UnionBank loans for december 2024

Union Bank of the Philippines is a multi-award-winning universal bank governed by the Bangko Sentral ng Pilipinas that provides high-quality financial products and customer care. The Union Bank's rapid loan is one of the many services it provides.

There may be many instances when you want funds as soon as possible, which is why quick loans are in high demand. It is a little more sophisticated than most banks to provide these services, but the convenience with which these services are available continues to draw a huge clientele.

People typically seek improved perks from UnionBank because it is one of the fastest. Union Bank's rapid loan is a quick way to receive cash. You must complete the application form and submit it as a text message, and you will be accepted within minutes. Then, feel free to withdraw the funds you require.

What are Union Bank quick loans?

Union Bank Quick Loans is a digital cash lending service and a non-cash loan program (for purchasing things in installments from merchant partners) available to Union Bank savings, deposit, and payroll account holders.

Customers whose accounts match the conditions of Union Bank's online cash and non-cash lending programs can apply for this service to acquire rapid cash. They will have the money in their accounts in 60 seconds.

Non-cash lending schemes, on the other hand, allow clients to pay for things on a limited basis without using personal credit cards. They may apply via the Internet and will be alerted if they begin purchasing products – the cost of the item will determine the balance.

Applicants may continue to join the site and begin borrowing money after giving all relevant information once they have received SMS or email confirmation, including a unique invitation code.

Types of Union Bank quick loans

Union Bank offers two types of rapid loans: cash and non-cash.

Cash loans

Customers of Union Bank of the Philippines who have been pre-qualified for the cash rapid loan program are invited to apply for short-term cash loans. Those who request a loan and get it authorized can have the funds sent to their accounts in less than 60 seconds.

Non-cash loans

Clients of Union Bank of the Philippines who have been pre-qualified for this program can get particular things in installments without using their credit cards by requesting the fast loans microsite.

Customers will be advised about the availability of certain goods at participating merchant partners. The amount of the loan is determined by the cost of the item borrowed.

Reasons for getting Union Bank's quick loans

Union Bank fast loans may be utilized for various goals, including personal reasons, business expansion, and even paying off an existing loan.

• Personal development. Whether you're a returning college student or considering enrolling in a baking class for your future patisserie, the Union Bank fast loan may be used to pay for your tuition or other personal development activities.
• Education. Assume your salary is not received on time to cover your children's tuition payments. In such a situation, you can take out a short-term loan from Union Bank to pay for such costs, and the remaining funds from your loan can be utilized to buy school supplies, books, and learning materials for your children.
• Emergencies. Is a family member in the hospital, or is your income-generating car unavailable? You may always rely on a Union Bank fast loan in such cases.

• Small business expansion. If you are going to establish a business and want considerable funds, a rapid loan from the Union Bank of the Philippines may be appropriate. You might use the funds to expand your inventory if you already have a business.
• Home remodeling. Assume you are considering extending your home because your family is increasing, or you want to boost the market value of your property after a natural disaster. In such instances, your home may need to be repaired. You may apply for a fast loan from Union Bank, and the cash you receive may be sufficient to assist you.
• Weddings. Wedding preparations can be pricey. Therefore, a short-term credit line, such as the Union Bank fast loan, may be the solution.
• Consolidation of debts. It is widely held that people should not repay their debt with another loan. Applying for a Union Bank of the Philippines rapid loan makes this choice more feasible.

In the long term, you may use the money to pay off current high-interest debts, leaving just the Union Bank loan to repay. You may save a lot on interest because this credit has cheap interest rates.

How to apply?

Borrowers must complete an online registration form, which may be filled either at the bank or online. Applicants must provide proof of identity, a recent pay stub, and information about their Union Bank account.

If the application is successful and authorized, the cash is deposited into the borrower's account within 60 seconds, or it can be credited to merchant accounts within the same time for non-cash loans. Loans can range from ₱1,000 to ₱250,000, based on the borrower's pay structure and other considerations.

It's similar to a payday loan, but with a few key differences: A Union Bank quick loan has loan lengths ranging from a month to twelve months, depending on your needs, while a payday loan is paid back on your next payday, which is normally two to four weeks after the loan was received. Union Bank charges borrowers ₱100 for every ₱2,000 borrowed.

You may apply for a fast loan from Union Bank on their official website or through their mobile app. You must take the following steps:

Application through the website

First, applicants and borrowers should visit the website and choose Cash Loan. It will take them to a new page, where they must log in to their Union Bank account and acquire an invite code.

Those who have received a unique invitation code through SMS or email can apply online at the Union Bank's website. Upon arriving at the website, applicants and borrowers must complete the following steps:

1. Select the Personal section, then Loans, and finally Quick Loans.

2. Scroll down and click on the I have an invitation code area. It will prompt you to input the code and then tap the arrow.

3. Enter your ATM card's final five digits or your 12-digit bank details. Fill in one of these and then click Next.

4. Enter your email address and phone number on the following page. After that, click Next.

5. The application page should now be visible to you. On this page, you must pick a loan amount before viewing your interest rates and processing fee, loan terms and conditions, Automatic Debit Arrangement (ADA), and disclosure statement.

6. You must accept these conditions by clicking the Agree button. After agreeing to all the terms and conditions, click Submit.

