Knowledgebase

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What are the Qualifications?

AGE REQUIREMENT DEPENDS ON YOUR MATCHED LENDER

  1. Minimum
    • 24 years old (bank partners)
      • This means that you are already working for 3 years after college, regular employee, able to secure necessary documents.
    • 21 years old (lender B)
      • They don’t require tenure so long as you are regular and able to secure 1 month payslip.
  2. Maximum
    • 57 years old (bank partners)
      • This means they should only be 60 years old when the loan matures (most bank only offer 3 year payment terms).
      • Also means they are still employed and not a pensioner, bank partners need proof of income (regular and stable).
    • 70 years old (lender B)
      • So long as they are still working and able to provide proof of income.
  3. CITIZENSHIP

    • Filipino
    • Foreigner
      • We have bank partner who caters to Foreign applicants so long as they can provide an ACR (Alien Certification for Residency).

    MINIMUM INCOME REQUIREMENT:

    • Employed:
      • Income requirement is set by our lenders (bank and lending company)
      • We have lenders who cater at least 15K gross monthly income, and who only caters at least 24 K gross monthly income
      • Especially with BPO companies, income requirement is higher depending on the bank
        • some bank would also need a Supervisory level to qualify
        • some bank also require tenure for at least 3 years
    • Self-Employed:
      • Banks require a gross monthly income of 50,000 to qualify a business to process a loan
    • OFW:
      • Our partners require a minimum gross monthly income of 18,000 to qualify for an OFW Loan.

    TENURE

    • Employed:
      • Currently employed for at least 1 year with total working years for at least 3 years
        • Bank partners require tenure
        • Lender B is ok being a regular employee
        • Especially with BPO companies, tenure requirement is more strict and specific
          • some bank would also need a Supervisory level to qualify
          • some bank also require tenure of at least 3 years with their current employer
    • Self-Employed:
      • Business should be operational and earning for at least 3 years
      • Registered with Government Agencies (e.g. BIR, DTI)
    • OFW:
      • They should be in the Philippines to process loan, in case they have left the Philippines, they can continue the loan application when they take their vacation / or if their contract ends
      • Must be 4 weeks or less prior to date of departure/deployment
      • Must have co-borrower, has to be based in the Philippines