Financial marketplace in the Philippines with Loan amount up to 50,000 PHP. All financial services in the Philippines: mortgages, deposits, loans, credit cards, leasing, loans.
| Loan Name | Finanso® |
| Loan Amount | up to PHP 50 000 |
| Loan Term | up to 60 days |
| Partners | Tala, CashAlo, Digido, MoneyCat… |
About Finanso PH
Finanso PH is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Finanso PH receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. Other factors, such as our proprietary website’s rules and the likelihood of applicants’ credit approval, also impact how and where products appear on the site. Finanso® does not include the entire universe of available financial or credit offers.
The operator of Finanso PH is not a lender, financial institution, loan broker or an agent of a lender, financial institution or loan broker. Finanso PH collects personal information provided by you and uses that information to connect you to third party lenders and non-lenders in their network. Your information may be shared with non-lenders or other intermediary service providers, to help connect you with a lender.
How Finanso PH Works
- Simple online application: Fill out a short form, verify your data and log in to your account.
- Score analysis: The system will analize your individual credit rating for free and offer a personalized report.
- You get personal offers: Finanso PH will make a list of the best payday loan offers based on your credit score.
FAQ
Loan Application Online
People frequently inquire about the loan application procedure. What is necessary to apply for and successfully finish the funding process? How long will it take to get the money? Whether you want to finance immediately or wish to obtain a better grasp of the loan process to prepare for future requirements, it is critical to understand what to expect from the application to close. By “close” I mean receiving your money.
The method and time it takes to acquire funds can differ depending on the financial institution you pick. Once the loan application and all supporting paperwork are sent to the lender, the rest of the procedure can take anything from a day to even six months, depending on you and the lender. The lender’s expertise in lending to the borrower’s industry, the borrower’s timeliness in delivering the required paperwork, and the accuracy and completeness of the information collected all influence the timing.
What is A loan application?
A loan application is a completed document that contains all of the information needed to support getting financial help. It is a document that a lender provides when you ask for a loan to purchase business equipment or personal property or obtain cash for personal or commercial needs.
The detailed application includes information on the property being considered for purchase, the reason the applicant requires financial assistance, and the borrower’s financial situation and job history. Lenders evaluate loan application information to determine whether or not to approve the loan.
Online Loan Requirements
The general loan criteria in the Philippines are shown below. However, certain lenders may want papers not specified here based on the type of loan you seek, or eligibility conditions can change.
Eligibility
The general loan eligibility in the Philippines is listed below. The applicant:
- Must be at least 21 years old and no older than 64 when the loan matures.
- Must be a Filipino citizen or a foreigner with a legitimate Philippine billing address.
- Must have a specific minimum gross yearly income (varies per lender).
- Must be employed citizens or have a profitable business for self-employed applicants.
- Must have a cell phone number, a landline, and an active email address.
Documentary requirements
Each bank or lender’s criteria will differ, but these are the most typical loan requirements you’ll need for a productive loan application:
For employed applicants
- One valid government-issued ID card
- Income documents that can be any of the following:
- Certificate of employment and compensation must have been issued within the last six months
- The latest ITR
- The previous month’s payslip
For self-employed applicants
- One valid government-issued ID card
- The previous year audited financial history statements
- Business SEC registration certificate or DTI certificate
- Business permit or Mayor’s permit
- Last three months’ bank statements
- Latest GIS (applicable if it is a corporation)
For OFWs
- At least two valid ID cards (which must include OFW-related IDs like OWWA ID, the Seaman’s Book, Philippine passport, etc.)
- Current certificate of employment
- Photocopy of visa POEA overseas employment certificate
- The last plane ticket(that you took outside the Philippines) and flight details
- Proof of remittance
- Proof of billing
- Proof of residency as an OFW
- The latest crew contract (for seafarers)
Ways to Apply For A Loan
There are two primary ways to apply for a loan: online and in person. Choosing between these two alternatives can be influenced by various factors, ranging from the lender or borrower’s preference to the sort of loan desired.
Online
You can complete an online loan application without physically visiting the lender’s office. Throughout the loan application process, the borrower and lender will communicate and share information online. The application is simple and quick. Most loans offered online are unsecured and have low documentation requirements. The transfer of money is also incredibly convenient because it is done immediately to your bank account or debit card. However, compared to other loans or loans obtained offline, the loan amount, particularly for first-time applicants, may be less substantial.
Quick online personal loan lenders favour online applications to expedite the loan procedure. The cash loan application and delivery process here might take as little as one day and a week. Personal loans are the most common loan type that requires an online application. Several local banks and credit unions also use this strategy. However, some loan types, such as auto and SME loans, may also be applied for online, while the majority of them require you to finish the procedure offline. The lender’s website or, in most cases, their mobile application are used to carry out the online loan procedure.
Over the counter
This is the typical method of obtaining a loan. You must go to the branch office and complete the relevant documents to apply for a loan. You must supply all documentation in hard copy, and the lender may require significant time to complete these applications. One of the most important advantages of this approach is the personalized treatment provided when engaging with an official in person. This is perfect for people who are not familiar with the Internet. The disadvantage is that this process takes much longer than online applications. Furthermore, the documentation required for the application procedure is vast and daunting for some people.
This method is used by the majority of local banks and credit unions. You do not expect to get approved for a loan of up to ₱50,000,000 while sitting at home and applying online. Mortgages, vehicle loans, business loans, and other forms of loans employ the offline loan application method.
How to Apply For A Loan?
The main processes for applying for a loan are outlined here. However, remember that the procedure may differ depending on your lender or the type of loan you need.
Online application
As previously indicated, you can apply online for a loan through the lender’s website or mobile application.
