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 instant 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. To get your loan approved, here are tips to follow.
Lenders need their borrowers to provide legal documents. They will check the data and make sure it’s not falsified. There should be no discrepancies for a higher chance of approval.
Also, the submitted documents 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. Your contact numbers should always be active. The loan process will be prolonged 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. This 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 your proof of income.
A loan calculator is vital for the borrower and the lender. It shows how much you will have to pay and how long 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. The principal loan amount, interest, and payment dates can be included. If you use a loan calculator before applying, you will have an insight into how much you can borrow and pay with ease.
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Credit History in Marikina City
Your credit information and payment habit are recorded as your credit history.
In fact, 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 will not be able to buy your dream car or 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. This means they will not help you build a good credit history.
Legal Cash Lending in Marikina City
Beware of unregistered lenders. They charge high-interest rates and use unscrupulous ways to collect money from you. Marikina City’s legit lenders have the following characteristics.
Moneylenders must have a clean track record and a reputation. Look for its 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. This will show that it can thrive because it has many clients trusting 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 if there are hidden fees and fines.
Banks have rigid rules and regulations for personal loans. Application forms and document submission are needed. A good credit score is also required. If one of these fails, your request might be turned down. 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 at first. But if the loan application is too easy without any requirement, then you could be dealing with a loan shark.
Versatile terms and conditions
A workable term of repayment schedule attracts borrowers. People apply for a loan to overcome financial issues. You are on the right track if your lender offers negotiable and reasonable terms. If the lender does not care if the repayment term suits you, you are borrowing from a loan shark.
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 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. You can pay 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.
Try the best online loan services today at Cash Mart!