Supreme Money Lending Corp

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Introduction

Applying for a domestic helper loan in Philippines might be intimidating, especially if it’s your first time. It’s not difficult at all, so don’t worry. Here is a detailed tutorial on how to fill out a loan application.

Establish your borrowing capacity.

You need to ascertain your borrowing capacity prior to submitting a loan application. The sum depends on your income and whether your assistant has any formal education. You must make at least $3,000 before taxes each month. You can be qualified for a reduced loan amount if you make less than that amount but still have an employment pass (EP).

Gather documents needed for the loan application

The following papers must be gathered for your loan application:

  • There is no requirement for an identity document (ID) if you are a Philippinesan national or permanent resident.

Please send a letter requesting an extension if, however, your employment pass expires in less than a year (EPE).

  • Foreign candidates with less than a year of work experience in Philippines must show a passport that is valid for at least six months and mention this on their application.
  • An employment pass/work permit is required.
  • Last three months of payslips or salary slips. The documentation must attest to your stable income of at least S$2,000 per month.
  • Copy of your latest bank statement (if employed).
  • Letter of recommendation from your employer (if applicable).

Apply for the loan

Now that you’ve figured out the amount you need to borrow, the next step is applying for a loan. There are several options: going to the bank or credit company/agency or applying online.

Bring your passport and employment pass if you visit a local financial institution.

You will also need to provide proof of income for them to determine whether or not they can offer you a favorable interest rate on your loan request.

If going to a physical location isn’t convenient, consider applying online.

 

Get ready to repay your loan

Before you sign the loan agreement, make sure you comprehend the payback schedule. If you don’t repay your loan, a debt collector may sell your home or vehicle at auction, which could have a negative effect on your ability to borrow money in the future.

You’ll also need to track when payments are due so that nothing falls through the cracks.

The loan provider will send reminders about payments on their schedule. If they don’t send any reminders at all, check with them.

Conclusion

Gather all the necessary documents if you plan to apply for a domestic helper loan in Philippines. Your application and funding process will be much simpler.

If you’re unsure about whether a bank or other financial institution offers loans specifically for this use, you can ask them directly.

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