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Finances determine many vital aspects nowadays. When people need money instantly, they search for alternatives to earnings. The most common reason to find additional financing is to cover essential issues, such as bills, education, healthcare, etc. The problems listed make people find a loan establishment and apply for a necessary sum. Credits with ATMs are popular among Filipinos due to their simplicity and acceptable application conditions. Therefore, how do people take money lending with ATMs in the Philippines, and what rules should be necessarily considered?
Table of Contents
What is a Money Lending?
People need money for different purposes. Taking loans is considered a normal process in the Philippines due to many aspects. While finding a suitable financial establishment, many essential factors should be considered.
The most common are the following:
- Type of the financial establishment: the borrowers can choose the bank or specific facility for a loan;
- The documentary package: each loan, regardless of its type, requires the necessary documents.
- Ability to repay in time: the money lendings have the repayment time depending on the sum and the application conditions.
- Correspondence to the rules: not everybody can apply for a loan – to do this, each point of the necessary requirements should be followed.
Overall, the loans can be divided into many types depending on the provision type, repayment type, delivery technique, etc.
Aims to Take Money Lendings
The goals of loan applications are different. Each of them requires special time for giving money back and provides different maximum cash.
The most regular are the following:
- Individual. People apply for it to cope with critical issues such as medical payments, education, communal bills, debt repayments, etc. The refund can be provided for different terms, from several months to 3 years. You need to apply to special online and offline financial agencies to take personal money lendings.
- Calamity. It is usually applied if the residence area falls under different life-threatening conditions, such as typhoons, landslides, or earthquakes. The emergency money lending considers the specific requirements, confirmed by the President’s Office. The repayment time is 3-5 years with a regular 4-5.5% interest rate.
- Business investments. If any profitable project appears, the entrepreneurs may apply for financing to invest. They make industrial and healthcare investments, usually beneficial for different social groups.
- Private. Different startups or significant companies apply for loans to improve their business structure and expand their services. The money lendings for companies are provided for several years and usually require a deposit (securities, assets, shares, etc.).
- Vehicle. When purchasing a car, you should primarily determine its type (used or new) because there are different conditions for each of them. The financial facilities give 85-90% of a car from the salon price and 70-75% for a used vehicle.
- Real Estate. It is the most significant loan type, making the borrowers follow many specific rules. They should give a pledge to verify their integrity in giving money back (the 20% of the purchase price should also be provided as a deposit). The repayments should be regularly provided monthly or yearly depending on the facility’s conditions.
- Gadgets. The devices can be purchased by installments or after applying for a specific loan. The amount of financing is smaller compared to other types. The money should be given back usually in no more than 1 year.
- Salary. The loan supplements the actual amount of the person’s salary (sometimes it is an overdraft for 120% of it). The repayment should be provided in 1-2 months after the application.
- Agrarian. People apply for it to finance the household or buy new land for farming. The repayment period and the interest rate are different depending on the facility.
As we see, there are different loan types in the Philippines, considering the purpose of its application. Each of them has specific conditions in various financial facilities.
Availability of the Deposit
There are 2 types of loans depending on the security of the procedure. The first, guaranteed, is given after the borrower provides the deposit (the pledge is given until the money isn’t given back). It is usually given to verify the considerable loan amounts, such as money lendings for real estate, vehicles, etc. The guaranteed loan has a lower interest rate and longer repayment time.
An unguaranteed loan doesn’t require a pledge and is provided considering a small sum. However, the rate is more significant than in the previous type.
Repayment Time
Loans are divided into 2 types depending on the time to return the money in the Philippines.
They are the following:
- Short-dated. The credits, in which the money should be given back in 1 year, belong to this category. The overdrafts and loans with revolving credit lines are also short-term.
- Long-term. These loans are provided for a term of more than 12 months.
In the Philippines, small money lending is usually given for no more than 1 year, and the repayment time for significant loans (real-estate) is up to 30 years.
Delivery Technique for Loans
There are 3 standard delivery techniques for money lendings:
- One-time financing. This loan is provided with a one-time procedure at the bank, with the entire sum given to the borrower.
- Credit line. The sum is provided partially with several procedures noted in the loan contract.
- Overdraft. The bank gives the sum required for the actual period, and the borrower can use it for his aims. However, the entire amount can’t be used at one time, and the money should be gradually given back (it gives lower interest rates).
The online and offline financial facilities provide one-time financings, while the banks’ services include overdrafts and credit lines.
How to Apply for an ATM Loan?
These money lendings are given to help people with vital issues instantly. Different social groups apply for an ATM loan. It is usually provided by inserting the credit card into the ATM, choosing the necessary function, and taking cash.
The benefits for applying for it are the following:
- No documents. You avoid a lot of paperwork and preparation of necessary papers because the process is entirely digitized.
- Flexible amounts. The maximum sum you can choose for the loan depends on the status of the credit card and the conditions specified in the bank’s contract.
- Set percentage rates. The interest rate for personal ATM loans is usually no more than 11-12%.
- Secure process. The extra verification layer is provided during the application to keep all the personal data safe.
The money lending function becomes available to the client after several successful transactions. Having a credit card is obligatory for applying for an ATM Loan.
How to Take ATM Money Lending Instantly?
You should follow several steps to apply for an ATM loan (they depend on the bank’s ATM type):
- Put the credit card into the ATM.
- Choose the “Fast Loan” services.
- Confirm the terms and conditions for loan application.
- Withdraw the necessary cash.
The repayment can be provided using self-service terminals due to the set repayment time (depends on the borrowed sum).
Cards as a Pledge
Several financial organizations give money after taking credit or a debit card as a pledge. Personal data, including the card’s password, should also be provided. This loan type is considered unreliable because the data is usually used to steal money by scammers. In some regions, it is illegal to take cards as a deposit for a loan.
Where to Apply for an ATM Loan in the Philippines?
There are several banks, which provide money lending with ATMs. They are the following:
- Landbank. The interest rate is 0,83% per month with an up to 5 years repayment time.
- Development bank. The loan is for 1-2 years with an entire 12% interest rate.
- BPI. The facility gives money lendings for no more than 3 years with a 2,14% rate.
- BDO. The loans are provided for 3 years with a 3,28% monthly interest rate.
Each organization has specific conditions for a loan application, which the borrowers should carefully learn.
Summary
Overall, an ATM loan is a convenient money lending type and allows you to take the necessary sum quickly with the help of a full-digitized process. Learn about all the bank conditions, understand if you can repay in time, and apply for a necessary loan to cover essential life issues.
Farsnael