7. If your application is approved, the net loan profits will be deposited into your Union Bank account in seconds.

8. Your loan amounts will be credited to your account when you get a notification via SMS or email. The application form, promissory note, and amortization schedule will be included.

Application through the mobile app

To begin, applicants and borrowers must launch their bank app and log in using their login and password. After that, select Cash loan. This will direct them to a new page, where they may request an invite code.

Those who have received an SMS or email message with a unique invitation code can return to their mobile app to complete their application. Once on the app, applicants and borrowers must complete the following steps:

1. Download the UnioBank app from the Google Play or Apple App Store if you don't already have it.

2. When you sign in, a button with the phrase qualify for a loan will show on the main panel. Select this option.

3. This will take you to a new display where you'll be required to provide an invitation code. Before you may touch the arrow, you must first enter the code.

4. Enter your ATM card's last five digits of your 12-digit account number. Fill in one of these and then click Next.

5. Enter your email address and phone number on the following page. After that, click Next.

6. This will open the application page. On this page, you must first choose an amount, after which you will see your interest rates and processing fee, loan terms and conditions, Automatic Debit Arrangement (ADA), and disclosure statement.

7. You must accept these conditions by clicking the Agree button. After agreeing to all the terms and conditions, click Submit. The net loan amount will be sent into your Union Bank account in seconds if your application is approved.

8. You will be alerted through SMS and email when your loan amounts are credited to your account. The application form, promissory note, and amortization schedule will be included.

Requirements

The following are the prerequisites for loan qualification:

• When applying, applicants must be at least 21 years old and no older than 65 years old when the loan matures.

• Applicants must be nationals of the Philippines.

• Applicants must have a home office or a landline.

• Working applicants must have a minimum gross monthly income of ₱15,000.

• Self-employed candidates must have at least two years of consecutive successful operations in a certain industry, as well as a minimum gross monthly revenue of ₱30,000.

How to repay a Union Bank quick loan?

Once a month, the Automatic Debit Agreement (ADA) debits your Union Bank fast loan payment from your account. It normally occurs on the due date of your loan or the payday closest to the due date, whichever comes first. Your loan is due on the 15th or 30th of each month, and the system will debit your account when you receive your paycheck in your payroll account.

You can apply for a new loan after your current one has been entirely paid off. You may either wait for an SMS and email informing you of your eligibility for the next promo period, or you can apply three to four weeks following your current fast loan maturity using the Cash loan option on the lender's website.

What happens if one can not repay a Union Bank quick loan?

Suppose the bank cannot withdraw funds on the payment day owing to insufficient funds in the account. In that case, the borrower is deemed in default, and the whole debt, charges, or penalties become immediately payable.

The total outstanding and unpaid amount under the promissory note becomes payable immediately, without any demand or notice from the borrower If non-payment of the entire loan or any portion thereof, as stipulated in the promissory note, for any reason, including, but not limited to, the closing of the borrower's savings/deposit/payroll account.

Suppose the bank retains counsel to enforce the collection of the promissory note. In that case, an additional sum equivalent to 20% of the entire amount due, but no less than ₱5,000, will be charged as attorney's fees, plus the cost of action and other judicial or extrajudicial expenses.

The bank may appoint or designate a representative in the event of a default. This involves using a third-party collection agency to assist them in conducting essential callouts as early as the first day after the debt is past due.

Any action emerging from a collection case or a breach of the loan conditions shall be brought solely in Pasig City, and no other venues will be considered. In the case of judicial execution of the borrower's obligation, the borrower's rights under Rule 39, Section 13 of the Rules of Court shall be waived.

Pros and cons

It is usually advisable to examine the pros and drawbacks of any product before subscribing to it from any firm. This will allow you to determine whether it is a decent offer. In this part, we will look at the benefits and drawbacks of this loan.

Pros

• The loan is simple to obtain because you do not need to travel to a bank to apply for it and receive your funds.

• It has relatively minimal prerequisites.

• They are unlikely to examine your credit report.

• The loan has no collateral.

Cons

• This loan is expensive since there is no collateral.

• The loan may be predatory.

• It does not affect your credit score.

• You might be caught in a borrowing cycle.

• Union Bank can automatically access your bank account and remove funds.

• The bank has the power to sue you for late or non-payment.

The actual cost of a Union Bank quick loan

Borrowers must pay a processing fee before the funds are disbursed. The loan principal will determine the fee in the following manner.

• ₱1,000 - ₱1,999 = ₱100 charge

• ₱2,000 - ₱4,999 = ₱300 charge

• ₱5,000 - ₱9,999 = ₱500 charge

• ₱10,000 and above = ₱2,000

Borrowers must pay the overdue charge if they miss their payment due date; costs vary, for example, depending on how late the payment is.

• 1 - 30 days = ₱200

• 1 - 2 months = ₱400

• 2 - 3 months = ₱600

• More than three months = ₱800

The loan has a set monthly interest rate of 4%. The smallest loan amount is ₱1,000, with a maximum loan amount of ₱1,000,000 available. The loan approval and payment times are 60 seconds, and the payment duration extends from one to twelve months. Qualified UnionBank deposit account holders can avail of quick loans.