Where should we borrow cash?

Money is a tool to live life with comfort. This is why people work hard. They want to have a roof over their heads, foods, education and other material needs. Lack of money directly affects living conditions and lifestyles. Without an emergency fund or savings when unforeseen events happen, chances are, you resort to borrowing cash. Cash loan Philippines has become popular due to life’s necessities.

So, where do you borrow cash?

  • Family, Relatives & Friends

 

They are the closest to you and will not hesitate to help you. They do not require documents or background check, only your assurance to return their money within specific period. However, there are times that they will deny your request which can cause resentment and disappointment. Like you, they also have bills to pay and other monetary concerns.

 

Refrain from borrowing often to save harmonious relationships. Money matters can damage good ones.

 

 

  • Private Lending Companies

 

These private lenders are legitimate and offer non-collateral or collateral loans to individuals who need quick cash. They have simpler requirements which make borrowing not very stressful. They even tolerate not submitting certain documents that you do not have in your possession. Their approval time is faster compared to banks so you can get your money quickly.

 

Be sure to pay monthly installment on time to avoid penalty. Missed payments will affect your good credit standing and credit history.

 

  • Banks

 

Banks offer different types of loan if you need cash, however you need to submit lots of documents to qualify.  They need proof that you have the capacity to pay and worthy of credit. There is always a possibility of being rejected.

 

  • Online Cash Lenders

 

They offer instant cash for borrowers. This type of cash loan Philippines is making a rapid stride in lending industry. Online cash lenders are similar to private lenders but do transactions using the internet. Getting information is easy because their websites contain all essential details and steps to apply for cash loan. Once approved, you get your money within the day or the next banking day. It is convenient too, especially for busy individuals who do not have time to go to lending office to sign documents.

 

Before applying for an online cash loan Philippines, make sure that the lender is legitimate and has a good track record. Beware of some lenders who take advantage of people who are in dire need of money.

Borrowing is an easy way out from immediate needs, but the best way to prepare from emergencies is to save. If there is no other option, then choose the least stressful type of lender to finance your needs.

 

 

 

Things to consider before applying online loan

In 2015, Bangko Sentral ng Pilipinas (BSP) reported that about 47.1 percent of Pinoys have debts. Filipinos rely on borrowing to finance various personal and business concerns. This results to proliferation of private and online lenders, aside from banks and the traditional source of cash- friends and families. Online cash loan Philippines has become more accessible to everyone, thanks to internet.

Here are the things you need to consider before clicking the online lender’s “Apply Now” button:

  • The urgency of your need

 

If you need quick fund, online cash loan Philippines is the best option. You can get it in matters of hours as long as you qualify for the loan. However, do not forget that you will be paying the loan value plus interest for a certain period of time so borrow only what you need. Huge amount of loan entails bigger monthly payment or longer period which can affect your budget.

 

  • Check the legitimacy of the lender

 

Securities & Exchange Commission (SEC) reminded the public to be wise and careful before availing loan from online lending companies. This is because there are scammers who take advantage of needy people.

 

Beware of these predators by checking the following:

 

  • SEC registration of the company.
  • Physical address and contact number.
  • Website security. The link should begin with “https” and the URL has small, green lock beside it. This means that the company went through proper validation process and was given SSL certification.
  • There is an online loan calculator in their website.
  • A Privacy Statement is present.
  • It has real and positive reviews in website and social media accounts.
  • Finally, it does not require advanced fees from borrowers.

If everything is good, you can proceed to the next step – applying for a cash loan Philippines.

  1. Review the loan requirements. Basically, borrowers must be at least 18 years of age and able to present proof of income, government-issued ID and proof of billing. Submit the requirements online.
  2. Fill up the online loan form. Provide all the necessary information truthfully. The lender will assess your capacity to pay and verify your identity based on the details you give. Be truthful.
  3. Be ready for a call from your lender. This is part of the verification process.
  4. Wait for the approval. First-time borrowers sometime wait for a day or two. Old borrowers with good credit history are guaranteed faster release of fund.
  5. Once approved, expect to receive notification that your cash loan will be credited to your bank account.

 

Be guided accordingly. Protect yourself from scrupulous lenders and loan sharks by choosing legitimate lending companies.