Lenders website
The typical procedures to apply for a loan through the lender’s website are outlined below:
- Visit the official website of the lender. It is essential to be cautious here to ensure that you are on the correct website of the lender from whom you wish to obtain a loan. Continue to the following step once you’ve landed at the website.
- Log in or sign up. Before applying for a loan, you must open an account with the lender. Log in to your account if you have one, or create one if you don’t. After that, proceed to the next step.
- Choose the type of loan you want and click “Apply now”. Once online, select the type of loan you wish to apply for and click Apply now or Continue, as appropriate.
- Enter your details. Your personal information comprises your name, address, date of birth, and business information, among other things. Ensure you input the correct information since you may be asked to upload evidence.
- Enter your loan details. This covers your preferred loan amounts, reasons for seeking this loan, preferred loan duration, preferred repayment plan, and so forth.
- Upload supporting documents. The lender may demand some scanned copies of the documents stated earlier, this may vary depending on the lender and the sort of loan you are looking for. Continue to the next step after uploading clear copies of these.
- Read the terms and conditions. Examine the terms and conditions attentively to ensure you understand what you agree. Accept these terms and conditions if favourable, and reject them and seek another lender if they are not.
- Submit. If you agree to the loan terms, click Submit to finish your application. Now that you’ve done your part, you must wait for the lender to process your application.
The lender will evaluate your application’s eligibility and, if necessary, request the provision of further papers. If your application is confirmed qualified, the lender will transfer the loan amount to your bank account, as specified in the application form.
Lenders app
Below are the steps to take to apply for a loan using the lender’s mobile application:
- Download the application. The first step in using the lender’s app to apply for a loan is downloading the app. Depending on your operating system, you can get the application through the Play store, Huawei app gallery, or App store.
- Log in or sign up. The next step is to log into the app if you already have an account with the lender. Otherwise, you must create one. Some lenders allow you to create an account using the app, while others need you to register through their website, obtain your login information, and then log in.
- Choose the type of loan you want and click “Apply now”. Once logged in, select the type of loan you wish to apply for and click Apply now or Continue, as appropriate.
- Enter your details. Your personal information comprises your name, address, date of birth, and business information, among other things. Ensure you input the pertinent information since you may be asked to upload evidence.
- Enter your loan details. This covers your preferred loan amounts, reasons for seeking this loan, preferred loan duration, preferred repayment plan, and so forth.
- Upload supporting documents. The lender may demand some of the documents stated earlier, this may vary depending on the lender and the loan you are looking for. Continue to the next step after uploading clear copies of these.
- Read the terms and conditions. Examine the terms and conditions attentively to ensure you understand what you agree. Accept these terms and conditions if favourable, and reject them and seek another lender if they are not.
- Submit. If you agree to the loan terms, click Submit to finish your application. Now that you’ve done your part, you must wait for the lender to process your application.
The lender will assess your application’s eligibility and, if necessary, seek additional documents. If your qualification is confirmed, the lender will send the loan amount to your bank account, as provided on the application form.
Over the counter
The following is the procedure for applying for a loan at a financial lender branch:
- Visit the financial lender’s branch. The first step is to go to their office and explain why you’re there. Then you’ll be routed to where you can apply for the loan you desire.
- Obtain the loan application form and fill it out completely. Take your time and fill out the application form completely and attentively.
- Submit relevant documents. Documents such as these include but are not limited to proof of income, age, address, and identification. You should submit only a photocopy of these documents.
- Collateral. For secured loans, the collateral form may be different than the loan application, but whatever it is, make sure you fill it out thoroughly and have the collateral readily available.
- Submit. Examine and carefully read the loan terms and conditions. If you agree to these conditions, please submit the forms.
The lender will then verify the papers and determine the applicant’s eligibility. The loan amount will be deposited into their bank account if the applicant is confirmed qualified. In the case of cashless loans, the lender will notify the applicant of the steps to follow.
How to speed up the process?
If you’re shopping for a loan, you’re probably eager to get your hands on the cash as quickly as possible. Here are some pointers to assist you in minimizing delays while applying for a loan:
- Check your credit report. Before looking for loans, know where your credit stands. Good credit might help you qualify for a loan with a reduced interest rate. Furthermore, detecting and rectifying faults as soon as possible is a simple approach to avoid problems later on when applying for a loan.
- Pay off your existing loan debts. If you have an obligation and don’t need the loan money right away, paying it off might improve your credit score and decrease your DTI ratio, increasing your chances of acceptance.
- Speak with your current financial institution. Banks and credit unions are more ready to consider a loan application from a customer with whom they have a long-standing favourable connection.
- Be prequalified. Some lenders provide a prequalification approach that does not need a rigorous credit evaluation. You can also get an idea of your personal loan rates and terms before applying to see if proceeding with the lender is beneficial.
- Consider an online loan provider first. Many online lenders provide same-day loan approval, and if you are accepted, the lender could transfer funds into your bank account within a few days.
- Pick up loan cash in person. Ask whether your lender has a physical presence, and find out if you can pick up the funds at the branch to obtain the money faster.
You can use a loan for various objectives, including debt consolidation, unexpected doctor costs, vacationing, purchasing a dream vehicle, or building a house. Most loans are unsecured since they do not demand collateral. As a result, they are simple to apply for. Loans must be repaid over a predetermined period, sometimes up to 30 years. The best loans will be determined by your creditworthiness (as indicated by your credit score) and the reason you require the loan. If you have strong or exceptional credit, loans might be a relatively affordable option to borrow.
Contacts Finanso PH
- Address: EH1 1DD, UK, Scotland, Edinburgh, 12 South Bridge,
- Email: [email protected]
- Phone: +44 (131) 5070911
- Telegram: https://t.me/finanso
- Instagram: https://www.instagram.com/finanso_com/
