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With that said if you have problems getting approved for a loan, try to apply at many different loan sites. If denied wait some time, and try again. Just make sure the site doesnt use hard credit checks, most of the non-personal loans on this site doesnt do hard credit checks. Credit Checks. Credit checks vary depending on your lender and the type of loan youre applying for.
A soft check is more like a background check and doesnt appear on your credit report. These are common for certain types of loan applications, as well as employment and rental applications.
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To help you decide which lender to go for when applying for salary loan in the Philippines using your credentials as an employee, here is a list of pros and cons. This list is based from our experience in the lending industry for more than 3 years now (2015).
Frankly, from farmers bank and trust personal loans list that appears in the picture above, all banks usually offer the lowest interest rate. The only problem with these financing institutions is that they usually take longer to process your application for credit.
Luckily, today, banks found a way to make the process much faster compared a few years back. On the other hand, private lending companies (which we have listed below) offer higher interest rate but a much faster approval and release of loan proceeds.
The good thing with these types of lenders is that there may be times bad credit problems don't appear in their C-Map or credit mapping.