March 18 2022
Money loan with passport, what is the procedure for issuing a loan. 5 rules to follow when applying
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In Philippines, loans of money with passport are possible in microfinance organizations (MFIs). The benefits of these loans are:
- The minimum package of documents passport and TIN
- Without collateral and guarantors
- Fast: up to 20 minutes to approve the application
- It is possible to take the first loan without interest
- You can create an application and receive money on the card online
- It is possible to get an automatic loan on a card with a bad or no credit history
The disadvantages include:
- The percentage in MFIs is higher than in a bank
- Loan term is short, up to 1 month
- The loan amount is also small, on average up to 20,000 PHP
That is, MFIs are not a replacement for bank loans, they are more like microloans for small amounts for a short period, with the possibility of obtaining a loan only with a passport.
In order for the application to be guaranteed approved, you need to follow 5 rules for correct filing:
- Apply to at least 3-4 microfinance institutions.
- When filling out the application, honestly indicate the answers to all questions, income, marital status, the presence of other assets.
- If you take money to the card instantly to pay off another loan, indicate so in the application in the comments.
- Take the minimum required amount, for the minimum required period.
- If you are taking out a loan for the first time, choose more well-known MFIs on the market, it is more convenient to work with them, at least in terms of prolongation and refinancing of deposits.
How to apply for a loan online on a passport card
In order to apply for a loan online on a passport card, you need to go to the catalog of all loan offers on our website and select the most suitable for you using filters. Next, select 3-4 loan offers and click on the "Apply" button, indicate passport data and TIN data in applications.
After approval, choose the most suitable MFI, go through verification, link a bank card and receive money online.
Is it possible to get a loan only on a passport to a card
Yes, you can apply for a loan in 1 minute only with a passport on a card. Perhaps not all MFIs will provide such a service without a TIN, so here you will already need to submit at least 6-7 applications, indicating the reason for the absence of a TIN. On average, out of 5 applications in this case, 1 will be approved by the MFI.
The list of microfinance organizations that issue loans online by passport
In 2022, more and more MFIs appear that give loans online with a passport. The catalog on our website contains the best loan offers in the Philippines. Therefore, by going to the directory, you can filter them and compare the conditions provided.