A cash loan application does not always get a sure approval. Even when you think that you’ve presented all of the documents needed, it just be won’t about the papers. In general, here’s a checklist of the things you need to prepare when applying for cash loans in the Philippines:
- Your credit score or history
When applying for a cash loan, you surely need to have a positive credit history as it is where your creditworthiness and promptness in paying would be based. You have to prove to the lender that you are responsible enough to repay through showing a positive credit history. In case of delinquent credit cards, bounced check, or ongoing loans, you may want to settle them first before trying to apply for another one.
The basic requirements in applying for cash loans in the Philippines include:
- at least 2 valid IDs
- latest proof of billing
- at least 2 months of latest payslip
- 3 months latest bank statement
- certificate of employment
- marriage contract (if applicable)
If you will be applying for a business loan, you will have to present additional documents such as:
- business permit
- DTI certificate
- SEC registration
- audited financial statements
- latest sales invoice
- latest bank statements
- Loan application form
While some banks and lending institutions require you to print out and fill in the necessary information on the loan application form, there are lending platforms such as FundKo which allows you to provide the needed information by doing it online. Through the website FundKo.com, you can sign up to become a verified member, and then apply through the website.
- A stable source of income
Without this, all of the documents you would present would somehow be useless. A stable source of income will prove the lenders that you are capable of applying and paying for a cash loan, and even to suffice your daily needs. The lender must be guaranteed that the loan you are to repay is one of the priorities on your budget.
The four mentioned above are the essentials to prepare when applying for a loan. You must remember, though, that having completed all of these four wouldn’t mean a sure approval. There may be banks or lenders who have different or additional guidelines, so you must carefully read the fine print or inquire directly.
If you are looking for the most convenient way to get a cash loan today, try FundKo, an online crowdlending platform in the Philippines with verified borrowers and lenders. The process would be done online so it’s sure a fast and easy way to fund your needs when you need them the most.