Sure Approval Loan in the Philippines - Collateral and Non Collateral Lending Companies
So what comprises a scenario for a sure approval loan? In the
Philippines, the lending business industry is composed mainly of 4 major
It may be a bank, private lending company, private financiers and
individuals who invest is small yet quick cash loans in the form of 5-6
(loan shark) and ATM loan.
In order to achieve sure approval of your loan application, you have to comply with all requirements regardless of which provider you go for. Furthermore, assurance can only come if you meet certain pre-qualifying guidelines and can provide the right and complete documentation. The key here is to get the best loan agent to assist you. He or she must know the way in and out of the type of loan you are applying for. You can read a short guide on how to get approved of your loan application fast by visiting this page.
If you ask me which among these will guarantee you a higher rate and the assurance of getting a loan application approved, I would go for the individual lenders. Although they usually offer small amounts, it is easier for people to pay them in staggered basis in super low daily amortization rates. If you are the type who goes for lowest interest rate, a loan from a bank will be best fit for you. On the other hand, if you want a bigger amount to loan, a private lending company is good enough but with a slightly higher interest compared to a bank or a private financier. The latter is that which lies somewhere in between all the offers your can get out of a sure approval loan in the Philippines.
4 Types of Sure Approval Loan Providers in the Philippines
Believe it or not, only these 4 lenders can give you the benefit of applying for fast loan in the Philippines. If any of these fail, the only way to get one is thru individual close relatives or friends. Otherwise, you get none at all.
- Individual Lenders - Of these 4 players, it is always
easiest to go for individuals (the loan shark type also known as
Bumbay). These vendors offer fast process with hassle-free yet
easy-to-produce and sometimes no documentary requirements at all. The
only requirement most of the time is just to accept the simple terms - a
whooping 20% interest rate with advance payment.
- Private Financiers
- They are usually individuals too and may comprise of 2 or more people
but without a formal incorporation document. The difference between
them and an individual lender is that private financiers usually have a
system and rules and regulations and may have simple guidelines to
follow in order to qualify to apply and get a loan. They too offer less
hassle with the application process but may offer a slightly lower
loanable amount to protect their business and capital. They usually
don't need a DTI business permit or mayor's permit to operate but they
employ the use of documentation and may use legal aid if collateral loan
is involved. They are easier to talk and is more flexible with terms
- Private Lending Companies - These types of loan vendors usually have business documentation. They go for legal documents and would only offer to qualified individuals, business owners, corporations and partnerships looking to get quick cash sure approval loan. Although they have standards with respect to requirements, they may offer fast loan in the form of both collateral and non collateral loan. These loans come in the likes of a seaman loan, doctors loan, OFW loan and car loan.
- Banks - While these vendors are the most-approached due to their very low interest rate offer, they usually offer the longest processing time for loan applications such as what I've mentioned above. This type of provider is where big and small businesses would go because of the reason that investments are useless if you try to get your capital through a loan that gives high interest. Individuals who apply for personal loan feel the same. If you ask for a comparison, currently, it is Security Bank that offers the lowest interest rate for both collateral and non collateral loan products including personal loan. They also offer the longest loan payment term and fastest sure approval loan for officer seafarers based from my own experience. Security Bank also offers a lower interest rate, longer mortgage payment term and low equity value with respect to real estate collateral loan based from their website loan calculator.
3 Simple Tips that Will Help Guarantee Sure Approval Loan
If you think you know everything that it takes to help you assure and secure an approval of your loan application, pause just yet. You might be missing something along the way and it could be a crucial part that may cause you to get disapproved or declined of your loan. So I came up with tips that will help you get a guaranteed sure approval loan application.
- Pre Qualify - it is very important to know if can get in the loan program. If so, you must not waste any time and proceed to the next in line. Providers have different ways and means to know if you are legible to apply with their loan program so you have to make sure to know if you are in prior to submitting documentary requirements. This is the most important first step.
- Sufficient and Complete Requirements - in all scenarios, only those borrowers with complete and right set of documents can get sure approval of their loan application. Don't worry if you can't produce the exact document because there will always be an alternative. If there is no way to get in, then that's the time to move on to the next.
- Authenticity of Documents - don't fake, falsify or tamper any document or requirement to be submitted to the lending company. This will just jeopardize your application. Furthermore, please realize that this case is punishable by law.