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Loans in Biñan, Laguna

Where to Get Loans in Biñan, Laguna?

Biñan, Laguna

Biñan is a first class city in the province of Laguna with over 335,000 residents. This city has become both a suburban residential community and a location of industrial estates and export processing zones. With this, Biñan was considered as one of the richest municipality in the Philipines.

Despite this, its residents prefer to build their careers abroad. They think working overseas brings better opportunities for their profession and family finances. However, there are instances that the remittance is not enough especially during financial emergencies. When this happens, an allottee loan is an answer.\

Where to Get an Allottee Loan in Biñan, Laguna?

The first person that comes to your mind during a financial shortage is your closest family and friends. They are your go-to buddy whenever you have problems. Yet, it has been proven that going to them for financial help causes relationship issues.

If you delay your payment, they’ll hold it against you. Aside from that, your friends and families have their own personal and financial issues to deal with too. You definitely don’t want to add that to them.

Also, you may turn to pawnshops for help, especially if you have valuables worthy for them. For example,  if you have a pair of gold earrings, you can pawn it for the right amount. You must keep in mind that going to pawn shops are risky. It’s important that you repay as scheduled to avoid losing your pawned items.

In addition, there are lenders popularly known to the Filipino’s as “5-6.” They are considered as loan sharks as they lend you money with a higher interest rate. As much possible, avoid these kinds of lenders.

Lastly, you can go to an SEC-registered lending company in Biñan, Laguna. It is safer and convenient. There is no possible relationship strain. You also do not risk losing your belongings. lending companies even offer affordable loans with reasonable interest rate.

How Does Allottee Loan Help

An allottee loan is a type of unsecured personal loan that’s not quite known to Filipinos. This loan is designed for OFW’s loved ones called as allottee. If you have a partner who works abroad and sends you monthly remittance, this loan is right for you.

An allottee loan allows you to borrow cash from a registered lending company. You can proceed with your loan application after you prove that you are a beneficiary of an OFW.

There’s a list of requirements that you need to submit first to let your lender identify if you’re qualified and has the capacity to pay. Typically, an allottee loan is a short term loan that does not require any collateral or a co-maker.

Allottee Loan Requirement of Lending Company in Biñan, Laguna

The basic requirements of an allottee loan are more about the OFW working abroad and your relationship to him/her.

  • Latest OFW contract with POEA validation

This document proves that your partner is legally working abroad to an employer.

  • OFW’s valid and latest OEC (Overseas Employment Certificate)

This certificate can be attained thru internet access and shows your partner’s present employer.

  • Valid passport

Your partner’s valid passport serves as his/her valid ID.

  • Working visa or Seaman’s book

When we say allottee loan, it includes OFW’s for land-based workers or seafarers. Their working visa proves that they are legally employed abroad.

  • Proof of Allotment

This proves that you are receiving regular remittances.

  • Proof of relationship to the OFW

It’s important for the lender to know your relationship with the OFW. If you’re the spouse, a Marriage Certificate is needed. If you’re either the child or parent, a Birt Certificate will do.

  • Proof of Billing

It’s definitely needed to prove your present address. Legal moneylenders will check if you are actively staying in one place.

  • Valid government ID

Your valid government ID will prove all the other documents you’ve submitted. It should contain your personal information without discrepancies.

The requirements for an allottee loan varies from lender to lender. Some only demand for the basics as stated above while others ask for more. Ensure that you have completed all the requirement correctly before you proceed with your loan application.

To ensure a faster loan process, you should get it from an online lending company. This means the whole process, from the start of the application to cash disbursement, is done online.

Simply sign up and complete the online application form. Upload the documents and wait for phone verification. There will be no credit investigator that will visit you. And since there is no collateral, the process is expected to be faster. Just make sure that you are dealing with a registered lending company before giving out your information.

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