Personal Loan Philippines No Requirements

  1. #14131
    Riddick
    Riddick Guest
    Reply

    Personal Loan Philippines No Requirements

    Hi Everyone!

    I just saw this forum and I would like to know if there is a possibility that I can apply for a personal loan with no requirements at all?

    Thanks in advance!

  2. #14141
    Tina
    Tina Keymaster

    Reply To: Personal Loan Philippines No Requirements

    Hi, it’s not possible to apply for a personal loan in the Philippines with no requirements. Obtaining your personal records and other documents are very important for banks because this allows them to conduct due diligence such as background and credit check. Depending on the amount you applied for and the terms bound by the contract, some banks may add one or more of the following to their standard list of requirements:

    Co-maker underwriting – individual(s) who guarantee to meet the financial obligation of the borrower in the event that the borrower failed to pay the loan.

    Collateral – an asset or property of the borrower (e.g. home, business establishment, or land) that is pledged to be surrendered if the loan is not paid – whether in full or partial, as agreed on the contract.

    Savings Account – For six-digit loans and above (PHP 100,000 and up), some banks will only approve borrowers with an existing savings account with a particular amount (say PHP 50,000 and up), in order to be qualified for a loan.

    Good credit score – Your loan history with other banks and financial institutions will be checked to see your credibility. While there is still no centralized credit report in the Philippines like in the United States, negative credit scores are recorded by the Bankers Association of the Philippines Credit Bureau (BAPCB) and TransUnion. These are the biggest external database of credit information in the Philippines.

    For most banks however, they offer personal loan with no collateral granted that the loan amount is reasonable, the standard qualifications are met, and you have no bad credit record.

    For hassle-free processing, make sure that you review and prepare the necessary documents before you submit them to the bank. If you are currently employed, ask your employer or accounting department for BIR Forms and Certificate of Employment stating your Gross Annual Income. I suggest that you send the complete requirements all at once and on time to guarantee faster loan processing.

Viewing topics 1 - 2 of 2 total

Reply To: Personal Loan Philippines No Requirements

3 + 3 =