Many will have to take a loan at a certain situation, whether it is for personal use, emergencies or business needs. Before getting a loan there are some questions at the back of our head about taking a loan. Lending companies nowadays are into getting loan applications online That’s why it’s necessary for them to provide a Frequently Asked Questions or FAQ page. It could help potential clients to learn everything about their loan products and loan services.
While not every lending company has their online feature services and you want to get a loan from them, here are the top ten frequently asked questions when getting a loan for your reference.
1.How do I qualify for a loan?
It is like assessing yourself whether you’re eligible to take a loan and have the ability to pay for it at a certain period of time. It supports something about your job, how long have you been there, status, whether you’re married and supporting a family and if you have a business or not that can be used as collateral.
2. How much do I really need?
Before you talk to a lending company’s agent, ask yourself how much do you really need and where to put it once you’ve got approved. Learn to set priorities when it comes to money because it might be gone too fast before you know it. Also determine if you can pay a certain amount and interests of the loan product that you might want to apply for. Check whether you can pay it without hurting your personal budget or it will cost you too much and would result you to look for another lending company to take another loan.
3.How much can I borrow based on my collateral appraisal?
If you have properties such as appliances, house, a piece of land, business and even your job you can have high chances to get a fast-approved loan. There are loan products that don’t require collateral but you should ask first whether it is a secure or unsecured kind of loan.
4.What is the loan application process?
You may want to know when and where your loan application will get approved and how do they do it. You need to know this so that you can budget the money properly and think about the payments that you’re going to make in the future.
5. What is the application fee?
It depends on your chosen lending company. Some lending companies have this application fee to deduct from the total amount of your approved loan. You must know things about it so that you can calculate the payments and compare it to other lending companies and find a great deal before you send a loan application.
If you’re in search for the right Loan Provider to help you with your financial needs, then you’ve come to the right place! Here in Vidalia Lending, we don’t require any collateral or charge any hidden fees! You may avail of our services through our online application and receive your borrowed cash within 2-3 days!
6. What is the repayment period?
You should know the terms and conditions about your desired loan product so that you’ll be able to calculate how much money you’re going to pay them on a certain period of time.
7.What is my interest rate?
Interest rates should be the first thing to consider before sending a loan application online. Make sure to find the lending company which offers a lowest interest rate. That way, it will be easier to pay them during the repayment period.
8. What will happen if I wasn’t able to pay at the right time?
You have to know everything about it. Lending companies may ask you to pay for penalties with your delay repayments.
9. Is there a limitation for the use of this money?
If you choose to apply for personal loan then you can use the money wherever and on whatever you want. On the other hand, you cannot do that for auto loan and housing loan.
10. What do I need to get a loan?
You will basically need the list of requirements before taking a loan. Make sure to know all these requirements so that you’ll get fast-approved. Follow their policies and guidelines to make your online loan application process easier.
Our Interest rate is lower than other Loan Providers who may charge up to 30%. You can borrow up to 500, 000 php depending on your qualifications and your chosen type of loan. Application process is fast and easy! If you have further questions, you may visit our help page.