Things to Know About OR/CR Sangla Loans

Lulu Tamboboy

Car Collateral Loan Tips

May 22, 2022

Filipinos may find themselves in circumstances where they need to meet unforeseen financial demands, such as modernizing their business, paying education fees, or suffering medical bills, even in these difficult and exceptional times.

Sometimes, we may not have enough cash on hand on rainy days like these. We are then tempted to take out a payday loan or max up our credit card. This shouldn’t be the case because there is a more practical and fair solution that would prevent them from going into debt. 

Below, we’ll go through some of the details they’ll need to know about putting up collateral and receiving the funds they require here.

What is collateral?

Collateral is a valuable asset that is pledged as security for a loan. This ensures that lenders are certain that borrowers will fulfill their obligations to repay the loan.

Real estate, savings, and investment accounts, and, in rare situations, personal vehicles such as automobiles and trucks, serve as collateral.

But, did you know that your automobile or truck title may also be used as collateral? That is correct! Global Dominion Financing Inc. is one such organization that takes automobile titles as collateral (GDFI).

What is a collateral loan?

A collateral loan, also known as a secured loan, is one in which a loan is backed by valuable assets that you possess.

A secured loan reduces the risk for lenders and ensures that borrowers complete their payments on time. Collateral loans also provide the advantage of allowing for larger loan amounts with more favorable terms, such as lower interest rates or longer loan durations.

In this regard, GDFI is particularly helpful in giving a variety of choices for obtaining a loan quickly and at a low-interest rate of 1.30 percent.

Car OR/CR as collateral

We all know that the objective of owning a car, aside from its actual value, is its utility, whether for personal travel or for commercial purposes, such as delivery, transportation, and rental services. Unlike typical collateral, which requires the lender to exchange property for money, this is not the case with GDFI’s Car Collateral Loan. As a form of security, your official receipt or certificate of registration (OR/CR) will suffice. You’ll collect your money and keep your automobile this way.

How to Apply

The convenience of having a car for your business or personal life does not have to end with the Car Collateral Loan or OR/CR Loan, which is quickly becoming the ideal alternative for quick cash. And because your credit history has no influence on your borrower requirements, the approval and disbursement processes are a breeze.

To apply for the loan, you only need to provide the following information:

  • Any two valid identification cards (Government Issued)
  • Proof of income (if employed, three months’ paystubs; if self-employed, a business permit; if remittance, the most recent three months’ proof of remittance/receipt)
  • Proof of Billing (water or electricity)
  • Copy of the most recent OR/CR
  • TIN (Tax Identification Number)
  • Supporting documents for special cases

All that’s left to do now is submit the formal loan application and wait for approval and distribution. The entire procedure may be shortened down to three working days using GDFI.

All of this is part of GDFI’s mission to enable Filipinos and their families to achieve their life objectives by offering accessible financial products and services.