Online loan application in the Philippines

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Loan application online

People frequently inquire about the loan application procedure. What is necessary to apply for and successfully finish the funding process? How long will it take to get the money? Whether you want to finance immediately or wish to obtain a better grasp of the loan process to prepare for future requirements, it is critical to understand what to expect from the application to close. By "close" I mean receiving your money.

The method and time it takes to acquire funds can differ depending on the financial institution you pick. Once the loan application and all supporting paperwork are sent to the lender, the rest of the procedure can take anything from a day to even six months, depending on you and the lender. The lender's expertise in lending to the borrower's industry, the borrower's timeliness in delivering the required paperwork, and the accuracy and completeness of the information collected all influence the timing.

What is a loan application?

A loan application is a completed document that contains all of the information needed to support getting financial help. It is a document that a lender provides when you ask for a loan to purchase business equipment or personal property or obtain cash for personal or commercial needs. The detailed application includes information on the property being considered for purchase, the reason the applicant requires financial assistance, and the borrower's financial situation and job history. Lenders evaluate loan application information to determine whether or not to approve the loan.

What to do before applying for a loan?

Before you begin the loan application process, gather all the documents and information you will need along the road and keep them available. This will help you progress through each procedure step fast and get your loan proceeds or loan approved as soon as possible. People seek loans for various reasons, including an unexpected medical bill, a necessary auto repair, looking to purchase a product but not having enough cash, a mortgage, seeking to develop their enterprises, and so on. If you've settled on a loan and believe it's the correct sort of financing for you, follow these eight steps to ensure you're on track to get your loan approved as quickly as possible.

Run the numbers

The last thing you or your lenders want is to take out a loan and then be unable to repay it. While lenders normally perform due diligence to ensure you can repay the debt, it's a good idea to run your figures to ensure everything works out. Begin by calculating how much finance you'll require for the loan's only purpose, bearing in mind that some lenders impose a processing fee deducted from your loan profits. Make sure you borrow enough to cover your expenses after the cost. 

To determine your monthly payment, use a loan calculator. This can be tricky if you don't know what rates and payback periods lenders will provide, but you can experiment with the figures to get an idea of how much the loan will cost you and determine whether your budget can manage it. However, some lenders have loan calculators designed expressly for the sort of loan you wish to apply for. If this is the case with your lender, you have a significant edge because you have already seen a preview of your monthly payment.

Check your credit score

A credit score is a numerical expression representing an individual's creditworthiness based on a level study of their credit files. A credit score is generally determined by a credit report normally obtained from credit agencies. Credit scores are used by lenders, such as banks and credit card firms, to assess the risk of lending money to clients and to reduce losses due to bad debt. Lenders use credit scores to evaluate who qualifies for a loan, at what interest rate, and with what credit restrictions. Lenders also use credit scores to assess which consumers are likely to generate the highest income. It runs from 300 to 850, with 300 being the worst credit score and 850 being the finest.

Most lenders will do a credit check to verify your ability to repay your loan. While some Internet lenders have begun to consider alternative credit data, they will normally consider your credit score. The top lenders normally demand at least fair credit — frequently between 580 and 669. However, credit scores over 670 will offer you the best chance of being accepted with a competitive interest rate.

A bank or an online credit report firm can provide you with a copy of your credit report. Every 12 months, they will send you a free copy of your credit report from all the credit bureaus. Examine the report to check if there are any inaccuracies. If you uncover any errors, contact the main credit reporting organisations to get them fixed. If your credit score is low due to other factors, you may still be able to obtain a loan. However, the interest rates and fees may be too high to make it worthwhile, so work on improving your credit before applying.

Consider your loan options

Depending on your creditworthiness, you may require a co-signer to obtain a loan with a reasonable interest rate. Assuming you can't locate a co-signer or the lenders you're considering doesn't accept co-signers, you may be able to receive a secured loan instead of an unsecured loan (if the loan wasn't previously secured). For better terms, secured loans need collateral, such as a car, a house, or cash in a savings account or certificate of deposit. If you do not return the loan, the lender has the right to confiscate the collateral to cover the obligation.

