Avoid getting your BDO personal loan declined by steering clear of these 4 mistakes

4 Mistakes That Can Get Your BDO Personal Loan Application Declined

BDO offers some of the most attractive personal loan packages today. And it’s no wonder the bank’s products are also some of the country’s most sought-after quick cash solutions. However, with the bank’s strict guidelines, getting approved for a loan can be quite tough and time consuming. If you’re planning to get a BDO Personal Loan, make sure to avoid these mistakes – these are the common causes why application approval is slow, if not declined:

Failure to submit the complete pre-qualifying requirements

BDO has a thorough assessment procedure for all their applicants. So if you like to speed up your approval rate, gather up all your documents and submit all these for evaluation. Specifically, the bank would need your income statement (for employed individuals), cash flow statement (for self-employed applicants) and personal info.

Not resolving bad credit

Unsettled and existing debts will certainly reflect on your credit history, and this can be a red flag for the bank’s reviewers. If you have debts from multiple banks, it might be wise to get a loan that will allow you to consolidate all these unresolved credits. This will make your payments more convenient and consistent. Our financial consultants here at Loansolutions PH can also help you explore alternative loans for those with bad credit, should you be declined for a BDO loan.

Not planning your budget

By assessing your income and expense statement, BDO will know if you’re planning to get a loan that’s more than you’re capable to pay. So even before you apply for a loan, come up with plan showing how you’ll allocate your money for your loan payments alongside your regular monthly bills (e.g., school fees, utilities, rent). It also helps to submit documents showing your other sources of income to further establish your capacity to pay.

Not doing enough research

Doing your research allows you to explore your options and apply for the one that’s perfectly suited to your preferences. If the bank thinks you’re a good fit, they will grant your loan faster. For BDO, personal loan comes in two options:

  • BDO Asenso Kabayan Unsecured Personal Loan – A multi-purpose, non-collateral loan for all qualified applicants.
  • BDO Asenso Kabayan Secured Personal Loan – A collateral loan for OFWs with partners who are joint account deposit holders.

BDO personal loan boasts of a range of features and perks other banks don’t offer. For instance, it comes with a flexible loanable amount, which can be between PHP 10,000 to 3,000,000. Monthly payment is fixed with an Effective Rate per Annum rate that ranges from 25.98% to 26.76% and an Add-on Rate at 1.25% to 1.30%.

By keeping in mind these tips, it will be easier and faster for you to get a personal loan from BDO and secure the cash you need to get over whatever financial constraints you’re experiencing right now.

Written by Maricor Bunal

Mari writes for Loansolutions to help educate people in making informed-decisions on taking out loans and becoming responsible borrowers. Being the COO, she feels it is her social responsibility to do so. Learn more from her as she shares tips, advises and stories on finance. Also, she's fond of 9GAG, so you might read some random stuff over here.

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