So the foreigners can now apply for loans in the Philippines provided they qualify for one and are able to show proof of staying in the country legally. Some may ask, “Where can I loan money in the Philippines to fund my immediate financial need?” There is no need to look far for a lender as there are banks and other lending companies cater to foreigners.
And although a lot of expats find the country such a welcoming and warm place to settle down in, it seems that the privileges, benefits and opportunities they are entitled to are scarce. One of them is applying for loans.Traditionally, lending institutions and banks in the Philippines only cater to borrowers who are Filipino citizens.That has always been the basic requirement, which leaves expats asking, “Where can I loan money in the Philippines?” Before,the answer was that you should be married to a Filipino citizen to be able to apply for a loan. However, that is not entirely the case anymore. More and more lending companies are now catering to expats as long as they meet the requirements and establish their credibility to pay the loan they are applying for.
Loans Available for Expats Personal loan approval from lending companies and banks here in the Philippines is possible. However, international banks that branched out in the country give more options to expats especially if you already have a history with them and if you are a good payer. Private lenders are also rampant and you are likely to get a loan from them much easily but with a bigger interest.Car loans are much easier to be approved by lending institutions. Some banks will just require a work contract that extends up to the maturity of the loan.
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