Hi everyone, I did a little research and looked into getting a loan as a foreigner in the PH. There is sparse to no information, but I found that one of the banks that may assist in this matter is BDO. Does anyone have more info/experience in this matter or can suggest a bank that might be open to loan money to a foreigner? My bank (Security Bank) put a strict no to this question, which I understand. I am not a fan of debt, however, I would like to purchase something that requires a bit of cash. I have been here for 5,5 years, staying on a working visa with a good income and stable job. Not sure if that matters to a bank as the land I would want to acquire would be put in my son's (half Fil-half German) name and might therefore be out of reach in case things go downhill and can not be repossessed by the bank. Any suggestions? If I could, I would stay away from it, so please do not give me the advice to save... That is what I do anyway. Thanks for the help!
There are a few common requirements that many personal loan providers look for, such as: Age requirement: 21 to 64 years old Should be a Filipino citizen or local resident foreigner with an existing Philippine billing address A minimum gross annual income Should be employed or owner of a profitable business (self-employed individuals) Should have a mobile number, landline number, and/or email address Now, aside from the usual requirements, it’s also worth checking if you’re eligible for a pre-approved loan. A pre-approved loan is offered to individuals who meet certain financial criteria. But take note that while this streamlines the application process, a pre-approved loan is not a guarantee that you will be granted the amount or terms you’re looking for. As a foreigner you'll have to provide a little extra documentation to back up your loan application, including your ACR certificate, and your visa. However, aside from this, the requirements are fairly straightforward and similar to the process used for local applicants. Fastest possible loan https://www.unionbankph.com/personal-loan#:~:text=A UnionBank Personal Loan application,as fast as 24 hours. Other Banks readily dealing with Foreigners, meeting requirements are BPI, Metrobank,,,,, other potentials are Maybank, Metrobank, HSBC, and RCBC. A lender, dealer, or broker cannot discriminate on the basis of national origin. They are allowed to ask about your permanent residency and immigration status. This applies to most types of loans – mortgages, student loans, auto loans, and credit cards, among others. In my personnel opinion which I do know you are not asking for!!!!! Borrow from your Country of Origin what ever way you find possible. To default on a loan here as a Foreigner, you and your loved ones even long after you have passed potentially would never be able to exit. Creditors & repossession procedures also can move very quickly if a Foreigner defaults.
Thank you for your answer. I will look into the mentioned banks. Just odd, that my bank (Security Bank as mentioned) didn't even consider or listen to me when loosely inquiring. Discrimination? :D Getting a loan in my country is not easy as I have to be a permanent resident there as far as I am concerned, but I may look into it again.
One banks loss is another banks gain. In 1989 I went into Marine Corps West Federal Credit Union seeking a loan for a new car. As a young Marine I hadn't a need for a car for several years. Newly married to asawa and now living off base, I needed wheels. My saving and treasury bond accounts had been growing with them for almost four years. I thought it would not be a problem. I was told by a loan officer I have to have credit to get credit. I mentioned the money I had in MCWFCU was twice the amount I needed. I was told something to the effect that doesn't count and I was a credit risk. Confused, I told him I was recently promoted and just re-enlisted for another four. He said there was nothing he could do. I walked to a tellers counter and closed out my accounts. As the teller was handing me more cash than I had ever held before, the manager came up next to her and asked me if there was a reason I was leaving them. I pointed directly at the loan officer and said that person wouldn't give me a car loan. After riding the bus into town for the last time, I got a loan and my first ATM card at the first bank I walked into.
Not the same situation but I found it very odd that in the UK I was told by a verification company Estate Agents use that I could not rent a residential property as I was retired (or "You have no job" as they put it.). Don't remember why my pensions were not taken into account. I explained I had enough cash in the bank to pay the rent for perhaps 70 years but they replied that I could get the rental and then spend all the money the next day - to which to I pointed out I could have a job today and lose it tomorrow. The Landlord stepped in and accepted me.
