Being a freelancer in the Philippines has many advantages and disadvantages, and difficulty of getting a loan is one among the most common difficulties of the freelancers. Even if you earn high come from your freelance work, lenders will still feel the risk because the freelancer’s income is unpredictable, unless you have documentation proving the contrary. So how can the freelancers increase their chances of getting a loan on online loan application in the Philippines? Let’s follow the article below.
The first way to build trustworthiness of the freelancers in the Philippines trustworthy for high change of loan approval is to build and maintain your good credit scores.
Credit score is a criterion for lenders to evaluate the borrowers. By looking at the payment history, lenders will know a person’s solvency.
A good credit score makes it easier for the freelancers to borrow through online loan application in the Philippines
As a freelancer, having a good credit score works in your favor. To improve and maintain your credit score, you should remember to always pay your insurance premiums and credit card bills in full and on time, use your credit cards responsibly, and build a good credit history.
The lenders need to make sure that their borrowers will repay the loans, that is why they require some proof of income. If you are a freelancer who does not officially work for any company and does not have a pay slip as proof of income, you may try submitting other documents to prove your repayment ability. The following documents may be accepted by some lenders:
Account statements for the past six months.
Employment certificate issued by your clients: You may ask your client to provide you with a certificate of employment, gross income and how long you have provided services to them.
Certificate of income from Upwork: If you receive freelance projects through Upwork, you may get a certificate of income report from this platform.
Stock certificates and other investment certificates: If you have been investing in stocks, UITFs or mutual funds for a while, you may get a certificate from your broker or bank that proves ownership of your investments.
Proof of property ownership in your name: If you own a car, real estate or any other valuable property, documentation can be provided to the lender to demonstrate your finance.
Prepare financial proof for your loan
Choosing legitimate and reputable lenders also helps your loan have a higher chance of being approved. You may contact the bank with which you have a long term relationship (at least a year) to check if you can get a personal loan. The bank may consider providing you a loan if it sees your bank account receiving payments from a freelance contract over a long period of time.
In addition to banks, online loan application in the Philippines are also a good choice for freelancers. Online loan application with the advantages of no need to prove financial, simple registration procedure, fast approval and disbursement time have become an effective financial solution for the freelancers.
Freelancers may borrow through online loan application in the Philippines
If you are confused among online loan application in the Philippines, you may come to MoneyCat. We are the leading qualified and trusted lending platform, which is part of a large financial structure operating in Vietnam, the Philippines and Russia.
Just ensure the following requirements, you may successfully apply for a loan at MoneyCat
Over 22 years old
Filipino citizen and currently living in Philippines.
Have source of income and still working
Personal phone number have to be active at the moment applying
Bank account have to be active
Being able to provide the following papers - SSS, UMID, TIN, Driver’s License, Passport. We require you to provide photo of ID and photo of you holding the ID
The loan application process at Money is significantly shortened. For freelancers, borrowing money at MoneyCat is extremely easy because we do not require financial proof or other complicated paperwork. You just need to do 4 simple steps as follows:
Step 1: Visit https://moneycat.ph/ or download Moneycat application on Google Play
Step 2: Provide your detail information in registration form
Step 3: Prepare to take picture of ID card and photo of you with the ID card, then upload to the system
Step 4: Confirmation code will be sent to your device after reviewing, you will need to fill out to finish the registration process.
MoneyCat does not distinguish whether you are a freelancer or an ordinary office worker. With the advantages of simple, fast, and reputable lending procedure, MoneyCat is currently the leading online loan application in the Philippines for freelancers.
Above are tips for applying for a loan on online loan application in the Philippines for freelancers. If you are a freelancer and are having trouble in getting a loan, MoneyCat may be your good option. We hope that the information will help you with the safest and most effective financial solutions.