Admit it or not, Filipinos tend to believe everything they hear and thus, we could not deny the fact that many of us have an unreasonable fear when it comes to personal loans. However, believing in these rumors and myths will not do you any good unless it has been proven to be a fact.
The act of borrowing money is not at all bad. If it is handled responsibly and used for the right purposes, these loans can help you boost your financial status. 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 you should stop believing in today.
1. Personal Loan Application is Complicated
One of the most common reasons why Filipinos do not want to get a personal loan from legit financial institutions is because they highly believe that the process is too complicated and time-consuming. However, with the help of the internet today, we can say that this accusation is false. With just the use of your mobile phones or laptops, you can now easily apply to a personal loan. There are a lot of private lending companies that provide quick online loan application 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 for your bills or you run into a sudden emergency, we will help you resolve your financial needs. We are offering unsecured Personal Loans which you can apply for through our loan page. You can get your borrowed money for as fast as 1-3 days without leaving the comforts of your home. Contact us and get in touch with us today.
2. Long Wait for Loan Approval
This myth might be true back in the days, 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 ever that you really need some 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 had already an 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. You need to exert a little effort into researching and carefully determining which lending company offers the personal loan with payment terms, and conditions that fit you.
4. 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 investigation or credit checks. As long as you have proved your identity and you convinced them that you have a stable income to pay for the loan that 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 in getting a higher interest rate and shorter repayment terms.
5. Online Loans Will Get You Scammed
Some online lenders are operating illegally and we could not deny that fact. However, you should know that there are also lots of legit online lending companies who 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 in the Securities and Exchange Commission’s website. The site provides a list of legit lending companies open for everyone, 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 fix regular payments with no hidden fees. If you have more questions, visit our Help Center for more details.