The initial step involves selecting an MFI, and this can be done efficiently using various online services that facilitate the comparison of offers and conditions from all MFIs operating in the country.
In preparation for a microcredit agreement, ensure you have the following:
- A valid mobile number and email address.
- Your passport.
- A bank card or account in your name.
This constitutes the fundamental list of required information for obtaining a microloan, although some MFIs might request additional details.
The application process for a microcredit unfolds through several stages:
- Utilize an online calculator to specify the desired loan amount and the repayment period. Typically, instant information is generated regarding the repayment schedule, including interest and the total amount to be repaid.
- Provide the MFI with your personal information and complete a questionnaire. This step involves confirming your mobile number, submitting document scans or relevant data, and responding to inquiries about your education and employment. Following the questionnaire, the system will guide you through the verification of your bank card. Input the card number, expiration date, and CVV code, and at this stage, a nominal amount may be temporarily blocked on your card. Once card ownership is confirmed, the blocked funds will be released by the bank.
- Post card confirmation, engage in a conversation with a manager (although some MFIs may not initiate a callback), receive a decision on your application, sign the contract, and witness the credited amount specified in the contract being transferred to your card.
CashLoanPH Changed status to publish 20/11/2023