The demand for unsecured loans is increasing each time. Not every borrower has property that he is ready to use as a collateral, and not everyone can provide the right number of persons as guarantors. In most cases, credit cards are provided on an unsecured basis.
An unsecured credit card is a card that is offered on the basis of overriding factors such as income or credit history, since the provision of a loan is not required.
Lenders that issue unsecured loans
Equicom Savings Bank
The bank’s requirements are minimal when applying for a credit card. It is enough for the customer to provide two documents to choose from – it may be a driver’s license, a foreign passport or a Philippine identity card, that is, a passport. The application making is quite simple and it can be done both in the lender’s offices, and online. In case of the approval, the waiting time is minimal and, as a rule, it is not more than one hour.
When applying for a classic credit card, the minimum annual income of the customer should be from 120 000 GBP. When applying for a gold card, the minimum annual income should be from 500,000 GBP. The obligatory requirement for the applicant is that he must be a citizen of the Philippines.
There are two types of lending limits available – for local purchases and for purchases abroad. The limit for local purchases will be determined in pesos, and the limit for purchases abroad is in US dollars. You can use this limit in any way, including cash withdrawal from ATM. Equicom cards are accepted almost everywhere.
The bonuses accrue to the credit card. For every 300 pesos spent, 1 point is accrued. Bonuses can be used at any Visa point of sale.
The requirements of the unsecured loan issuance:
- The borrower is a citizen of the Philippines or a permanent resident of the Philippines for two years;
- The fixed income is not less than 180 000 GBP per year;
- Permanent place of employment or self-employment for at least two years;
- Mandatory availability of one landline telephone number;
- The address of residence or the address of the place of work must be in the same area, where BDO is located.
- The minimum income of a customer must be from 420,000 pesos per year in order to issue Gold cards.
- The income requirements range from 480,000 pesos per year for American Express cards.
- The income ranges from 1,000,000 pesos per year for Titanium credit cards.
- The annual income must be at least 1,200,000 pesos for platinum credit cards.
- The income for American Express Platinum credit cards is 1,800,000 pesos per year.
The requirements for documents are affordable. It is enough to provide one of the following documents: a Philippine passport, a foreign passport, a driver’s license, a police certificate, a social security card or an electronic card of public service insurance.
Citizens, who work in salaried jobs, must provide as an income proof:
- The copy of the last ITR.
- The last monthly payment, which must be complete.
- The certificate of employment.
- If there is a valid credit card, then a copy of the credit card statement for the last two months is needed.
- The copy of the last ITR.
- The copy of business registration.
Interest rates on the loan range from 2.5% up to 3.5%. The issued credit cards have bonus systems for points accumulating. The application should be made at the office of the company or online. The decision is very quick and the waiting period is no more than two hours.
When applying for a classic card, the minimum client income should be from 250,000 pesos per year. For a gold card it should be from 360 000 pesos.
Requirements for a credit card application:
- The minimum age is 21 years, as in other cases.
- The customer is a resident of the Philippines.
- The residence address in the Philippines is valid.
- There is a landing phone number or mobile number with prepayment.
- There is a taxpayer identification number and GSIS / SSS number.
The accrual of bonus points is convenient. Discounts at partners’ stores are up to 6%, and there is a 5% discount when buying fuel.
Along with the application it is necessary to provide the following documents:
- Foreign passport.
- Proof of income.
- Company identification number.
Working persons have to provide:
- Certificate of employment – original.
- Credit card statement in another bank if available.
It’s a personal decision where it is better to take an unsecured loan, depending on the financial situation and individual requirements.