Consumer Loan

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Consumer loan in the Philippines

Everybody has been in a situation where they need a borrow. There are so many different personal challenges in life that made so much more comfortable with a consumer loan, even in the form of a credit card.

Good examples are moving to a new home, studies, the birth of a child, renovation of the house, a new car, and for example, a family vacation. You could also need a consumer loan for some emergency like funerals. A consumer loan with or without a deposit and can be short or long-term from a bank or a financial company.

What is a consumer Loan?

Simply put, a consumer loan is when a private person borrows money – whether it is in the Philippines or Africa. There is long list of places apart from the bank where you actually get that money.

Why is it easy to find a credit with us?

Our service provides complete information on consumer loan in the Philippines. We present an opportunity to compare on one page all the offers of financial organizations that issue this type of banking products. On the cards of banks you see brief information. Examples: interest rates, approval duration, tenure. Follow the link you go to the bank page from each card. Here you get information about the organization, find out the maximum and minimum amount, requirements for borrowers, as well as see other products of the bank.

Types of consumer loan

There are different types of consumer loan: secured and unsecured with variable and fixed interest rates, home-equity credits, debt consolidation credits, student credits and payday credits, pawnshop, car credits and of course credit cards.

Home credit

TIt is one type of consumer loan that is possible in the Philippines. Also known as a mortgage credit where a person borrows money and uses a home or a real-estate as security. To qualify for this banking product one must have an excellent monthly income or solid financial stability because these are long-term loans over 20-40 years. Some of the home-credits require big entrance money, but sometimes it can be even 100% financed.

Personal credit

These are loans that can be easily applied for, and get them approved rather fast. They can be used for anything like a birthday celebration night-out or a family vacation trip. Usually, you repay this borrow without any penalties.

Refinance credit

This type of consumer loan is when you take a borrow to consolidate or combine your other loans. Also, this banking product is beneficial if you borrowed at a higher interest rate than now. However, it is worth weighing pluses and minuses, taking into account all fees and possible penalties.

Auto credit

Very few of us can finance their car by themselves. This type of consumer loan in the Philippines can come from a car dealer or another institution or even a financing institution established by the car dealer. Remember that car is an expense, not an investment. Auto loans are different from home loans because banks give them even to customers with a very bad credit history. This is because if you cannot pay, they will simply take away your car.

Credit cards

Nowadays, one needs it for everything, traveling, reserving things, buying online, renting a car – you name it. Credit cards are a great tool to have cash in advance and pay for things later.

Student loans

This is an investment in your future. Are you thinking of a college, university, or simply upgrading the current educational level you have, do not hesitate in taking this type of a consumer loan.

Secured vs. Unsecured loans

The change secured and unsecured loans is that a consumer loan can be issued with or without collateral. You will either secure your borrow with what you already have. Examples: auto, motorcycle, real estate, sted.

Or you get any unsecured loans. Typically, these loans are smaller in amounts, faster to get, and have higher rates.