It can’t be avoided we all experience being short on cash at one time or another. However, there’s an easy fix to this problem. The answer salary loan Philippines!

If you need some cash to to pay your bills, buy a high ticket home appliance, make the downpayment on your dream car, pay for a well deserved family vacation in some terrific tourist destination in or outside the country, or to provide for any of your personal needs, you can count on salary loan Philippines to meet your needs, or at least a part of it.

We will try to answer some of your most frequently asked questions regarding salary loans throughout this article. Ready? Let’s start!

Am I eligible to qualify for a salary loan?
As a general rule, salary loans are offered to legal residents of the Philippines who are gainfully employed or those who have an acceptable and stable source of income. As such, even business owners can avail of this type of loan provided they meet the other lending criteria set by their chosen lending facilities.

As mentioned earlier, different banks have different criteria. While some banks offer salary loans to employed individuals who are earning at least P10,000 per month, other banks choose to do business only with those earning P15,000 per month. The length of employment also counts. While some require that you’ve been with your current employer for about six months and have a total two year work experience, other lending facilities may require you to be with your current employer for about a year or two before you qualify for a salary loan.

Where can I get a salary loan?
You won’t get stumped here. There are a lot of banks, both commercial and rural, offering salary loans Philippines. However, the criteria for eligibility and repayment terms may vary from bank to bank so it is advisable to do your research thoroughly to find out which lending facility best suits your needs and your personal situation.

So, how much can I expect to get once I applied for a salary loan?
Well, it also depends on how much your chosen bank has specified in their guidelines. Loanable amount often starts at P10,000 to P15,000 but then again, you may apply for a salary loan up to P500,000.00, depending on your needs and your capacity to pay.

How long do I need to pay for my loan?
This one is highly flexible, too, and depends on a lot of factors including your unique financial situation. Most lending facilities allow you to pay your loans in 6, 12, 18 and 24 months. Some even offer a 36 as well as a 48 month repayment period! However, you need to consider the interest rate. Generally speaking, the longer it takes you to pay for your loan, the higher the interest rate is.

What are the basic requirements required when applying for a salary loan?
Some of the most basic requirements include the following:
Completely filled up salary loan application form
Certificate of employment
Photocopy of your company ID
Photocopy of your latest Income Tax Return (BIR Form 2316)
Latest pay slip.

Remember, other documents may be required by the lending facility, so just prepare for it.

Due to the intense competition between lending facilities, a lot of banks are offering features designed to make your experience easier. A majority of the more established commercial banks have their own online portals and are providing online loan application. While some may simply offer downloadable application forms, others have taken a step further by allowing borrowers submit their loan applications online. Needless to say, this feature is a great time saver.

Some banks have also forged ties with a lot of companies. Why is this important? Well, if your company is accredited with a certain lending institution, the process of salary loan application is trimmed down considerably and you can almost be certain that your loan will be approved. You would not need any collateral since your employment will serve as your guarantee. And you’ll get a hassle-free payment scheme, too, since your monthly payments will be made via salary deduction!

These are times of economic hardships. But don’t worry. If you need to find a solution for your personal needs, there will always be a salary loan Philippines that will best suit your needs.

Owning a home is probably one of the biggest dreams of every Filipino but the reality of owning one seems to be an impossible feat for the great majority. Good thing there are housing loan Philippines available. Now, even the working class can start weaving their dreams to reality!

There are a lot of privately held corporations as well as government institutions that offer housing loan Philippines. However, since these institutions have their own guidelines and specific loan terms, it’s best to shop around and do some research before you settle for one to make sure you get the best deal in town. After all, buying or building a house is one of the biggest decisions you’ll ever make in your life.

Most housing loan Philippines are open to all Filipinos, residing and working in the Philippines or overseas, who wish to purchase residential real estate in the country. So, whether you, the borrower, are interested in purchasing a lot, a house and lot, a condominium unit, a townhouse or a residential rowhousing unit, you may qualify for such loans provided that you meet the individual criteria set by the lending institution. Housing loan Philippines may also be used for the improvement on an existing house owned by the borrower and for refinancing a Philippine Peso home mortgage loan.

Some of the most common criteria set by institutions offering housing loan Philippines include the following:

Age Requirement. Must be at least 21 years old during the time of loan application and must not be over 65 years old at the time of loan maturity.

