You never know when an emergency will happen, so it’s always a good idea to keep a portion of your income as an emergency fund. However, if you urgently need cash and your emergency fund is not enough to cover your needs, there are lending companies in Cebu, Philippines, which can provide you a microloan to solve your temporary financial struggle.
Aside from banks that normally require a guarantee or a collateral for their loans, you can seek microfinance organizations in Cebu that offer reasonable interest rates. But first, you have to know what kind of loan you want to get.
There are three main types of loans that are available for those in Cebu
- Salary loan in Cebu
A salary loan is a short-term loan that you have to pay immediately, or as soon as your next paycheck arrives. As the name suggests, you can only avail of a salary loan if you are employed, and are expecting to receive salary from your employment.
- Personal loan in Cebu
If you are self-employed or are managing a small business, the better option would be a personal loan. This type of loan does not even require proof of employment, and you can use the money for whatever purpose you may need.
- OFW Loan in Cebu
For overseas Filipino workers with family members residing in Cebu, there are lenders offering special OFW rates. Even if you are outside the country, your loved ones in Cebu may receive the loan in your behalf, as long as they sign as a guarantor or a co-borrower.