What do Online Lending Services Offer
They allow you to get a cash loan in the Philippines at any time of the day. Thanks to the automated process, citizens can instantly receive money; the issuance process takes no more than 15-30 minutes. You can turn to the services even at night and quickly borrow the required amount.
Benefits for borrowers are:
- the opportunity to get a quick cash loan online around the clock. Even if the money was needed at two in the morning, you can contact the MFO and get a loan promptly;
- instant lending to citizens, decisions on online applications are received in 10-15 minutes;
- issuing a loan with a bad credit history. Banks refuse such customers, and online services can give approval;
- remote receipt of a cash loan online without visiting the office and without interviews;
- a high probability of approval. If banks respond positively to 20-30% of applications, microfinance structures give “green light” to 70-90% of the submitted questionnaires;
- a minimum set of documents. No certificates, pledges, or guarantors.
Only through online lending services can you get money here and now with no refusal. No bank in the Philippines offers such lending conditions. But the parameters of cash loans in an hour in the Philippines from MFOs are radically different. Through the services, you can get from Php 1000 to 2000 for up to 60 days.
Among the service offers, you can find options with a period of more than 30-60 days. There are not many programs, but they are. The issuance limits for such loans are slightly higher.
What to Look for When Choosing an Online Cash Loan Program
Features to consider:
- The honey loan app are those that are issued at 0%. This promotion is valid in some MFOs for new clients. Initially, look specifically at the interest-free programs. If they are not available, then pay attention to others.
- How much you can get on the first quick cash loan in the Philippines. Many services limit the issuance amount for new customers.
- Application processing speed. If you are interested in quick loans, if money is needed very urgently, the service should give answers around the clock within 15 minutes.
- Study the list of loans, analyze offers, and choose the best one. You can choose several options: if you receive a refusal one by one, send an application to another company.
How to Get a Loan via the Internet?
The companies offering easy cash loan online services operate 24 hours a day. You can choose a loan option and immediately apply for money. To apply, you need two valid identifiers; permanent employment; in case of self-employed – ITR declarations or bank accounts; an account in email and a valid phone number; you should be from 20 to 65 years.
To obtain a loan, only personal bank cards issued to the borrowers themselves are suitable. They can be served by Visa or Mastercard systems.
To take a loan urgently, you need to follow several steps:
- Study loan programs and choose the right one.
- Apply for the issuance of funds, indicating the desired amount and entering information about yourself and the card.
- Wait for the outcome of the review. The answer will come quickly, services rarely process an application for more than 15 minutes.
- Agree with the issuance of a loan and wait for the transfer to a bank card. The money will be credited within 5-15 minutes.
The whole process of registration from the moment of filling in the application to receiving the money will take no more than 30-60 minutes. And it doesn’t matter when you turn to the services of an MFO, you always get a loan immediately without a long analysis and calls from managers.
How to Repay the Received Online Loan
When submitting an application, the client registers in his personal account, which will display information about the loan issued. This is a kind of online bank, which indicates the amount cancelation, the date of debiting the payment, through it you can also extend the repayment period, and pay a credit from a bank card.
For example, if you took out a loan for 20 days, then by the specified date you must provide the entire amount that is necessary to close the debt. It includes both the main debt and interest.
Usually, services offer the following options for repayment:
- in your personal account (on the service website) by transferring from a bank card. The most convenient method, as it is instant;
- through self-service terminals. If the MFO works with them, it indicates the location of the devices on its website;
- through any banks in the Philippines. This operation can be carried out through any online bank;
- if the company has its own customer service offices, a payment can be made through them.
If you pay through intermediaries, take into account the commissions and the fact that money does not always come instantly – you need to pay in advance.
Can the Service Refuse to Issue a Loan?
A microfinance organization can either issue a loan or refuse to provide it. This is a credit company for which the repayment of the loaned funds is important. If the service doubts that the client will be able to safely close the debt on time, it will refuse lending services.
Possible reasons for refusals are:
- open delinquencies, that is, unpaid problem debts. It is unlikely that anyone would want to contact such a client. If you have a bad credit history, you can get an urgent loan, but existing delays are a serious violation;
- low solvency, lack of income. If the analysis of solvency showed that the citizen will not be able to repay the loan, he will be refused;
- entering false information into the questionnaire. Scoring programs carefully analyze all information found about the applicant. If a forgery is revealed, the decision will definitely be negative;
- the client’s indication of false passport data, details of someone else’s card. All of this is being verified.
Despite quick checks, online lending services do not always provide loans without refusal. But a negative answer is definitely not a reason to refuse the idea of getting a loan. One company refused, the other would immediately approve. Just select another service offer and refer to it. Simultaneous filing of applications to several organizations is not prohibited either.