How to Get the Best Personal Loans in Marikina City
Before we discuss the loans in Marikina City, here are some fun facts.
Marikina City was a lush valley bounded by mountain ranges and sliced by a river when the Augustinians first arrived. Now, it is a first-class urbanized city in Metro Manila. It’s known as The Shoe Capital of the Philippines, with an estimated population of 600,000. The City of Marikina is one of the wealthiest local government units in the Philippines.
As the city gets develops, more needs among the residents also arise. A cash loan is a handy tool for both business necessities to personal desires. Fortunately, the residents of Marikina City can now get legit online loans.
Requirements for Personal Loans in Marikina City
Everybody experiences a financial crisis, and the residents of Marikina City are not exempt. A loan application is one of the best options to bridge the financial gap. Here are the tips to follow to secure your loan approval.
Lenders need their borrowers to provide legal documents. They will assess if the information you submit is not falsified. There should be no discrepancies for a higher chance of approval.
Also, the submitted documents, like your valid ID, should match the information you wrote in your application form.
Permanent Address and Reachable contact numbers
The borrower’s location, as well as your contact numbers, are essential. Then, the lenders will verify this information and try to reach you to confirm your application or ask for more documents. Therefore, your contact numbers should always be active. It will prolong the loan process if the lender cannot reach you.
Stable source of income
A stable job provides a steady income. It means you can pay your loans on time with your income. In addition, it will give a higher chance of approval.
You can still apply if you are unemployed but receive a monthly remittance. Also, you can use your bank statements or proof of remittance as proof of income.
A loan calculator is vital for the borrower and the lender. It computes how much you will have to repay for your loan. Also, it includes the length of it will take to repay the borrowed amount. If you choose a loan amount that fits your capacity to pay, your loan application can easily get approved.
How to calculate your loan in Marikina City
Lending companies in Marikina City use loan calculators. It computes how much the borrowers need to pay and the installment amount. In addition, it can include the principal loan amount, interest, and payment dates. Therefore, if you use a loan calculator before applying, you will have an insight into how much you can easily borrow and pay.
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Credit History in Marikina City
Your credit information and payment habit are recorded as your credit history.
R.A. No. 9510 mandates creating a comprehensive, centralized, and reliable credit information system in the Philippines.
Here’s how it works:
When your loan gets approved, the lending company Marikina will be required to report your name, loan amount, interest, and loan payments to the credit bureau.
If you apply for a new loan from another lender or a bank, this new lender/bank will get your credit records from the credit bureau to know how well you paid your past loans.
Now, if you try to buy to get a car loan or a housing loan, the banks will surely look into your past loans and credit card payments. If you have a negative credit history, you will be rejected. You cannot purchase your dream car or secure your target house unless you can pay them in cash.
If you have been getting a loan from an illegal lender, they will not report you’re good payment habits to the credit bureau. Unfortunately, this means they will not help you build a good credit history.
Legal Cash Lending in Marikina City
Beware of lurking unregistered moneylenders. They charge high-interest rates and use unscrupulous ways to collect money from you. Marikina City’s legit online lending companies have the following characteristics.
Moneylenders must have a clean track record and a reputation. Look for the moneylender’s SEC registration number. A respectable money lender must be duly accredited to be recognized by the law.
Additionally, it should have been in the industry for a few years. Finally, it will show that it can thrive because many clients trust them.
No hidden charges and low-interest rates
Loan sharks offer outrageous interest rates. On the other hand, legitimate money lenders avoid sky-high interest rates and keep their fees competitive. Analyze the loan contract if there are hidden fees and fines.
Banks have rigid rules and regulations for emergency loans Philippines. Application forms and document submissions are needed. Also, a good credit score is a must-have for aspiring applicants. If one of these fails, it might turn down your request.
However, unlike moneylenders, policies are relatively relaxed. Even though you have a bad credit rating, you can still get approved, though expect a lower loan amount initially. But if the loan application process is too easy without any requirements, you could deal with a loan shark.
Versatile terms and conditions
A workable term repayment schedule attracts borrowers. You are on the right track if your lender offers negotiable and reasonable terms. On the other hand, you borrow from a loan shark if the lender doesn’t care about the repayment term.
Choose the Right Lending Company in Marikina City
Cash Mart is an SEC-registered online lender offering various online loans to those who live in Marikina City.
You can take out various loan products and services. For example, you can apply for a Salary Loan, Multi-purpose Personal Loan, Car Loan, and OFW Allottee loan. These loans have flexible payment terms to meet your needs. For example, you can repay weekly, every two weeks, or monthly.
You can choose the monthly term if you receive a monthly remittance from an OFW. Or, you can have the bi-weekly payment term if your salary is every two weeks.