There is no doubting that Online loans now have definitely taken the place of banks and other loan credit sources in the Philippines. Nowadays, the demand for instant cash is seemingly progressing and unrelenting. In this desperate time of need, where would you actually run to besides your family?
Of course, not all of us have enough guts to borrow money from our families. Urgent monetary needs require instant cash and we all know how borrowing with banks work. For someone who is in a dire financial crisis, borrowing from online loans might be your one and only saving grace.
Peer-to-Peer (P2P) Lending or what others commonly now as online loans have been in the Philippines for about four years now. Since its inception in the country, this type of financial platform remains to be constant in terms of helping people get a hold of their urgent monetary needs. In fact, there are now a ton of well established online lenders in the country.
Why Peer-to-Peer Lending works in the Philippines?
- According to statistics, the Philippines has one of the largest populations in the world. Furthermore, the country has a total of about 7,000 islands. The majority of the 106 million Filipinos live in somewhat smaller settlements throughout the country, about 53% of the recorded population lives in rural areas.
- The country had also been recorded to have over 21% of its population who lived fairly below the poverty line as of 2015. Bank lending has been very popular in the Philippines, especially for businesses.
- According to Banko Sentral ng Pilipinas, as of 2017, borrowed funds are mostly used to start or develop a business (53%), used cover family budget (45%), pay for urgent or unexpected needs (34%).
- Geographically speaking, banks aren’t really able to extend and establish their branches. However, the country has also been recorded to have a huge internet penetration which is about 10% higher than the global rate. With these given facts, this will actually give you an idea as to why P2P is a fast-rising financial platform in the country.
With the growing needs of every individual and every member of the family, a month’s salary might not suffice them all. Acquiring a Loan is one great way to aide your financial needs. Here in Vidalia Lending, you are granted with financial help in no time, so long as you passed the evaluation.
Peer-to-Peer Lending Process
There are most certainly a lot of differences between acquiring a bank loan and acquiring loans online. From the process of the application, the assessment and approval, interest rates, payment terms and so on.
If you are going to weigh in everything, it will definitely show that P2P has a way more convenient and easier process of borrowing and investing.
Are you in need of extra cash to cover your bills and daily spendings? Allow us to help you meet your financial needs. Here in Vidalia Lending, we offer you a fast and easy transaction. Application is done online, all you have to do is to choose from our featured loans, fill out the given form and you’ll receive your needed cash in just 2-3 working days!