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Best Loans in Malabon City

How to Get the Best Loans in Malabon City

Want to get to know about the loans in Malabon City? Get to know some fan facts first. The City of Malabon is one of the 1st class highly urbanized cities in Metro Manila. Situated in the Northern Sector of Mega Manila, Malabon City is a traditional fishing village traversed by a once navigable river system. 

As the city progresses, so are the livelihood and lifestyle of every resident. Thanks to the residents who have started their small to medium enterprises (SME) the economy has always been teeming. 

Fortunately, there are micro-lending companies in Malabon City which help entrepreneurs with their personal and business needs.

Introduction to Cash Loan in Malabon City

Malabon City’s people seek financial help from money lending institutions. This is your best option when you want extra cash for emergencies, your home renovation, travel, or capital for a business. 

Your families and friends can’t always help you. They have their own financial problems to face. And they can only let you borrow the little extra cash that they have.

On the other hand, banks offer loans, but it is a tedious process. It takes a few days up to weeks. Then, you will not even receive any message if you get declined. In case you get approved, it could still take a few days to get it disbursed. 

Your top choice is an online lending company because they solely focus on lending quick cash. This means it has a faster processing time. More importantly, it is accessible and has affordable rates. 

Must-Know Requirements to Get a Loan in Malabon City

Several money lending companies are available in Malabon City. You don’t need to rush your application. Know first if you are qualified and identify if your approval rate is higher than your rejection rate. The following helps you how to get approved.

Eligibility requirements

Assess yourself and know what you actually need because there are different loans to choose from. Each cash lending company has its own set of eligibility requirements. 

Once you know what loan fits you best, check if you think you can qualify for the requirement. If you don’t, then, you may look for other lending companies that offer you need.

Legal documents

Your documents must be legal. Check it first before you submit because lenders will verify everything. If you falsify your documents, expect outright rejection. Prepare your valid paperwork ahead of time to ensure a faster and more seamless process.

Exact address

Your current and permanent address should be reflected in your billing statement. These prove where you actually live. It is only natural for lenders to verify where you are actually and if you have been living there for quite some time.

Contact numbers

Money lenders require character references. Communication with your reference helps in verification. You must notify them about your loan application and inform them that it won’t take much of their time. Talking with your character reference will give the lenders an idea of your character. This is important since online lenders do not conduct personal credit investigations.

Source of income

A steady job means a steady income. This certifies your repayment capabilities. Having a job proves you can settle on time and have a higher chance of approval. But if you’re unemployed, don’t worry. You can still apply and get approved. Just show an active bank statement from six months to one-year income. You can also use proof of remittances if you have been receiving cash from your OFW/seafarer relative.

Credit report

A credit report from the credit bureau shows your paying habits. Banks and lending companies usually check this before deciding about your loan. If you missed payment from a previous loan or have unsettled bills, it will be reflected in your credit history thus alerting your lender. This will have a negative impact on your application. You can resolve this by paying your balance. 

Banks naturally decline applications if you have a defaulted loan and bills. Online lending companies may still approve your loan but with a lower loan amount. This can increase if you pay your first loan on time.

Loan calculator in Malabon City

In Malabon City, a loan calculator is their best tool in computation. Because it shows how much is needed to pay, including the interest and the principal amount and it shows payment dates. Distribute your funds wisely by including daily expenses and repayment.

You must learn how to use a loan calculator. It will guide you on how much your monthly payment will be and how long it will take to repay the borrowed amount. You can also oversee your finances and allocate a budget. 

How does credit rating work?

Not all citizens of Malabon City know that credit rating exists. A credit rating estimates your ability to fulfill financial commitments based on your previous financial transactions. 

When you borrow a loan from a bank or a direct lender, these institutions will have to report your credit information to the credit bureau. This is actually mandated under Republic Act No. 9510 (Credit Information System Act).

Your credit report includes your name, TIN, SSS or GSIS numbers, residential address, employer, and business. It will also contain all of your loan contracts with lending institutions, insurance, defaulted credit card details, utility subscriptions, civil cases, and other obligations.

Every time you apply for a loan or credit card, the bank and lenders will get your credit report from the credit bureau. They will check how well you handled your past loans and credit card bills. 

Based on your credit report, the lender/bank will give it a credit rating. 

The higher the rating, the better the chance of getting approved. 

If you have a good credit rating, it shows that you’re a low-risk borrower. Apply only to lending companies after you have done your comparison and research. 

How to Get a Better Credit Rating in Malabon City

There is no other way around it: Be a committed payer. 

Lenders notify you when your loan is almost due. If you lack funds, inform them ahead of time. Your repayment schedule can be adjusted. Modifying a repayment scheme is better than being tagged as the negligent payer. But the best way to have a good record is to always pay on time.

Small loans are better as long as it is repaid on time. It will help you recover from a bad credit report. Though it may take longer, it has a good impact on your score. 

Lastly, avoid nonpayment. Nonpayment means a default in your credit. There are terms wherein a missed payment is defaulted, while others take three to four missed payments. The point is never missing a payment. 

Malabon City is one of the most populated cities in Metro Manila where the residents can apply for a loan anytime. Check yourself if you’re qualified for a certain money lending institution. Know the proper computation of your repayment. And lastly, manage previous dealings to succeed in future financial plans. Compliance will lead to your quick cash approval. Whether you have personal or business cash needs, getting a loan will surely help you get back on track.

You can build a better credit rating by getting a loan from Cash Mart!

Cash Mart is a registered lending company that partners with credit bureaus. Once you pay your loans on time, your good payment behaviors will be submitted to give you a positive credit report. You can use the good credit ratings when you finally apply for a car loan or a housing loan from prestigious banks.

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