For a fast cash advance loan in Philippines, go to Moneycat Philsos. This is the only bank that offers quick payday loan in Philippines. First loan at the 0,01% rate. For further repeated loan up to 13, 90% per month.
You may apply for a loan online, wherein there no need to fax any papers. Just filling up an application form with some of your personal information. Once you’re approved, moneycat Philippines will transfer the loan amount to your bank account. Your bank account usually has higher interest rates than the one at your home.
Online moneycat Philippines provides best loan services. You can search the internet to know more about this online service. There are many banks and financial institutions that are offering this moneylending services like Moneycat. So you should compare each one of them.
Before you apply for this, make sure you have a stable bank account and a checking account with a high credit limit. You also need to have a job that has a regular salary. Then you may apply by presenting your pay stubs and bank account statements.
You need to make some inquiries first. You can make the inquiry at the Better Business Bureau or you can visit online forums like Yahoo cashwagon online loan Philippines loan forums. In these forums, you can meet people who already made a loan using the moneylender. This is very effective to get the best and fair deal.
When you get the money, pay it back immediately. You should not leave the payment in your bank for two weeks. You have to make three payments – two from your bank and one from a moneylender. It can be paid in two installments every month. Make sure that the moneylender will give the money to you in one day. After you get the money, you should immediately call your moneylender to collect the remaining amount of interest.
Always remember that making money mortgage is very risky. It is much better if you borrow money from your relatives or friends. You should only borrow money that you can afford to pay back. Because when you fail to pay the money back to your moneylender, he can take legal action against you.
The interest rates will vary depending on the amount of loan and the financial institution you applied with. But the rate will definitely be higher than the usual rates. So it is important for you to make sure that the money is really worth it is just a scam. It is recommended to research first before taking any kind of loan from any source.
Before you apply for any moneylender in Philippines, you should have at least five working references. The best way to do this is through recommendations from your family and friends. Get their names, email addresses and phone numbers. If you don’t have enough references, you can visit the website of the Fair Credit Reporting Act (FCRA) and visit the three government agencies called TRAC, TransUnion and Equifax to check your credit history. This will help you determine the legitimacy of the moneylender.
Once you get your reference, your next step is to check their past history. Call the references provided and ask them about the company, the process of application and the terms and conditions of the loan. Be sure to check whether they are really licensed to provide the service in the Philippines. You can also call the Better Business Bureau to verify if there are any complaints filed against the moneylender.
After your research is completed, you can compare the interest rates offered by the moneylenders in the Philippines. You should get a clear idea of how much money you can borrow, at what interest rate and monthly installment. Some loan providers give you the option to get an installment facility instead of paying all in one lump sum. This type of service is more expensive than the regular loan.
Always look for moneylenders that offer installment facility and affordable repayment terms. You may not be able to pay all in one go. Hence, there will be a continuous cycle of payment until you finish paying off the whole amount. Look for one that offers flexible installment plan as this will be easier on your pocket. Compare a few of the money lenders to choose one that offers the most reasonable and convenient terms.
Finally, remember that even if you get a loan from a legitimate moneylender in the Philippines, it is not always easy to recover your money when you become unable to pay your loan. Try to negotiate with the moneylender and come up with a payment plan that will help ease the burden of your finances. In cases where your financial condition does not improve for a few months or years, you can opt for an unsecured personal loan. Just ensure that you repay your money promptly so that your credit score remains positive.