You'll also need to consider where you can receive the loan you desire. If you have terrible credit, you may have difficulty being authorized by traditional banks. On the other hand, some Internet lenders specialize in working with bad-credit applicants, and some credit unions offer short-term loans that are less expensive than payday loans. If you don't meet the standards and your purchase or loan reason can wait, work on improving your credit score so you can qualify.

Decide on your loan type

Determine which form of loan is ideal for your case once you know where your credit stands and have explored your possibilities. While some lenders are flexible about utilizing the loan proceeds, others may only allow loan applications if the money is used for certain objectives. For example, one lender may permit you to take out a personal loan to support your small company, while another lender may not allow you to utilize borrowed cash. It's typically a good idea to find a lender willing to offer you money or a cashless loan for the specific reason you require it.

Shop around for the best rates

Instead of accepting the first offer you receive, take your time and search around for the greatest possible interest rate. Compare lenders and loan types to see what you qualify for. Loan offers are often available through banks, credit unions, and online lenders. Consider checking with your bank or credit union first if you've had an account with them for a long time. When you demonstrate that you've made good financial decisions for years, your bank or credit union may be ready to overlook recent credit mistakes or give you a better rate.

Some digital lenders will also let you become prequalified with a soft credit check, which will not affect your credit score. Check with the lenders you're considering to see whether they have a pre-qualification process. Use this option to receive a complete picture of the rates accessible to you. Lenders often conduct hard credit inquiries as part of the loan application process that does not offer a pre-qualification process. To minimize the impact of hard inquiries on your credit score, do your rate shopping within 45 days of each other to include them as a single query for credit-scoring reasons.

Pick a lender

After researching, choose the lender with the greatest deal for your needs and begin applying. Based on the lender, you might be able to complete the full application process online. On the other hand, some lenders demand you to apply personally at your local financial institution or credit union branch. Each lender will want different information on the application. Still, you will normally need to include your name, address, contact information, income and work details, and loan purpose.

The lender will also want to know how much money you wish to borrow. Following a soft credit check, it could provide you with a few choices to consider. You will also have the opportunity to evaluate the loan's full terms and conditions, including fees and payback duration. To prevent hidden fees and other problems, carefully read the loan agreement.

Check their requirements and compare them with what you have

Every lender has various requirements and criteria for applying, which is why this step is critical. First, verify the loan requirements of the lender you wish to deal with and ensure they match what you have. After you submit your application, your lender will most likely request more paperwork. You will be required to upload or fax a copy of your most recent pay stub, a copy of your driver's license, or proof of address. The lender will notify you if any documentation is required from you and explain how to send it to the appropriate person. The sooner you supply the information, the faster you will receive a decision.

Checkout the loan details

Now that you've confirmed that you're prequalified, it's essential to prequalify the lender. Examine the facts and disclaimers in your pre-approval statement and the website for the following:

  • Possible loan amount, APR, monthly payments, and loan term. It may or may not be accurate, but it will provide you with a baseline against which to evaluate other pre-approved loans.

  • Interest type. Is the interest rate flexible or fixed? Is there an option, and if so, what is the rate difference?

  • Penalties and fees. You must find answers to questions like, is there going to be an origination charge on this loan? If so, how much is it? What are the consequences of late or missed payments? Are there any additional charges?

  • Secured or unsecured loan. Is this a secured or unsecured loan? What collateral is needed if it is a secured loan?

  • Arbitration. Is arbitration required in case of a dispute, or can I sue the lender in court?

  • Early repayment. Will I be penalized if I pay off my loan early?

  • Others. Even with pre-loan approval letters, there is always a tiny print. Look for anything that wasn't addressed above or that you hadn't considered.

Loan requirements

The general loan criteria in the Philippines are shown below. However, certain lenders may want papers not specified here based on the type of loan you seek, or eligibility conditions can change.


The general loan eligibility in the Philippines is listed below. The applicant:

  • Must be at least 21 years old and no older than 64 when the loan matures.

  • Must be a Filipino citizen or a foreigner with a legitimate Philippine billing address.

  • Must have a specific minimum gross yearly income (varies per lender).

  • Must be employed citizens or have a profitable business for self-employed applicants.

  • Must have a cell phone number, a landline, and an active email address.

