- PSBank is one of the most reliable banks in the Philippines and is well suited for consumers. It is a great credit line.
- However, not all Filipino citizens meet the stringent requirements of this bank.
- If you got turned down, one alternative that you have to consider seriously is Robocash.
- It is 100% online. It is fast and convenient, and it is easy to get approved provided that you have met the requirements.
How to Get a PSBank Personal Loan
PSBank may not be one of the biggest banks in the Philippines, but it does have a presence, and it is a trustworthy bank. If you are looking for a loan, you may want to consider one of its products called the PSBank Flexi Loan. Today, you will learn all you need to know about this financial product. By the end of this tutorial and PSBank personal loan review, you should be equipped with information that can help you decide if this is the right loan for you.
How does PSBank Flexi Loan Work?
The PSBank Flexi Loan comes with a rebate. It is a personal loan where collateral is not needed. The PSBank personal loan is a revolving credit loan. What it means is that you have a set amount of money that you can borrow, and then you can borrow the same once you have paid your dues.
As a fixed-term loan, you have to pay the money you borrowed before the deadline. As a revolving credit loan, it is like a credit card. There is no fixed number of payments here, but you have to pay in full by your due date.
Essentially, the PSBank Flexi personal loan is like a credit card. However, it does not really work like one. If you get approved, you will be issued an ATM card, and you can use that card to withdraw money where PSBank is connected.
PSBank Personal Loan Requirements
If you apply for a personal loan in PSBank, you need to know that it has no term. Since it works like a credit card, you have to pay your due on the date set by the bank. Typical term loans mean that you have to pay the loan and the interest on a monthly basis. The loan from PSBank does not work like this.
On some occasions, you can ask the bank manager or a qualified representative to convert this revolving loan into a fixed-term loan. A payment structure like this may be applied if you borrowed a huge sum of money. It works like a credit card as far as loan payment is concerned. Regarding the amount you can borrow, the minimum is 20,000 pesos, and the maximum is 250,000 pesos.
Here are the PSBank personal loan requirements:
- Complete the application form and submit it to a bank personnel;
- Copy of your ID; this must be a government ID;
- Copy of your income tax return;
- Credit card billing statement, if you have one.
Note that there is a difference between the ITR of an employee and a business. If you are a registered self-employed individual, you must present documents for your income tax that are stamped by BIR. As far as the PSBank personal loan interest rate is concerned, the rate is 2.5% monthly interest for the revolving loan. If your loan is on fixed term, you will pay 1.5% interest per month. Overall, the effective interest rate per year is 42.88% if you borrow at 24 months. If you borrow at 36 months, your effective interest rate is 41.29%.Apply now
How do I Get a Personal Loan from PSBank?
The first thing you need to do is to use the PSBank personal loan calculator on their website. From there, you will be able to see how much you can loan.
The next step is to fill out the application form. You can go to the bank or download the applicant form, and then submit it to the bank physically.
You can also apply online if you want. Once you have filled out the application form, you just have to click on the “Submit” button. The application does not end there, though. If your application is initially approved, you will receive information on how to proceed.
What this means is that you will eventually have to supply physical copies of your ID, proof of citizenship, proof of residence, and income statements.
Once all the documents are in, you can give them a call to know your PSBank personal loan status. You will also get notified if your application is approved, and you may have to go to the bank once again to get your ATM.
Why do I not Fit the PSBank Personal Loan?
Not all loan applicants will be approved. Here are some of the most common reasons why a PSBank personal loan application in the Philippines may be denied.
1. You need a small amount of credit – the minimum amount that you can borrow is 20,000 pesos. If you wish to borrow less than this amount, you are better off looking for another loan facility. Banks typically do not make money if the loan amount is small. If you want to loan less than this, consider pawnshops and online loan facilities, but not banks.
2. You do not want to wait a few days for the loan decision – it can take a few days to get your loan approved. Your application will be passed to the head office, and they will conduct an investigation. If you passed that initial investigation, your application would be put on the queue. Sometimes, your loan can take weeks or even up to a month before you get to hear from them.
3. You do not want to pay a commission for processing the application – most bank loans get a commission from the loan. What this means is that if you finally borrow money, they will charge you a certain fee, especially if you are borrowing a term loan. This commission is like an interest – they processed your loan, and so they have to charge you for their efforts.
4. You’re over 54 years old – based on some PSBank personal loan reviews that we have read, you will not be approved if you are already 54 years old. This is not uncommon in banks and other loan facilities. They want to ensure that you still have the capacity to pay and work if you borrow money.
As you can see, a loan from PSBank is never guaranteed: you have to go through the application process, wait, and then pray that your application gets approved. If you do not get approved, you have to start over again and file a loan from another bank. Now, if a bank denied your application, it is also likely that other banking institutions deny you. The reasons behind this are that many of them use the same formula to assess if a borrower has the capacity to pay. But do not despair. What you can do is to take advantage of other financial institutions that offer loans. This is especially so if you are just going to loan a small amount of money.
Alternatives for PSBank Personal Loan
The best alternative we can recommend is Robocash. If you cannot meet the PSBank Flexi personal loan requirements, you can go to Robocash to secure a loan.
Robocash is an online facility that also has physical locations. However, you do not have to visit these facilities.
Here are the benefits of using the services of Robocash:
- Online application process;
- Online submission of documents;
- Easy to get approved;
- Low interest.
Another great thing about Robocash is that once you are approved, you do not have to go to its office to get the money. Instead, Robocash will send the money to your bank account. Also, you can get approved in as little as 24 hours.
Robocash is much better than pawning. The Philippines is chockfull of pawnshops – many people are pawning their items to get easy cash. The problem with this is that the interest rate is also higher. Over time, the pawnshop may even take ownership of your gems or jewellery. The best alternative is Robocash if you get denied with a loan. You can apply no matter who you are, for as long as you are between 21 and 70 years of age, with proof of income, and if you are a Filipino citizen.Apply now
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