Securing A Personal Loan In Just 5 Easy Steps
Are you planning to buy a brand new car or go on a trip to Europe this weekend but you’re short on cash? Do you wish to secure a personal loan but put off by the long, stressful and time consuming process? No need to fret! The whole process of securing a loan need not be a daunting task if you just follow these simple steps you can get your loan approved in no time!
Do Your Research and Weigh Your Options. When you want to buy a car will you go directly to your local car dealer and pick any type of car without doing some research? Of course before you pay the dealer a visit you should have done your homework first. Before you settle for one you need to conduct a research and consider the pros and cons of each model, the prices, the brand and the color that you want and other important factors. Getting a personal loan is pretty much the same as finding the perfect car. When looking for the perfect personal loan you must consider things like interest rates, requirements, loan tenure, processing fees and additional charges.
Online personal loan comparison tables such as those on iMoney can provide you with the necessary information that will allow you to make the right choice. By using a personal loan comparison table you will save a lot of time and effort thus making the entire process less stressful. Sites like these also provide people with expert advice that can prove to be beneficial to your search for a personal loan.
Try to Determine Your Net Worth, Review Your Current Financial Situation. After gathering the information the next logical step is to find the best option that can fit your current financial situation. Try to compute your expenses, and the amount you can afford to put towards your personal loan repayment. Do you have the financial capability to pay the entire loan without missing a single payment? If you don’t, interests and penalty charges may accumulate and make it harder for you to pay off the entire debt within the repayment period. Be sure you can meet payment due dates to avoid additional charges.
Acquire The Necessary Forms Prior To Application. Before applying for a personal loan make sure you have secured the right forms. Banks usually have a downloadable personal loan application readily available on their websites. If you can’t find the application form that you need online there are also other easy ways to secure one. You can visit your local branch personally or just call their representative so that they can bring the form to you at home. It’s also possible to apply through the phone or online. Make sure to contact your credit provider for additional details.
Make Sure You Have Read and Understood the Terms. Before you sign any loan agreement make sure you agree with the payment scheme and the other charges associated with your contract. Double check the loan term because mistakes are unavoidable and it is much easier to correct the errors at an earlier stage. Moreover, be sure to thoroughly check the fine print to make sure you’re not missing out anything important.
Present All Loan Requirements. And lastly make sure you present all the requirements, if you have incomplete requirements then your personal loan will not be approved. Here are some of the basic requirements needed when applying for a personal loan.
- Current Government Issued Identification Cards with picture (PRC, SSS, Driver’s License, Passport, Company ID, etc.)
- Proof of Income
- For Salaried Individuals
- 3 months original pay slip and/or latest Income Tax Return
- Employment contract or POEA Customer Info Sheet
- For Self-employed Individuals
- 3 Year Audited Financial Statement
- Latest Income Tax Return
- DTI / SEC business registration certificate
These are general documentations usually required by lenders. Depending on the bank, more documents may be requested for to process the loan.
Ready to apply for a personal loan? Find out which bank offers the lowest personal loan interest rate in the Philippines.