About bank
Pangasinan Bank, Inc. is a well-known online financial lending company specializing in personal and commercial loan financing.
Pangasinan Bank, Inc. is a former savings and loan institution that has been in operation since 1976. It is regulated by the BSP and the Philippine Deposit Insurance Corporation with six branches strategically positions throughout the provinces of Pangasinan and La Union. The Pangasinan bank has been operating as a rural bank since 2001, catering to the financial requirements of rural communities on a larger scale.
Pros and cons
Requesting a loan from Pangasinan may be beneficial if you suffer financial issues. Nevertheless, it is vital to educate oneself on all the benefits and drawbacks.
Pros
The bank assists in eliminating usurious behaviors in the areas it serves.
The company encourages individuals in the areas it serves to develop the habits of saving and thrift and the prudent use of credit.
The bank provides banking services to rural areas to spur its economic activities.
Cons
There is a risk of loss due to insufficient or erroneous transaction documentation.
Many Pangasinan borrowers are frustrated by the difficulty in getting in touch with loan officials.
Other customers claim that applying for a personal loan is not as simple as it appears, despite what they advertise.
Loan conditions
Whether self-employed or in a professional role, any employee can apply for a personal loan. The candidate must be a Filipino citizen between 21 and 65. They must have an available phone number and email address and a valid bank account in their name. Employed individuals must get a monthly gross income of ₱15,000. On the other hand, self-employed persons must have two years of successful operations in the same activity area. Self-employed persons should have a monthly gross income of ₱30,000.
Types of loans
When you want to borrow from your parents and friends and don't have an option, your next best alternative is to take out a loan. However, before you start submitting loan applications, you must know that Pangasinan Bank offers a variety of lending options.
Agricultural loan. Pangasinan Bank provided borrowers with loans to finance agricultural activities like processing, marketing, and storage. This loan can be useful for tenant farmers, settlers, agricultural lessers, amortizing owners, cultivators, compact farms, etc.
Agrarian reform loan. A credit for production and various sorts of loans are given to rural reform recipients for the following purposes:
The reform loan can be used to purchase works animals, agricultural equipment, machinery, seeds, fertilizers, poultry, livestock, feed, and other comparable products.
They can also use it for land acquisition under current legislation.
It can be used for the purchase or construction of manufacturing, processing, storage, and marketing facilities.
Real estate. This fund can be utilized to purchase a lot, make improvements to residential units, or as a down payment for a new property.
Commercial loan. A line of credit is granted to small and medium businesses operating in any industry or service company, whether they are sole proprietorships, cooperatives, partnerships, or corporations.
Consumption loan. This credit can be used to fund consumption expenses, including activities like the purchase of appliances or equipment. It can also be used to fund direct necessities of the borrower's immediate family members to cover their education, health, and other such requirements.
OFW loan. Lending institutions have made it difficult for overseas workers to get a loan. Due to this, some lenders like Pangasinan bank provide OFW loans. This product acts like a program that allows overseas workers to apply for a loan. Borrowers can use this loan amount to fulfill their personal requirements.
Auto loan. Applicants can use this loan to finance vehicles. The bank offers various auto loans that allow customers to purchase a car using methods other than a complete cash payment.
Agri-machinery loan. You may enhance your revenue by improving productivity with a Pangasinan Bank agri-machinery loan.
