They Find Ways: How to Apply for a Personal Loan with BDO

“We find ways,” according to BDO, one of the biggest banks in the Philippines. True to its word, BDO offers various facilities to help every Filipino in case financial difficulties or simply for additional funds. One of the loan facilities offered by the bank is Personal Loan.

The facility can be used for variety of reasons like medical emergencies, travel, home upgrade or renovation, purchase of appliance or gadgets, health and wellness, debt consolidation, payment for tuition fee, and other personal expenses but you fell short of cash.

Features of BDO Personal Loan

  • Loan Amount: minimum of P10,000 to a maximum of P999,999.00
  • Loan Term: Payable in 3 (unsecured), 6, 12, 18, 24, and 36 months
  • Interest Rate: varies, depending on the loan term. If payable within six months, interest rate is at 1.3 percent. For 12, 18, 24, and 36 month-loan term, the interest rate is 1.25 percent.
  • Cashout Method: Credited to your BDO account
  • Payment Method: Auto-debit arrangement, issuance of post-dated checks, over-the-counter payment, SM Bills payment, and BDO online and phone banking
  • Late Payment Penalty: 7 percent of overdue amount
  • Early repayment is allowed with corresponding Early Termination fee
  • No loan processing fee

Requirements

  • At least 21 to 70 years old
  • Minimum Gross Annual Income of P120,000 for salaried employees and P400,000 for professionals and self-employed individuals
  • Residence or office must be within BDO serviceable area
  • With mobile phone and at least one landline in the office or residence
  • Photocopy of at least two valid IDs with photo

Additional requirements:

  • For salaried employee, must be staying with the present employer for at least one year
  • For self-employed, must be a sole proprietor or majority part-owner of the company that is operating for at least two years
  • For professionals, must be in private practice for at least one year

Proof of Income

  • For salaried employees, photocopy of the latest BIR Form 2316 signed by employer’s representative AND photocopy of latest payslip OR original Certificate of Employment showing length of service, status, and a breakdown of compensation
  • For professionals and self-employed, photocopy of registration of business name, DTI (sole proprietorship) or SEC (partnership or corporation) registration, photocopy of latest ITR, audited financial statements for the past two years, and photocopy of bank statements for the last six months (optional)

How to Apply for BDO Personal Loan 

  1. Fill out BDO Personal Loan application form. You can download it through BDO website or request a copy from any BDO branch.
  2. Submit the application form together with the requirements listed above.
  3. Wait for seven to 10 working days loan processing. If approved, you will immediately be informed of the status of your loan application and proceeds will be credited to your BDO account.

Tips in Applying for BDO Personal Loan 

  • Submit all requirements needed by BDO. This will make loan processing faster if the documents needed by the bank is complete.
  • Make sure you don’t have existing bad credit or unpaid loans. Existing loans are fine as long as it is being paid regularly. On the other hand, loans that are unpaid or past due is a big no-no for BDO and could cause rejection of your loan application. Pay bad credit to increase your chances of approval.
  • Your proof of income is vital. Make sure you can prove to BDO that you are capable of paying the loan despite existence of other expenses.

Take note that the post discussed BDO Personal Loan only, which is DIFFERENT from BDO Kabayan Program, a loan facility that specifically targets OFWs. The BDO Kabayan Program will be discussed in a separate post. 

A Simple Guide on How to Apply for BPI Personal Loan

First of all, congratulations. You’re doing a good job in your work in order to provide a better and comfortable life for your family. Apparently, it’s not easy to make ends meet and ensure that every bill that comes to your doorstep will be paid while mouths are well-fed. In some cases, your supply of cash will fall short – and that’s okay.

In case you need cash to pay for your child’s tuition fee or medical bills in the hospital, BPI is there to help. One of the oldest and most stable banks in the country, BPI offers a type of loan facility that will help fulfill your financial needs while offering a competitive rate. The BPI Personal Loan is multipurpose loan designed to fit your personal needs such as home improvement, medical, education, purchase of appliance, travel, or anything business-related.

