AUB offers personal loans to customers seeking financial help. However, the only personal loan the company provides is a salary loan. The latter is an unsecured loan that can be used to pay off your monthly bills.
Types of AUB personal loans
Borrowers can access two types of salary loans, including Seafarer’s and Cashelp salary loans. These loans benefit borrowers because you will not have to pay any interest on the loans when paying back in full as they are non-collateral cash loans. Besides, the salary loans can help you save money by reducing the amount you need to pay out every month for your debts. You can also use these two types of unsecured loans for any purpose, including buying a car, paying off bills, and even start investing in stocks or bonds with this money.
The salary loan offered by AUB for seafarers has the lowest interest rate, no required advance payment, and no co-maker. You may borrow up to ₱500,000 after your credit is evaluated and approved. Upon approval, funds will be paid into your account within 24 hours.
On the other hand, Cashelp is a multi-purpose salary loan that disqualified employees of accredited companies can access, providing easier access to credit with scheduled salary deductions until the full loan amount is repaid.
How to apply for a salary loan?
Once you have an account activated, you can apply for a personal loan via the website or AUB mobile app. Using the website to apply for a salary loan is a simple process. Follow the below steps to apply for a salary loan via the official bank’s website.
- Go to the website and click Apply Now button.
- Click on Loans.
- Click on Cashelp Salary Loan.
- Tap Apply Now.
- Enter company code.
- Read and understand the terms and conditions before clicking I Accept the Terms.
- Fill out the Form.
- Submit the documents and photos of your identification documents.
- Accept undertaking.
- Affix your signature.
- Click Submit.
- Wait for the email verification that your pa9n has been submitted and is being reviewed.
- Check the Loan Application Status to track your loans progress.
Requirements
The amount of money you can borrow depends on your salary, but it's also dependent on how much you make and your credit score. You must have a good credit rating and be employed for at least two years to qualify.
Eligibility
You must be a Filipino citizen
You must be 21 and 60 years old at the time of loan maturity
You must have completed at least one employment contract at the time of loan application
You must open an account with AUB
You just have a minimum gross salary of ₱10,000
Documentary requirements
Filled out and signed application form
Allotment arrangement certified by the company
Photocopy of the Employment Contract with the POEA stamp
Photocopy of Passport and Seaman's Book
Authority to deduct from your AUB account
Photocopy of the Seafarers Registration Certificate (SRC) or Worker's Information Sheet (WIS)
Plane ticket or Certificate of Departure issued by the manning agency
List of some of the acceptable IDs
Philippine passport
Philhealth ID, digitized
Voter's ID, digitized
Driver's license
Postal ID, digitized
OFW ID issued by Philippine Overseas Employment Agency (POEA)
Firearm's license
Maritime Industry Authority (MARINA) ID
Seafarer’s Identification & Record Book (SIRB)
Pag-IBIG Loyalty Card, digitized
Maritime Industry Authority (MARINA) ID
SSS ID, digitized or UMID
Professional Regulation Commission (PRC) ID
Seafarer’s Identification & Record Book (SIRB)
Pag-IBIG Loyalty Card, digitized
Postal ID, digitized
GSIS ID, digitized
Pros and cons
The salary loan is a credit offer between an employer and employee through a financial institution.There are a lot of benefits that come with a salary loan, but apart from that, there are some cons you must know before applying for this type of loan.
Pros
You don't have to pay back the loan until your next paycheck. Therefore, you will still have money left over at the end of the month.
You can use it to pay off debts or other expenses, like rent or car payments. That way, you'll have extra money for things you want to buy with that money.
You will not be required to present much documentation to prove your eligibility since your salary is your collateral.
You can get the money you need urgently, as a salary loan can help you get the cash quickly and easily without waiting for a long time for the approval process to finish.
Cons
You may be in a lot of debt if you lose your job.
You may end up paying a higher loan that the amount you received as the interest rate is high.
How to repay an AUB salary loan?
Repayment of a salary loan is done in three different ways. The most common way is to make payments monthly, with the amount to be paid is decided by AUB. This method comes with all the usual benefits of paying back a salary loan: you get to keep track of your repayments and plan accordingly, which helps you avoid any nasty surprises at the end of your loan term.
The second option is to pay an upfront payment or lump sum. When you repay the loan in this manner, you'll pay back all or part of your salary in one lump sum, and you'll have no accrued interest. The third option combines both options into one — you can choose to pay both upfront and monthly installments at once.