Getting a loan usually comes at cost, while in repayment is included an interest (fee that charges a lender providing you this service). So is it possible to find low interest personal loans and avoid network frauds? Yes, it is!
- 1 How to get a loan with low interest rate?
- 2 What is needed to get a low interest loan?
- 3 Who can get a loan with the lowest interest rate?
- 4 5 tips for those who want to get a low interest loan
- 5 Can I get a low interest loan for a long term?
- 6 Is it possible to take a low interest loan without overpayment?
- 7 Is it possible to improve a credit history getting a low interest loan?
- 8 How to reduce the loan’s interest rate: tips for borrowers
- 9 Which microfinance companies are suitable for low interest loans?
How to get a loan with low interest rate?
We will help you take a quick personal loan with low interest rate in the Philippines. To do this:
- just select a lender from the list above.
- Then you must fill out an online application form.
- After you filled out all the fields, send it and wait for an answer.
Usually answers come quickly – within 5 to 10 minutes. The system checks the data, analyzes credit history of a potential client, amount and regularity of incomes. Usually free loans or ones with a low interest can be obtained on the card within 10 – 30 minutes after the start of the analyzing process.
Remember that not all lenders offer instant money transfers to the card. How long will it take, depends on the bank: from few minutes up to 5 business days.
What is needed to get a low interest loan?
Most of the lowest interest personal loans in the Philippines in only by passport. That means, no additional documents are required.
But sometimes the lender may contact you and may require an additional document to confirm your identity. This can be any official document with photo.
Who can get a loan with the lowest interest rate?
To take low interest loans with a small percentage, you must meet at least one of the three requirements:
- To be a regular customer of the company. Many lenders offer lower interest rates already after the first loan that has been punctually and 100% repaid.
- To provide additional documents.
- To have the perfect credit history.
5 tips for those who want to get a low interest loan
Here you will find advices from the best online lenders:
- Try to improve your credit history. You may want to get a credit report to find out what affecting your credit history, and get tips on how you may be able to improve it.
- Do not send a lot of applications for cheap and low interest loans over a short period of time.
- Compare loans from across the Philippine market and keep an eye out for our updated offers.
- Try to get a loan for a shorter term.
- In the worth case you can consider other forms of credit, such as Visa, AmEx or Master Card.
Another option is: you can participate in an online “hot deal” and then you will receive a low interest rate loan without additional conditions.
Can I get a low interest loan for a long term?
Despite the fact that many people obtain this services as payday loans, to find a lowest personal loan interest rate for a long term is quite possible. That means, it is quite realistic to get a loan for 365 days at 30-60% per annum, which is not comparable with 500-700% per month.
For example, to take a loan for 4 months at a low interest rate:
- select a lender from the list above,
- read the terms and conditions thoroughly,
- if they suit you, you can safely sign an online agreement.
Is it possible to take a low interest loan without overpayment?
One of the main conditions of a cash loan with low interest in the Philippines, like any other type of loan, is repayment without delays. On the certain day, a credit institution charges interest on the amount of debt. But still many lenders allow their customers to get their first loan without overpayment. Most often, they give out a small amount for a short period with 0% rate. If the terms of the contract are violated, you will have to return not only the money you’ve borrowed, but also the basic interest rate recalculated for the whole period.
Is it possible to improve a credit history getting a low interest loan?
Yes, theoretically it is possible. Many lenders offer special programs aimed to correct the client’s credit history. But there is no guarantee that after that banks will approve you loans. It all depends on the bank’s policy, the amount of the future loan, the number of previous repayment delays and your current financial status. If you have a goal to take a big low interest personal loan, for example, more than 50 000 PHP, but in the past there were delays of more than 90 days, then you may better take certain measures:
- open a deposit and replenish it permanently;
- get a salary card on which you will become monthly large amounts of incomes;
- if possible, apply for a few small loans and timely repay them;
- wait a bit and try again.
How to reduce the loan’s interest rate: tips for borrowers
Three simple tips with which you can take personal loans with a low interest rate in the Philippines:
- Send an application for a small amount of money with a short term. Do not forget to pay it correctly and after 7 – 10 microloans you will be able to obtain a bigger amount with a minimum interest rate.
- Keep track of your credit history.
- Subscribe on our emails and you will be able to become the best current promotions.
Many companies offers low interest loans to attract new customers. This is a mutually beneficial partnership. You will pay less, when you borrow money at the financial organization for the first time.
Which microfinance companies are suitable for low interest loans?
It is necessary to conduct an “own investigation” regarding the term of the company, its reputation, and feedback from real customers. Which moments are the most important when you’re choosing a low interest rate loan? Interest rate. In order to avoid “misunderstandings” you must read carefully the agreement, especially that what is written in small print. It is important to pay attention to such moments as:
- options for receiving and returning money;
- possibility of repayment ahead of schedule;
- minimum and maximum age; each microfinance organization may have its own age range, varying between 18-21 years for the lower border and 65-75 years – for the upper one.
In order to facilitate the selection among the most worthy proposals, we have created a catalog of low interest loans in the Philippines, which brought together more than 50 microfinance companies. Enjoy and choose the best proposal!