The likelihood of someone requiring a quick cash loan depends mostly on the variety of services and products available in the immediate vicinity. Living in a small town with not much going on naturally reduces one’s expenses and ensures relative financial stability. While wages in such territories are also notably lower, the lack of potential “money-wasters” is also limited to a certain degree.
With the arrival of our modern advanced economy based on e-Commerce and convenience services such as same-day delivery, the landscape of the economy flattened allowing inhabitants of scarcely populated areas to enjoy the same level of service and product abundance as their urbanized counterparts.
Nevertheless, the situation is dramatically different in more densely populated territories.
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What Is Caloocan City?
The fourth most populated city in the Philippines, Caloocan has been an important economic and logistical hub for the country.
Since most of the area is occupied with residential property and resettlement zones, the local economy is focused heavily on the service industry making it quite easy for the population to acquire debt.
Many night clubs, restaurants, retail stores, and a variety of services make spending more natural, and credit is an essential part of one’s existence and financial planning.
While it is great that many residents have access to financial aid from banks, it is also notably harder for poorer citizens and those who are already indebted to receive any kind of loan when they critically need it.
Caloocan city has over 1.6 million inhabitants and over 20 national banks represented by over 100 offices scattered throughout the city.
There are many more financial organizations offering quick loans.
Nevertheless, most lenders make decisions based on borrowers’ credit history effectively ignoring people who are in dire need of a loan.
Why Would You Need a Loan
Living in cities with strong infrastructure and an abundance of services and products that you may be interested in purchasing means a lot of stress and constant pressure applied to your wallet. For many urban citizens, having a reliable source of income is not enough. Here are some of the reasons why you may need a loan:
An emergency such as work trauma, flat tire, home repairs, or other immediate expenses that directly affect your lifestyle, mobility, and living standards;
- Purchasing a product or a service that you won’t be able to save for in the short term;
- Falling behind on installment payments on your mortgage or other loans (student or car loan);
- Take a cash loan to increase borrowing limits and improve your credit history.
In cities like Caloocan, the variety of expenses is much richer meaning that you will have more reasons to get a quick influx of cash now and then compared to people living in villages and smaller towns where spending is less intense due to a simpler way of life.
Where to Get a Loan in Caloocan City?
In the Philippines, the law does not regulate financial services as hard as in more developed countries. It is much easier for many people to receive credit. Banks, financial organizations, and pawnshops provide a wide variety of services to all potential clients. You need to “work” really hard to ruin your credit score to the point where no bank will help you out.
Here are some of the options available to potential borrowers in Caloocan city:
- Commercial and state banks that issue credit cards and provide various types of loans to residents of the country based on the credit score and a statement proving the borrower’s income as well as some other documents. The process here may take several business weeks depending on the security policies adopted by the organization. In many cases, you will need to provide collateral.
- Pawnshops and private lenders. Both may ask for collateral. The former usually don’t give away any cash without collateral provided upfront. The latter will be less strict on many aspects of verification but will use a variety of harsh methods to get their money back. Private lenders may sell your debt and even hire some goons to threaten you!
- Online companies. The new era of the internet brought its benefits to the general public. One of such benefits is the accessibility of financial services that anyone can receive without much hassle, paperwork, or providing legal documents and proof of income.
For many people, it is much easier and more convenient to get a loan from an online company. The process usually takes about 30 minutes; you only need to verify your identity and phone number.
Should You Indebt Yourself?
Before trying to acquire a loan, you need to think carefully about the repercussions of getting yourself in debt.
There are several things to consider:
- Will you be able to avoid compound interest by paying back in time?
- Do you need to spend it right now? Can you postpone a purchase?
- Can you avoid using borrowed funds and try to cut your expenses elsewhere?
- Do you have a plan to pay back every penny in case of an emergency?
Note that debt is also a luxury that people with a stable income can afford much easier than those who struggle financially.