Admit it or not, Filipinos tend to believe everything they hear, and thus, we cannot deny that many of us have an unreasonable fear when it comes to personal loans. However, believing in these rumors and myths will only do you good if proven to be a fact.
The act of borrowing money is not at all evil. These loans can help you boost your financial status if handled responsibly and used correctly. So, to stop the confusion and help you decide if it is good for you, here are the most common misconceptions about personal loans in the Philippines that you should stop believing in today.
1. Personal Loan Application is Complicated
One of the most common reasons Filipinos want to avoid getting a personal loan from legitimate financial institutions is that they believe the process could be more straightforward and time-consuming. However, with the help of the internet today, we can say that this accusation is false. You can now easily apply for a personal loan with just your mobile phone or laptop. Many private lending companies provide quick online loan applications where you can create your account, apply for a loan, and submit all the requirements through soft copies (images or scanned documents).
At Vidalia Lending, whether you need quick cash to pay your bills or run into a sudden emergency, we will help you resolve your financial needs. We offer unsecured Personal Loans for which you can apply through our loan page. You can get your borrowed money for as fast as 1-3 days without leaving the comforts of your home. Could you contact us and get in touch with us today?
2. Long Wait for Loan Approval
This myth might have been true back in the day; however, as mentioned earlier, everything is now faster through the online application process. Lenders are now making the most out of the benefits of technology, and you should do just the same. If you ever need urgent money, it is only favorable for you to apply for a personal loan.
3. Higher Interest Rates
You surely have heard this from someone who already has experience borrowing from an online lender. But of course, you have to realize that there is a pool of lenders nowadays, and you have the power to choose. It would be best if you spent a little effort researching and carefully determining which lending company offers a personal loan with payment terms and conditions that fit you.
4. A Great Credit Score is All that Matters
Of course, a borrower’s credit score matters, most especially for the banks. However, most online lenders do not do credit investigations or credit checks. As long as you have proved your identity and convinced them that you have a stable income to pay for the loan you are applying for, your application will not get denied. But still, you should take note that a bad credit score can still lead you to get a higher interest rate and shorter repayment terms.
5. Online Loans Will Get You Scammed
Some online lenders are operating illegally, and we cannot deny that. However, you should know that many legit online lending companies also genuinely want to help you solve your financial dilemma. Before dealing with a lending company, make it a point to research about them and find them on the Securities and Exchange Commission’s website. The site provides everyone with a list of legit lending companies, so spare some time to check them out.
Vidalia Lending has helped thousands of customers with their financial problems since 2008. If you want to apply for a loan, you can check our Loan page and choose a loan that will fit your needs. Borrow money today and get fixed regular payments with no hidden fees. If you have more questions, visit our Help Center for more details.
