Personal loans

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Amount

20000 $

Up to

30 days

Review

5 min

Переплата

1150 for 15 days

Microloan, or microcredit, is a loan that the lender provides to an applicant based on an agreement. In recent years, it is a very popular type of credit in Philippines. The essence of such personal cash loans is to give small money urgently and for a short period of time. Cash microloans are popular since you do not need to gather different documents and certificates to register a loan. More often all you need is your passport. And the credit organization will not check your solvency.

Low interest personal loans have their advantages and disadvantages in comparison to standard banking loans.

Advantages of personal loans:

  • registration speed: it takes about 20 minutes to go all the way from submitting an application to receiving a loan;
  • most often you need your passport only and do not need to gather various certificates;
  • microloans are available to almost all adults. They can be students, pensioners, and people who work unofficially;
  • in many cases such loans are given to people with a bad credit history. And if the borrower pays the loan regularly, he will be able to improve his rate in the credit bureau;
  • there are several ways to get money – through a cashier office, by a bank transfer to a card or e-wallet, or using courier delivery.

Disadvantages of personal loans:

  • higher interest: credit companies do not check clients thoroughly, therefore they are exposed to risks;
  • small credit loans if they do not exceed PHP 15 000. However, some companies may increase the size of a loan for trustworthy clients when the latter contact them again.

Microloan is a good way to quickly bring order to your financial situation. More often such loans are registered to pay for a product or service. Currently, to apply for personal loan you can contact an office of the organization having your passport only. Later the company’s specialists will fill out an application form and choose the way to transfer the money. The whole process takes about 20 minutes and the decision whether to provide a loan is made immediately. Over the past year, the service of registering personal loans online is getting more and more popular. A client does not need to go to an office and can simply fill out an online application form on the company’s web-site and get a microloan on the card immediately.