The term "loan" itself seems scary and daunting. However, in an emergency, you might look for financial help in the form of a loan. Well! It may sound like a nightmare if you do not know the right resources for getting a loan. So, go for the right way to get a loan.
There are many kinds of loans that you can opt for according to your requirements. You may also borrow money online in the form of a personal loan. An online loan is the fastest and most convenient way to have financial support. Multi-purpose loans are one of them. Read this informative guide if you are interested in multi-purpose loans.
Multi-Purpose Loans or MPLs in the Philippines are available for the holders of Pag-IBIG members. The Pag-IBIG Fund Multi-Purpose Loan is a type of cash loan in the Philippines. It helps its members with any immediate financial needs.
The Home Development Mutual Fund was established on June 11, 1978, to secure the future of Filipino workers. It is also known as Pag-IBIG Fund.
The primary purpose of this fund was to fulfill the need for a National Savings Program and provide affordable shelter to the citizens.
But you can also apply for short-term Multi-Purpose Loans from Pag-IBIG, the government serving as its trustee and guarantor.
Its objective is to provide financial assistance to the members for:
Under the new law, Pag-IBIG membership is mandatory for :
The members who fulfill the requirements can borrow up to 80% of their total accumulated savings. It takes two days for the processing of the loan after you apply.
These savings comprise:
It means the more you save in your Pag-IBIG account, the higher the loan amount you may apply.
The minimum eligibility age is 18 years. The maximum age limit is 65.
But the applicant must comply with the set rules and regulations for Pag-IBIG members.
These rules include the amount of contribution and schedule of payment.
An "active member” is considered who has paid at least six consecutive monthly contributions before applying for the loan.
These contributions also include non-successive payments.
Go through the following steps:
Valid ID proof and a copy of the Cashcard to the email address enrolled with Pag-IBIG.
Financial emergencies happen all the time, like your car breaking down in the middle of a trip, a hospital emergency, or family obligations; sometimes, you may need ...Read more
When applying for a loan, most Filipinos consider the interest rate. Getting a loan in the Philippines, especially at the lowe...Read more