Why do most Filipinos scamper to get loans even though they're employed or are running a business of their own? Well, it's because a lot of us are still in need of financial assistance for a number of reasons. And the easiest route to get it is by obtaining loans.
But before that, you must make sure that you meet the qualifications set by the financial institution of your choice. Among the general requirements for applying for a loan in the Philippines include that you be a legal resident of the Philippines. You should also be no more than 21 years old but no older than 65. You should have the capability to pay the exact amount on the set schedule just to avoid any kind of problems. There are still other requirements but that depends on your chosen lending institution.
Confident that you can qualify for a loan? Well, good luck! Here are some of the types of loans that you can apply for.
The difference between secured and unsecured personal loans is that in secured personal loans, lenders require collateral to make sure you'll pay on schedule but with less interest. Unsecured personal loan is the exact opposite of this one.
Personal loan. When you meet sudden, urgent expenses, you may need to apply for a personal loan. This kind of loan has four types - secured personal loans, unsecured personal loans, unsecured bad credit personal loans, and guaranteed personal loans. Secured personal loans may require collateral just so the lender will be secured that you'll be able to pay for it, but you'll surely pay less interest!
Business loans are often used if you're to establish a new business or are maintaining one. Lending companies offer both short term and long term loans for this purpose. A short term loan does not exceed five years while the latter has a maximum term of about 20 to 30 years. Business loans can help you keep a healthy inventory of supplies, equipment and other important things to keep your business running smoothly and allows for the possibility of future expansion.
Then, there's the housing loan. Payment terms offered can range from 15 years to 30 years. You can choose to pay a high down payment or opt not to pay any down payment at all. If fortune is on your side, you can get a shorter mortgage with a lower interest rate!
These types of loans were designed to help you live your dream. So, use it wisely and you can be sure to benefit from it.
But before that, you must make sure that you meet the qualifications set by the financial institution of your choice. Among the general requirements for applying for a loan in the Philippines include that you be a legal resident of the Philippines. You should also be no more than 21 years old but no older than 65. You should have the capability to pay the exact amount on the set schedule just to avoid any kind of problems. There are still other requirements but that depends on your chosen lending institution.
Confident that you can qualify for a loan? Well, good luck! Here are some of the types of loans that you can apply for.
The difference between secured and unsecured personal loans is that in secured personal loans, lenders require collateral to make sure you'll pay on schedule but with less interest. Unsecured personal loan is the exact opposite of this one.
Personal loan. When you meet sudden, urgent expenses, you may need to apply for a personal loan. This kind of loan has four types - secured personal loans, unsecured personal loans, unsecured bad credit personal loans, and guaranteed personal loans. Secured personal loans may require collateral just so the lender will be secured that you'll be able to pay for it, but you'll surely pay less interest!
Business loans are often used if you're to establish a new business or are maintaining one. Lending companies offer both short term and long term loans for this purpose. A short term loan does not exceed five years while the latter has a maximum term of about 20 to 30 years. Business loans can help you keep a healthy inventory of supplies, equipment and other important things to keep your business running smoothly and allows for the possibility of future expansion.
Then, there's the housing loan. Payment terms offered can range from 15 years to 30 years. You can choose to pay a high down payment or opt not to pay any down payment at all. If fortune is on your side, you can get a shorter mortgage with a lower interest rate!
These types of loans were designed to help you live your dream. So, use it wisely and you can be sure to benefit from it.
About the Author:
The author writes articles for low interest loan Philippines and discusses different types of businesses loan Philippines.
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