The Basic Facts About Cash Loan Philippines
Let’s face it. Even with our most careful spending, there are situations where we find ourselves short of funds. In addition, there are times when we desire to realize a dream project or embark on a business venture but having no funds can bring the progress of our plans to a halt. However, not all things are lost.
What Is Cash Loan All About?
Basically, this entails borrowing money from a lending institution, with the agreed upon terms that the amount will be repaid in a short period of time. The repayment period is usually less than a year.
Cash Loan Philippines: What Are The Other Names For It?
It is also known by other names, such as salary advance loan or payday loan. The term owes its origin to the fact that workers are usually the ones who borrow money in these terms.
Who Can Qualify For Cash Loan?
As mentioned above it is usually workers who borrow money through lending institutions with terms such as these. People who have been employed for more than a year or have been granted regular working status can qualify for this type of loan. Overseas contract workers, medical doctors, and college students can also apply. In addition, small-business entrepreneurs can avail of this type of loan as well, provided that the business has already been in operation for more than a year.
What Are The Basic Requirements For Cash Loan?
Submitting the necessary documentation is a requirement in order for a money-lending firm to approve one’s loan application. The usual documentation involves valid proofs of identification and of residence, proof of stable income (such as several months’ worth of pay slips), and copies of certificates of ownership for any real property.
A co-guarantor or co-maker (the person who takes equal liability for a borrower’s cash loan) may also be necessary. In addition to this, the borrower must have satisfactory results in a requisite credit investigation done by the lending firm.