The strong emergence of online loans gave birth to more and more lending institutions in the Philippines. However, not all institutions are legitimate and trustworthy. A reputable lender will provide you the most suitable loan to solve your financial difficulties, while a disguised lender will cause you to lose money unjustly and even get into a lawsuit. If you do not know how to realize a good online loan application in the Philippines, please refer to the following 4 criteria.
Whenever you consider choosing an online loan application in the Philippines, interest rates should be one of the first things to be checked. In the Philippines, it is believed that the popular effective range of the interest rate for personal loans is from 10% to 15%. For loan applications that are applying interest rates in this range, you should carefully consider and choose an application with the optimal interest rate.
Interest rate is the first factor to check in applying for a loan
Of course, you should not choose a lender with a very high interest rate, but you should beware of those that offer too low interest rates. A few informal lenders take advantage of our lowest interest rate preference and offer attractive interest rates. Be careful if you find a lender offering an unexpectedly low interest rate. They may use other cost tricks to get more money from you, or even commit fraudulent acts.
Most online personal loans offer fast approval within 24 hours. Some other online lenders can even approve within 15 minutes and disburse the loan on the same day. If you are in urgent financial need in emergencies, you may choose to apply for an online loan at applications that may disburse loans quickly.
Some online loan applications in the Philippines can disburse the loans within the same day
Another factor to consider is requirements of online loan application in the Philippines applicable to the borrowers. Some organizations have very simple requirements, you just need to satisfy the following criteria:
Be a legal Filipino citizen with a valid ID card
Currently residing in the Philippines
Have a stable job and income
Have a bank account and email address
Some lenders offer very easy requirements while others are stricter
However, some lenders set out stricter requirements. For example, they will require that the borrower must work in the same company for at least 1 year, or require a monthly net income of more than PHP 6,000, etc. to ensure you have a stable source of income and ability to repay loans. However, if you feel uncomfortable with these requirements, it is possible to choose other lenders with easier requirements.
There are many ways to check the reputation and rating of an online loan application in the Philippines. First, you should check if the lending institution is operating legally. The Security and Exchange Commission (SEC) is the management and regulatory body that examines financial institutions operating in the Philippines. All trusted lenders are registered with the SEC and their information will be clearly displayed on the website.
Regarding reputation, you may refer to word of mouth information from friends, relatives, acquaintances who have applied for loans or people with financial expertise. Another way is to check the reviews and comments in Google or the Google Play store. However, you should be careful as some apps will buy fake reviews. Be wary if you see an online loan application in the Philippines that is full of good reviews. You should read the response to negative feedback instead, because reputable lenders will always have a way of dealing with negative criticism in a professional and polite manner.
Don’t forget to check the lender’s legitimacy, reputation and reviews
If you are still wondering among hundreds of online loan applications in the Philippines, try to put your trust in MoneyCat. We are a financial lender with many years of experience in the Philippines and a strong operating structure in Russia and Vietnam. MoneyCat is committed to bringing you the most suitable loan, at reasonable interest rates, fast disbursement time, to solve your financial difficulties immediately.
Choosing the right online loan application in the Philippines that is reputable and qualified will not only help you get a good loan now but also serves as your financial support in the future. As a leading lender in the Philippines, MoneyCat is committed to being the good choice for you.
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