For years, the short-term lending market was dominated by loan sharks who imposed unfair terms, including 20% and up interest rates and the five-six system. It was a last resort for many who had no access to proper loans from legitimate banking institutions, primarily because the lending landscape was exclusive to seasoned credit holders who could afford to borrow a large sum. Nowadays, that problem no longer haunts the majority, thanks to fast and accessible short-term lending options that genuine companies now offer.
Meet pera247, a fully-digital lending platform where you can borrow as much as P30,000 or more within minutes. With no credit requirement, this company offers a fuss-free lending experience for anyone in need of instant cash. Here is everything you need to apply for a pera247 loan online.
Step 1: Download the app
Pera247’s loan process is completely digital, which means that you don’t have to visit a physical location to complete a loan’s requirements. You can do everything on their application, which can exclusively be accessed by Android users through the Google Play Store. If you’re having trouble finding it, check out the pera247 website for a direct link to download the app.
If you are an iOS user looking to apply for a loan with pera247, consider using an android emulator such as BlueStacks or get in touch with their customer support to determine if they can accommodate a workaround.
READ: 3 Ways To Fund Your Kid’s Online Learning Gadgets
Step 2: Select your preferred loan type
Pera247 offers three types of loans: the eShopa LOAN, Afforda LOAN, and Insta LOAN. Essentially, the eShopa LOAN allows you to pay for Lazada purchases in 6 or 11-month installments after making an initial downpayment of at least 20% of the item’s total cost.
If you’re looking for a cash loan, you should look into their Insta LOAN program instead. It allows you to borrow any amount between P1,000 to P15,000 with a 10 to 90-day term. Their website shows the complete breakdown of the total repayment cost, including the processing fee and interest rate, so you don’t have to worry about hidden fees. If you’re a frequent borrower who has established a clean track record with pera247, you may also qualify for the Afforda LOAN, which allows you to borrow up to P30,000 on a 6-month term.
Step 3: Send in your application
Once you’ve decided on the type of loan that best suits your needs, go ahead and send in your application. You’ll find an outline of the complete application requirements upon clicking “apply.” The preliminary requirements are as follows:
- An age requirement of 21 and up
- Have a stable stream of income
- Possess two valid government IDs
READ: 5 Signs You Are Choosing The Right Moneylender
If you opt for the eShopa LOAN, you’ll also be required to upload a selfie, your Lazada wallet with the credits required to make a downpayment, and your cart with the product you’re opting to pay in installments. Once you apply for the loan, you may also be required to answer a couple of questions for verification purposes. But don’t worry -- it shouldn’t take you any more than a few minutes!
Step 4: Sign the loan agreement
After sending in your application, you should expect an approval email within 24 hours or less. Within this timeframe, keep your email and SMS notifications on, as the approval email will come with a Loan Agreement that you’ll have to sign to complete the application process. The faster you get it done, the higher the chances of expediting the money-transfer to your account.
It’s also pertinent to keep on the lookout for any messages or emails from pera247, notifying you of a wrong or missing document. Likewise, resolving any issues will hasten the approval process so you can get your money on time.
Applying for a short-term loan is no longer the same long and grueling process as it was in the past. With moneylending companies like pera247 that cater to every Filipino, you can get the money you need for purchases or emergencies within minutes. Check out GoBear for more information on fees and interest rates.