Today you can forget about the long lines in the stuffy banking room. You do not need to spend a lot of time on the Internet to find a profitable online loan in the Philippines. Of course, getting some quick cash can’t be done with just a snap of your finger. You need to go through the process, and then you will get your money. But all these credit companies provide small loans without collateral, sureties and as quickly as possible. To get money, you do not need to collect a huge package of documents, as it often happens in state-owned banks, and wait months for a solution.
Payday loans online
Payday loans (also called instant loans, payday advance or quick cash loans) are a new type of lending in Philippines and the most convenient for a wide range of borrowers from all parts of Philippines. Payday Loans are short-term (two weeks or so), with their quick application, approval, and cash disbursement. Payday Loans are offered by brick and mortar stores as well as online direct loan lenders. Typically, you have until your next payday to pay back your loan plus interest, although some payday lenders let you choose the repayment period and date.
Online loans offer smaller amounts of money than commercial banks or other lending companies in the country. Short term loans can also disburse funds quickly and usually come with brief repayment periods. Usually, you can get loan from 2,000 to 50,000 pesos. The loans are issued for the employed citizens of the Philippines aged between 21 and 65. Sometimes online loans are the preferred choice by consumers for their speed and convenience.
5 easy steps to get money loan fast
When you need cash, just follow these simple steps to get quick loan:
- Set amount and due date.
- Fill up the online application form and submit your requirements for verification.
- Wait for the response.
- Get lender approved.
- Get Your PHP.
It depends on what they need from you; it usually takes 1-4 days but it may be longer if you don’t submit your documents on time. But you can complete the process from your home and phone.
Reasons why people need payday loans
There are numerous reasons why people use payday loans. It’s not just about getting a one-off expense, like a luxury holiday. People take emergency loans to avoid borrowing from their friends and family, and to avoid cost reductions. People rely on them because payday loans offer a fast solution to a short term cash problem.
Sometimes money gets a little tight with extra unforeseen expenses. Some common reasons customers use them are:
- Living expenses (food, books, clothes, public transportation, and leisure activities) – 53%;
- Car expenses – around 10%;
- Sudden need to travel – 3%;
- Unexpected medical bills – up to 5%;
- General shopping – between 2-3%;
- Get online credit for pay off another loan – 2%;
- Other – 24%.
Benefits of online loans
Historically, if you needed a loan to repair your car, home improvements or to consolidate your credit cards, you would need to get dressed up and head down to the bank to beg for money luckily, the Internet has made this process much easier. Nowadays, many people are embracing the trend of applying for loans online. Getting an online credit is easy and fast. It typically takes a couple of minutes for these loans to be approved.
You might be thinking; people would be inclined to trust the traditional bank instead of online personal loans services option. So why are so many Filipinos putting their trust in online loans? Well, there are 5 specific reasons:
- One of the main factors for selecting an online personal loan over a traditional loan is convenience. You easily apply for a personal loan from the comfort of your living room, office or directly from the car. Just fill out the online form on website and get approved quickly (Usually applications are considered within 10-15 minutes).
- Saves Time. The procedure for obtaining a loan in the Philippines is very fast and simple. This saves a significant amount of time and effort. Also, by gaining a pre-approval you can get an indication of how much you can afford to pay on your loan upfront.
- Lower rates. All online lending service offer credit terms and reasonable interest rates, since online lenders don’t have the added expense of physical offices scattered throughout the country.
- Nowadays, you can avail personal loans online even if you have low credit score and perhaps the reason behind why online lending is so much in demand.
- 24/7 applications. Applications for a loan can be submitted at any time, including on weekends and holidays. Online applications are reviewed straight away after making an application. They can be applied online 24/7.