Getting a loan agent, why is it so important for loan borrowers to consider? There are so many loan products currently offered in the Philippines. But basically, there are just 2 types. These are collateral or secured loan and non-collateral or unsecured loan. Both secured and unsecured loans are terms coined by banks and other financial companies. Private lending companies however use the word collateral and non-collateral loan. If you are Filipino looking to get funds via these 2 types of loans, you must understand how it works. You also need to know how to qualify and what specific requirements you need to submit.
Understanding the 2 Types of Loan in the Philippines by Getting A Loan Agent
In order to come up with a good decision, loan borrowers must first understand loans. This is the reason why I am enumerating the 2 basic types below. I wanted to help Pinoys better. What best to do it than clarify meanings.
Collateral or Secured Loan
This type of credit offer always requires a material collateral of value to use in order to get a loan. In the country, there are only 2 major types of collateral and these are real estate property and vehicle. With vehicle pawning, as a qualified loan agent, only private vehicle, truck taxi (PUV), multicab, tricycle, jeepney or heavy equipment may be used. With a real estate property, either a house and lot or a lot can be used. This is called secured loan because it cannot be given to any money borrower without security.
This is in the form of any of the 2 major collateral as mentioned above. On the other hand, recently, there are other types of smaller collateral materials allowed by pawnshops and small lenders. These may be in the form of gadgets like cellphone, laptop, gaming console, jewelry or anything of value. It could even fall to a personal level like shoes etc. Another important collateral loan if I may call it is the ATM. This card is where salary of the money borrower is being deposited. Ir can be used as collateral in securing a personal or salary loan. Security comes with any material thing of value in exchange of getting a loan.
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Non Collateral or Unsecured Loan
with this type of credit, you do not need to use anything of value to borrow money from lenders or banks. This is the reason why it is called unsecured loan. The different loans falling under this category includes all types of personal loan. This includes business loan, SME or micro business loan, ATM loan, SSS loan, PVAO loan, pension loan and more.
I’d like to open you up with the different loans falling under personal loan category. As a certified loan agent offering free consultation and assistance service i know this. These are salary loan, seaman loan, doctor’s loan, teacher’s loan or DEPED loan, OFW loan, immigrant loan or Pinoy Abroad loan, allottee loan and more.
Apart from the 2 types of loans mentioned above, there are other types that do not involve getting money. What I am talking about is the show money loan. Usually, a bank manager or bank officer employee uses his or her position to lend a certification. The loan borrower can use this bank account through certification. Show money is only used by people who need proof of bank deposit. This a requirement so that the borrower can qualify to go abroad for business, work or personal purposes.
Apart form this one, I cannot remember any other type of loan offer currently available in the Philippines for Filipinos. Among all these loans, only non collateral credit requires a coborrower. It is part of securing a right to borrower money. With a collateral loan, the only way you will need a coborrower or comaker is when you either don’t have any income or you have a very low income.
Why You Should Get A Loan Agent Before Applying for A Loan
So is it really that important to have a loan agent in any circumstance before applying for a loan? There’s times I felt the need to get a loan agent service even if I know I can do it.
When I bought my first car, I got the most advantages by getting an agent to help me. There are more valid reasons why you should get one if you are out to get funds. This applies for any type of loan whether secured or not.
You can read a special article we have written a few years ago that I strongly believe still applies. Since then, I have always known and considered getting an agent for consultation.
Top 5 Reasons Loan Borrowers Should Get A Loan Agent
- An agent will make your application less stressful and easy
- Can get a loan approval with the fastest time possible
- Have a qualified person to make follow ups for you and absorb the waiting stress along the process
- Won\t have problems with alternatives with respect to documents and waivers for consideration
- Shock absorber
By now if you are ready to apply for a loan please visit Fast Loan Philippines.
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