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How To Get My Loan Approved In The Philippines

With the digital age, it’s evident that technology has definitely brought a lot of changes in the processes of working in every industry. Be it schools, the corporate world, or hospitals – almost all sectors, including banks and lending institutions, have most things automated.

With automation now being adapted by lending companies, the process of applying for a loan is faster compared to the traditional way of pen and paper. In other words, the loan application can now be done online in just under a few minutes. However, some applicants still get declined. So in this article, we’ll share some tips that may help free you from waiting for a few days in waiting for your online loan approval.

But first…

How has technology changed the process of loans?

Let’s have a quick look at how technology changed the lending process:

      Lesser Documents Required. Traditionally, lending companies or banks used to be strict with their documentation while the borrower had to fill out a hundred documents! Nowadays these lenders have a paperless system which can all be easily accomplished online by the borrower. 

      Quick Approval. Lenders understand that people apply for personal loans because the need for cash is urgent. This is why “instant loans” came under the limelight. So today, there are those that offer loans up to a certain amount within just a few hours. All you need to do is to submit the requirements online after which the lender will analyze your credit background. Once you are found to be eligible, you will be given the approval. It’s that simple! And the best part is, you can do this in the comfort of your home using your cellphone.

      Borrow anytime. As the saying goes, the internet never sleeps. As the competition in the market gets stiff, companies, including banks and lending institutions want to render their best services. One way of delivering the best services is making their online borrowing sites functional 24×7. This means you can simply borrow anytime you want since there is no need to wait for the banks to open physically. This makes it a perfect solution for night shift employees who are up during odd hours.

 

How To Get My Loan Approved In The Philippines?

How to boost your chances of getting your loan approved? Here are some time-tested tips:

 

Know Your Credit Score

Whether you plan to take out a loan or not, it’s always best to check your credit score standing. Make sure all your information is accurate, and that your identity hasn’t been stolen or compromised. It will also help you determine what to look for when a loan is offered.

Compare Lenders to Find the Best Fit

 

Is there a chance to borrow money even if you have a bad credit score? Well, the good news is, even if you don’t have a superb credit score, as long as you’ve chosen the right lender then you may still be qualified for a loan. Some lenders are more than willing to loan smaller amounts to those who are rebuilding their credit score.

Include a Cosigner or Collateral

You may already know that lenders in the Philippines can be cautious about granting loans to applicants with little or no credit history at all. This may be tough for those who have just started out their credit journey. Fortunately, this can be offset by adding a cosigner who possesses a good credit history, a good credit score, and a low debt-to-income ratio.

However, do note that a cosigner would be responsible for the repayment of the loan in case you are unable to pay it back, for whatever reason. So before considering a coworker, boss, or friend, make sure you share a mutually trusting relationship, especially with money matters.

Read also:  Benefits of Using Collateral Loans to Borrow Money in the Philippines

 

Where can I apply for a loan in the Philippines?

 

Now you know the ways on how to boost your loan approval, it’s time to breathe life into those goals of yours. Knowing how much you can afford for monthly payments is a must, but getting a reliable lending partner is also part of the equation. There are plenty of online loan providers in the Philippines, like Radioweath Finance Company (RFC) that guarantee a fast and paperless loan process.

RFC, as one of the pioneers of the lending industry in the Philippines, offers a wide array of Cash loan and Financing products. Thinking of a laundry, sari-sari store, or any SME business? RFC’s SME Business loan is the way to go!

In need of fast cash to boost your budget? Get the additional funds you need to pay for tuition fees, medical bills, home renovation, vehicle repairs, or to pay-off existing loans using RFC’s Personal Loans.

Do you need to beef up your business capital? Perhaps a vehicle, appliance, property, or equipment for your personal or business needs? RFC supports every Filipino entrepreneur by offering a range of financing solutions and flexible business loans.

Truly borrowing has never been made easier as all these loans can be applied for online, anytime, and anywhere. 

Read also: Different Types of Loans in the Philippines

Technology has made the entire lending process in the Philippines really quick, efficient, and smoother than ever. Because of these changes, Filipinos have started trusting lending institutions like RFC even more. And, a lot of people feel that these fast loans and approvals are a savior for them since borrowing and repaying can be done right at their fingertips.

Think about it. What could be better than being able to borrow and pay back at your convenience?  Now if you’ve finally said “YES” to your dreams and goals, put your worries at bay and apply for an RFC loan right now! 

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