March 26 2022
Apply for a loan to banks and microfinance institutions (MFIs) in the Philippines
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To apply for a loan to a bank or microfinance organization in order to get a loan for pensioners in the Philippines, it is necessary to prepare documents, usually a passport, TIN, income statement in the case of a bank:
Visit a bank branch to take documents with you, while it is important to check with the consultant in advance the time of reception at the branch, taking into account quarantine restrictions, banks may not work full time. Banks usually ask for:
- Collateral property - documents for it
- The guarantor to take contacts or in some cases visit the branch with him.
- The passport
- Identification code
- Income statement
Making an application for a loan at a bank takes place together with a consultant, not independently, which cannot be said about when the money in debt falls on the card. And after entering all the data into the program, as a rule, a decision can be made within 2-4 business days, depending on the amount of the loan and the timing of its repayment, all applications are considered at the bank in the credit committee, so this option is suitable if there is time to wait.
If you apply through an MFI, then you can submit applications online on our website, for this we filter out suitable offers, set the amount and terms of the loan and send applications, it is recommended to submit 4-5 applications at the same time. MFIs usually request a minimum package of documents:
- The passport
- Phone number
Apply for a loan to a bank and an MFI, what is the difference
The difference in applying to a bank and an MFI is shown in the comparative table - how you can get a loan in 5 minutes, you will also find out below.
The conclusion is this: if an entrepreneur needs a small loan to cover cash gaps, or an urgent loan is needed, or a bank branch is very far away, and perhaps the credit history is damaged, then you definitely need to choose a microfinance organization.
How to apply for a cash loan in a microfinance organization
In microfinance organizations, you can also get a cash loan not only on a card, for this you definitely need to visit the MFI branches, and also find out in advance on the support line whether a cash loan is issued, because some credit organizations issue money only to a bank card.
How to get a loan from an MFI, apply online with a withdrawal to a bank card
The most convenient way to get a loan from an MFI is, of course, to apply online, this can be done on our website, in order to get a loan online with a withdrawal to a card, you need to:
- Generate 4-5 applications to different MFIs
- After approval, go through authentication in your personal account
- Link a card in your personal account
- Get money on the card