Advantages of Taking Up Loans in the Philippines
Whether you’re funding a new business or you’re just trying to pay off credit, loans can help Pinoys like you whenever you encounter financial speed bumps. But regardless of your reasons for taking up one, know that doing so in the country comes with benefits and drawbacks. Below, you’ll explore the advantages of taking up loans in the Philippines.
Various Loan Product Options
In an effort to cater to their clients’ needs better, banks and private lending firms in the Philippines give out many different loan products. For example, individual firms like GDFI offer OFW loans for Pinoys making a living abroad. Some lenders also dish out medical equipment financing, allowing doctors and other healthcare professionals to provide quality services for their patients.
And the personal, business, and secured loans found in the country are usually on par with those found in some of the world’s top banks. By deciding to visit the Philippines to take up a loan, you’ll open yourself to these options and the benefits they provide.
Low Interest Rates
Another advantage of taking up loans in the Philippines is that you get to borrow money at a lower interest rate. Interest rates are usually decided upon by lenders whenever they give out loans. There are times when they advertise APR rates of around 4.99% to 36.99%, and they typically look at your creditworthiness when evaluating your application.
Choosing Filipino lenders allows you to get favorable rates even if you’re a high-risk borrower or you have a poor credit score, allowing you to afford the loan products better.
Affordable Payment Terms
Furthermore, banks and lending companies in the Philippines offer easy and affordable payment terms compared to those in other countries. This enables you to save time on returning the money you borrowed, as well as get favorable interest rates and other terrific perks, among other things.
Longer terms allow you to pay less each month, yes, but it will come with a higher interest rate. Luckily, loan products in the Philippines come with long, flexible terms that come with relatively lower interests, thus allowing their clients to repay the money at their own pace.
Fast Application Processing
One of the drawbacks you might face when taking up a loan is the lengthy application process that goes with it. Thankfully, you can avoid that by choosing money lenders in the Philippines. This is especially true if you go to one of the country’s private lending firms. For one thing, their application procedures are easier to follow and more streamlined compared to banks (although banks offer lower interest rates).
They also utilize online portals when handling documentary requirements, allowing Pinoys and foreign clients to simply upload and send copies of the necessary files to the lenders. And they have a faster turnaround time for checking and validating applications.
Excellent Customer Service
Filipinos are known for their hospitality, and this trait somehow made its way to the country’s banks and lending firms. So if you’re tired of getting the generic, unfriendly services most lenders in other countries provide, you might as well visit the archipelago and experience Pinoy hospitality. That way, you’ll enjoy more personalized customer services alongside great interest rates, repayment terms, and other benefits. And don’t worry about the language barriers.
Most Pinoys working in banks and lending firms know enough English to hold their own when conversing with foreigners and expats.
The Takeaway
Banks and private lending firms in the Philippines have loan products and services that are just as great as those provided by other countries.
So whether you’re Filipino or not, you would do well to consider going to one of the country’s lenders should you find yourself needing financial assistance.
