Three most popular ways to loan money
There are lots of loan providers out there. While banks and government agencies are still reliable lenders, financing companies have sprouted left and right, offering fast and convenient service to those who need quick loans.
Let’s explore these popular ways to loan money and see which one is right for you!
People have long been relying and trusting banks when it comes to loans. This is because banks offer numerous loan products such as mortgages, personal loans, auto loans, housing loans and others. You just go to your preferred branch, submit your application form and supporting documents, wait for the loan processing, and you’re good to go!
However, getting a loan from banks can be quite tedious. Banks require a lot of documents and the waiting time can be long. Fortunately, digital advances have helped simplify the whole process to some extent.
2. Government agencies
Similar to banks, loaning from government agencies is pretty straightforward, sometimes with more flexible terms. Whether you’re a government employee or working in the private sector, agencies offer loans that can be used for whatever purpose.
On the other hand, agencies also require a lot of documents and can take a long time to process loans. In the Philippines, loan applicants would also be required to fulfill a minimum amount of contributions before they can be eligible for loans. And the maximum amount of loan is dependent on the total number of the loan applicant's contribution.
Not to mention that some agencies require you to submit documents physically, which can be burdensome in this time of the pandemic.
3. Financing companies
Digitalization has paved the way for financing companies to flourish, especially during this pandemic. These companies offer quick loans through an app or a website, without the need for physical documents or a long wait time.
They offer flexible rates and terms depending on the borrower’s salary or paying capacity, and can process loans faster than banks or government agencies.
We know that flexibility and convenience matters most when it comes to cash loans. You can never go wrong with UnaCash! You get loans with reasonable rates and flexible terms, plus there’s no need for physical documents or a long processing time!