Teachers' incomes in the Philippines are quite low, so most often these people cannot afford an expensive purchase. Thus, they have to get loans from financial institutions. Lenders are the most popular option, thanks to affordable interest rates and loyal requirements.
Loan products for teachers
A teacher is an irreplaceable profession, because they help others to learn the world. A person must have the desire and strength to be dedicated to their work. Last but not least is decent wages. However, in the Philippines teachers often face financial problems due to the low salary.
When you need money, first place to search can be family and friends. But in reality, no one want to ask for help from their loved ones. In such a situation, specialized institutions – banks and microfinance companies – can help. Therefore, private lenders lend money to Filipino teachers without any trouble.
Lender that gives a loan for teachers
Loans are quickly issued by private lending companies. Teachers are a conscientious category of borrowers, that’s why these companies lend them money without too much fuss and obstacles. There are plenty of lenders in the Philippines that issue loans for teachers for everyday expenses. Check out the list of creditors here, at MyCredy and choose the most favorable terms!
You don't have to go to the department and bring the documents to fill in the application in person. All teachers need to do it to register, apply online and get a loan to their bank account – the procedure takes about 15-20 minutes. Some people think that microfinance companies give loans to everyone, but this is not the case – they check customers, but they are more loyal to person stuck in difficult situations, like low income or overdue loans. Teachers are included in the preferential category, so a loan for teachers is issued without delay.
What will be required from the teacher?
Banks often require collateral and sometimes even guarantors. Albeit they risk money, they have leverage over the debtor. Moreover, borrowers need to provide proof of creditworthiness, so bank employees check the documents and consider the request carefully.
Teachers have a higher chance of getting a loan, because they can provide important reasons of creditworthiness – official employment and a stable income. It remains to show an ideal loan history to the list, and loan for teachers is already in your pocket. You can receive both small amounts and large ones.
The lender's requirements for teachers are similar to all other clients. A potential borrower must have the Philippines’ citizenship and be of legal age. However, other mandatory conditions include:
- Age from 18 to 62 years at the time of full repayment of the loan.
- The teaching experience at the one place of employment at least one year.
- DepEd Identification Card.
- Be able to provide the latest payslips.
More documents can be requested, but this happens on an individual basis and depending on the terms of the loan.
Why do teachers need loans?
People working in this sphere can face the same problems as managers, shop assistants or factory workers. There are times when there is not enough money in a budget to deal with unexpected difficulties. Thus, loans for teachers can be a solution. Most often, funds are needed for everyday consumer spending. In the priority list, we can see:
Health services
Health is one of the most important items of expenditure, which is usually allocated money. Visits to the doctor and medications are mandatory attributes when there is a small child or an elderly person in the family. Therefore, additional finances are often required. For instance, some people have to take a loan even to make a wisdom tooth extraction, since it cannot be postponed. The disease will not wait until the salary increases – there is a need to take care of your health constantly and take a loan for teachers for such purposes.
Purchase or repair of equipment
In our life, we cannot survive without gadgets – a microwave, a toaster, a TV, a phone or a computer – we need them all. These devices help to live comfortably, but they are not eternal and sometimes they need to be replaced. The devices may break down due to long years of service and this can have a negative impact on the budget. A loan for teachers helps in such a situation.