Is this your first time applying for a loan online? Some might have a hard time securing and finalizing their applications because their clueless of the requirements. Well, you’re not alone in that dilemma. And many have find it difficult at first.
As an online loans marketplace that connects and matches you with an available financer- whether a bank or financial institution, Cash Finder listed down the steps and requirements you’ll need to prepare for your first loan application.
- Fill out an online form
All online loans marketplace will ask you to fill out an application form. Most of the time, you’ll have to fill out at least 7 datapoints in order to proceed with your application. Some may require more especially the banks which is fine since this information will help them assess and evaluate your application.
- Prepare at least 1-2 government valid IDs
Cash Finder outlined the list of IDs you can try to secure and submit for your loan application. For Professionals, it is recommended to submit your PRC ID. And for employed applicants, you will most of the time be asked to submit your Company ID.
- Latest Billing
Whether you’re applying for a broadband connection or bank account, you’ll most of the time encounter the clerks asking you for a proof of billing. This is not to scrutinize if you pay on time or with delays on your monthly bill but to confirm where you’re currently residing in. Your location is very important in the initial process.
Any proof of billing can work, as long as it indicates the place of your residency. For renting applicants, you may ask your landlords for a copy so you can submit this requirement. You may opt to submit any of the following:
- Electricity and Water Bills
- Internet/Broadband Bill
- Insurance Bill
- Cable Bill
- Credit Card Bill
NOTE: For applicants who’s renting, you will be asked to submit at least 2-3 months proof of billing.
- Proof of Income
This is the most important requirement amongst the initial list we gave you. Banks and financial institutions will always require this on the onset of your application.
For employees, please make sure you have your latest payslip before applying. Secure this before your transaction to avoid delays. Because most financial institutions will not process your application without the most important requirement.
Business owners/ self-employed on the other hand might have additional requirement on their application. For passbook holders, photo consolidation of at least your 3 months bank transaction is needed. You will need to also submit your bank statement and/or audited financial statement which you may verify and request from your bank.
- Other Requirements
- Certificate of Employment (COE)
Employees will be asked to secure a copy of COE. Before applying, make sure to ask your HR Department for a copy since it might take a while to accomplish this. For urgent loan request, you may provide your HR’s phone number so banks/financial institutions can do their own verifying to save you time and effort. But it’s always suggested to have this readily available just in case the financers insisted.
- Audited Financial Statement
For higher loan request amounting to Php100,000 above, you will need to prepare an audited financial statement especially if your income involves a business.
- Bank Statement
Just in case you’re looking for a higher loan approval, you will be asked to submit your bank statement to assure the financers your capability to pay off your loan and to track the ins and out of your cash flow. It’s best if you contact the branch of the bank where you opened your account to secure this requirement.
- Collateral Information
Sometime we’ll never really know how in need we are especially during emergency situations and for matters that needs immediate action. This is where collaterals come handy. Collateral is any property/asset you can use to support the loan you’re asking. It can be in a form of real estate property like your house & lot, rest house, residential property etc.
You may also present your car if you have fulfilled and completed your car amortization. For professionals, you may use your medical equipment and other heavy equipment as collateral especially if you will use it to expand your business. Appliances, electronic devices and other valuable items can also be considered.
NOTE: If you will offer a collateral, kindly secure all the documents ahead of time to avoid delays. Most financers will ask you to pay for an appraiser who will check the market value of the item offered as collateral. This will be shouldered by the client and usually costs around Php5,000-Php8,000.
- Certificate of Employment (COE)
Once you have considered the list of requirements above, you’re ready to take the steps in getting your first loan application.
Now, you are one-step closer in finding cash with Cash Finder Philippines! Kaming bahala!