Employment Status. If the borrower is employed, he or she must be on regular status at current work. He/she must also have at least 2 years work experience, and with a minimum gross family (combined for married applicant) monthly income of P30,000. If the applicant is self-employed, he/she must be a practicing professional or his/her business must be operating profitably, for at least the last 2 years, and with a minimum net monthly income of P30,000. However, please note that the minimum acceptable monthly income may vary from one institution to another.

Even non-Filipinos (foreign nationals) who want to own a residential real estate in the Philippines can qualify for a housing loan Philippines in some lending facilities, provided that he/she has been residing in the country for the last 2 years. Depending on the program chosen, temporary workers on a temporary working visa, may or may not be granted a loan, depending on the prospective stability of his/her employment, his/her current and future assets and other such factors.

However, do note that foreign nationals are only allowed to acquire condominium units, where the majority is owned by Filipino Citizens or the foreign ownership in the Condominium Corporation should not exceed 40% as required by Philippine Law.

If you’ve decided that you really need to apply for a housing loan Philippines to bring your dream house into existence, you need to choose which institution and under which terms will be right for you and your needs. Here are some tips that may help you accomplish this:

Ask for recommendations. Oftentimes, the best way to find the best lenders is to shop for recommendations. Word of mouth is, and always will be, the best gauge to learn about the best deals in town. Have any of your friends taken a home loan recently? What do they recommend? Ask about their experiences and use those to help you in making your own decision.

Consider your unique needs. Take an honest look at your situation and decide what your essential needs are. If you’re buying your first home, the loan terms should be easily manageable, especially during the first year. This is important since a housing loan can significantly change your financial situation. Work on something that you can effectively manage.

Consider the package. Different lending facilities offer different packages. There are some that only offers about 60% to 80% of the project’s total value while some may offer to fully finance the project. Interest rates and repayment terms also vary from one institution to another. So, it may be best for you to do your research thoroughly and keep a comparison chart on what the lending institutions are offering you. This way, you’ll be able to choose the best package available for you.

Your dream home may just be a few steps away so don’t give up. No matter what your current situation is, chances are, there is a perfect housing loan Philippines that will fit your needs.

There are also some other types of loans such as salary loans that might interest you.

Collateral/security: Group or center guarantee

Requirements: Must be permanent residents of the barangay for at least 2 years where the group is formed; members of the group should belong to the same socio-economic background; members of the group should not be composed of relatives or residents willing to undergo 5-day training for 2 hours each day; individuals who are permanently employed either in the government or in the private sector are disqualified; documents: barangay clearance; community tax certificate; ID photos; accomplished program forms; business plan.

Collateral/security: Group guarantee or collateral and co-makers

Requirements: Barangay certificate; valid ID; marriage contract; birth certificate; TSPI forms(loan application form; promissory note; center recognition form; group guarantee form; business evaluation form)

Collateral/security: Group accountability or collateral

Requirements: The loan should be used to start and expand a business; documents: accomplished application form; community tax certificate; ID; priest or pastor’s recommendation.

Collateral/security: None

Requirements: Borrower must have a minimum gross annual income of P180,000; borrower must have and office landline telephone and either a home landline phone or mobile phone; borrower must be a credit card holder (may not be of the bank but of other financial institution); documents:
a.) employed completed application form; any unexpired valid ID; proof of income (latest credit card statement, certificate of employment, pay slip, or latest ITR or W2)

b.) self-employed completed application form; any unexpired valid ID; DTI business registration or incorporation papers; latest audited financial statements; latest ITR

Collateral/security: Real estate properties; cash deposits

Requirements: For corporate borrowers, must be 60% Filipino-owned; documents: accomplished application form; financial statements or ITRs(last 2 years); bank statements (last 6 months)

Collateral/security: Real estate mortgage; chattel mortgage

Requirements: Collateral free; documents: Accomplished application form and confidential information sheet; appraisal form; valid ID; 2×2 pictures; community tax certificate; barangay clearance

Collateral/security: Residential property; commercial or industrial property

Requirements: Should be engaged in business for the past 3 years; in light manufacturing, processing, services and retail/wholesale trade; with favorable track record/experience and credit standing; documents: Application form; 3 years’ audited financial statement; 3 months’ bank statement; business registration documents; photocopy of property plan; tax declaration survey plan.

Collateral/security: No collateral but with collective responsibility

Requirements: All poor women who can form a group of 5 to 10 and belonging to a center of 30 or more, who live close to each other, and willing to trust and help each other; documents: membership application form; barangay clearance; loan application; group and center approval; attendance to compulsory group training and passing through group recognition test.