The situation in our country is such that the minimum wage is much higher than the minimum pension. This significantly limits the funds of retirees, which are only enough to pay utility bills, medicines and food. Meanwhile, a retiree, like any other person, can always have an urgent need for money, for example, to buy small household appliances, pay for an unplanned trip, medical examination or purchase medicines. These are moments for which you should not put off, but where to get the money? Since there is little hope for a bank loan, you can try to contact a microfinance organization. Microcredit is a relatively new service in the Philippine market, which appeared about 7 years ago, but is rapidly gaining popularity. Small amounts and terms of the loan are available even to retirees.
An online loan for a retiree card is a convenient opportunity to get money without even leaving your home. You do not need to personally visit the MFI, financial transactions can be performed remotely using the website on the Internet.
Various microfinance institutions have their own requirements for the maximum age of the borrower. To choose the best option for yourself, you need to carefully study the loan offers on the site, compare different options with each other. You should not rush at this stage - it is better to spend a few minutes or hours, but still choose the most advantageous offer, than to rush, and then overpay extra interest or hidden fees.
When applying for a loan on a card without checks around the clock, you need the following:
This list of requirements is similar in various microfinance institutions. To apply for a loan online, you do not need a certificate of income (it does not matter whether a retiree works or not), you do not need to look for guarantors and look for what to get on bail. You also do not need to confirm your positive credit history.
Here are some tips to help you increase your chances of getting a loan:
All borrowers, including retirees, can apply for a credit card in the amount of 500 to 20,000 PHP. Our system works seven days a week, holidays around the clock. You can apply for a loan from anywhere in the Philippines, regardless of registration.
You choose the term of the loan yourself. You can clearly see how the amount, term and interest on the loan depend in the online calculator. You choose exactly the option that you need.
An urgent loan without refusals and checks on the card for retirees is issued quickly. After all, the system needs from seven to twenty minutes to make a decision. After the application is approved, the funds will be credited to your card.
A retiree in the Philippines can repay a loan in different ways, for example, by making a money transfer:
On our website pages there are offers of many trusted microfinance institutions in the Philippines that will provide a loan online 24 hours a day. Below you can see up-to-date information on interest rates, amounts and terms of lending. We will not ask why you need money, but simply and easily we will help you.
Are you retired and urgently request credit? With loans for retirees you get financing for what you need, whether you collect a retirement pension or any other.
If you want to know more, we will tell you everything about personal loans for retirees and pensioners, how they work, who can apply for them and how to do it.
Through our loan comparator, getting credit by collecting a pension is much easier. Just look at the available offers and choose the one that best suits you to contract it with a single click.
Today almost anyone can request credit, thanks to the fact that there is a type of financing for each customer profile. Retirees are no exception, as there are credit institutions that offer financial products to clients in their situation.
This type of loan works in a very similar way to any personal loan, with the difference that it requires proof of retirees to be able to process it. If you meet this requirement, you will not need a payroll, because your main contribution will be the retirement pension or the one you are receiving.
Since the pension qualifies as regular, long-term income, solvency is not an issue. However, the biggest drawback is usually age. Thus, in most cases, you cannot be more than 75 years old by the time the return period expires.
As for your obligations, when you take out a loan for retirees, you contract the same obligations as any other personal loan. In summary, you agree to comply with the payment of the corresponding installments, on time and in the manner agreed. If you don't, you may incur penalties and affect your credit history.
Before applying for a loan with your pension, you must meet some basic requirements:
In addition to these requirements, keep in mind that some entities may require that you do not have unpaid debts or be in delinquent files.
On the other hand, to approve a loan for a pensioner, credit institutions will ask you for the following necessary documentation:
In some cases, you may be asked for a guarantee or the deeds of a property as additional guarantee. However, it is possible to contract loans without collateral.
As you know, being in a solvency registry makes your risk profile high and reduces your chances when requesting financing. However, there are entities that grant loans to retirees who have had non-payment problems in the past.
Of course, due to the high risk of loans with bad credit history, many entities establish a low credit limit. For this reason, it is normal for them to grant you loans for small amounts of money, ideal for financing specific needs and expenses.
However, in some cases it is possible to request higher amounts, although for this they usually ask for additional conditions such as the contribution of a mortgage guarantee or an external guarantee.
In reality, loans for etirees without interest are not so common.
Fortunately, at Moneytochka.com we include offers from lenders that allow you to apply for a free first loan, with hardly any conditions and in a very short time. These loans have an APR of 0%, so you do not have to worry about charging interest or commissions.
Although these are cheap loans, you should know that most do not exceed 10,000 PhP. Therefore, they can be useful to finance an unforeseen event or get out of financial trouble, but not to finance large projects or expenses.
Before applying for a loan for pensioners, it is important that you take into account some factors that may vary depending on the type of pension you receive:
If you have a retirement pension or any other and you meet the requirements that we already mentioned, you can apply for your loan by following these steps: