ATM loans in the Philippines

What you need to know about ATM loans in the Philippines 

We can bet that most people have not heard about ATM lending but it is something within their reach. You may have withdrawn money from an ATM only to realize that the amount that has been disbursed is not enough to cater to your current needs. You scratch your head trying to figure out how you will fill the gap. You have no idea, but do not remove the card yet, the solution is just within; the ATM loan. This is a small value personal loan that is available to ATM holders. It is a pre-approved offer that is given to qualifying customers in a bank. 

How does it work?

Financial institutions are leveraging Big Data analytics to qualify their customers and ascertain their eligibility for such a credit. They are capturing customer details including the income, work profile, payment capacity as well as personal details to decide on the eligibility of an ATM loan and the amount which can be disbursed. Once the bank makes a determination on the eligibility the customer only needs to swipe the ATM card and the loan offer flashes on the screen. If the customer is in need of urgent cash, he or she has to agree to the terms and conditions, get verification through the phone number and the amount is available for withdrawal within a few seconds. With ATM lending Philippines, the borrower will use ATM as the collateral, therefore he or she will surrender it to the lender together with the PIN. The lending entity will keep the ATM, deduct the amount borrowed when due, and then return the ATM borrower.

Requirements

The requirements for ATM salary loan Philippines are easy to meet. First, an individual looking for an ATM lending Philippines needs to prove that they have a regular salary. As ATM loan collateral, the salary must be deposited on the ATM card. For instance, for one to qualify for an ATM salary loan for teachers he or she must be employed locally and the monthly salary should be passed through the ATM card. Although there are several documents that are needed in the prequalification process of an ATM collateral loan, they are readily available. They include:

• Valid IDs
• At least one utility bill under your name, this is meant to prove your residency
• Three latest pay slips
• Proof of employment
• A referee who needs to be a co-borrower
• Verification letter from the employer
• A birth certificate or marriage certificate, whichever is applicable
• For those who have rented, there is a need to provide a lease 
• For ATM lending Philippines which is more than 15k, the borrower will need a checking account

Who can apply for the salary ATM loans?

While most people with bank accounts have ATMs, salary ATM lending Philippines is not available to all. It is offered to pre-approved individuals. If you are employed and have your monthly salary paid through the ATM card, you can qualify for a loan if you meet all the other conditions. Some financial institutions will look for your creditworthiness while others are only interested in having a good relationship with their customers. 

ATM loans in the Philippines provide salaried people with a convenient channel where they can get urgent cash. However, it is important for the borrower to identify legal and genuine lenders given that there are some who are out to exploit the borrowers.

FREQUENTLY ASKED QUESTIONS

1. How much can I borrow from an ATM loan?

The amount that one can borrow from an ATM loan will depend on a number of factors such as your salary, credit history, withdrawal frequency, the lending institution policies, and the purpose of the loan among other considerations. While taking into consideration some or all the above factors, an applicant can get a minimum of 2,000 PHP up to a maximum of 20,000 PHP.

2. What documents are required to apply for a loan?

To be eligible for an ATM loan, you will be required to provide several documents. The purpose of these documents is identification. They are also needed to help the lender to ascertain your eligibility as well as the amount that can be advanced. These documents include National ID, ATM card, birth or marriage certificate, utility bills, lease certificate for those who have rented, and the latest pay slips.

3. How can I get a loan online quickly?

ATM loan 1-day process is what attracts many to this type of credit. Once you are pre-approved, you are eligible to take the loan anytime you need urgent cash. The speed at which you can get the loan will largely depend on your eligibility. Therefore, if you want an ATM loan online quickly, ensure you get an early pre-approval.

4. What is a Sangla ATM loan?

Sangla ATM loan is available to employees in the Philippines whereupon a pre-approval process and they are found eligible, one can use the ATM as collateral. To get the loan, the borrower surrenders the ATM card and the PIN number to the lending entity. When the loan is due the lender will initiate the withdrawal and give it back to the ATM with the amount fully paid.