Qualified members of Pag-IBIG Multi-Purpose Loan can process their loans through the Pag-IBIG online loan application. But for those choosing alternative loan options, BlendPH, a peer-to-peer online funding platform, can help borrowers get the funding they need.
- What is Pag-IBIG Multi-Purpose Loan?
- Pag-IBIG online loan application
- Alternative loan options
- BlendPH loan options
- BlendPH’s Personal Loans
There are many reasons why people look for loans online and other alternative loan options. Usually, people apply for loans to pay for their credit card bills, to upgrade their gadgets, for travel, housing, and cars. In the Philippines, one of the most known loan applications is the Pag-IBIG multi-purpose loan. And similar to what most people are looking for nowadays, it has a Pag-IBIG online loan application for easier and more convenient processing.
The Pag-IBIG multi-purpose loan is a cash loan created to help qualified Pag-IBIG fund members with any immediate financial need. Usually qualified Pag-IBIG fund members to use their Pag-IBIG multi-purpose loan for medical expenses, minor home improvement, capital for their small business, tuition fee and other education-related expenses, buying of furniture, appliances, or electronic gadgets, payment of utility and credit card bills, vacation and travel, special events, car repairs, and other needs.
Talking about loans, Pag-IBIG multi-purpose loan has a low-interest rate of 10.5% per annum. Please take note that a significant part of the income from the Pag-IBIG Fund from the Pag-IBIG multi-purpose loan’s interest is returned to its members in the form of dividends or the individual share of something distributed. To apply for the Pag-IBIG multi-purpose loan, members can choose via online and over-the-counter. For the Pag-IBIG online loan application, members can do this via the Virtual Pag-IBIG. Members must submit their duly accomplished loan application form and requirements, or they can complete the Pag-IBIG multi-purpose loan application online form (for members whose employers are enrolled under the Virtual Pag-IBIG for Employers). On the other hand, one can apply for the Pag-IBIG multi-purpose loan over-the-counter by submitting the duly accomplished loan application form and requirements through their employer or personally, at the Pag-IBIG Fund branch nearest to them. Keep in mind that these are only available to members with a Pag-IBIG Loyalty Card Plus or cash cards issued by any of Pag-IBIG Fund’s partner banks for such purpose. There is also a qualification for Pag-IBIG loan that borrowers or members need to meet.
Instead of going to the nearest Pag-IBIG Fund branch, there is another way where members can apply for a Pag-IBIG multi-purpose loan. In the Pag-IBIG online loan application, members are required to submit an accomplished Pag-IBIG multi-purpose loan application form and submit other supporting documents. These supporting documents are one photocopied valid ID acceptable to the fund, and the proof of income. Next, members need to get an STL Acknowledgement Receipt, and finally, on the scheduled date, get the loan proceeds. On the other hand, filing for a Pag-IBIG online loan application through a representative, there must be an authorization letter from the member, valid IDs of both parties (one photocopy each), and a Pag-IBIG multi-purpose loan application form, and proof of income. However, one can only apply for the Pag-IBIG multi-purpose loan if they meet the qualification for the Pag-IBIG loan.
The qualification for a Pag-IBIG loan is to have at least 24 monthly membership savings under the Pag-IBIG Regular Savings program, have an active membership by having at least one monthly membership savings with the last six months before the date of Pag-IBIG loan application, have an existing Pag-IBIG Housing Loan, Pag-IBIG multi-purpose loan and/or Calamity Loan where the accounts must not be in default and have proof of income.
Once you meet the qualification for a Pag-IBIG loan, you can now borrow up to 80% of the total Pag-IBIG Regular Savings, consisting of the monthly contributions, employer’s contributions, and accumulated dividends earned. Meaning, that once a member meets the qualification for a Pag-IBIG loan, and the more they save in their Pag-IBIG Regular Savings, the higher the loan amount that they may apply through the Pag-IBIG multi-purpose loan. On the other hand, if the member that meets the qualification for Pag-IBIG loan has an outstanding Pag-IBIG Calamity Loan, the amount that they may borrow shall be the difference between the 80% of their total Pag-IBIG Regular Savings and the outstanding balance of their Pag-IBIG Calamity Loan. Qualified members can file for their loans through the Pag-IBIG online loan application.
Aside from applying for a Pag-IBIG online loan application, there are also alternative loan options for a Pag-IBIG multi-purpose loan at BlendPH that do not need too many requirements like the qualification for a Pag-IBIG loan.
And although qualified members can get a loan through the pag-IBIG online loan application, it is still a bit tedious, considering that it is under the government. Because of this, there are necessary requirements and qualifications before being guaranteed that the Pag-IBIG online loan application would be accepted or not.
Alternative loan options and loans online at BlendPH are Fast Loan, Salary Loan, and Personal Loan. For BlendPH’s Fast Loan, such loans online are best for shorter-term loans and smaller funding requirements. BlendPH’s Fast Loan has the perfect “easy” no-fuss loan for those needing that “fast” funding.
The alternative loan options such as the Fast Loan can get a borrower between 10,000 to 40,000 pesos worth of loan with an 8% interest rate per month with minimal requirements needed compared to the qualification for Pag-IBIG loan. While the loan term can be from three months up to six months. And unlike the qualification for Pag-IBIG loan, qualifications and requirements for these alternative loan options are easier, accessible, and hence, more convenient.
For those looking at loans online with non-collateral loans suited for working professionals and other credit-worthy individuals who need extra cash quickly, at flexible payment terms to fund business, travel, and education, BlendPH’s Salary Loan is the one for you.
Also, it is important to remember that BlendPH provides credit lines for employees of their partner companies, which means that such credit lines can be activated anytime for efficient loan applications. Such alternative loan options can get borrowers a loanable amount equivalent to one month of their salary with a 3% interest rate per month.
Loans online like BlendPH’s Salary Loan term can run from one to six months. Compared to other loans online, BlendPH’s Salary Loan application is way more convenient than the manual application from other financial bodies. Since BlendPH offers financing and lending through online schemes, every process is done and accessed through mobile devices or computers, as long as the borrower is connected to the internet.
Alternative loan options like BlendPH’s Salary Loan are also accessible from anywhere in the Philippines. And with a smaller loanable amount, approval is guaranteed fast and easy, not to mention that repayments would also be easier to manage.
BlendPH’s Personal Loans
Another good addition for alternative loan options and loans online is BlendPH’s Personal Loan. Such alternative loan options and loans online are best suited for individuals who never stop hustling to achieve greater things. So, BlendPH is here to make sure that pursuing and funding such dreams is made easier for people like them. Alternative loan options like BlendPH’s Personal Loan, borrowers can get a loan amount from 50,000 to 2,000,000 pesos.
Unlike other BlendPH’s loans online, Personal Loan has Risk Types. Risk Type A has a 1.5% interest rate per month, Risk Type B has a 2% interest rate per month, while Risk Type C has a 3% interest rate per month. The loan term for BlendPH’s Personal Loan can go from 12 to 36 months.
Like all the alternative loan options and loans online of BlendPH, the processing time for all of them are within 24 to 48 hours only.
After all, BlendPH is a peer-to-peer online funding platform that is committed to offering convenient and reliable loans online that do not require a long and tiring process and various loan requirements. These alternative loan options also come with flexible terms and low-interest rates.