Features of BPI Personal Loan:

  • Loan amount: minimum of P20,000 to maximum of P1 million
  • Loan Term: Payable within 12, 18, 24, 30, and 36 months
  • Interest Rate: 1.20% (fixed for the entire duration of the loan)
  • Cashout method: Credit to your BPI-nominated account
  • Payment method: Automatic debit from your BPI account on the designated schedule
  • No pre-termination penalty and fees
  • P1,500 one-time processing fee, which will be deducted from loan proceeds

Requirements:

For Employee / Professional

  • Government-issued ID with photo (check out this list of acceptable IDs)
  • At least three-months worth of payslip and/or latest ITR (BIR Form 2316) with BIR or bank stamp

For Self-Employed

  • Government-issued ID with photo
  • Latest Income Tax Return (BIR Form 1700 / 1701)
  • Audited Financial Statements for the last three years
  • SEC Registration or DTI Business Permit

Overseas Filipino Workers

  • Government-issued ID with photo
  • If agency-hired, Employment Contract with boarding date OR POEA contract
  • If direct hire, latest and three months-worth of remittance; latest and unexpired POEA validated OR latest POEA Overseas Employment Contract (OEC) and latest employment contract OR consularized OEC if remitter is permanent resident in the country
  • If direct hire allotee, latest and three months-worth of remittance; latest & Unexpired POEA Validated Information Sheet OR Latest Employment Contract OR Consularized COE if remitter is permanent resident in the country

How to Apply for BPI Personal Loan Online:

How to Apply for BPI Personal Loan

  1. Fill out the online application form. You can access it here.
  2. After completing and submitting the online application form, scan and email your income documents to [email protected]
  3. An email notification will be sent to your provided email address to verify that your Personal Loan application was received.
  4. Wait for five to seven banking days for the status of your loan application.
  5. If approved, the proceeds of the loan will be credited to your BPI account within one to three banking days from the signing of loan documents.

Tips in Applying for BPI Personal Loan 

  • Completely fill out the online application form. Incomplete data will result to delay in the processing of your loan application.
  • Make sure you have an existing BPI account.
  • If a question does not apply to you, then write NA instead of leaving it blank.
  • You must be able to provide at least two personal references, preferably someone who can attest to your financial responsibility.
  • Be honest about your existing loan/s and credit card/s.
  • For foreign applicants, make sure you provide your ACR number.
  • Make sure to submit your loan application anytime between 8:30 am and 5:30 pm from Monday to Friday. Any application submitted beyond the scheduled banking hours or on weekends will be processed on the following day or the following Monday, respectively.
  • Submit the required income documents. This is imperative because bank representatives will determine your credit-worthiness based on your proof of income.

Get Approved with Home Credit with the Help of these 6 Tips

Do you need a new TV or ref just because the old one decided to give up on you after 10 years? As much as you want to buy a new one, you’re short in cash and there are bills waiting to get paid.

This is where Home Credit gets in the picture. A part of Home Credit group, Home Credit Philippines offers financing services through non-cash and no-collateral in-store financing. If you happen to have little or no credit history, Home Credit can still extend credit to you to help you boost your rating.

Despite the promise of easier loan application, we noticed that not everyone who applies get approved. Some even claim that they have higher income yet they don’t get the result they were hoping for. To help you in this dilemma, we listed several tips to help you get approval from Home Credit.

Tip No. 1: Pay off overdue or unpaid loans from other creditors. 

Just like any other lenders, Home Credit uses the information from the SEC’s Credit Information Corporation. This means they can see who you owe money to, how much, and how frequent you pay your creditors. Any signs of unpaid loan/s is a red flag for them, thereby affecting your loan application.

“But I have other loans from other lenders,” you might say. That’s fine, as long as you pay on time.

Tip No. 2: Disclose existing financial obligations. 

You might be scared to tell Home Credit that you have existing personal loan from Bank A and a housing loan from Bank B. You badly need to credit, so you want to make your record to look as clean as possible.

Don’t do that. Again, Home Credit uses the CIC, which means they can see your credit history. Even if you don’t disclose, they will most likely find out about it and take it against you; hence the rejection of your loan application.

