Sangla OR/CR: Your Business’ Alternative Pandemic Solution

Businesses that had the ability to operate even after six months into the pandemic are lucky. However, it’s undeniable that business owners have also been affected by abnormally slow sales and continuous operational expenses. Because of this, you may have tried getting a bank loan, but luck just didn’t last long.

One of the common reasons why a bank loan is denied to businesses is the inconsistent cash flow. Nowadays, a lot of non-essential industries have been crippled by COVID-19. Banks are very keen on assessing the company’s history, past transactions, on-time and late payments, credit scores, and other financial performance metrics.

Although there’s an option to borrow money from friends and family, not all of us are comfortable with it. It’s because, in most cases, this could be the beginning of a misunderstanding and a fallout of the relationship in the event you failed to return the money you owe.

So, we present to you a good alternative funding solution for your business or personal use, especially during this time of the pandemic. A collateral loan using your car’s OR/CR is a good way to fund your business without the compromise of a rejected bank loan or a deteriorating relationship with your family.

Below are the following reasons why this is something you should consider if you’re looking for financial help for your business.

Faster Approval Time

An OR/CR loan (Sangla OR/CR) is a type of bridge financing loan for people who own their cars without any bank loans and require cash quickly. Simply said, your loan will be secured by the original receipt (OR) and certificate of registration (CR).

Unlike the non-collateral loans most often offered by banks, an OR/CR Sangla collateral loan has a faster approval rate as long as you have the right documents. You just have to make sure that you complete the requirements. It only usually takes 2 to 3 days to get your loan approved.

Bigger Amount with Flexible Terms

Your OR/CR collateral will go through an appraisal process to determine the amount of money that you can borrow from the lending company. This is good as it maximizes your property. One of its benefits is that OR/CR loans will not harm your bank credit rating or future borrowing abilities because the loan is secured against your vehicle.

Low-Interest Rate

Depending on the customer’s demands, an OR/CR loan normally lasts 3, 6, 9, 12, or 24 months. Some financial companies do not impose any costs if the consumer wants to prolong or pay off the loan. Another good thing is some lending companies are more considerate in case you won’t be able to pay for a short period, which can be a common case nowadays.

According to the Philippines’ Department of Labor and Employment, more than 3,000 small and medium-sized enterprises have closed and almost 1,200 businesses have halted their operations because of the COVID-19 pandemic. No matter how you turn the numbers over and over, its effect on the industry can’t be denied as experienced by millions of workers and business owners. It’s also just natural for banks to be stricter in lending money to individuals and companies in this situation.

However,  there’s a good alternative to your financial woes that won’t hurt your financial standing and even relationships. Avail GDFI’s OR/CR Sangla Car Loan now and make sure to keep your business going despite the pandemic.