Choosing the money lender: bank or microcredit company?

When it comes to lending money, a person faces a choice of the money lender. Much depends on this choice. We recommend you reading this article in order to understand the benefits and disadvantages of both institutions. Only possessing the accurate knowledge, we can make the right choice, which in turn will facilitate the good outcome.

The benefits of the quick loan from microcredit company

There are many positive sides of the microcredit company. Let’s stop our attention on the main ones. The main advantages of a microfinance organization:

  • applications are accepted around the clock, submitted via the Internet;
  • your request will be reviewed within a few minutes after its submission (in many cases the maximum delay is 1 hour);
  • it is not necessary to provide a voluminous package of documents, just an identity card;
  • to receive funds, no new card is required, any that you already have will do;
  • you can become a regular customer and enjoy convenient programs of discounts and lucrative offers.

Many Filipinos, because of their difficult financial situation, draw up loans in banks and do not pay them. As a result of such gross violations of the loan agreement, banks make corresponding marks in the credit history of an unscrupulous client. This means that in the future this person will most likely be denied of crediting.

Do not try to hide from the bank employees the details of their previous transactions. Banks will carefully check you in various ways. Although, however, many MFIs are willing to provide loans to clients with any history of previous loans, the likelihood of refusing assistance is minimal.

What exactly do banks check?

Before issuing a loan to a client, any bank verifies (verifies) the data specified in the application. Check the employment of the future borrower and other personal information of the client through independent data sources. To this end, banks cooperate with various organizations, such as:

  • credit and address bureau;
  • various enterprises;
  • internal databases of individuals;
  • various “black lists” and not only.

A mandatory part of the borrower’s identity verification process is the pinging procedure. It is necessary to verify the name, address and residence registration, date of birth and other personal data of the client. Bank managers use telephone numbers that the customer provides on their own.

If a banking institution refuses to help, use the services of the MFIs and get guaranteed microloans without refusing to your personal account. For example, fast loans are provided online by bank with fastest loan approval in the Philippines. Spend 15 minutes of free time on an application and receive credit money on a bank card within an hour. Working in this sphere, we understand that when it comes to the question of lack of money, the speed of reaction is of vital importance. As in many cases, people ask for money in emergency situation when every minute is important.

When choosing the money lender, find the one who cares about his clients and offers the best conditions.

Where to get loans instantly without refusal and check of credit history?

Do you need to borrow money for short-term use? It is customary to apply for loans at a bank, but what to do if there is no time to collect papers, and the amount required is completely trivial? More and more banks are refusing to provide a microcredit service to Filipinos. But even if you manage to find such a bank, get ready to spend a lot of time on processing the transaction.

It is possible to get microloans online to the credit card without refusal, without checking, instantly, without leaving home, using the services of MFI providing loans for up to 1-2 months.

How to choose a reliable lender?

Fast cash loans are provided by various funds registered as legal entities, various partnerships and private individuals. Credit money can be transferred not only to the card, but also to the electronic wallet. Go to the lender’s office in person to get cash, or order courier delivery to your home. Read about the financial system of banking operation here

How is a microloan issued? Before you make microloans without refusal, without checking, instantly familiarize yourself with the procedure for processing a loan.

  • First, decide on the creditor company. When choosing, pay attention to the interest rates that the organization offers to its customers. Given the interest, calculate the total amount that the MFI will take, and compare it with other companies. To do this, use a convenient online calculator, which is almost always located on MFI sites.
  • Fill out the application form / application on the site of the selected lender and wait for its consideration. After that, the loan online without refusal, without verification goes to your specified account.

Despite the fairly democratic conditions of the MFIs, for some Filipinos the services of these organizations may be unavailable.

Requirements of microfinance organizations: credit denial

The most common reason for denial of a loan is the provision by the client of inaccurate information about themselves. If in the online questionnaire you have indicated obviously false data – wait for failure. MFIs use the same client verification methods as banks. It is better to avoid annoying typos, otherwise the creditor company will consider you as a frivolous client and refuse to grant a loan.

Microfinance organizations often resort to the help of a credit bureau to verify its borrowers. Some money lenders may refuse credit because of your poor credit history. To avoid wasting time, check with this manager of the microfinance company.

The loan will not be given to those citizens of Philippines who have already applied for help to the MFIs and have not fulfilled the terms of the contract (for example, they did not pay the loan at the right time). Therefore, in order to get an online loan to the card, take care of paying all existing debts to the MFI or banks.

Interestingly, the micro finance company may refuse to issue a microloan to citizens who are owners of dubious accounts in social networks. They will be denied to members of radical online communities, people leading the propaganda of violence. Is your profile is littered with dubious photographic materials (for example, where are you intoxicated)? Do you have a tendency to gamble, and is it somehow displayed on your page? Expect a possible denial of credit. Often, they also refuse to those who have already committed themselves with credit obligations at once in several organizations.

Easy way for Filipinos to borrow cash for a short period of time

Taking care of the customers, money lending company KreditPintar has developed a loyalty program for new and regular customers. Each person has an opportunity to find special propositions, discounts and offers considering the needs. Referring to the official website of the company, you will learn about all promotions, and also find out for yourself whether it is possible to pay a loan by the contract number. In addition, new promotions and propositions are constantly activated, which help to save money.

Why can they refuse to lend?

You can receive a negative response to the application if the data you provided is not reliable. And:

  • Impaired age limits, under 18 and over 75
  • Not a citizen of Philippines
  • There is no regular income
  • No bank card

Remember that online lending is fast, convenient and secure. Due to the fact that all operations are performed via the Internet, there is no need to visit financial institutions and spend your time on it. Repayment of a loan online has several advantages, in addition, in the page of personal account, it is always possible to monitor the situation, check the amount to be paid. You can pay in installments during the loan period. Choosing KreditPintar, you get new opportunities:

  • Loan term from 7 to 65 days
  • Low interest rate
  • Special offers for new customers
  • Online transfer to your bank account
  • Without intermediaries
  • High level of trust and loyalty to regular customers
  • Comfortable personal account

A successful western model of crediting is now in our country. Today you can borrow money quickly without collateral and guarantors. We also plan to increase the credit limit. No income statements, any credit history and money for any needs will be in your pocket. It remains only to use the loan funds and modernly pay the loan online by the contract number.

Which money lender to choose? 

Thousands of grateful customers trust our company. KreditPintar is positioning itself as a reliable service, where you are waiting for fair conditions of loan processing. There are no hidden payments and additional fees, there is a loyalty program and promotions. There is an official license to provide lending services, so our customers are confident in their security. You can repay the debt in any way convenient for you, including paying a loan online from the card.

  • Favorable conditions for microcredit
  • Possibility to prolong payments
  • Loyalty program: to beginners – 50%, with the second appeal – 25%
  • Lending 24/7
  • Just repay – pay credit from the card
  • Personal data protection and storage responsibility

After reading this article, you have learned how to get a loan quickly, whether it is possible to pay a loan online, what are the terms of microcredit and much more. We will be glad to see you among our customers if you need cash loan Philippines sure approval. We don’t care why you need the money, we are here to help you in happy moments and support you in hard times.