Tip No. 3: Pay a higher downpayment. 

Yes, Home Credit extends a helping hand so you can buy the item/s you need. Still, this doesn’t mean the responsibility lies solely on them.

One of the secrets for getting approved is by paying a higher cash-out. If you can provide the highest downpayment, then there is a higher chance of approval. The good thing about this is that you will have lower instalment every month.

Tip No. 4: Let them know about what you own. 

It’s not bragging. It’s about telling a potential creditor that you are capable of paying a loan and that they have nothing to worry. One of the issues mentioned by previous Home Credit clients is that Home Credit asks for referrals and will call them in case of delay in payment. You can prevent this from happening by disclosing your assets.

Tip No. 5: Don’t forget your ID. 

Home Credit requires two primary IDs, such as:

  • Driver’s license
  • SSS ID
  • UMID
  • Passport
  • PRC ID
  • Voter’s ID

If you are unable to submit two IDs, then you can support it by presenting a secondary ID like utility bills, company ID, credit card, TIN ID, NBI clearance, Philhealth card, salary slip, or barangay clearance.

Tip No. 6: Pay Home Credit earlier and not on the due date itself. 

This has been a common practice among Filipinos. Unfortunately, it’s not a good sign for lenders, including Home Credit. If you plan to re-apply, Home Credit will appreciate if you pay BEFORE the scheduled due date. This will speed up loan processing as well.

Still, this doesn’t mean that following these tips will guarantee 100 percent approval. At the end of the day, it will all depend on Home Credit and everything we listed here serve as a guide to increase your chances of getting approved.

Good luck!

Comparison of Prices of Online Cash Lenders in the Philippines

Online cash lending is popular these days. It is fast, convenient, and you don’t have to leave the comfort of your home just to submit documents and borrow money. Many people realize the convenience it brings, which is why there are those who take advantage of this online facility.

Apparently, it’s not the same for every online cash lender in the market, at least in terms of loan repayment. There are lenders who are reasonable and don’t charge that much while there are many others who bank on this constant demand for cash and charge higher interest rate plus processing fee.

To guide you better, we compiled a list of online cash lenders in the Philippines and how much they will charge for seven, 21, and 30 days if you borrow P10,000.00 :

Online Cash Lender 7 days 21 days 30 days
Availa * ₱10,525.00 ₱11,050.00
Binixo ₱10,700.00 ₱12,100.00 ₱13,000.00
Cash Credit  – ₱11,776.00
Cashmart ₱10,350.00 ₱11,160.00 ₱11,520.00
Cashwagon ** ₱12,000.00 ₱13,000.00 ₱14,000.00
Loan Ranger *** ₱10,325.00 ₱11,365.00 ₱11,950.00
Moola ₱10,700.00 ₱12,100.00 ₱13,000.00
My Cash ₱10,560.00 ₱11,680.00 ₱12,400.00
Pera247 **** ₱11,330.00 ₱12,243.00 ₱12,990.00
Quickpera ₱10,635.00 ₱11,405.00 ₱11,900.00
Robocash ₱13,892.00 ₱15,229.00 ₱16,540.00

From the list itself, you can see that Binixo, Cashwagon, Moola, My Cash, Pera247, and Robocash are among the expensive ones in the market. You can save more on fees by going for online cash lenders who charge a more reasonable rate like Cashmart and Loan Ranger.

Take note that the amount is set at P10,000 and the rates already reflect the interest charge plus processing fee, if any. We cannot determine how much exactly is the interest rate charged by every online cash lender. Nonetheless, use this table as a guide to help you determine the best and most affordable online cash lender that will suit your needs.

That being said, where do you plan to borrow?

* P10,525.00 is for 15 days

** P12,000.00 is for 10 days and P13,000.00 is for 20 days

* ** P10,325.00 is for 5 days

**** P11,330.00 is for 10 days

Cashalo: Changing the Financial Marketplace at Your Fingertips

Imagine this: you are in need of cash and you don’t know who to turn to. Banks are out of the question and the online cash lenders you applied to have not yet contacted you, so you don’t know if it’s a go or not. You decided to go for friends and asked for help – but which friend? One by one, you sift through your friends and see who can help you – or more like who will say yes to your request.