Documentary requirements

Each bank or lender's criteria will differ, but these are the most typical loan requirements you'll need for a productive loan application:

For employed applicants

  • One valid government-issued ID card

  • Income documents that can be any of the following:

    • Certificate of employment and compensation must have been issued within the last six months

    • The latest ITR

    • The previous month's payslip

For self-employed applicants

  • One valid government-issued ID card

  • The previous year audited financial history statements

  • Business SEC registration certificate or DTI certificate

  • Business permit or Mayor’s permit

  • Last three months' bank statements

  • Latest GIS (applicable if it is a corporation)

For OFWs

  • At least two valid ID cards (which must include OFW-related IDs like OWWA ID, the Seaman’s Book, Philippine passport, etc.)

  • Current certificate of employment

  • Photocopy of visa

  • POEA overseas employment certificate

  • The last plane ticket(that you took outside the Philippines) and flight details

  • Proof of remittance

  • Proof of billing

  • Proof of residency as an OFW

  • The latest crew contract (for seafarers)

Ways to apply for a loan

There are two primary ways to apply for a loan: online and in person. Choosing between these two alternatives can be influenced by various factors, ranging from the lender or borrower's preference to the sort of loan desired.


You can complete an online loan application without physically visiting the lender's office. Throughout the loan application process, the borrower and lender will communicate and share information online. The application is simple and quick. Most loans offered online are unsecured and have low documentation requirements. The transfer of money is also incredibly convenient because it is done immediately to your bank account or debit card. However, compared to other loans or loans obtained offline, the loan amount, particularly for first-time applicants, may be less substantial.

Quick online personal loan lenders favour online applications to expedite the loan procedure. The cash loan application and delivery process here might take as little as one day and a week. Personal loans are the most common loan type that requires an online application. Several local banks and credit unions also use this strategy. However, some loan types, such as auto and SME loans, may also be applied for online, while the majority of them require you to finish the procedure offline. The lender's website or, in most cases, their mobile application are used to carry out the online loan procedure.

Over the counter

This is the typical method of obtaining a loan. You must go to the branch office and complete the relevant documents to apply for a loan. You must supply all documentation in hard copy, and the lender may require significant time to complete these applications. One of the most important advantages of this approach is the personalized treatment provided when engaging with an official in person. This is perfect for people who are not familiar with the Internet. The disadvantage is that this process takes much longer than online applications. Furthermore, the documentation required for the application procedure is vast and daunting for some people.

This method is used by the majority of local banks and credit unions. You do not expect to get approved for a loan of up to ₱50,000,000 while sitting at home and applying online. Mortgages, vehicle loans, business loans, and other forms of loans employ the offline loan application method.

How to apply for a loan?

The main processes for applying for a loan are outlined here. However, remember that the procedure may differ depending on your lender or the type of loan you need.

Online application

As previously indicated, you can apply online for a loan through the lender's website or mobile application.

Lenders website

The typical procedures to apply for a loan through the lender's website are outlined below:

  1. Visit the official website of the lender. It is essential to be cautious here to ensure that you are on the correct website of the lender from whom you wish to obtain a loan. Continue to the following step once you've landed at the website.

  2. Log in or sign up. Before applying for a loan, you must open an account with the lender. Log in to your account if you have one, or create one if you don't. After that, proceed to the next step.

  3. Choose the type of loan you want and click “Apply now”. Once online, select the type of loan you wish to apply for and click Apply now or Continue, as appropriate.

  4. Enter your details. Your personal information comprises your name, address, date of birth, and business information, among other things. Ensure you input the correct information since you may be asked to upload evidence.

  5. Enter your loan details. This covers your preferred loan amounts, reasons for seeking this loan, preferred loan duration, preferred repayment plan, and so forth.

  6. Upload supporting documents. The lender may demand some scanned copies of the documents stated earlier, this may vary depending on the lender and the sort of loan you are looking for. Continue to the next step after uploading clear copies of these.

  7. Read the terms and conditions. Examine the terms and conditions attentively to ensure you understand what you agree. Accept these terms and conditions if favourable, and reject them and seek another lender if they are not.

  8. Submit. If you agree to the loan terms, click Submit to finish your application. Now that you've done your part, you must wait for the lender to process your application.

