3 Modern Advantages of Character Loans

With consumerism on the rise, personal loan lenders in Philippines are now finding new means to reach more borrowers. They penetrated the general market by introducing new types of loans and debt instruments. One loan may be similar to others – only differing by the way they are marketed. One of the timeless loans that you should know about is a character loan. It’s very similar to a personal loan, albeit with lesser parameters.

Here are the modern advantages of getting a character loan:

Variable Approval Rates Depending on Character

Character loans are known for their variable approval rates. If you have a bankable character, the money lender may approve your loan with minimal difficulty. This is common in small towns and communities where lenders don’t have strict systems and people tend to know each other well. If you’re new in the community, you definitely need someone to vouch for you. Also, don’t expect for high amounts immediately. Community lenders, after all, need to manage their risks so their business will survive.

Huge Amounts for Bankable Characters

If you’re certain that you’d pass any character check, then lenders will trust you more with a higher amount. But this is not always the case; sometimes, it will depend on your reason. Emergency situations will trigger the empathy of the lender, and you can get a better chance at loan approval. More importantly, if the lender realizes that you’re a good payer, you can get definitely get huge amounts.

Acceptable Interest Rates

Character loans boast small interest rates and quick approval processes. This is why character loans are often linked to microfinance groups, local banks, and small-town credit cooperatives. As a benchmark, you can expect for about 5% interest rate per month. The rates can even go lower than that, provided you’re really a trusted borrower.

In a community, if there are multiple lenders, they have to keep their rates competitive. Otherwise, they’ll lose customers. In order to find the best character loan lender in your area, you can try asking local shopkeepers. Facebook can also help since it speeds up the way people communicate.

Even though fast approval cash loans online have many advantages, you still need to be wary. Some lenders may try to jack up interest rates without your consent, while others may put hidden fees. Before applying for a character loan, you should have a list of the most trustworthy lenders in your area. This way, you can make a decision that you won’t ever regret.

3 Pitfalls of Getting Cash Advance Loans


If you’re short on cash, one of the financial solutions that you can make is to apply for a cash advance loan.

This type of loan is also known as a payday loan and it is received the blunt end of negative reputation in the past years. While there are several advantages in applying for a cash advance loan, the disadvantages are somehow plentiful. Still, we can’t deny the speed and flexibility of a cash advance loan.

Before planning to get a cash advance loan, make sure that you’re aware of its pitfalls. These are the well-known pitfalls of cash advance loans:


The Dangers of Being Shylocked

Here’s a sad and terrifying truth: most payday loans are linked to shylocking activities held by local criminals in a district. This is the reason why most payday loans have huge interest rates, forcing you to repay as soon as humanly possible. Before getting a cash advance loan, you must consider the source of the loan. While small payday loan offices have tempting offers, it’s best to transact with a bank or any reputable financial group.


Obnoxious Interest Rates and Fees

Usually, under a payday loan agreement, you only have less than 20 days to pay for the loan. This can be a terrible burden for everyone. Extra penalty fees can even make things worse, leaving you with a volatile loan. If you really can’t avoid applying for a payday loan, then you need to prepare for the consequences. Your first concern should be loan repayment within the agreed time. Otherwise, the penalties associated with the loan may drive you crazy.


Overly Persistent Lenders

Unlike a reliable Singaporean licensed money lender, some lenders who are dealing with payday loans offer very little support for their clients. In fact, they are only concerned about the outcome of the business. You can review an updated legal moneylender list in Singapore to check and compare the lender which you think would fit for you.

Whenever clients have questions about rates, the lenders usually give hogwash information that can be misleading. This is not the situation with all payday loan lenders, however. In this sense, you need to be really cautions regarding the legal private Singapore money lender. Ask your friends and family about the most reputable payday loan lenders that they can think of.


Even though cash advance loans have many negative sides, they can still solve financial dilemmas of varying scales. To avoid regrets, you must be meticulous in your search for the best payday loan. With the help of the Internet (especially social media), you can find the top five payday loan money lenders who are open on sunday that’s also near you.