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AsiaLink finance: Loan Review

AsiaLink finance: Loan Review image

Applying for a loan when you need it the most may be a great way out of emergencies. But before making a deal, it won’t harm to do some research on the various types of loans, and the companies or banks that offer them. Luckily, we can help you with that by providing a review of the AsiaLink lending group, one of the prominent and rapidly developing non-banking organizations in the Philippines.

Table of Contents: AsiaLink finance Review

About the Asialink Finance Corporation

If you open its official website and go to the “About Us” section, you will see that it has been operating since 1997. It’s a good sign as this may represent its reliability.

During its early days, AsiaLink was run by a few key people — R.B. Jordan Jr., R.Y. Lugtu Jr., and W. T. Anastacio. Then, it was mostly focused on fast loans for individuals. Over time, the company has expanded its list of offers and now provides personal loans, mortgages, car loans, business loans, etc. Today, it has over 700 employees and 80 offices within the country. Company officers do their best to help businesses and individuals find solutions that will perfectly meet their needs.

 

See also: Online Loans Pilipinas

 


AsiaLink’s core concept lies in giving easy access to financing services and thus, contributing to economic development. The group strives to become the most flexible and reliable loan provider that helps both companies to grow and individuals to cover their urgent expenses. For this, AsiaLink has introduced a broad range of lending products, collateral and non-collateral ones.

The main office is located in Pasig, Metro Manila. Other Asialink branches can be found in the Greater Manila Area, Luzon, Visayas, and Mindanao. Asialink office hours are from 9 AM to 6 PM, Monday-Friday. The AsiaLink contact number and other details are available at the AsiaLink corporate website.

Collateral Loans

This type of product is also known as secured. To apply for it, borrowers need to provide collateral to insure the loan in the case of non-repayment. Collateral may come in the form of a car, a home, or any other valuable asset.

Here, you can ask for financing if you are going to buy a new vehicle, a used vehicle, a tricycle, and more.

Also, it’s necessary to mention that instead of collateral, the company will expect borrowers to provide Original Receipt or Certification of Registry (OR/CR) for transport credits. For real estate, AsiaLink may request that you give Original Transfer Certification Title as a guarantee for secured personal loans. And to comply with the requirements, you must be eligible according to the below points:

  1. A resident of the Philippines;
  2. 21-59 years old;
  3. Have accurate and actual contact numbers.

Also, please note that the applicants, who are 60+ years old, will be expected to introduce their co-borrowers (59 y.o. and younger).

As was mentioned above, AsiaLink Finance allows you to apply for car and truck loans. Each type comes with its own terms and conditions. Let’s look at them quickly.

For a new car/truck, you need to have the following documents prepared:

  • Photocopy of OR/CR;
  • Tax records;
  • Government IDs;
  • Photo of a car/truck;
  • Statement of income.

For a used car/truck, be ready to provide the following official papers:

  • Photocopy of OR/CR;
  • Tax records;
  • Government IDs;
  • Certificate of Sale;
  • Photo of a car/truck;
  • Statement of income;
  • Proof of downpayment.

If you want to ask for financing a tricycle (only a few models are supported), you need to have a photocopy of OR/CR and MTOP.

There are also PUV/PUJ/Taxi loans. When applying for one, you’ll be asked to submit a photocopy of OR/CR, and a permit for operation/franchise. You also need to provide copies of official documents like IDs, TIN, etc.

 

See also: Places to get a 10,000 PHP emergency loan

 

Non-Collateral Loans

As opposed to the previous type of AsiaLink loan, this one doesn’t require any collateral from borrowers. Still, the company may require that you introduce co-borrowers if you are not qualified. A co-borrower is considered to be accountable for credit repayments in the case of your default. It serves as a guarantee for the company that the loan will be paid in full. Co-borrowers should be your close relatives, and be the residents of the Philippines. They should be 21-59 years old, and have a regular source of earnings. 

When it comes to requested documents, AsiaLink loan requirements are as follows:

  • Fully completed request form;
  • The latest 2×2 photos (3 items);
  • Photocopies of 2 confirmed state-issued IDs;
  • Record of payments (utility, phone, etc.).

AsiaLink non-collateral lending products include loans:

  • For OFW;
  • For business;
  • For seamen;
  • For doctors.

Now, let’s briefly review what each of the categories may offer and require.

Lending products for Overseas Filipino Workers

These lending products are provided to Filipinos, who are presently in or out of the country and earn 20,000 PHP a month and more. If you are one of them, you should submit the following papers to qualify:

  • The newest agreement (with POEA approval);
  • Photocopy of identification proof;
  • Photocopy of visa;
  • Overseas Employment Certificate (OEC)/E-receipt;
  • Flight records.

 

See also: When You Need a Loan and When You Don’t

 

Business-related financing

To ask for a business-related loan, applicants should run their own business for no less than one year, have the Mayor’s permission and valid bank records (3 periods). For sole proprietorships, partnerships, and corporations the requirements may be different:

  1. For Ownerships — DTI Record;
  2. For Partnerships — Pieces of Business;
  3. For Corporations — SEC Registry, Board Settlement to Hire, Secretary’s Certificate, Pieces of Consolidation, By-Laws and Up-to-date General Information Sheet (GIS).

Other types

When it comes to loans for seamen, they are provided to seafarers who are about to ship, or who are already on-board. As an applicant you should have the below documents:

  • The newest agreement (with POEA approval);
  • Photocopy of identification proof;
  • Seafarer’s Registration Certificate (SRC);
  • Seaman’s Register;
  • Allotment Permission;
  • Embarkation/disembarkation records.

Doctors may also apply for personal loans. To do that, they’ll have to present their PRC ID (or, a renewal stub if expired), the latest bank statement and/or credit card bills (for 3 months).

 

See also: How To Apply For A Personal Loan: A First-Time Borrower’s Guide

 

On a Final Note

When you ask for financing from banks or government institutions, it may usually take a while to process all the documents and validate all the proofs. This won’t be the best option if you need to get cash quickly. Luckily, there are more convenient alternatives that are worth considering. Asialink Finance Corporation can provide you with a way out of your financial difficulties immediately. You will get the appropriate sum of money depending on your necessities and goals.

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