Despite the limited options of loan providers, borrowers are still given the chance to meet their financial needs with exclusive Personal Loans Philippines Bad Credits.
What is a Bad Credit?
A Bad Credit pertains to a poor payment history of a borrower in the past and/or the probability of a person failing again on paying his or her credit bill on time in the future. A borrower with Bad Credit is most likely to reduce or, worse, destroy the trust of loan providers to lend money to them.
After all, the majority of loan providers want to offer their loan programs only to those whom they can trust their money or those who are guaranteed and capable of paying back the loan amount they borrowed.
Not only could a single person have a bad credit history and low credit score, but an individual who may opt to apply for a loan may also be considered as a “borrower” with bad credits. This will be determined upon examining their payment history as well and assessing whether or not their financial capacity is stable enough.
The borrower’s payment history can be reflected on his or her credit score. Having bad credit means having a low credit score and the lower the credit score is, the harder it is for a borrower to become eligible for a loan product.
This, however, shall not be a reason for borrowers to stop seeking the best loan deal because there still exists a lot of loan providers which will offer them a personal loan even with a bad credit history.
List of Personal Loan Providers for Applicants with Bad Credits
While people with bad credit hardly ever apply for a personal loan, there are still various loan providers in the Philippines which are accessible for them to borrow a certain amount of cash with fast approval. The following are some of these lenders which operate and offer their clients a loan service without examining their credit history:
Moneycat Financing Incorporation
Loan Features
Loan Amount: Php 1,000 up to Php 25,000
Loan Tenure: 3 to 6 months
Interest Rate: 0.54% per day
Approval Period: Within 24 hours
UnaPay
Loan Features
Loan Amount: Php 2,000 up to Php 50,000
Loan Tenure: 1 to 6 months
Interest Rate: 0.1% per day
Approval Period: Within 24 hours
Digido Finance Corporation
Loan Features
Loan Amount: Php 1,000 up to Php 10,000
Loan Tenure: 7 days to 6 months
Interest Rate: 0% per day
Approval Period: Within 1 working day
Online Loans Pilipinas Financing Inc.
Loan Features
Loan Amount: Php 2,000 up to Php 20,000
Loan Tenure: 7 days to 1 month
Interest Rate: 1% per day
Approval Period: Within 1 to 2 working days
Kviku Lending Co.
Loan Features
Loan Amount: Php 1,000 up to Php 25,000
Loan Tenure: 2 to 6 months
Interest Rate: 0.16% per day
Approval Period: Within 24 hours
Simple Guide on How to Prevent Bad Credits
- Turn on Your Automatic Online Payment Setting
To avoid bad credits, a reminder that you need to at least pay the minimum or half of your bill on time must be your priority. However, should a person find themselves too busy, automating their payments is an excellent idea.
- Pay Your Credit Card Bills on Time
The more credit card debt you have, the worse your credit score would get. Trying to pay more than the minimum due of your credit bill will help a person grow their credit score.
- Ensure your Credit Card Account is Active
Never open a new credit card account that you will leave unused or inactive because this will just ruin your credit score. Rather, take some time to improve your existing account, be it regular or with Bad Credits.
- Pay Up a Debt with the Highest Interest Rate
When deciding to settle debts, checking the debts with the highest interest rate is a good exercise. Most of the time, a ballooning interest cripples people and does not help them pay back their debts on time. A good solution is to prioritize settling a debt with the highest interest.
Conclusion
Contrary to the common belief against Personal Loans Philippines Bad Credits, there are still money lenders which offer enough options to provide a borrower with instant cash loans. With the emergence of these financial institutions, borrowers are given a second chance to build good credit and avail of more competitive financing offers in the future.
Piggyy
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
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