What are the other possible uses of an SME Loan? Refinance existing business loan from another financial institution. You would need to submit your Statement of Account from your current lender and proof of payment for the last six (6) months apart from the regular loan requirements. Reimburse personal fund used to purchase an asset for your ...
However, they come with high interest rates. Equipment Loan; If you are planning to purchase new equipment or upgrade the current ones, you may opt for an equipment loan. Applying for this type of business loan will require you to budget carefully since you will be making monthly payments on necessary items, avoiding large purchases all at once.
No-collateral business loans come with higher interest rates, shorter loan terms, and lower loan amounts than loans secured by collateral. Private lenders typically provide unsecured business loans in the Philippines, while only a few major banks have this type of business loan.
Interest Rate in Philippines averaged 7.83 percent from 1985 until 2019, reaching an all time high of 31 percent in January of 1985 and a record low of 3 percent in June of 2016. In Philippines, interest rate decisions are taken by The Monetary Board of The Bangko Sentral ng Pilipinas (BSP).
Most personal loans from banks in the Philippines offer attractive interest rates for their personal loans. While standard monthly interest rates are around 1.5% to 2%, you can get lower deals for more specific types of personal loans like OFW loans or personal loan for business expansion.
Simplex is the only currency based peer-to-peer lending platform offering small business loans in the Philippines. The business is based in the Philippines and was launched in 2013. Loans of between P15,000 to P150,000 ae available to businesses that have been in business for at least one year with terms of between 6 to 9 months at an interest ...
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