How to Apply for Personal Loan Philippines: a 2021 Update
Applying for a loan requires a lot of considerations to be made, because we are living fast-paced lives in this age of information. We tend to ignore the fine print and just apply for a loan that is readily available to us.
Personal loan applicants, who are more often than not looking for a moderate amount of money to borrow, are just looking for financial capability to make educational payments, buy gadgets and other personal effects, fund their travel or leisure activities, or in some cases pay off other loans.
Here is the basic personal loan application process in the Philippines when applying for one:
Find the banks that offer personal loans
First, you have to check which banks offer loan. You have to do at least one of the following with every bank: visit their website, call their customer care hotline, or personally go to the bank to inquire about their personal loan products.
Provide the documents required by the bank
When applying for a personal loan, you need to fill out a lot of paperwork and submit documentary requirements. Among the most common documents required by banking institutions for personal loan are payslips, income tax return, identification cards, and proof of billing, among others. Once youâ€™ve gathered all documents, you need to attach them to the duly accomplished application form for approval.
Wait and answer calls from the bank or the credit investigator
As part of the banksâ€™ rigorous process in screening their personal loan applicants, credit investigators will comb through your personal life to verify the information you provided. Credit investigators will call your home and office to confirm the information you provided, and you need to make sure that you will get their calls. Failure to do so will result in the rejection of your loan application.
Wait for the notification whether approved or declined
After conducting credit investigation, banks will notify you of the status of your loan application via email or phone call regardless of the result. Usually, background investigations take up to three weeks before banks come up with a decision.
If approved, claim your cash loan proceeds
If your loan has been approved, you have to claim your loan by going to bankâ€™s head office or the nearest branch if provincial. You will have to issue set of postdated checks (if PDC is the payment mode required) then claim the managerâ€™s check issued by the lending bank. Some loans are released thru ATM card or it may also be credited directly to your account. This depends on the mode of loan disbursement offered by a bank.
Overall, the traditional process of loan application is a tedious one. Applicants must go through a lot of hoops just to submit their requirements, and these processes require a tremendous amount of effort to be completed.
Fortunately, eCompareMo is here to simplify your loan claims. By letting us do the heavy lifting of the application, the only things you need to do are to choose your preferred personal loan product, submit all the documents and other requirements, and simply wait for the results of your application. Fast cash personal loans application, convenient process, and easy loan approval, eCompareMo will assist you in every step of the way.
How can eCompareMo help you in your personal loan application?
When you apply for a personal loan using eCompareMo, you donâ€™t have to go through each bankâ€™s website just to check out their products; we will give you a range of choices of personal loan product from different banks. Based on the variables you keyed in, such as the tenor of loan and amount to borrow, eCompareMo will give you neutral and transparent side-by-side comparison of all personal loan products that suit your search terms.
The products you will view are already those that fit your qualifications for a higher chance of approval. By showing you unbiased results of all loan products available within your reach, you have the power to choose which one to apply for.
In case you have questions regarding personal loan products or other queries related to personal loans, eCompareMoâ€™s expert financial advisors are available to answer any questions that you may have. We will assist you on your application and guide you about documentary requirements, submission and follow up for a quick personal loan process and we will guide you on how to get approved for a personal loan fast.