The Requirements for a Cash Loan
Most of the private lending companies need a few requirements for them to verify that you are really eligible for a cash loan and of course that you have the ability to pay them back the amount you will agree to.
The following requirements are asked by most private lending companies in the Philippines. Depending on your individual status, you may be asked to provide just 2 or 3 of these requirements, or you may be asked to provide additional requirements if there is any questions about your application.
Usual Required Documents Are:
- One or two valid Government Identification Cards (eg. Driver’s License, NBI Clearance, SSS UMID, TIN ID, Voter’s ID, Postal ID, PRC Card, OFW ID, Passport, etc.)
- Latest payslip.
- One or two statements of billing.
- Banking statements.
- 18 years old or above.
After you apply for your cash loan, that is the time when your loan will be assessed. And a loan office will contact you to finalise the requirements that you need to provide.
After you successfully submitted their requirements, your cash loan could be deposited directly into your bank account, or you will be able to collect it from an authorised distributor (for example, Mini Stop).
This is what makes a cash loan a popular solution for people who need Php3,000 – Php10,000 quickly. The requirements and processing is usually faster than a traditional loan.
Turnaround Time of Processing of your Loan
Most of the private lending companies here in the Philippines requires a 24-hour timeframe for processing of the approval of a person’s intent to loan. However, depending on your individual situation, this timeframe may be different.
Until we see your application, we will not know how much you could borrow or what are your options to collect the loan. Therefore, the first step is to apply here on this website and wait for a quick response from our team.
Furthermore, quick processing of your approval also depends on the requirements that you will be asked to submit. Always be sure to have a clear scanned copy or picture of the requirements that you will submit to avoid delays in the processing of your loan.