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Yes, Filipino pensioners can take out loans. Here’s how.

While government pension for elderly Filipinos is sufficient for most basic daily needs such as food and clothing, there are a lot of things it cannot cover. For example, grandparents might want to go on a honeymoon or maybe start a business late in life. For these things, even an old couple’s combined monthly pension simply won’t cut it.

Fortunately, there are loans available for pensioners in the Philippines. Online microfinance lenders offer loans that pensioners can receive personally or into their bank accounts.

These are the usual terms:

1. The minimum amount for pensioner loans is P10,000. The maximum amount varies per lender, but repeat borrowers (with good payment history) 

2. Pensioners below the age of 70 have better chances of securing loans. Persons over 70 years old can still be granted one, on the condition that they can prove that their health is in satisfactory state. Either way, pensioners need a co-borrower or else they won’t be issued loans.

3. Loan terms range from one day to two years.

4. Aside from their own information, pensioners have to provide the contact details and personal information of their nearest relatives and co-borrowers.

5. Borrower must provide documents confirming that they are in stable health condition.

Here are some of the perks that comes with being granted a pensioner’s loan:

1. Microloans for pensioners come with flexible payment terms. Online lenders recognize that things don’t always go according to plan. So if anything comes up, the organization can extend the repayment term, subject to additional interest.

2. Since applications are lodged online, microfinance lenders can assess loan applications almost immediately. They require a shorter lead time than most banks and traditional lenders. As a result, pensioners can receive the loan amount in their bank accounts just a few hours after submitting their application form and documentary requirements. 3. Small loans from online lenders usually don’t have any hidden fees attached. These sites have loan calculators that let you know the full amount you have to pay back– upfront. It’s always best to still read the fine print closely to know exactly what you’re getting into, but you at least have assurance that you will not be charged more than what the loan calculator says.

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