5 Steps to Get a Faster Loan Application in the Philippines

Filipinos are used to borrowing money. May it be for emergency use or for business expansion, loans are handy when your savings are not enough. But usually, loan applications are too long.

When you apply for a loan from banks, you can expect for a long list of requirements. Add to that, you need to add additional documents if you want to use your house or car as collateral to get more chance of approval. Not to mention that you need to take a leave from work to personally submit your documents.

It is too troublesome to apply for a personal loan that will take five to seven working days before you get a result. It’s a good thing that there are ways to make your loan process shorter.

Step 1: Check the list of requirements

Of course, you have to know if you can meet the required eligibility and documents. Otherwise, you will end up wasting your time, effort, and money only to get rejected in the end.

The eligibility requirements pertaining to the age, salary range and location of the borrower. Most of the times, banks and other online cash loan providers have their own list of eligibility at their own discretion. Then you can check if you are able to submit the required paperwork.

Step 2: Submit completed application forms and clear documents

To make the salary loan process quicker, you have to submit clear copies of your documents. The lender will spend the time to contact you and asked you for better copies. Then it will double up your effort since you need to resubmit the documents for evaluation. To avoid spending too much effort and time, check if your documents are complete and clear before submitting.

Ensure that your application form is complete. Any missing information or discrepancies against the documents you have presented will make the lenders contact you for clarification. If you are uncontacted, then your application could be put on hold until you clarify the discrepancies.

Step 3: Always keep your lines open

If you have applied through an online loan application form, the private lending company will give you a call for verification.

Gone are the days when the lenders will conduct a field credit investigation. Nowadays, there are online lenders who will just give you a call to verify your personal information and the loan amount you would like to borrow. Do not be surprised if the loan officer would ask for at least two character references.

If the loan agent is unable to contact you or you have failed to answer the call, this will prolong your application.

Step 4: Tell your character references to keep their lines open

It is okay to tell your character reference that a loan officer is expected to call them. In fact, if the loan officer could contact them easily, it will make your loan application faster. The loan officers are most likely to verify the information you have submitted to the lending company.

Step 5: Maintain a good relationship with your lender

Once your loan gets approved, you have to pay the loan on time. You can build a trusting relationship with your lender. Once you reapply for another loan from the same lender, you just have to submit fewer requirements. Then the loan application can be as short as an hour to a day.