Loans for pensioners in the Philippines

A small pension does not allow pensioners in the Philippines to plan large purchases or long trips. It happens that the existing pension is not enough for everyday life. To solve this problem, a loan for senior citizens is provided.

Loans for pensioners can now be drawn up by submitting an online application on the microfinance company website. To do this, you need to fill out the appropriate form, as well as familiarize yourself with the contract, accept its terms and sign it. If approved, a loan can be obtained either in cash at the company’s office or into your bank account.

Loans for pensioners in the Philippines

 

The advantages of pension finance

The ability to get a loan online is not the only advantage of loans for pensioners. Pensioner loans also have such benefits:

  • Flexible repayment term. If a borrower has unforeseen circumstances that will not allow him to repay the loan in a timely manner, the microfinance organization can extend the maturity.
  • The speed of consideration of the application. Pensioners can receive money into their account within a few hours after submitting the application. Microfinance organizations review customer requests as soon as they are received.
  • Transparent conditions. Small loans for pensioners do not have hidden commissions. To find out the full cost of repayment even before signing the contract, you can use the loan calculator.
 
LOAN AMOUNT
FEE
TOTAL REPAYMENT

Where it is better to take bank loans for pensioners

Depending on the amount and terms, you can get a loan from a financial company or a Philippine bank. So, if you need a large amount and you have enough time, then it is better to contact the bank – for such institutions you will have to collect a lot of documents and be patient, however, banks have a lower interest and longer payment terms.

Check out what banks offer.

  • BDO

You can borrow at least P10 000. Services such as Personal Loan, Mortgage, Car Loan, and credit cards are available. You can choose an unsecured loan or take money on bail.

Existing personal credit with a good reputation may qualify for reuse or replenishment plan.

Important: the borrower must be a citizen of the Philippines up to 70 years old, the minimum income is from 120 000 Philippine pesos. Other requirements can be found on the bank’s website or in a branch.

  • Penbank

Penbank lends to pensioners under the age of 70 years. The maximum loan amount is 150 thousand pesos. The maximum loan term is 2 years (for pensioners under the age of 65). This organization provides loans only to those individuals who live in the service area of ​​Penbank Inc.

  • PNB

The National Bank of the Philippines recently launched a soft loan program (1.25%) for retirees. The best loans for pensioners are available to all PNB customers who are 70 years old.

  • PVB

PVB is an organization owned by veterans of World War II. It is ready to lend to retirees in the amount of from 20 to 50 thousand pesos. A feature of this organization is the possibility of extending the loan maturity in case of force majeure.

If the money is needed urgently, and you do not plan to take a loan for a large amount, then it is better to use the offer of one of the Philippine companies. The list of verified organizations is presented below.

 Requirements for loans for pensioners

  • Loans for pensioners in the Philippinesborrower’s age is up to 70 years (loans to individuals over 70 can be issued on an individual basis in case of a satisfactory state of health of the borrower);
  • minimum pension – 10 thousand pesos;
  • loan for pensioners is issued only if there is a co-borrower;
  • loan term is from 1 day to 2 years;
  • The borrower need to provide contact and personal details of the closest relatives.

How to make bank loans for pensioners to be approved

To get approval, the retired borrower must provide a complete package of documents and confirm good health. The pensioner must also provide information about the co-borrower who is willing to accept loan payments in case of unforeseen circumstances.
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