In order to get a microloan with a small interest, the borrower must meet all the requirements put forward by microfinance organizations and follow the rules for processing. Each MFO in the Philippines has individual criteria, but in general, the client is required to:
- Be an adult. The borrower’s age is from 18 to 65 years, sometimes they give out loans only to persons who have reached 21 years of age.
- Have a stable, regular income that will allow you to fulfill contractual obligations to a microfinance organization.
- The borrower must have citizenship and permanent registration of the Philippines.
- The presence of a bank card, because a loan is often transferred to the card.
- Have access to the Internet through a computer or phone.
Many organizations engaged in lending activities offer their services to students, retirees, the disabled, unemployed as well as those who work without formal work contract. Requirements for each category of citizens may vary, but, as a rule, slightly.
What influences the loan rate?
The terms of cooperation in all lending companies in the Philippines are different, and the main differences relate primarily to interest rates. When issuing a loan at a small interest rate, organizations are guided by certain principles when setting interest rates. Namely:
- Frequency of appeals to lender. When you first apply to a microfinance organization, the percentage for using the loan will be slightly higher than when you reapply. Regular customers of each company note that with regular registration of microcredits, their interest rate decreases each time. Here it is important to comply with the conditions and timely return the debt, avoiding delinquency.
- The amount of loan. When borrowing a minimum amount of the interest is larger, but those who wish to take a large amount can count on a reduction in the rate.
- Crediting period. The longer you pay off the loan, the greater will be the overpayment. Consequently, with a quick return of debt, the borrower loses a minimum of his money.
- Credit history. If the borrower has established itself as a responsible and executive client, he is offered more favorable conditions for obtaining a microloan.
Perhaps there are other criteria, but those mentioned above are decisive and most significant.
Benefits of low-interest online loans with sure approval
Some advantages we have already mentioned in this article. In general, they look like this:
- low-interest microloan saves the borrower on overpayment of interest rates;
- saving time, since the processing and receipt of money occurs remotely;
- opportunity to get money in debt at any time of the day. Most microfinance organizations provide loans around the clock, and work even on weekends and public holidays, therefore, the borrower at any time will be able to quickly solve their financial problems;
- minimum package of documents;
- there is no need to confirm solvency, since most MFO do not require income certificates;
- convenient ways to obtain and repay loans at low interest rates;
- ease of processing and quick decisions on the issuance of microcredits;
- prolongation of the loan agreement is possible, in case the borrower cannot pay the loan body and interest within a specified period;
- in case of early repayment of loans with a small percentage, no additional fees are charged;
- with regular appeals to MFOs, the client receives certain discounts, bonuses and lucrative offers, which allow reducing the interest rate or increasing the size of the loan.
Loan comes to a card within a few minutes. Sometimes the waiting time can be about an hour, but, you see, it is better than waiting for a response from the bank for several days and then standing in line at the cashier to get money.