This is what Cashalo is about.

Who is Cashalo? Cashalo is a financial marketplace that gives borrowers like you an access to financial products that you can use for personal use or investment with the lowest interest rate.

The aim of Cashalo is to provide “financial inclusion” or collaboration all over the Philippines, sans long lines and hassle documentation. This is because Cashalo follows the format of Peer-to-Peer or P2P Lending wherein your needs are matched to a specific lender to make sure your expectations are met.

How to Apply in Cashalo

  1. Visit the website and then register. You can also register here.
  2. Choose the loan amount and loan term.
  3. Wait for 12 to 24 hours and the amount will be credited to your account.

As of this writing, Cashalo is still in beta testing and currently looking for pre-approved users and partners to join the platform. The platform is not yet available to the public, but you better wait for it.

Get Your Online Cash with Cashwagon

You’ve heard about Loan Ranger, Moola, and Tala Philippines so many times. Some had good experience while there are others who decided to look for other online cash providers. If you are one of them, you might want to consider Cashwagon. Who is Cashwagon?

Cashwagon is a Philippine-based company that offers financial technology solutions through online consumer financing. They offer online cash loan with no collateral requirements and complex paperwork to help every Filipino address their growing daily needs.

Using cutting edge technology, Cashwagon commits to easy application access and 24-hour fast disbursement process. In relation to this, Cashwagon charges service fee (depends on the tenure of the loan) and processing fee, which is reportedly higher compared to its counterparts.

How to Apply 

  1. Visit Cashwagon website. On the landing page, you will see a loan calculator that you can navigate.
  2. Choose the amount you want to borrow. Take note that for first time customers, you can only borrow for a maximum of P7,000. If you are a returning borrower, you can get as much as P18,000.
  3. Set the loan term. You can choose among 10, 20, or 30 days (which is the maximum). You will immediately see your Payment Due Date and Total Repayment.
  4. Fill in your name and mobile number, and then click “Get Money Now.” 
  5. Cashwagon representative will contact you through email and text message to inform you the status of your loan application. You will also receive instructions on how to get your cash deposited in your bank account. Per website, standard waiting time is 30 minutes from the time the application was submitted.
  6. If approved, you will receive your money in your bank account within 24 hours. You will also receive a text message informing you about the cash transfer as well as a Loan Contract sent to the email address you indicated.

Tips in Applying for a Cash Loan with Cashwagon

  • Make sure you are between 22 and 60 years old, employed, and with steady source of income.
  • Prepare personal information details as well as bank details where the money will be credited.
  • You may apply for a succeeding loan, as long as you were able to pay your previous loan on time and in good credit standing.

Customer Review: Loan Ranger as an Online Cash Provider

You will need cash at one point in your life. In case friends and family cannot help, you can always turn to online cash loan providers to save the day. One of them is Loan Ranger, a company that offers short-term instant credit to customers like you through safe and convenient money transfer. Unlike other lenders, Loan Ranger welcomes anyone to borrow, regardless of who you are or what you do for a living.

Here comes the biggest concern of all: Is Loan Ranger safe and reliable financial provider?

Check out what past customers have to say about them:

On Loan Application

All of the customers interviewed said that loan application was easy and convenient since you can do it online. Submitting the documents is convenient as well because you simply have to upload it.

Apparently, most clients said that loan application took more than 24 hours from the time the application was sent. Nonetheless, repeat customers are in unison in saying that the succeeding applications are faster. It only took hours for them to find out that their loan application was approved.

On Receiving the Money 

Even if the application process took days before they got an approval, crediting of money in their account happened the following day from the time they were informed that the loan was approved. It was hassle-free as well since the amount was credited directly in their assigned bank account.

On Loan Repayment

For most customers, paying their loan with Loan Ranger is easy since it was done online, particularly through Coins.ph. To pay:

  • Log in to your Loan Ranger account.
  • Click “Pay with Coins.ph”and then input the amount. Make sure that you encode the correct amount to avoid inconvenience.

