What Are The Requirements to Get a Loan?
When you borrow money from a official lending company, the requirements that you will need to submit are usually always very similar.
The requirements for you personally to loan money are:
- You must be employed, or you can be self-employed.
- You must be living in the Philippines (unless you’re applying for a OFW Loan or Seaman Loan).
- You must be at least 21 years old when your loan starts and below 65 years old when your loan is due to finish.
If you meet these three loan requirements above, then you can definitely apply to borrow a loan.
If you are unemployed, or if you are 18 years old, your loan application would not be approved because you do not meet the three basic requirements above.
The Paperwork Requirements to Get a Loan
If you are employed and you are old enough, you are ok to apply for a loan. Before you are given the funds, you will still need to complete some paperwork.
The paperwork you will be asked to submit will be slightly different for different people, but you should expect to be asked for the following:
- Copy of your Philippine Government issued I.D.
- A bill or other paperwork that shows where you live.
- Papers that show your salary (your payslips or bank account records).
These are the basic requirements that you will be asked to provide.
If your loan application needs some extra support, or extra weight behind it – you might be asked to provide 1 or 2 additional requirements before you are issued your loan.
Why Do I Have To Provide Requirements?
The banks and lending companies who will provide you money, they don’t like to risk giving away pera, that they might never see again. It is really that simple.
So they require these documents to be sure that when they loan you money, that you are going to be a genuine person and you are going to complete the loan repayments until they have been paid in full.
Therefore if you don’t have a Government Issued I.D, if it was lost or stolen, you will need to have a new one issued before you can be provided with the loan.
If you have these requirements nearby, you can complete your loan application now, and then gather the requirements and be ready to submit them.
I Get a Remittance, Can I Get a Loan?
The short answer is no. But the person who is providing you with a remittance, if they are a Philippine citizen they may be able to get a loan for you.
This would be a OFW Loan or a Seaman Loan, depending on their status.
You can be a beneficiary of their loan, so that you can receive the funds. Below is an example:
If your husband is working in Dubai and you are not working, your husband could apply for a OFW Loan here on this website.
When the time comes to complete the details, your husband can name you as the beneficiary of the loan. So you can collect the funds.
In this case, the loan will be under your husband’s name. Your husband will be 100% responsible for making the repayments, even though you got the cash.
Note: you are not allowed to apply for a loan on behalf of someone else. You can send them this link: https://borrow.com.ph and tell them to follow the steps.