The Philippines has experienced its strongest two years of growth since the 1950s. Data published by the Philippine Statistics Authority showed that the GDP grew 6.8 percent in 2012 and 7.2 percent in 2013, exceeding the government’s expectations of 6% to 7% growth, the fastest two year pace since 1954-55. This despite a string of disasters like the Super Typhoon Yolanda, the Zamboanga siege and the Bohol earthquake that claimed thousands of lives and destroyed billions of pesos worth of infrastructure.
This growth can be attributed to a steady inflow of remittances from overseas Filipino workers, upbeat consumer and business sentiment, the strong performances of the manufacturing and construction sectors, and continuous government and consumer spending.
Filipinos, across the spectrum, felt optimistic enough to take out loans to assist them with their lifestyle and aspirational needs. As a result, retail lending experienced a robust performance in 2013.
Borrower profiles improved and competition amongst the financial service providers to broaden their customer base resulted in a slight easing in lending standards, a decline in interest rates and lowered minimum salary requirements. Though borrowing money became easier, banks closely monitored repayments to minimise bad debts. Traditional banks like Bank of the Philippine Islands, Citibank, Banco de Oro, Landbank and Metrobank dominated the market as Filipinos preferred them due to their broad selection of products, the attractive interest rates and the benefits and promotions.
So, if you have a dream the time to borrow is now! Here, we will present a few ways in which you can get personal loans:
1. Through a Branch
Simply download and fill a loan application form, attach all the required documents and walk into your bank branch. You can also find someone who will understand your requirements, clarify your doubts, suggest a suitable loan product and take you through the loan’s terms and conditions.
2. Via Phone Banking
Most banks also allow you to make loan applications via phone and many of them have toll-free numbers through which you can contact them. You may be informed that you would get a call back or you would be advised on the process to follow – whether you need to send in documents or visit a branch; if you have an existing relationship with that bank you can expect faster turnarounds.
3. Online Applications
One of the easiest and fastest ways to apply for a loan is online, via the bank’s secure website. You may be given the list of relevant documents that can be submitted online or someone from the bank will later get in touch with you to take you through the loan application process.
4. Fax / SMS
You can also fax your filled-in loan application form or any supporting documents for processing. Alternatively, you can also SMS the bank indicating your interest in a loan; A bank representative will get in touch with you later to take you through the loan process.
5. Email
You can also email your bank’s customer service channel and they will take you through the products available and the process required to apply for a loan.
Loans in Philippines 