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Personal Loans in Quezon City

How to Get the Best Personal Loans in Quezon City

Before we look into the personal loans in Quezon City, here are some facts. Quezon City is the largest city in the Philippines with over 3 million people. “QC,” as it is usually called by its residents, has an area of 15,106 hectares carved out of the towns of Mandaluyong, Pasig, San Juan, Marikina, Caloocan, and all the way to Rizal.  It is fast becoming the center of information technology, the entertainment industry, and money lending institutions to provide for the growing needs of its residents. 

The Growing Demand for Personal Loans in Quezon City

Loans are no longer just meant for “gipit” moments. People are now using loans to take their finances up a notch.

While we usually use loans to bridge financial gaps, many started using them to build their own businesses, renovate their homes for added comforts, learn additional skills, or invest in shares. Since there is a growing demand for fast cash loans, the money lending companies in Quezon City have shifted from traditional lending to online lending. Yes, you can now get a loan online without leaving the comforts of your home.

To be eligible for online cash loans in Quezon City, you must be at least 21 years old with a stable source of income. Employed, business owners, freelancers, and allottees can apply for their much-needed loans.  

Requirements to Get a Loan in Quezon City

People in Quezon City are eligible for loan applications if they can provide the following.

  • A valid government ID
  • Latest proof of billing
  • Proof of income (payslip or bank statements)

If you think you can’t meet these requirements, it is best to give the lender a call. Registered cash lenders usually consider secondary requirements to accommodate those who do not have the primary documents.

Quezon City Personal Loans Process

There are only three easy steps for an online application. 

Step 1

First, fill out the online application form. Supply accurate information to save processing time.

Step 2

Second, expect a call from the loan officers. They will confirm the documents you have submitted. 

Step 3

Lastly, claim the cash in your bank account an hour or a day after your personal loan is approved. 

Money Lending Company in Quezon City

Applying for a loan is now made easy for the people in Quezon City. But you should always check if the lender is registered. The Lending Company Regulation Act (R.A. 9474.) mandates all lending companies to be registered with the SEC. 

When looking for a lending company, you must consider the following:

  • License to operate

Every lending company has to register as a corporation in the Securities and Exchange Commission

  • Interest Rates

Banks are expected to have a lower interest rate. However, legit moneylenders offer reasonable rates too. Make sure that you use a loan calculator and compare first before you apply for a loan.

  • Requirements

The forms and documents required by licensed moneylenders are easy to prepare. Submit legal documents with correct information on time. Take note that they are prohibited from using your requirements and ATM cards as collateral.

  • Repayment schedule

Legitimate money lenders explain the repayment scheme clearly. This includes the amount, the interest rate, and the due date. If reluctant of your capacity, inform the lender. 

  • Products and services

Money lending institutions have a wide variety of offers. Shop around to know which best suits your needs. 

  • Lending process

A thorough explanation of the loan application is provided by legit money lenders. Legal lenders will be glad to answer your questions. Discussion between the lender and the borrower is a necessity. Once all the details are clear, you may sign the loan contract.

  • Secured

Borrower’s information safety and security are licensed money lenders’ top priority. All details are kept private. 

  • Marketing

Licensed money lenders do not abuse their customers. Their marketing strategies do not involve solicitation of upfront fees to secure loan approval. 

Loan Repayment in Quezon City

Legitimate money lenders strongly advise on-time loan payments. Whether you are paying in full or in installment, it is best to pay the right amount on the agreed date.

Do not feel intimidated when a registered lender gives you a call or sends a text to remind you about your existing loan? It is only understandable but keeps in mind that they want to ensure that you remember your due date. Add to that, it is an opportunity to clarify how you will repay the loan.

There are times when borrowers are too excited about their approved loans that they do not pay attention to the payment details. Some of them fail to pay on time because they do not know the payment procedure or where to pay the loan.

If you keep missing your loan payments, this will be reported to the credit bureau. The Credit Information Corporation (CIC) is mandated by R.A. No. 9510. This means a credit bureau will keep records of every borrower and the way they handled their loan payments. If you decide to get a loan from banks and other lenders, they will check your credit records to see if you are a good borrower. If you have delinquent records, you will not be able to get a loan again.

Qualified borrowers in Quezon City can process their loans online. It is faster than traditional lending. There is no need to personally meet the borrower. Once you get approved, your cash loan will be disbursed directly to your bank account. Just remember to settle your loan on time to keep your credit records squeaky clean.

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