions offer phone installment plans. Here are some options:

• Lazada:

Lazada offers installment plans through various credit card providers. They also have a partnership with BillEase for installment options without a credit card. For example:

✅ BillEase Installment Plans: BillEase offers cellphone installment plans without requiring a credit card. You can split your purchase into 4 payments or pay only 1/3 upfront and the rest over up to 12 months. This service is available for purchases on platforms like Lazada, Samsung, and other BillEase merchant partners, making it a versatile option for buying gadgets​​.

✅ CompAsia Buy Now, Pay Later: CompAsia provides a buy now, pay later option with up to 4 monthly installments at 0% interest for various brands including Apple, Samsung, and Huawei. They also offer installment plans through GGives by GCash and Billease, which allow for flexible and convenient payments​.

• Shopee:

Shopee provides installment plans via credit cards and also offers SPayLater, an in-house installment plan that allows you to pay for purchases in installments.

• Mobile Network Providers

Major mobile network providers in the Philippines (Globe, Smart, Sun) offer installment plans for phones as part of their postpaid plans. You can check their websites for online application options. For example:

✅ Globe Postpaid Plans: Globe offers cellphone installment plans for the Samsung Galaxy S24 series with options starting at PHP 1,799 per month for the Samsung Galaxy S24 with a one-time cash-out of PHP 36,800. For the Samsung Galaxy S24+, plans start at PHP 1,999 per month with a one-time cash-out of PHP 38,000. These plans come with flexible payment terms and include significant data, call, and text allocations​​.

✅ Huawei 0% Interest Installment: Huawei offers 0% interest installment plans for their devices when purchased through their official store. This option provides flexible payment terms and includes free delivery and secure payment options​.

• GCredit by GCash:

GCredit, available through the GCash app, can be used for installment payments at partner merchants, including electronics stores.

✅ GCash GGives: Available through the GCash app, GGives allows you to make purchases on installment without a down payment. It offers credit for items priced from PHP 1,000 to PHP 30,000 with terms from 3 to 24 months

• PayMaya:

PayMaya offers PayMaya PayLater, an installment plan that allows you to purchase items and pay in installments.

• 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.

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.

Short on cash for a device? Get a loan in just 5 minutes with a single document for any purpose, including buying a phone. Calculate your loan cost and click ‘Apply Now’:

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.

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.

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. 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.

Several financial institutions in the Philippines offer fast and reliable loan services for this purpose. These institutions are partnered with many companies that sell mostly appliances and mobile devices, making it easier for consumers to obtain the gadgets they need through installment plans.

If the mobile phone store is a partner, you can apply for installment phones 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 3 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.

Where to Apply for Installment Phone?

If you are looking for installment phones in Manila or any other place, many banks and financial institutions offer accessible options. If the phone shop has a banner or sign indicating they offer installment plans, it likely means they are partnered with a financial provider. All you need to do is ask the clerk about it.

On the other hand, if you are looking for an installment phone shop in Cebu and the shop is not partnered with any financial institution, you can often apply for a loan directly on the financial institution’s website. You can fill out the application form there, submit your documents, and then wait for their approval. Like all loan facilities, your application for a phone loan in the Philippines will have certain requirements and terms.

Here are typical terms for installment phone plans from financial institutions:

• 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%.
• Terms – There are usually options to pay your loan in either 3 or 12 months.
• 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 monthly amortization prices will change if you pay a higher down payment. Many financial institutions offer installment plans without the need for a credit card. These options are primarily available to employed individuals or those with a source of income who do not have a credit card.

Installment Phones Requirements

Here are the typical requirements for obtaining an installment phone plan from a financial institution in the Philippines:

• You must be a Filipino citizen;
• You must be 18 to 68 years of age;
• You must have been employed for the last three 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 offers installment plans through financial institutions;
Step 2: Choose your desired phone;
Step 3: Inform the clerk that you would like to apply for a phone installment plan.
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.

You can also apply online. Visit the financial institution’s website, fill out the application form, check your eligibility, and follow the further instructions provided. For a list of partner stores, you can usually find this information 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.

An Alternative to Phone Loan

If you want another option, you can apply for a loan in Digido.  Digido is a legitimate and trusted financial service provider in the Philippines, known for its user-friendly online loan services.  It is an online loan facility where you can apply for a loan.

Minimum loan amount	PHP 1,000
Maximum loan amount	PHP 25,000
First loan	0% interest
Approval 90%	in 5 minutes

Digido operates under the registered name “DIGIDO FINANCE CORP.” It is officially recognized and registered with the Securities and Exchange Commission (SEC) in the Philippines, ensuring compliance with local financial regulations.

Here are the eligibility requirements of Digido:

• You must be 21 to 70 years old;
• You must be a Filipino citizen;
• You have 1 valid ID.

But why apply for installment phones online with Digido?

Here are the benefits:

✅ Fast – you can get approved in as little as 5 minutes;
✅ 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 document;
✅ 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. You can get your first loan with 0% interest rate, and anybody can apply with only 1 government valid ID. 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.

Apply now

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