6 Things You Need to Know About Salary Loans from Blend PH
Salary loans are perhaps some of the most commonly used loan types in the Philippines. They are almost instant, easy to apply for, has minimal requirements, and are easier to commit to compared to other type of loans. Alternative lending platforms such as Blend PH offer salary loans to customers, so you should consider applying for one when you’re running low on cash before the next payday.
Here are the five (5) things you need to know about salary loan applications done through Blend PH.
- You can borrow anywhere from PHP 10,000 to PHP 40,000
With our salary loan offer, the minimum loan amount you can apply for is PHP 10,000 up to a maximum of PHP 40,000. Having this range in terms of amount means that you can use the money for a variety of purposes or reasons. Some examples of loan application reasons include medical emergencies, debt consolidation, home improvement loans, or special occasion loans.
The more valid your reason is, the more likely you’re going to get approved (aside from completing the requirements, of course) and the faster it is for us to process your loan application. It would make more sense to borrow PHP 10,000 for a medical expense that amounts to PHP 8,000 rather than applying for a PHP 40,000 loan for a trip to Japan – and so on.
- Our monthly interest rate for salary loans is 3% per month
For salary loans, we charge a 3% monthly interest rate. You actually get a better deal because most banks or credit card companies charge higher interest rates, usually at 3.5% per month. A 0.5% difference may look small at first glance, but when it all adds up, it can be a real burden especially when you’re not careful with your repayments and especially when you have a longer repayment period.
Now, you don’t have to resort to making a cash advance using your credit card and suffer the consequences of unreasonably high interest rates when you’re strapped for cash. You now have a viable alternative in the form of an online salary loan, which won’t leave you short-changed if you know how to manage it properly.
- You’ll get a loan term starting from six (6) to 12 months
For this type of loan, the loan term ranges from six (6) to 12 months so you’ll get ample time to repay what you owe. It’s not like borrowing from a loan shark where everything has to be paid within a short span of time. Depending on the details of your application and the lender who will fund your loan, you’ll most probably get a flexible and suitable time frame within the said period for your repayments.
- The funding period will only take one (1) to two (2) days
Given the nature of this kind of loan, Blend PH sees to it that you’ll get the cash fast. Upon application, you’ll only need to wait one or two business days to get your loan approved provided that you have the proper requirements and documentation. You’ll only need to wait for someone on the marketplace to fund your loan. This will be ultra-helpful especially when you’re dealing with emergencies or pressing matters, and thus eliminates the stress of waiting whether or not you’ll get funded.
- Repayments can be done through salary deduction
For your convenience, Blend PH has made it easy for you to make your repayments via salary deductions. This means that payments can be automatically deducted from your payroll banking account at a certain period. For instance, if your payday falls on the 15th and your due date is on the 16th, you can have it arranged in such a way that your salary loan repayment for the month can be automatically deducted from that bank account and on the day you specify.
In addition, Blend also has relationships with certain companies and employees from specific companies can have credit lines activated anytime for faster transactions.
- Our minimal requirements will make it easy for you to apply
To adhere with Blend’s advocacy for financial inclusion, we’re making sure that you have the option to borrow money within reasonable terms. We know that you’re probably in need of financial help because you’re already in a sticky situation, so we don’t want to become just another roadblock for you on this front.
Take a look at these easy to procure requirements when applying for a salary loan on Blend PH:
- One (1) month (latest) payslip
- Certificate of Employment
- Company ID
- Proof that you’re a regular employee
In short, all we need to make sure of is that you’re gainfully employed or salaried and that you’ll be able to repay the loan back when it’s time to make the repayments. We won’t stick our noses into what you’ll use the money for – but it always pays to have an acceptable reason for applying for this type of loan.
Take the first step to applying for a salary loan on Blend PH by signing up as a borrower on our platform. It’s purely online and it would only take you a few minutes.
If you need more details, feel free to check out our Salary Loan page at https://blend.ph/salary-loan/ or contact us during office hours at (02) 718 1046 for instant assistance.