Once done, the payment made will be automatically deducted from your Coins.ph account. Aside from Coins.ph, some customers also paid through bank deposit.

Nonetheless, one customer noted that Loan Ranger should provide more options when it comes to repaying the loan. Hopefully, the company could add other mediums like Bayad Center, payment in SM malls, or through remittance companies like Cebuana. This will add more convenience to the customers since there are other payment channels available.

On Loan Ranger Customer Service 

The customers interviewed mentioned that they communicate with Loan Ranger via e-mail message. In some instances, Loan Ranger representatives take a while to reply, but they noted that they do reply, usually within a few hours. Nonetheless, their customer service agents are respectful and more than willing to assist.

Loan Ranger may not live up to its 24-hour loan processing, but still, this company is among the online cash providers you can trust. In times of sudden financial need, you know who to call.

Get Your Dream Product with the Help of Akulaku

How do you plan on purchasing your dream product, say an iPhone X or Play Station 4? Many people will save up for it, which means goodbye Starbucks, Coffee Bean, and eating out in restaurants. For many others who can’t wait to get their hands on the newest gadgets, you will turn to online cash loan providers or even use the money stashed inside the bank to make this purchase happen.

Or better yet, you can get your dream product with the help of Akulaku.

Who is Akulaku?  How to Apply in AkulakuAkulaku is an Internet-based company focused on e-commerce and online financial services in Southeast Asia, specifically Indonesia, Malaysia, and Philippines. The company also takes pride in being the first online shopping mall that offers installment as among the modes of payment. In fact, you can pay in installment basis even without a credit card.

Akulaku has partnered with the biggest brands such as Apple, Samsung, Asus, Sony, HP, Nikon, and Vivo among many others to make your shopping experience more worthwhile.

How to Apply:

  1. Start by downloading the Akulaku app on your mobile device. Akulaku is available in Google Play and Apple Store.
  2. Register by filling up the application form. Make sure to provide all the documents asked for to get verified. This will enable you to make a purchase and qualify for the installment plan as well.
  3. Browse through the products and choose the item you want to purchase. Don’t forget to choose the installment period.
  4. Pay the required downpayment using the available payment methods. Take note of the Virtual Account Number to be given, which you will use for payment purposes. At this point, wait for the review of the eligibility of your loan application.

    How to Apply in Akulaku
    Available Online Payment Channels
  5. Once approved, wait for your purchased product, which will be delivered on your doorstep. Take note of the payment schedule as well and pay on time to avoid incurring finance charges.

Tips in Applying in Akulaku

  • Provide all the documents required to verify your account. This is imperative, otherwise, you won’t be able to qualify and apply for an installment plan.
  • Wait for the verification from Akulaku. You won’t be able to apply without getting verified.
  • Be sure with the products you will purchase. Keep in mind that downpayment is required, depending on the item, so be sure with your purchases.

Are you willing to give Akulaku a try?

Home Credit Review: What Customers Have to Say About It

It is understandable that not all Filipinos can buy a new phone or flat screen TV and pay it in cash and in full. This is why credit card companies offer zero percent installment to lessen the burden of paying.

What if you don’t have a credit card or cash on hand and you need to buy a new ref? In that case, Home Credit Philippines is here to help. But before you rush to the store and apply for this type of loan, read up to find out what past customers have to save about it.

Loan Application 

Home Credit has partner stores, which means you don’t have to go physically to their office and apply for a loan. Most of the customers interviewed didn’t have a hard time applying for the loan since the requirements are easy to complied with.

Nonetheless, there were different replies when asked about their waiting time for approval. As per Home Credit’s website, loan processing and approval will take 20 minutes. On the other hand, all of the customers interviewed said they waited more than 20 minutes or around 30 to 45 minutes, with one customer even saying she waited for two hours.

Tip: Make sure you have two valid and government-issued IDs on hand for faster loan processing.

