There is no doubt that Online loans now have 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 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 works. For someone who is in a dire financial crisis, borrowing from online loans might be your only saving grace.
Peer-to-peer (P2P) Lending or what others commonly known as online loans has been in the Philippines for about four years now. Since its inception in the country, this type of financial platform has remained constant in terms of helping people get a hold of their urgent monetary needs. There are now a ton of well-established online lenders in the country.
Why does Peer-to-Peer Lending work 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%), to cover the family budget (45%), and to pay for urgent or unexpected needs (34%).
- Geographically speaking, banks aren’t 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. These facts will 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. Acquiring a Loan is one great way to aid your financial needs. Here at Vidalia Lending, you are granted financial help in no time, so long as you pass 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 on everything, it will 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 spending? Allow us to help you meet your financial needs. Here at Vidalia Lending, we offer you a fast and easy transaction. Application is done online, All you have to do is choose from our featured loans, fill out the given form and you’ll receive your needed cash in just 2-3 working days!
