If your budget for bills, tuition, or even a big purchase such as a vehicle is short of just 5,000 pesos, there are many creditors you can approach. Even without jewelry you can pawn or property you can use as guarantee, banks and other lenders are not likely to give you a hard time, since all you need is a small amount to bridge any lapses in your budget.
It’s easy to get overwhelmed with all the options you have, but here are some of the most important considerations you should look at in choosing the right creditor:
While there are a lot of online lenders you can check out, nothing beats borrowing money from a physical establishment you can visit anytime anything comes up. We recommend that you choose a lender with a branch that’s walking distance to your house or office. This way, you can easily pay them a visit if you have questions or concerns regarding your P5,000 loan.
- Ease of application
Check the website of each creditor and take a look at the requirements they have for a short-term 5,000 peso loan. In doing this, you can immediately weed out creditors who will ask for requirements that you cannot produce. Usual requirements include proof of regular income, an active bank account, and proof of solid credit history.
- Loan processing time
Some lenders have a one-day processing time, while others require 3-5 banking days before funds are deposited in your account. You have to take note of this especially if you need the money immediately. Also remember that weekends and holidays are usually non-lending days, so you might have to wait an extra day or two if the processing time falls on a weekend or a holiday.