The higher your desired loan amount, the more requirements you have to present the bank so you will be granted the loan you need. A loan of P15,000 may be tricky to obtain, but luckily there’s a perfect alternative to approaching the bank, which is to explore microfinance companies that offer unsecured personal loans.
So what are unsecured loans? These are loans that do not require collateral. There are advantages and disadvantages to getting an unsecured loan, but if you have no properties registered under your name, this is the best option for you. This way, you can take home P15,000 in loans whenever you need it.
No-collateral loans are not as fussy as traditional, secured loans from banks. As long as you are between the age of 21 and 70, and have a stable job with a stable income, you can qualify for one. If you are a first-time customer, you have to prove financial stability, otherwise you may only qualify for a lower loan amount. Either way, you will be asked to present at least two IDs, bank account details, proof of billing that reflects your address of residence, and employment credentials like company ID, payslips, or tax returns.
That being said, different microfinance lending companies have a unique list of required documents for clients. To be sure, pay your chosen lender a personal visit so you can also negotiate a loan with good terms, flexible repayment plans, and reasonable interest rates.
While there are a lot of legitimate microfinance companies, there are also some that function more like loan sharks, so you have to be very careful and do your research before drawing up a loan agreement. Familiarize yourself with the reputation of your lender so you can have an accurate assessment if you have found the perfect fit for the P15,000 loan you need.