Quezon City is by far the biggest city in the Philippines, with a dense population of about 3 million. If you go back in history, you’ll find that it was once the country’s capital. Even though there is a new capital, Quezon City or QC remains to be a bustling city and a financial center in the region. Therefore, you can expect that there are a lot of banks and microfinance institutions (MFI) located in this area.
So if you are a resident of Quezon City, there are a lot of options you can look at if you ever need extra money. Whether or not you have your own house or car that you can use as collateral, there are lenders that are willing to accommodate your loan application. In fact, you don’t even need to leave the house! There are online lenders that purely conduct transactions online. As long as you have a stable source of income and enough identification credentials, you can apply for a loan through these online microlenders.
You might notice that MFIs offer bigger interest rates than traditional banks. It’s because MFIs ask for fewer requirements and have shorter processing times for loans. It is the best option you have especially if you are just looking for a short-term loan ranging from 5 to 50 thousand pesos. You might have to build a good credit history first before you can borrow a larger amount.
One of the most important advantages of approaching MFIs is that you don’t need collateral to prove that you are worthy of credit. You just have to be willing to pay more in interest and charges, since the lender will have to cushion the risk it is taking by loaning money to you.
However, this does not mean that you have to settle with unreasonable, loan-shark-level rates. The key is finding a trustworthy lender in Quezon City who will give you a fair price and flexible payment terms. But whatever happens, you have to carefully study the provisions in your contract before you sign it. This way you will not be blindsided to pay hidden charges and agree to stipulations that are unfavorable to you. As long as you do your research, you can surely find a trustworthy organization that will let you take out a loan in Quezon City.