UnionBank Quick Loan Requirements

Loan Features

The qualified existing customers of UnionBank will be able to take advantage of the following loan features:

Loan Amount: Php1,000 to Php250,000 

Loan Term: 1 month to 12 months

Processing Fee:

• Php10,000 and above = P2,000 
• Php 5,000 to P9,999 = P500
• Php 2,000 to P4,999 = P300
• Php 1,000 to 1,999 = P100

Note: The maximum loan amount to be approved will depend on the Salary of the UnionBank customer. 

Requirements

The UnionBank Quick Loan Requirements are the following:

• Invite Code
• Last 5 Digits of ATM payroll OR 12-digit payroll account number
• Email Address
• Mobile Number

Because only pre-qualified customers are the only ones who can avail of the loan, UnionBank will not need further documents to be submitted along with their loan application since they already have most of the information of their existing customers. 

Quick Loan Application Process

When customers receive the invite code for a quick loan application, they have two methods to choose from then they avail of the loan, depending on what is most convenient for them: web application or mobile app application. Depending on the method they have chosen, they can proceed with the following steps:

1. Borrowers must access the application page which will show the loan amounts, rates and processing fee. It will also include the Terms and Conditions, Automatic Debit Arrangement, and Disclosure Statement.
2. After agreeing to all the terms and conditions and clicking submit, the net of loan proceeds will be credited to the borrower’s payroll account within only seconds.
3. The borrower will then receive SMS and Email notification that their loan proceeds have been credited to their payroll account, along with the attached Application Form, Promissory Note, and Amortization Schedule.

Conclusion

Quick Loans are an excellent way for people to be able to immediately address their urgent financial needs. It allows for them to have breathing space to take care of their finances without having to approach other financial institutions that might charge them higher interest fees or require a long processing time. And because they are pre-approved, the application process in itself is quick and hassle-free.