Robocash is a simple yet revolutionary loan calculator that is specifically targeted at low-income borrowers in the Philippines and other parts of Asia. It is essentially a spreadsheet application that computes different loan terms based on your current financial situation and adjusts them for a lower and fixed interest rate. This calculator is available online so all you have to do is type in your own Filipino credit and loan information and it will calculate the maximum amount that you can borrow by taking into account your current income, current expenditure, current savings and all other factors. The end result will be a loan term that you can afford with good grace and good luck.
Basically, Robocash uses the ABS (insurance contract purchase order database) to look up current market billease promo code interest rates. Once this data is in, it applies this information to your individual financial situation to produce a maximum loan amount. This then enables you to choose a loan term that you can easily afford with the lowest possible interest rate. You can also specify a certain repayment period so that you can easily repay the loan amount over a reasonably long period of time.
The ABS maintains a database of the prevailing loan terms and conditions for almost all major currencies. For example, it has a corresponding ABS mortgage loan rate for Cebuano property. So when you type in Cebuano property rates in Robocash, it will automatically calculate a corresponding loan amount. This way, you have complete information at hand about the pre-requisites for your personal loans in Cebu. This will make it much easier for you to compare different offers from different lenders.
The ABS also maintains a separate private lending rate list for Filipinos only. This list contains different lending companies that offer loans to Filipinos only. So if you are applying for a personal loan from a different lender in Cebu, you need not enter the ABS list since it will match the private lender’s requirements. All you need to do is type in the name of the lender in the appropriate box in Robocash and then click on the » recalculate » or « show details » buttons.
It is important to note that the ABS does not maintain a national currency list for Filipinos. Each bureau in the country has its own set of currency values. For instance, the Bureau of Customs in Manila has the dollar value, while the Philippine Currency Unit was established by the Central Delegation of the Philippines in Washington, DC. The Peconius Bank and the Philippine National Bank are the banks in the country that provide bank accounts with foreign currencies. Almost all private lending companies in the Philippines operate with local currency values. So before you apply for a personal loan in the Philippines, it is important that you know the local currency value so you can calculate the right loan amount.
There are two types of personal loans in the Philippines. The first is called personal loans with no income verification and the second is called personal loans with income verification. In the former case, the borrower is required to furnish his personal data like his job or his monthly salary, his residence or place of employment, etc. The lender will use this information to determine the borrower’s ability to repay the loan amount and the interest rate applicable. On the other hand, in the latter case, a borrower’s ability to repay the loan amount and the interest rate are used as factors in determining the amount and type of personal loan available to him.
Many private lending companies in the Philippines offer personal loans in the form of promissory notes. A promissory note is a legal document that is duly signed by the borrower to reimburse the lender for the amount of money he lent. Like a mortgage, it gives the lender a lien over his property until the entire loan amount has been repaid. This makes the borrower responsible for making all the payments on time and in full.
It is advisable to avail the services of local lending companies in the Philippines in order to avail the low interest rates available in the market. A little research over the Internet will help you locate these lending companies. These companies will not only provide you with the loan amount but also guide you through the whole process.