Personal loan can help you to sustain your financial situations and helps you in many ways. When applying for personal loan, always consider the figures that are being calculated so you can land yourself with the best deal in town. Now, here are some Vidalia Lending tips that might help you narrow down your choices in case you are looking for the best personal loan offers here in the Philippines.

Personal Loan Eligibility Criteria

In order for you to get your personal loan, credit providers have strict eligibility requirements so they can process your application properly. Here are some of the Eligibility Criteria set by banks in the Philippines:

  • You need to be a Filipino Citizen or married to a Filipino Citizen.
  • At least 21 years old at the time of application. Some banks would require a borrower to be below 60-70 years of age upon the maturity of the loan depending on the bank.
  • Applicant must have a monthly income of P20,000 for employed individuals, P30,000 for Overseas Filipino Worker and P50,000 for Self-employed individuals.
  • Working for at least two years with present company or employer. If you own a company you are required to show positive income for at least 2 years.
  • Must be residing within the lending area of the credit provider.
  • Good credit standing, and have a working bank account
  • You must not be involved in any outstanding court cases associated with failure to pay for a debt.

Acquiring a loan is one great way to aid your financial needs. Here in Vidalia Lending, you are guaranteed with financial help in no time, so long as you passed the evaluation. From Personal Loans, Salary Loans, Business Loans to Small Business Loans, you can procure any of these types of loans in just 3 easy steps.

Flat Interest Rate

Flat Interest Rates are charged on a borrower’s loan without taking the periodic payments into consideration. For example: You borrowed P 10,000 with an interest of 10% which you need to pay within five equal installments. Then, the total interest charge for an entire term would be P 5,000 ( P 1,000/ year). However, the debt will not be reduced by the paid amount. Flat rate computation of borrowers are still required to pay the interest in full as calculated at the beginning. That’s because the interest is charged on the initial amount of the loan.

Early Repayment Penalty

You might think that paying your loan before the term ends is good but for lenders it is not. Credit providers will definitely lose money from the interest rate earnings if a borrower decides to pay his loan infill before the maturity date. If you are planning to apply for a personal loan in the Philippines, be sure to check out these terms in your loan policy: early repayment penalty, early redemption fee, redemption charge, and financial penalty. Moreover, some banks in the Philippines usually allow a borrower to pay their loan balance in full anytime without any charge. On the other hand, there are some lenders that would charge a fee as a percentage of the outstanding balance.

Late Payment Penalty

There is a penalty of 5% per month if you fail to pay your monthly installment on time. Aside from that, if a borrower forgets to pay his monthly installment on the maturity date, then the unpaid amount will get a 5% penalty each. Furthermore, credit providers can also take legal action or deduct the credit balance from the borrower’s account to compensate for the amount owed during the term. Lastly,  banks can repossess the borrower’s assets if he applied for a secured personal loan.

Your application will be quick and easy, Vidalia Lending offers lower interest rates compared to other loan providers. We will not only help you financially, we will also lessen your burden when it comes to the payment process. Along with our “No prepayment penalty”, you can pay your loan anytime. Your personal information will be protected and you will be treated with the utmost confidentiality.