Menu Close

How to Qualify for a P30,000 Loan in the Philippines

There are many reasons why you might need a loan of 30,000 pesos. If you lost your job or had a hospital emergency, you might find it hard to borrow such a large sum just from friends and family. Banks are also not likely to grant your application for such an amount, especially if you are a first time borrower. Fortunately, there are companies in the Philippines that provide short-term loans for whatever purpose. All you need are identification cards, an active bank account, and sufficient proof that you are able to pay back what you borrow.

There are dozens of organizations that offer this kind of financial service. It is ultimately your job to take a look at each one to find out about their loan offerings and payment policies. Before you sign your name on any personal loan agreement, you have to compare different lenders to find out which one best suits your needs.

First and foremost though, you have to be sure that you are qualified for a loan. You have to be at least 18 years old when you borrow, and no older than 70 years old upon the date of maturity of your loan. You also have to be employed, or at least earning a sizable income from self-employment or a business. Otherwise, the lender will have no assurance whatsoever that you are indeed able to pay what you owe.

A good credit history can also make or break your plan of borrowing P30,000 in the Philippines. Before applying for this kind of loan, you have to pay back what you owe from other lenders first. In terms of repayment, large sums like a P30,000 loan will have a payment schedule from one day up to 5 years. If you don’t want to pay large interest, you have to choose a shorter repayment schedule.

Leave a Reply

Your email address will not be published. Required fields are marked *