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Collateral is a way for lenders to protect themselves from the risks of lending. If the borrower defaults on the loan, the lender is left with an asset that they can sell to get back some or all of the value of the money they lent out. Talk to a Robinsons Bank representative to learn more about our business loan offers such as Go! Commercial real estate loans.These loans are mortgages secured on an income-generating commercial property rather than residential property. Equipment loans.These loans are intended for purchasing equipment in order to help the business generate income.
Whatever you charge to it, you’re going to have to pay for it eventually! Never be tempted to charge luxuries you really can’t afford. The best way to go about it is by setting yourself a credit limit that’s well-integrated into your monthly budget. To be very clear, neither a credit card nor a debit card is fully risk-free. After all, fraudulent transactions continue to be a significant problem in the financial industry throughout the world. However, it’s what happens after the fact that will highlight the advantage of credit cards over debit cards.
Download the Digido mobile app and get loan instantly!
Earn up to 3% rebate for every purchase worth ₱3,500 and up at Robinsons Brands and partner stores, plus exclusive discounts on Robinsons Retail brands. You must have a minimum gross fixed annual income of ₱180,000 if you’re single, or ₱240,000 if you’re married. It is the first service that works with customers in online mode, without the help of a human operator!
You can also contact the bank using the hotlines and email address listed above to inquire about your Robinsons Bank credit card application status. You must have a minimum gross fixed annual income of ₱180,000 if you’re single and ₱240,000 if you’re married. To qualify for this card, you be earning at least ₱15,000 per month. You are not required to have an existing card before applying. As the name suggests, you will get cash back every time you use this card!
Why Should You Get a Credit Card in the Philippines?
Unlike an LOC, however, revolving credit is not a static amount. If you reach the credit limit, you cannot borrow again until you have paid the balance plus interest, after which you can borrow again from the same account. Because banks and financial institutions share information, it is still in your best interests to maintain a high creditworthiness rating. What’s more, doing this can even improve your chances of successfully securing a loan or even applying for a new credit card in the future. As discussed above, financial institutions that issue reward credit cards to customers often maintain rewards programs in which users can earn credit card points for purchases worth a certain amount.
The lender and borrower need to agree on the terms of the loan, including interest rates, collateral , due dates, penalties, and other stipulations. Moving forward, the main inconvenience caused by a default will be your inability to access credit from reputable lending institutions. And even if you end paying back your debt in full, your non-repayment may remain on the bank’s system and negatively affect all loan requests for the foreseeable future.
Types of credit cards offered by Robinsons Bank
Unlike other types of consumer loan, the money borrowed through a credit card is not limited to a one-time amount. Another way taking on a loan can help your credit score is if you take on a personal loan to pay off another debt on time. A number of debt repayment strategies, including credit card debt consolidation, use this basic concept to improve credit scores. A credit card is not your personal access to the proverbial money tree or the duck that lays golden eggs.
However, getting a credit card for every imaginable reward out there can be unsustainable. After all, as we’ve previously discussed, having too many cards could leave you incurring multiple debts that you could have a hard time paying. A credit card is a small plastic payment card that is issued by financial institutions like Robinsons Bank. Just download the app, fill out the application form, indicate the amount that you need, upload your ID and you’re done! You can get your credit through your bank account or e-wallet.
Check your eligibility for free by answering these easy questions.
Feel free to discuss ways to improve your credit rating with your assigned account officer. Whether you’re dreaming of having a house and car or starting your own business, Robinsons Bank’s loan products are an easy way to make those dreams a reality. Choose the consumer or business loan that suits your financial goals.
After all, the deposit prevents the need to provide a proof of income. In case of a missed credit card payment, a bank can simply deduct the balance owed from the cardholder’s account or cash deposit. If a credit card is unsecured, it simply means that the bank does not require the cardholder to make a security deposit or to provide collateral.
Receive SMS alerts for every approved transaction using your Robinsons cashback credit card. Since 2000, Robinsons Appliances has grown to become a nationwide name when it comes to home appliances and consumer electronics. With almost 100 stores spread across the Philippines, any purchase you make through our online store can be easily delivered to your address.
Loans are a form of borrowing done by an individual or an organization, such as an incorporated business. Please study the terms and conditions in the Disclosure Statement before proceeding with the loan transaction. Alyssa Divina pens blog articles about a wide range of topics, such as money matters and government transactions in the Philippines. Prior to joining Digido Finance Corp., she served as a journalist for Charlton Media Group, a business news magazine, for two years.
So talk to a Robinsons Bank representative today and enroll in one of our loan programs. Loans can often be renegotiated, especially when it is not in the interest of the lender for the borrower to default. Be sure to contact your account officer to learn about your possible options. Secured loans are loans that require the borrower to put up collateral. Invoice financing.Also known as accounts receivable financing, these loans allow a business to borrow cash due to unpaid receivables from customers.
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