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Monday, February 08, 2016

Quick Cash Loans for OFWs and Fast Cash Loans for Everyone

CLICK THE IMAGE IF YOU ARE LOOKING FOR A LENDING COMPANY THAT YOU CAN APPLY ONLINE.

In cases of emergencies and we are thinking to invest over something, we need some fast cash loans, or quick cash loans. Here are the banks that can give us some options for cash loan and their corresponding interest rates. 

Quick and Fast Cash Loan option especially for OFWs
Bank/Lender: BDO Unibank
Loanable Cash Amount: 10,000 to 500,000
"BDO offers Personal, Home and Auto Loans to OFWs through its Asenso Kabayan Program. Borrowers should at least be 25 years old but not more than 65 years old upon the maturity of the loan. You should be employed for at least 2 years abroad for skilled workers, and at least 3 years for domestic helpers taking home at minimum P10,000 gross monthly for Personal and Home Loans, and P50,000 per month for Auto Loan.

Borrowers can submit their application to callcenter@bdo.com.ph. You must also have an initial minimum deposit of P100 for peso account and $100 for dollar account to qualify for the loans. All forms can be downloaded at www.bdo.com.ph."
Bank/Lender: BPI BANK OF THE PHIL. ISLAND
Loanable Cash Amount: Up to 3x of gross monthly income, ranging from 20,000 up to 1 million
Loan Terms: 12 months, 18, 24, 30 or 36 months
BPI grants Personal Loan, Housing Loan and Auto Loans to OFWs working abroad for at least 2 years and earning a minimum of P30,000 per month for Personal and Auto Loans, and a minimum of P40,000 for Housing Loans. Borrowers should be at least 21 years old and not more than 60 years old upon the maturity of the loan. You must be physically present at the BPI branch to sign the loan documents once it is approved. To apply online, visit www.bpiloans.com.
source: www.imoney.ph/
For non-OFWs and those currently residing in the Philippines please check the link and options below.

EXAMPLE: IF YOU BORROW A SMALL CASH LOANS WORTH P200,000 and you have a monthly income of P30,000 AND YOU WISH TO PAY IT IN THE NEXT 3 YEARS, or 36 months, here are the computations on different banks. We recommend, BPI, because the interest rate is cheaper. 
Approved loan amount up to ₱1,000,000.00.
Interest rate: 11.76%
Monthly repayment
₱ 7,515
36 months

Approved loan amount of up to ₱1,000,000.
Interest rate
13.20%
Monthly repayment
₱ 7,755
36 months

Approved loan amount up to ₱2,000,000.
Interest rate: 14.40%
Monthly repayment
₱ 7,955
36 months

Fast approval! Only five working days after you submit your documents.
Interest rate: 15.00%
Monthly repayment
₱ 8,055
36 months


Approved loan amount up to ₱3,000,000
Interest rate
15.00%
Monthly repayment
₱ 8,055
36 months



Apply now and get approved the next day!
Approved loan up to P2,000,000.
Interest rate: 15.59%
Monthly repayment
₱ 8,153
36 months

Approved loan amount up to ₱1,000,000.
Interest rate: 16.67%
Monthly repayment
₱ 8,333
36 months

Approved loan amount up to ₱1,000,000.
Interest rate: 16.80%
Monthly repayment
₱ 8,355
36 months

Approved loan amount up to ₱1,000,000.
Interest rate: 18.00%
Monthly repayment
₱ 8,555
36 months

Easy payment terms up to 36 months.
Interest rate: 18.00%
Monthly repayment
₱ 8,555
36 months

Approved loan amount up to ₱1,000,000.
Interest rate: 20.28%
Monthly repayment
₱ 8,935
36 months

Approved loan amount up to ₱2,000,000.00.
Interest rate: 20.28%
Monthly repayment
₱ 8,935
36 months
Get additional rebate or savings when you make excess or advance payments.
Interest rate: 21.00%
Monthly repayment
₱ 9,055
36 months

Approved loan amount up to ₱2,000,000.
Interest rate: 22.68%
Monthly repayment
₱ 9,335
36 months

Personal Loans in Philippines - FAQ

If you have short-term money needs, a personal loan can be the answer. With no collateral needed, you can easily apply for a personal loan at any bank in the Philippines. To learn more about the basics of personal loans, we've compiled this FAQ for your convenience.

What is a Personal Loan?

True to its name, a personal loan is a loan for any personal expense. Unlike a housing loan or a car loan, you can use a personal cash loan for anything you want, be it tuition fees, travel, or anything else.
There are two types of personal loans available: secured and unsecured. A secured personal loan requires collateral, such as a house or car, to back the loan. For unsecured personal loans, you don't need to put up any kind of collateral. Unsecured personal loans are much more common in the Philippines, though secured loans are also available.

How do Personal Loans in the Philippines work?

When oyu take out a personal loan in the Philippines, you enter into an agreement with the lender (usually a bank) and promise to repay your loan over an agreed length of time. If you're taking out a secured loan, you will also need to put up a collateral.
To repay your personal loan, you make monthly payments for the loan tenure until you've fully repaid both the principal of the loan and the interest. During the early years of the loan, the majority of your monthly payments will be used to repay interest, however, as time passes, a larger proportion of your payments will go into paying down the principal.
Rates vary from bank to bank. For example, a Security Bank personal loan has an effective interest rate of 29.48%, while a BDO personal loan has an effective interest rate of 26.62%. For the latest rates, use our personal loan calculator.

How Do I Use A Personal Loan Calculator?

All you have to do is to specify the amount and period you want to clear the payment of it in the various available fields. The online calculator will then make it easy for you by providing suitable loan packages that are available on the market, and the monthly amortizations for each one. It is worth noting that the best rates will feature at the top.
If you wish to sign for a personal loan you will then click on the "Apply" button.

Loan Terms


Collateral:
This refers to the asset the borrower pledges to a given lender in order to secure a loan and this will be impounded by the lender in case of default in payment of the loan. The case in Malaysia particularly for the islamic personal loans don't require the need for a collateral.


Early settlement penalties:
The fees that the borrower will have to pay in the event that he/she settle the loan at an earlier date from the one specified on the loan agreement. This is usually estimated as a percentage of the initial loan amount.

Guarantor:
This is a person who agrees to be liable for the payment of a loan in the event that the borrower will not be in a position to pay it in time.

Late Payment Charges:
This is the fee which the bank will charge you in the event of you not paying your loan in the agreed time schedule. For example, for BPI personal loans, late payments are charged 5% a month.

Loan/Financing Tenure:
This refers to the period for a certain loan. At the end of the loan tenure the borrower is supposed to have cleared the loan taken.


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