Unsecured Personal Loan Case Study

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Why Unsecured Personal Loans Online Are The Superior Loan Option Borrowing money is already becoming a way of life for most Filipinos; hence applying for loans in the Philippines can be a stressful process. The centralized information of the Credit Information Corporation (CIC) already has a wider reach and the availability of credit history checks have become easier for lenders. On the other hand, unsecured personal loans online have taken much of the stress out of the loan application process. Unsecured Personal loans are not just for those with bad credit although lenders market them primarily toward the poor credit history users. Even someone with excellent credit may have to wait a few days while traditional lenders carry out credit and background investigations. Hence, the speed with which lenders approve loan applications means that these unsecured loans are an ideal way of quickly accessing loans in the Philippines. Why are unsecured personal loans popular? 1. Impersonal – For someone with a poor credit history the potential for rejection is greater for traditional personal loan lenders and banks. The entire process happens online, without the need for interaction…show more content…
Comparison is easy – With numerous different lenders of these unsecured personal loans in the Philippines, there are many options to choose from. Comparison sites have already added these lenders to their range of comparative products, in addition to references from users and an analysis of comparative APR. In addition, the comparison sites can investigate the differences in lenders’ terms and conditions, penalty clauses and other concerns, which may not initially seem important to an individual applying for a loan. After all, it is not easy to understand the clauses, terms, and conditions cloaked in legal speak on a lender’s website. There are also sites where a potential borrower can input their requirements and have a list of returned options ranked in order of relevance to their
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