Do you need extra money to buy the house you need? Buying some real estate? Or to start up a business that you believe in? This is where loaning is useful! Loaning helps you get to buy the things you need or want if you are lacking a few funds or money. They act as extra money which then you will pay monthly instead!

               Getting a loan in the Philippines is easy. There are many banks and lenders that help you get the loan you need. They require different forms and papers to get the loan. Loan in the Philippines also has different interest depending on where your loan is and the duration of payment. Overall, if you want to buy land, a device, or start a business, get an easy loan in the Philippines!

Pick Where to Loan

    Needless to say that loaning is a common occurrence and it is not embarrassing to have a loan. And because a lot of people getting loans, multiple banks, programs, cooperatives, and pawnshop offers countless loans to the people. Some organization takes time in getting a loan but some can loan in an instant!  Below is the description of some organization that offers loans!

Bank loans

    Whenever loans come into mind it always associates with a bank. And we don’t blame you since loaning from a bank is one of the most common ways to loan. Bank loan in the Philippines has been a go-to for most investors and business people when getting loan. It is safe, and secure, offers one of the lowest rates, and you are in control of your loan. 

Though in some cases, bank loans nowadays can be complicated to get. You need to have the right requirements, good credit, and sometimes collateral. But if you pass the requirement, and want a secure way, a Bank loan is for you! 

Cooperatives

    Cooperatives are one of the loans with a rich history on it. It dates back to days even before the fair trade movements! But what is a cooperative? A cooperative is a democratic organization that is composed of like-minded people that own and control the money. They can distribute it to each member or in some countries they invest it in a product. 

Joining a coop gives you many benefits. The most obvious of them all is that you are part of a community. The second is that the interest on the loan is low, reaching 1-2%. Joining a coop as well has its disadvantages. One of them is you need payment to join the membership. The second is that it may not be common in your area. Regardless, if you want to be in a community with common goals, then loaning from a coop is the best!

Pawnshop loans

    In the Philippines, pawnshops are easily seen almost everywhere!  They can be seen in cities, urban, and rural areas and they can either be a local pawnshop or a national one! A pawnshop is popular amongst Filipinos and the reason for this is because of its benefits. 

First, loaning from a pawnshop is fast and easy, especially if it’s a pawn loan. Bring an equal value of the collateral you want to loan and when both sides agree you can now loan. Second, there is no credit rating. Pawnshop does not give credit checks therefore you won’t be getting a bad credit rating. Lastly, you can get multiple loans. So if you want a fast and easy loan, head straight to a pawnshop near you!

Apply for a Loan

    Getting a loan is different for each organization. Some follow a strict rule, meaning that you need to be qualified at first then you need to have the proper documents and files. While others just require you to have collateral at hand to receive your loan. Below is the list of requirements or documents you need in each organization

Requirements for bank loans

    In general, bank loans require you to have the necessary documents and be qualified as well to get a loan. Here is the list of qualifications and documents needed

Qualifications:

• 21 years old and above
• Must not be older than 65
• Philippine citizen
• Active mobile number
• Mailing address
• Must be employed or self-employed

Documents and Requirements

For Employees

• Company ID and Government issued ID must have signatures
• Latest Income Tax Return 2316
• Certificate of Employment
• Bank statement for the previous six months
• Proof of billing

Self-Employed

• Two Government Issued ID with signatures
• Latest income Tax Return 1701
• Business permit or registration
• Bank statement for the previous six months
• Proof of billing

Requirements for a Cooperative

    A cooperative, they have its own requirement and it differs depending on the cooperative that you join. But below are the common requirements

Documents and qualifications

• Must be a member of the Coop
• An application form for which type of loan you are getting
• If business, mayor or barangay permit
• Certificate of Employment
• Pay slip of previous 2 months

Requirements for a pawnshop loan

Loaning from a pawnshop is one of the fastest options for you. You just need to fulfil a few qualifications and documents. Below is the list of qualifications and documents

Documents and qualifications

• Valid ID or government Issued ID
• On-site or online application form
• Valued and Acceptable collateral

Go Upfinance for a quick and easy loan

    If you want to find the best deal, fast, and easy loan then head over to Upfinance! Upfinance is a website that offers Filipinos an easy way to get a loan. They even help you find the best deal on different loans, may it be cash loans, student loans, or personal loans! Their website is easy to navigate and can help you get loans that you prefer

Using Upfinance will help you to search for a bank, cooperatives, or online lenders that will suit your loan needs. They have multiple partners on their site that are legitimate and notable like RCBC banks, BDO banks, and Security banks. Some are even coops like PAGLAUM and San Jose. Overall, use Upfinance now to get your loan much more easily and fast!

Author Maria Torres from Upfinance.