The lender will evaluate your application's eligibility and, if necessary, request the provision of further papers. If your application is confirmed qualified, the lender will transfer the loan amount to your bank account, as specified in the application form.

Lenders app

Below are the steps to take to apply for a loan using the lender's mobile application:

  1. Download the application. The first step in using the lender's app to apply for a loan is downloading the app. Depending on your operating system, you can get the application through the Play store, Huawei app gallery, or App store.

  2. Log in or sign up. The next step is to log into the app if you already have an account with the lender. Otherwise, you must create one. Some lenders allow you to create an account using the app, while others need you to register through their website, obtain your login information, and then log in.

  3. Choose the type of loan you want and click “Apply now”. Once logged in, select the type of loan you wish to apply for and click Apply now or Continue, as appropriate.

  4. Enter your details. Your personal information comprises your name, address, date of birth, and business information, among other things. Ensure you input the pertinent information since you may be asked to upload evidence.

  5. Enter your loan details. This covers your preferred loan amounts, reasons for seeking this loan, preferred loan duration, preferred repayment plan, and so forth.

  6. Upload supporting documents. The lender may demand some of the documents stated earlier, this may vary depending on the lender and the loan you are looking for. Continue to the next step after uploading clear copies of these.

  7. Read the terms and conditions. Examine the terms and conditions attentively to ensure you understand what you agree. Accept these terms and conditions if favourable, and reject them and seek another lender if they are not.

  8. Submit. If you agree to the loan terms, click Submit to finish your application. Now that you've done your part, you must wait for the lender to process your application.

The lender will assess your application's eligibility and, if necessary, seek additional documents. If your qualification is confirmed, the lender will send the loan amount to your bank account, as provided on the application form.

Over the counter

The following is the procedure for applying for a loan at a financial lender branch:

  1. Visit the financial lender's branch. The first step is to go to their office and explain why you're there. Then you'll be routed to where you can apply for the loan you desire.

  2. Obtain the loan application form and fill it out completely. Take your time and fill out the application form completely and attentively.

  3. Submit relevant documents. Documents such as these include but are not limited to proof of income, age, address, and identification. You should submit only a photocopy of these documents.

  4. Collateral. For secured loans, the collateral form may be different than the loan application, but whatever it is, make sure you fill it out thoroughly and have the collateral readily available.

  5. Submit. Examine and carefully read the loan terms and conditions. If you agree to these conditions, please submit the forms.

The lender will then verify the papers and determine the applicant's eligibility. The loan amount will be deposited into their bank account if the applicant is confirmed qualified. In the case of cashless loans, the lender will notify the applicant of the steps to follow.

How to speed up the process?

If you're shopping for a loan, you're probably eager to get your hands on the cash as quickly as possible. Here are some pointers to assist you in minimizing delays while applying for a loan:

  • Check your credit report. Before looking for loans, know where your credit stands. Good credit might help you qualify for a loan with a reduced interest rate. Furthermore, detecting and rectifying faults as soon as possible is a simple approach to avoid problems later on when applying for a loan.

  • Pay off your existing loan debts. If you have an obligation and don't need the loan money right away, paying it off might improve your credit score and decrease your DTI ratio, increasing your chances of acceptance.

  • Speak with your current financial institution. Banks and credit unions are more ready to consider a loan application from a customer with whom they have a long-standing favourable connection.

  • Be prequalified. Some lenders provide a prequalification approach that does not need a rigorous credit evaluation. You can also get an idea of your personal loan rates and terms before applying to see if proceeding with the lender is beneficial.

  • Consider an online loan provider first. Many online lenders provide same-day loan approval, and if you are accepted, the lender could transfer funds into your bank account within a few days.

  • Pick up loan cash in person. Ask whether your lender has a physical presence, and find out if you can pick up the funds at the branch to obtain the money faster.

You can use a loan for various objectives, including debt consolidation, unexpected doctor costs, vacationing, purchasing a dream vehicle, or building a house. Most loans are unsecured since they do not demand collateral. As a result, they are simple to apply for. Loans must be repaid over a predetermined period, sometimes up to 30 years. The best loans will be determined by your creditworthiness (as indicated by your credit score) and the reason you require the loan. If you have strong or exceptional credit, loans might be a relatively affordable option to borrow.

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