A Guide On Turning Your Vehicles Into Business Capital With A Secured Loan2 min read
It is nothing short of admirable how some people have shown resilience, especially in this tough time we’re in.
You might have already noticed on social media that most of the people who lost their jobs have already started pursuing business ventures to meet their family’s needs. While the circumstances that pushed them is unfortunate, there’s still a silver lining that was produced.
Perhaps you’ve been planning to pursue your dreams of becoming your own boss too. If that is the case, then you’re the perfect person for this guide.
In this article, we’ll teach you how you can finally secure a working capital for your business. Or if you’re already a business owner with multiple vehicles in your inventory looking to expand or bounce back from losses, procure extra funds without having to sell them.
Reasons why an SME loan might not be the best choice for you.
If you already started finding loans that might help you in setting up a business or support your current one, you probably know that SME loans are quite hard to apply for, let alone be approved.
For one, there are numerous requirements needed like financial statements, property as collateral, and several collateral documents. This could be challenging ordeal in a time like this, especially when you can’t or don’t meet the necessary requirements.
But like we mentioned earlier, there is another way for you to secure the funds that you need without having to give up too much of your assets.
A secured loan is a fast and easy way to get the capital you need.
Introducing, secured loans–loans that can offer you a significant loanable amount depending on the fair market value of the collateral.
A secured loan, unlike SME loans, have less stringent requirements on both documents and the kind of collateral needed to apply and get approved. An example of this is a car title loan where you can set your vehicle’s ORCR as a collateral. This also means that you don’t need to give up your vehicle/s in order to apply for this loan.
Therefore, this is a faster and a much easier way to get the capital you need.
And with GDFI’s ORCR Sangla loan, you can get as much as ₱5-M in 3-5 days*, at a lower interest rate of 1.3%*.
*Average processing of bank loans: 21 days
*vs 1.49% – 1.89% interest rate for unsecured personal loan from banks
Here’s how you can apply and the requirements needed for an ORCR sangla loan:
Who can apply for an ORCR sangla loan?
- Filipino citizen
- 21-65 years old
- Car/truck owner with vehicle/s fully owned under their name
Requirements for an ORCR sangla loan
- 2 valid, government-issued IDs
- ORCR of vehicle/s (to be used in determining the loanable amount and as collateral)
- Latest electric or water bill. If not in the name of applicant, you must submit proof residence (any document under your name with your current address)
- Tax Identification Number
- For employed/professionals: 3 months payslip, Certificate of employment, Bank statements
- For OFWs: 3 months proof of remittance
- For business owners: Business papers such as business permit for sole proprietor and corporations
Begin your application now at www.ecomparemo.com/personal-loan/orcr-sangla or click the button below.