If you need an urgent fund but you do not want to borrow from your family or friends, one of your best way is to apply for a payroll loan. This is a trusted form of fast loan approval Philippines today because of its simple loan application method, ensuring solvency. If you have not heard of a payroll loan, read the article below to learn its definition and how it works. If you already know and are in need of a payroll loan, see the reasons why you should choose MoneyCat as a leading reliable salary-based lending institution.
A payroll loan, also known as a payday loan, is a type of loan based on your gross monthly salary to cover your living expenses before you receive your next paycheck. Payroll loans are often used to pay off important monthly expenses such as tuition, medical bills or other emergencies. The payroll loan is expected to be paid off in a fixed term.
Payroll loan is a type of loan based on your gross monthly salary
Payroll loan is fast loan approval philippines thanks to its easy and fast application and disbursement process. Unlike other loans requiring collateral, payroll loans do not require any collateral. Instead, you just need to provide a valid ID and proof of income.
According to the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), anyone in the Philippines may apply for a payroll loan as long as they are working in the Philippines and receiving a stable income.
In the Philippines, people often use a payroll loan to cover their monthly bills, rent, tuition fees, etc. You may also use this loan to pay for emergencies, i.e. an accident, home or car repairs. Payroll loan is a fast approval loan form in the Philippines because of its simple process, less requirements and same day disbursement, which bring you a source of funds in emergencies.
In the Philippines, payroll loans are often used to pay for monthly bills, emergencies, etc.
Common payroll loans are usually provided by banks, government entities (PAG-IBIG, SSS) and other Non-Banking Financial Companies (NBFC) in the Philippines.
This type of loan is based on the borrower’s monthly income or salary and usually offered with interest. There are different ways to repay the loan. You may deduct it from your monthly salary, personal bank account, credit card or other means and methods depending on the agreement between the borrower and the lender. Payday loan repayment terms typically range from 1- 4 months, however some financial institutions offer a more flexible time frame for borrowers.
The method and term of payment of the payroll loan is extremely flexible
MoneyCat can be considered as one of the leading financing institution providing fast approval loans in the Philippines today. We are not only available to provide you with the best payroll loans, but we are ready to assist you in all your financial difficulties.
The payroll loan application process at MoneyCat is much simpler and faster than those in other financial institutions. Since MoneyCat offers online loans, all processes are carried out and accessed through your mobile phone or computer. You may apply for a loan at home or anywhere in the Philippines, as long as you have a smart device connected to the internet. When applying for a payroll loan at MoneyCat, neither collateral nor complicated procedure is required. You need a valid ID and 5 minutes to fill in the registration information on the website.
04 simple and quick steps to apply for a loan at MoneyCat
Payroll loan limit ranges from PHP 500 to PHP 20,000, with a long repayment term and clear, public and transparent interest rates. Contact MoneyCat so that we can advise you on a payroll loan that best suits your current financial situation.
Payroll loan is fast loan approval Philippines which may be used to pay your monthly expenses and in emergencies, etc. Because payroll loans are based on your income, you will be able to complete the loan repayment without too much financial burden. MoneyCat offers you the most optimal payroll loans which are best suited to your financial situation. Contact us if you are in financial need.
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