Loan Repayment

Getting a loan from Home Credit is similar to other types of loan you get from banks and other lenders. There is a fixed amount to be paid on a particular day of the month. Making a payment is also convenient for most borrowers since they can pay through bank deposit, SM malls, Bayad Center, and 7/11.

Tip: Pay the installment at least three days before the scheduled due date. This way, the payment made will reflect on Home Credit’s system even before the due date.

Customer Service 

Despite the ease in the application process and loan repayment, majority of the Home Credit customers interviewed said that they had issues with their Customer Service, specifically those in charged in the Billing and Payment.

Most customers shared that Home Credit representatives will call everyday to remind them of their due date, even during wee hours or first thing in the morning. Unfortunately, some customers were unable to pay on time, but nevertheless paid the following day; hence being bombarded by reminders from Home Credit.

What irked most borrowers is that Home Credit has to call ALL people in every borrower’s reference and ask about the borrower’s whereabouts in case of one-day delay in payment. Home Credit representatives even call anytime during the day with no regard as to whether the person they are calling is in the middle of something important. The existing loan was likewise disclosed by Home Credit representatives to the borrower’s reference list, which is embarrassing to the borrower himself/herself, regardless of how small the outstanding balance is. Some said that even their References include family and close friends, they still don’t like the idea of them knowing that you owe something to someone.

Is it highly recommended? 

A few spoke highly of Home Credit and plan to borrow again when the need for a new appliance or gadget arises. On the other hand, most of the borrowers interviewed do not wish to apply for Home Credit again primarily because of the bad customer service. The constant reminders to pay the loan made them feel that Home Credit has no regard and consideration to their customers.

Pera247: A Fast and Simple Way to Get Cash When You Need It

Digital lending is common these days. With Filipinos’ constant need for cash, it’s no surprise that online cash loans are slowly gaining popularity.

Here comes the entry of AsiaKredit’s pera247Online Cash LoanWho is pera247? 

pera247 is a short-term digital lender that provides short-term and unsecured loans for up to 90 days. It is powered by AsiaKredit, an international tech-based financial services firm that provides fast, easy, and convenient credit solution to millions of people in Southeast Asia. It turns out that Southeast Asia, including the Philippines, are underbanked. This means there are limited lenders that could extend credit to and the launch of pera247 could give people options, especially during difficult financial times.

Aside from extending credit to deserving individuals using data-driven credit assessment tools, pera247 aims to educate Filipinos on responsible financial management to improve one’s standard of living.

How to Apply in pera247

  1. Download the app on Google Play Store. You can download it here. Take note that the app only works on Android devices.
  2. Register and create an account using a valid and existing e-mail. Don’t forget to type your password.
  3. Once you signed up, you can start applying for a loan by selecting your preferred amount and loan term using the navigation arrow. Then, click “Get Money.”
  4. You will be redirected to another page where you are required to provide your personal information, including name and place of birth.
  5. Upload a valid ID picture, preferably government-issued ID.
  6. Upload your recent picture to further validate your identity.
  7. Continue answering the online application form such as civil status, number of dependents, and current status of employment. You will also be asked to specify the purpose of your loan and upload any utility bill.
  8. Review your loan application form and then click “Submit.” 

pera247 representatives will review your loan application and get back to you as soon as possible. You will be notified of the status of your application via SMS, phone call, email, or notification from the app. If approved, sign (accept) the Consumer Loan Agreement and choose your preferred withdrawal method (Bank transfer, Security Bank Cardless ATM withdrawal, or Western Union/DA5).

Things to Remember when Applying for a Loan with pera247

  • Make sure you provide a valid and working email address and mobile number. This is where you will be contacted by pera247 representatives.
  • Don’t forget to allow pera247 app to access your mobile data. This is necessary for pera247 to check your eligibility for credit.
  • Upload all documents asked, including the utility bill (which is optional). This will make it easier for pera247 representatives to gauge your credit-worthiness.

Keep in mind that fast cash does not come cheap tough. If you borrow PhP 10,000 for 90 days, you will have to repay PhP 17,970 which is almost 80% in interest and fees for 3 months. The monthly option comes at 30% cost.

Are you ready to give this a try?

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