Payroll Loan In Cebu – A Convenient jetpeso Alternative To Financially Secure Employment

Payroll Loan In Cebu – A Convenient jetpeso Alternative To Financially Secure Employment

Salary Loan in Cebu is a relatively new kind of loan in the Philippines. Its source is the contractual exchange of payment from the salary of a person to the lender. In this system, salary is typically exchanged first for an amount of cash advance. After receiving salary, the employer may require repayment through bank transfer. However, this process is usually short-lived because salary payments are rarely paid on time.

Salary Loan in Cebu is similar to other microloans but has unique features like no document requirements and no credit check of applicants | jetpeso

It is issued on the basis of monthly salary of an individual until he/she receives monthly salary. Besides, a postdated check or cashiers’ check for an agreed date is also required for jetpeso processing. Additional confirmation of continuous employment of an applicant is seldom required. The repayment is done through bank transfer or electronic money transfer. This loan does not require any collateral, so it has made it easy for employees to acquire fund even if they have bad credit history.

Unlike other microloans, salary loan in Cebu are easy to qualify for, with few exceptions. For availing loan, applicants must have a clean record with at least one year of continuous employment. They also must not owe more than ten thousand dollars as installment. The amount to be repaid is dependent on the applicant’s next salary.

Payroll Loan In Cebu - A Convenient jetpeso Alternative To Financially Secure Employment

In general, these loans are categorized into two types: secured and unsecured loans. Secured loans are meant for home or business mortgages. Interest rates are generally high in the Philippines due to the low credit rating of Filipinos. However, people with good employment history and steady job performance are getting convenient loan approval in Cebu.

The procedure of applying for a salary increase in Cebu is same with other US states.

Unsecured loans, on the other hand, are for personal use. People who do not want to pledge any collateral or mortgage are given convenient loan approval in Cebu. Some of these are payday loans, wherein the applicant gets instant approval and can get cash in his bank account within hours. These loans are common during emergencies or instances when one is facing problems due to high interest rate. It can also be applied by the unemployed people.

Interest rates are usually high in Philippine states. However, the borrowers do not have to pay the high interest rate until he receives his salary. The most suitable way for the borrower to pay the high interest is through escrow payment. This is a customary practice in the US states of Arkansas and Minnesota. With the help of escrow, the amount of the salary advance will be deposited in an escrow account and when the borrower receives his salary, he will have to release this amount.

Payroll Loan In Cebu - A Convenient jetpeso Alternative To Financially Secure Employment

Another type of loan for salary increases in Cebu is the convenient loan. This is offered by different financial institutions in the Philippines. In this case, the process is same as that of the payday loan. A borrower should go to the nearest office of the financial institution. Upon signing the agreement on the fee, the money will be directly deposited into the account of the borrower. The interest rate is usually high in this case, but still affordable by the majority of the people in the Philippines.

A Filipino citizen who is qualified to obtain a personal loan can apply for one in any US bank. However, credit companies in the Philippines are not willing to give personal loans to the applicants who are not residents of the country. Credit companies in the Philippines will not consider a personal loan from a non-resident borrower because the latter has no legal status in the Philippines. This is the main reason why most of the credit companies in the Philippines are only willing to give loans to the borrowers who are resident in the country or have at least a six-month standing credit history.