Still confused with online loans you will apply? We understand that it’s quite confusing. With so many online loans with good advertisements on Facebook and other social media platforms, it seems that everything is good options!
Advertisement is just a surface. So before clicking the apply button, make sure to have a background check first! Here are the tips that you can follow and avoid having regret in the end.
1. Check for company stability
Don’t get caught on the hearsays. It doesn’t mean that everyone is applying on a particular online loan, means its legit. The best thing that you should do in the first place is to check whether the company has a Certificate of Authority (CA) from the Securities and Exchange Commission. You can check it on their website. www.sec.gov.ph.
Next is the check their website and see what the people are saying. Service companies usually have a testimonial section where their customers are telling their experience with the company. These people often had consent on putting their names and comments there.
Then, you can also check Google. Just type the online lender name plus the word feedback or review so you can see all reviews all over the internet. From there, you can get at least an idea whether its good or not.
Or even in social media like Facebook. In this internet age, most companies use social media in promoting their business. Check whether there is social proof, if there are comments or feedback. You can also use a search bar, and all results will show about the company.
2. Check Website Security
Having a website doesn’t mean its also okay or legit. Website creation is easy. Everyone can even do it, especially with the latest technology where you can buy a domain and hosting, then that’s it! With so many personal information flying around the internet, websites become vulnerable to attacks like phishing.
So how do you know if your online loan lender’s website is secured and whatever information you’re providing is safe? Here are some extra tips!
- Check if its in Https. This means that it’s secured using an SSL Certificate wherein all the information is only sent and seen between you and the website owner. You’re free from hackers!
- There’s a trust seal.
- There’s a privacy statement. Website owners want
- Check the actual domain well. There are times that hackers duplicate the domains with tiny changes only. Here’s an example:
amazon.com being the original domain
Hackers can mimic it and buy domain amaz0n.com replacing the letter “o” with number “0.”
Got it? Make sure to critic when visiting your online loan website!
3. Look For Extra Fees
Now that you’ve checked the company stability, the next step is to validate the process, including extra fees. If incase, your online lender requires an upfront or asking cash before even letting you apply, then don’t continue!
Online loan lenders don’t require an upfront fee. Your legitimate online lender may charge you with application, appraisal, or credit report fees. They will disclose this clearly and usually lessen the amount borrowed.
4. Contact The Lender
Now the first three tips seem more on research. So on our fourth, why not contact the lender itself?
Try their customer service. Call them and ask everything you want to know. The process. How it’s done. About the company. How long the company has been operating. How much is the interest? The fees or extra fees. The payment process. Where to pay. How to pay. Is there any charge for late payment?
You can ask whatever you want because it’s your right as a customer. Sometimes, the power of a person’s explanation or voice helps you to understand it even more. At least you’ll also know that there are people behind!
5. Ensure You Can Meet the Loan Repayments
Now ask yourself. Based on your current source of income, can you pay the loan, including the interest based on the due dates?
Let’s say you’re earning 20,000 pesos a month and you have a loan of 15,000 pesos with 5,000 pesos payment monthly. Do you think this will suffice all your expenses, including this loan? Take note that you still need to consider the budget for food, transpo, education, and other bills.
In choosing your online loan lender, check whether the amount and the interest are okay with you. Create a monthly budget for yourself. At least you’ll know if you still have an extra that you can use in paying the loan. Or if you need it, and you think that you’ll be short, then make sure that you have an alternative plan. Either by adding a source of income or by cutting back on your existing budget.
Looking For Online Loans?
Now I guess you can already choose your best online loan!
And if you’re still looking for one as your options, we can help you! In Pahiram, we offer low interest within five minutes application only! We don’t have extra fees. Our website is secured with SSL, and we are a company registered with SEC since 2019. Our mission is to help every Filipino in every emergency without breaking their pockets!