Raining Pesos: The easiest way to get a loan in the Philippines

It can be quite an adventure trying to research and learn all about loans in the Philippines. To begin the process, you might walk into a bank branch, or you might call a bank's customer support number. You will spend days doing research to learn and compare all of the loan products out there. Also, how do you know you've covered all the options?

Raining Pesos was created to offer this exact service. We've done all the research up front for you, and are ready to learn your needs, and determine the best option for you. We know the qualification rules for each bank. Often times, you'll be at a bank branch, filling out their application form, and then you'll learn that you don't actually qualify. At that point, your only option is to find another bank and start the process all over again. Banks in the Philippines have very different qualification requirements! Our goal is to save you time and money.

We currently offer car loans, home loans, business loans and seaman loans (basically a personal loan for OFW seaman based on your work contract). In the near future we will be adding personal loans, salary loans, and eventually credit cards. We have 9+ banks working with us, and will add many more in the upcoming weeks.

How to Qualify

As you have probably realized, qualifying for a loan in the Philippines can be difficult. The old adage applies: "banks only approve loans for people that don't need them!" Banks are certainly "conservative", but some are more conservative than others. Banks can be more aggressive when the loan is backed by "collateral", or you also specify a "co-borrower" with good credit standing that will pay your loan in the event that you cannot. For car loans and home loans, the collateral is the car or home itself, thus banks can be more aggressive. For personal loans, the bank takes on more risk, so the rates are typically higher. In this case the screening process is more intensive. Here are some basic rules to qualify:

You need to have a job (or steady income)!

The fundamental requirement is to prove steady income. You must work at the same company for at least one year, and some banks require longer periods. If you do not have steady income, you will need to apply with a "co-borrower", and your combined income will determine how much money the bank will qualify you for. If you do have steady income and are married, your spouse will almost always automatically become the co-borrower. Some banks in the Philippines will run promotions stating "no co-borrower required", but that is not the norm.

Paperwork required for submission

In addition to the application asking for your personal information, work history, address history, education and income, you will need to upload, email or fax Raining Pesos the following information: - Certificate of employment and income (you'll bring originals to the bank for signing) - Most recent payslip - Most recent ITR (individual tax return) - If you own your own business, past 6-months bank statement, Mayor's permit, latest audited financial statements and ITR - If a foreigner: Must be married to a Filipino who qualifies as the prime borrower - If OFW: You must have a spouse or co-borrower residing in the Philippines, and provide work contract and proof of remittances - If car or auto: You'll need the basic information about the car you want to buy

Common Reasons for Rejection

If you meet all the high level requirements, you might still be denied. The main reason is that banks will look into your credit history. You will be denied if they see you have any court cases pending, or other credit-related issues reported in the past. Some are more lenient than others, but many will simply deny you if they see any history what-so-ever.

The rates at each bank can be very different

The loan rates in the Philippines vary greatly from one bank to the next, which is where we can help you out. This is especially true with cars, the rates can change based on the year, make, model, and terms chosen. This is one of the main features of the Raining Pesos website; you can compare the resulting monthly payments based on all of these variables. We'll also guide you on all the other differences that you'll need to know.