The Philippine banking industry doesn’t have an established credit score or rating system which banks can use as their main basis when approving or rejecting personal loans. This means that Filipinos who are actually capable of paying back their loans sometimes get their loan applications rejected. And the disapproval can come after a lengthy or tedious application process.

This is where local startup YesCredit comes in. They simplify and hasten the personal loan application process, all via their website, which first asks users for the specifics of the loan that they want (desired amount, payment period) together with their personal and financial information. Once the necessary info has been provided, the site will then evaluate and tell applicants if they’re eligible for a loan and the amount that YesCredit is willing to lend them. And yes, you borrow the money from YesCredit itself and not from any bank. This allows the company to move fast when it comes to loan amounts and approvals.

Once loan applicants accept the terms offered, they’ll need to upload the proper documents (identification, financial capacity, etc.). YesCredit will then take one to two days to verify the authenticity and completeness of the documents (verification may take longer if the documents are incorrect or incomplete). After document verification comes the final check for loan approval, which takes three to five days. Applicants who have their loans approved will receive the money via deposit to the bank account they provided. Loan repayments will automatically be deducted from the same bank account on specific days, based on the agreed upon payment schedule.

As the about page on their site puts it, YesCredit aims to provide “fast personal loans at competitive rates to individuals & families who are currently unable to borrow from banks”. The page also sheds light on their approval process, stating that the company uses “alternative data & proprietary technology to develop a credit score for Filipinos that the traditional financial institutions don’t usually serve”.

Ramping up the appeal of using YesCredit for personal loans is the fact their whole service, from the user experience of their website, to the submission and verification of documents, and loan approvals, has been designed to be as quick, convenient, and secure as possible.

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