One very important point was made right from the outset. One locally-based organization specializing in brokering personal loan solutions, short or long-term, coherently remarked that one of the qualifying criteria for loan applicants was that they had to be nationalized Filipinos. One interesting and equally important question was asked to counter this fiduciary specification. What do expats or contract workers do in the meantime?
This is not a query that is unique to the Philippines. Currently, it does seem as though migrants, no matter where they go or are, are always on the receiving end when challenging economic circumstances arise. Many migrant workers may not necessarily have better skills than locals but their own knowledge and similar ethics in practicing honest, hard work, should empower them to make a valuable contribution to the country’s economy by way of being enabled to startup their own business.
In any nation, including the Philippines, this is a necessary practice; going into business for yourself. But the facilities and startup costs are not always readily available when it is needed. And it is well known that timing is everything where successful entrepreneurship is concerned. For the time being, the perception may well be that those resources may be limited, no matter who the person is, but a good online loan broker can facilitate a process of finding the right backing institution for the loan applicant.
If it means facilitating a personal loan then so be it. It could well work in the applicant’s favor in the sense that interest rates will be lower than commercial packages and the term arrangement may be favorable for the new business practitioner. Again, in this game timing is everything. This is something that the loan facilitator knows well.