6 Loan Products for Police Officers

 

COVID-19 affected the financial stability and security of many Filipinos. That’s why financial institutions such as banks and savings and loan associations (SLAIs) that offer various loans for police officers and other front liners became more and more relevant. If you’re also considering to apply, here are some loan products designed to meet your unique financial needs:

UNIVERSAL LOAN:

Universal loans for police officers are the perfect financial boost. Depending on the financial institution, one may borrow up to Php300,000 and use it for household bills, business purposes, medical emergency, travel, wedding, and more. It gives you peace of mind when you’re struggling and stressed out with your finances as you can have funds immediately and pay it comfortably through salary deduction within five years.

SALARY LOAN:

A salary loan, also known as a payday loan, is pretty similar to a universal loan that you can use for any expenses such as household bills, health and wellness charges, educational purposes, family vacation, car repairs, and house renovation. It gives you a lump sum of money upfront – allowing you to experience quick funding and pay it back over a fixed term. The loanable amount is equal to the gross amount of salary the applicant receives on each cut-off. For instance, if you’re earning Php25,000 monthly, then you can loan up to Php300,000 (equivalent to your 12-month salary). Payment is arranged through an automatic salary deduction for most financial associations.

EMERGENCY LOAN:

The right kind of help, exactly when you need it! Emergency loan refers to quick funding in as early as the same day of application! You can apply, be approved, and claim your loan proceeds in just a few hours – making it a smart and effective way to satisfy your urgent financial needs. Borrowers often use this loan to fund personal or family requirements such as medical surgery, major car repair, school fees, and other unplanned expenses. It’s also popular for those who are affected by calamities. In some cases, one can loan up to 12 months of their regular salary plus their deposits with their SLAI.

REAL ESTATE LOAN:

Your dream home is within your reach with the help of a real estate loan. This loan, which is also referred to as a mortgage, is commonly used by homebuyers to purchase condominium units, townhouses, lots, and homes. When approved, borrowers sign documents to repay the loan including interests and other costs over some time. Some financial institutions offer flexible terms of up to 20 years. However, the application can be time-consuming and complex, as it requires a lot of paperwork. To quicken the process, find a reliable SLAI.

PENSION LOAN:

This financial assistance is intended for eligible retiree pensioners. A borrower can take a loan equivalent to their pension pay while enjoying minimal interest charge per month. Some SLAIs even offer a maximum loanable amount of up to Php1,800,000 while also giving flexible payment terms of up to five years. Applying for this loan allows you to obtain the needed cash for your medical, family, travel, insurance, and other financial expenses immediately.

VEHICLE LOAN:

Financial institutions also offer vehicle loans for police officers whether for personal or business use. Yes, be it a motorcycle or a car, you can easily apply for it and have it registered under your name. Get your dream vehicle without breaking your budget by borrowing the total contract price of any vehicle and pay it within your agreed payment terms with your SLAI.



Inquire at the nearest SLAI for loans for police officers today!