Author: cashmartph

Borrowing money is part of our culture, however, it seems that avoiding repayments is also rampant. Know the rewards for being a responsible borrower.

In any way you put it, rejection hurts, especially when you least expect it. When you go online and search for lenders and bank loans, they all make it seem that loan application is very easy, if not effortless.

However, the truth is there are a lot of factors that greatly affects your loan approval. This is why you have to consider these five steps of getting a loan in the Philippines.

Have you ever experienced being in a financial dead-end?

When you thought that your salary has been well budgeted until the next payday, a need pops out and you are suddenly desperate to get your hands on an instant loan.

You apply for a personal loan, thinking that this is your only salvation, only to find out that you have been declined and one of the possible reason is your negative credit report.

In case you try applying for a personal loan in your bank, you may be surprised that despite your well off income, you get a cold rejection. “Why am I declined, I got more than enough income to repay the loan on time,” might be the question to pop in your mind.

Unlike what most Filipino thinks, banks and most lenders do not just base their approval with the borrower’s net income. They depend more on your credit report.