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How to Apply for Online Loans in the Philippines

Online Loan

If you have a bad credit rating, online loans may be an alternative to conventional lending. However, you have to know how to apply for online loans in the Philippines. In fact, there are also rules and procedures that you need to follow when applying for online loans.

Required Documentation & Verification

Online loans require a lot of documentation and verification. That’s because online loan lenders at https://advanceloans.ph/ have the right to request additional documents before approving your loan application. As a rule, these documents include the following:

  • proof of income;
  • proof of a fixed monthly income;
  • a bank account that you have full access to;
  • proof of employment;
  • proof of education;
  • proof of citizenship;
  • ID;
  • proof of ownership;
  • proof of a valid driver’s license;
  • proof of age (to be verified).

Before applying for an online loan, check that everything is alright with your documents. If some documents are missing, get them asap so that you have the right to apply for the loan. Note that an online lender may contact you and request additional documents before approving your loan. This is your assurance that the online lender is not a scam.

Payment of Online Loans

An online lender will usually send you an email notification when you’ve been approved for the loan. You may be asked to pay for your online loan at this point. Your online lender will inform you of the exact amount of the loan, the interest rate, and the term. Also, you will get a payment schedule so that you can pay the loan on time.

If you find it hard to pay your online loan on time, you can ask for an extension. An extension can be granted by your online lender if you show a reasonable and good explanation. However, an extension will result in an additional cost for you. You may also pay for your online loan in cash. Most online loan lenders in the Philippines do not accept cash, so make sure you transfer money to your online lender before the due date. Once you make your first online payment, you may have to make at least three or four online payments until the whole amount is paid off.

Online Loan

How to Pay Online Loans in the Philippines

After you have paid for your online loan, you will be given a receipt or statement. Your online lender may send you one or more reminders so that you can make the necessary repayments. For example, you may get an email reminder every week or two of the loan’s term. Make sure that you keep these reminders.

Be careful when it comes to sending your payment to your online lender. Make sure that the online lender you are dealing with is really accredited. The most trustworthy online lenders are those that have a registered business permit. The business permit is a record of every person, business, and bank that has had an account with the Philippine Deposit Insurance Corporation (PDIC).

The PDIC is the financial services regulator that guarantees your deposits. By going with an accredited online lender, you’ll know that your money is in a safe place. The last thing you want to happen to your money is losing it to a scammer.

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