What are the top five online loans in the Philippines?
- Business loans with collateral
- Car loans
- Truck loans
- Personal loan for doctors
- Tricycle loans
Looking for the top online loans in the Philippines? Asialink Finance Corporation can help you out! Now is the best time to apply for a loan to buy your dream car, real estate property, or if you’re simply in need of fast cash for one-time purchases. If the pandemic has prevented you from making these investments, now’s your chance to make that happen.
Although the forecast for lenders wasn’t positive during the start of the lockdowns, the economy slowly but surely started to recover. Online lending companies like Asialink are now getting more applications than ever and are assisting customers in financing their investments. Be one of them and apply for these top online loans now!
Business Loans with Collateral
As the name suggests, business loans are money that you can borrow if you want to finance your startup or if you want to grow your business. This is the perfect choice if you’ve always wanted to start a sari-sari store or a karinderya for extra income on the side. This is also perfect for small-time entrepreneurs who are looking to make their dream a reality by starting their own business.
Business loans are considered secured or collateral loans, meaning that you need to present a document — usually a property title deed or a valid OR/CR of the vehicle without taking it. This serves as an assurance to the lender that you will commit to the loan requirements as well as the term payments.
Business loan requirements can vary from lender to lender, but they can include the following documents:
- Vehicle OR/CR
- Land title
- Duly completed application form
- Valid business registration documents from DTI (Department of Trade and Industry)
- Most recent ITRs (Income Tax Returns)
- Bank statements
- Audited Financial Statements
- Business Permit/Mayor’s Permit
Car Loans
Have you always wanted to buy your own car but didn’t have the means to do so? Now you can, with the help of online car loans. If you already have some money saved up for a car but it’s not enough to fund your purchase, car loans can help take the financial burden off of you.
Usually, online car loan lenders can provide you with as much as 70% of your chosen car’s appraised value — but this can change. It can depend on if you’re buying a secondhand or a brand new vehicle.
Here are the most common requirements that you’ll need before applying for a car loan:
- Filled out the application form
- Valid IDs
- Proof of residence
- Proof of Income (ITRs)
- Proof of Billing (Utility bills)
Truck Loans
When you’re involved in the shipping business, having an adequate fleet of trucks should be one of your priorities. It may not really be practical for you to financially shoulder all the costs of buying these vehicles since they can fetch as high as Php 2.5 million.
This is where commercial truck financing may be a good option for you. You can have your application approved in as short as one day and you don’t even need to provide a lot of requirements in the process.
As discussed previously, the requirements for a truck loan are similar to what you’ll need for a car loan. However, there may be some additional requirements that can be affected by your employment arrangement. Likewise, certain types of truck loans may only be suitable based on a list of acceptable vehicle brands.
Personal Loan For Doctors
Based on the name, this type of personal loan is granted to and applies to doctors or medical practitioners. This personal loan may be used in procuring medical equipment, constructing clinics, or other one-time purchases that medical professionals may need during the course of their practices. For doctors that are engaged in private practice, this can help them purchase the latest medical equipment and tools that will help them serve their patients better.
There are several prerequisites to getting a doctor’s loan. Aside from completing years of education and passing licensure exams, you also need documentation that serves as proof that you are fit to practice and that your hospital is accredited. Requirements may differ depending on the lender, but they may ask you to provide the following:
- Completely filled out loan application form
- Valid PRC ID (Professional Identification Card)
- Photocopy of a government-issued ID
- ITR
- Bank statements/hospital certification
Tricycle Loans
There are also other loans made specifically to allow tricycle drivers to get fast cash without the hassle of too many documents and long approval times. Asialink Finance Corporation offers this option for tricycle drivers without the need for any billing statements or income tax returns. Payment terms can be adjusted according to the preference of the driver.
If your tricycle is manufactured by Honda, Suzuki, Yamaha, or Kawasaki, you can qualify for this loan and would need to present only three documents:
- Duly completed application form
- Photocopy of the latest OR/CR of the tricycle
- Photocopy of the Motorized Tricycle Operator’s Permit (MTOP). Make sure that your permit is still valid.
Afterwards, a representative from the company will contact you and will guide you throughout every stop of the loan approval process.
Key Takeaway
In the simple guide above, you’ve encountered the top online loans in the Philippines. These can vary from collateral business loans, car loans, truck loans, tricycle loans, or personal doctor’s loans.
Applying for a loan doesn’t have to be difficult. It can be overwhelming at first, but as long as you’re being assisted by a trusted online lender like Asialink Finance Corporation, you can get the money you need as soon as possible.
Get in touch with Asialink Finance Corporation. Get your car loans, business loans, truck loans, or personal loans applied in just a few simple steps!
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