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If you want to access a credit offer at the bank, you just have to use our online calculator and then select one of the offers that our lending partners offer you. If you meet the requirements, you will get an affirmative answer.

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What is a bank loan?

As the name indicates, a bank loan is an operation that is carried out through a bank. When this operation is carried out, the bank lends a certain amount of capital to a person, who must repay this capital, along with the interest previously set by both parties.

Therefore, the bank loan can be defined as an operation in which the bank lends a certain amount of capital to an interested party. T

he interested party must subsequently pay the borrowed capital to the bank, which is known as the principal, as well as a series of interest payments which were previously agreed by both parties.

These types of loans are known as consumer loans or personal loans.

 

People involved in a bank loan

The people involved in a bank loan are at least the following parties:

  1. The bank or creditor. This is the institution which has the capital, wishes to lend it to the consumer and can form a loan contract for which a series of interest payments must be paid.
  2. The applicant or the debtor. It is the person requesting the capital. The latter must subsequently pay the principal of the loan as well as the corresponding interest that was previously agreed through a contract with the bank.
  3. Endorsements. On many occasions, the applicant does not present sufficient guarantees to cover the minimum risk required by the bank, for this reason they need to have a guarantee that ensures that they will comply with the obligation in case they cannot pay the capital and comply.

 

What is a bank loan used for?

A bank loan, also known as a capital advance, can be used for different purposes.

The purposes for which many Filipinos usually request this type of loan are the following:

  • To cover a large expense and for which the necessary capital is not available.
  • Invest a certain amount of money in a business.
  • The need to buy a product that requires a large amount of spending, such as a motorcycle or a car.
  • Acquire goods for a company.
  • Make a payment for an unforeseen event, etc.

 

Interest on a bank loan

As usual, a bank must obtain income from carrying out its main activity, which is to lend money.

These revenues are derived from the collection of interest. This is the percentage that is established between the bank and the applicant for the loan of said capital.

 

Requirements to obtain a bank loan in the Philippines

Among the requirements that must be met to qualify for a bank loan, the following must be met:

  • Have a valid identity document.
  • Have recurring income that can be demonstrated by an employment contract or a bank account statement if you are self-employed.
  • Have had legal residence in the Philippines for at least one year.
  • Have an address in the Philippines that can be proven through utility bills.
  • There may be additional  requirements for the bank.

 

How to take out a bank loan?

A loan is a financial operation by which the person known as the lender grants funds through a contract or agreement between the parties. The asset that is normally an amount of money that is granted to another person who is usually the borrower. All this is done by obtaining interest, which is the price of money.

 

What is the difference between a loan and a credit?

The main difference for the client is that while loans access all the money requested at once at the time of granting the loan, with credit the money can be requested depending on the needs of the borrower.

 

How loans are classified?

There are different types of loans depending on the maturity period. The types of loans most demanded by users and clients in the Philippines are the following:

  • Loans granted for a maximum term of one year. 
  • Medium-term loans.
  •  Loans whose maturity ranges between 1 year and 3 years.
  •  Long-term loans.

 

Advantages of applying for a bank loan in the Philippines

The advantages of applying for a bank loan in the Philippines are the following:

  • You can access the money needed at once.
  • The repayment terms are usually longer than if a credit is requested.
  • Banks have a lower interest rate.
  • Banks often offer special offers to their customers.

 

Disadvantages of applying for a bank loan in the Philippines

The disadvantages of applying for a bank loan in the Philippines are the following:

  • The study of your particular case is usually longer.
  • Must meet minimum requirements.
  • You must have recurring income to be able to access a credit offer.

 

How does a personal loan simulator work?

At Finpanda you can access an offer with the main banks in the Philippines thanks to our online loan and credit simulator.

You just have to follow these steps to access your offer:

  • First, you must calculate the amount of money you want to request and the repayment period.
  • Secondly, you must complete the online application with your personal data.
  • Then, you must select one of the offers made by our lending partners.
  • Finally, you must wait for the bank to contact you.

 

Conclusion on bank loans in the Philippines

Bank loans in the Philippines can be a good option for those consumers who want to access a loan offer with ample capital in addition to the best contracting conditions in terms of interest rates. Finding the best deal will be up to you