What Are Salary Loans
Salary Loans – What It Is And If It’s The Right Thing For You
Debts, no matter how much we abhor them and how much we try to prevent them, are part of every adult’s life. There are times that we may not have cash on hand to pay for emergency purchases or bills that we need to settle. And to avoid getting a default on a particular bill, which would mean more payment due, the next logical thing to do is to apply for a loan to settle it if you don’t have cash at the moment.
If you are confident that you can pay the borrowed amount by next payday, salary loans are the answer to your financial predicament. These are recommended to those who need immediate cash and can pay the loaned amount by the coming payday. It’s like an advance paycheck.
You can apply for a salary loan to acquire money with the assurance that you can pay it off on the next payday or its monthly installment.
What You Need In Applying For Salary Loans
In applying for an advance paycheck or salary loan in your company, you might probably need to write an authorization letter to withdraw the amount you are asking for to the HR. It’s the same thing with other money lending institutions. Because salary loans, in the strictest sense, mean that you are promising to pay the full amount by the time you get your next paycheck. You are therefore giving them authorization to take out your borrowed cash from your salary.
It’s not the same with Global Dominion. You can borrow as much as ten times your monthly salary and just pay it on an installment basis. You can borrow from Php15,000 to Php150,000.
You need to present a Certification of Employment and 3 months of payslip. You are qualified to loan if you are a regular company in a company that is in operation for at least three years. The salary ceiling is Php10,000 if you are single and Php15,000 combined income if married. Other basic documents are also required.
Applying for salary loans is easy. It doesn’t need to take weeks, as banks accustomed to do, and it won’t make you suffer during payment time as other lending institutions do.