Remote Staff Remote Staff Remote Staff Remote Staff
  • Home
  • Jobs
  • Our Services
  • About Us
  • Blog
  • Podcast
  • Testimonials
  • FAQ
  • Sign Up
  • Log in
Remote Staff Remote Staff
  • Home
  • Jobs
  • Our Services
  • About Us
  • Blog
  • Podcast
  • Testimonials
  • FAQ
  • Sign Up
  • Log in
May 25
6 Tips to Get Your Loan Approved as a Remote Worker or Freelancer

6 Tips to Get Your Loan Approved as a Remote Worker or Freelancer

  • May 25, 2021
  • Leandro Eclipse
  • No Comments
  • Legal Matters

As our remote working career prosper, we might want high-ticket items that we can’t afford with one-time payments. A nice house, a decent car, or maybe that business venture you’ve always wanted.

But unfortunately, not everyone can buy a car or a house in cash. And for business, not everyone can finance 100% from their savings. That’s why we borrow from the bank to accommodate these purchases.

But then, banks are pretty strict when it comes to their loan approval. So how can a remote worker or freelancer get their loans approved? Worry not! Here are 6 tips to loan as a remote worker.

 

Register your Practice

Register Your Practice

Banks need proof of your source of income. As remote workers, freelancers, or independent contractors, we don’t have an employer who registers us in their business. With this, we should register our own practice.

For registration, we are considered self-employed professionals. We need to have a BIR registration, an Occupational Tax Receipt (OTR), and sometimes a DTI registration. With this, you can prove where you get your finances.

 

Updated in Paying Your Taxes

Updated in Paying Your Taxes

Proving the source of income is different from proving that you have an income coming in. Now that you have your registrations. Now, you need to show that you have the capacity to pay the loan.

One proof you can show is your Income Tax Return. You should be updated in filing your income tax return. After all, if you have an income tax to pay, you should have the income to show it for.

 

Bank Statement for the Past 6 - 12 Months

Bank Statement for the Past 6 – 12 Months

How do you prove that you have cash flow? Every month, money is credited to your bank account from your clients. But the bank wouldn’t take your word for it. Your bank statement will.

A bank statement is a list of all transactions for a bank account for a certain period. And you can get this in your bank branch.

With a bank statement of around 6 to 12 months, you can show them that you are indeed liquid for the loan you’re applying for.

 

Evidence of Taxable Income

Evidence of Taxable Income

What if you don’t have an ITR and you don’t have a bank account? Can you still apply for a loan? The answer is yes.

(Although, please consider having a bank account. It would be easier if at least you have a bank account in the future. You can request a bank statement even with some online banks with high interest rates.)

You just have to show evidence of taxable income. For example, you can show your contract to your clients. If possible, you can also show a certificate of earnings.

In this way, you can affirm that you have enough cash flow for your loan.

 

Maintain a Good Credit Score

Maintain a Good Credit Score

Now that you have established proof of cash flow. The bank will check your financial habits with your credit score. Do you pay on time? Or are you irresponsible with your deadlines?

A credit score is like a measure by financial institutions that rates your credit worthiness. A high credit score will allow you to borrow higher amounts. And sometimes, at preferential rates.

If you don’t have any financial records, you can use a credit card (maybe get a secured credit card first) and pay them on time.

By using your credit card, you can increase your credit score for your loan. Just make sure to follow these credit card tips.

 

Apply the Loan on Your Bank Branch

Apply for a Loan on Your Bank Branch

Familiarity goes a long way. Where did you open your bank account? It might be best to apply for a loan from that branch directly.

They already know you. They have access to your bank records. You might even have years of history with them. So there are bigger chances that they will know your full capacity to pay. And grant you the loan you’ve always wanted.

 

Conclusion

Conclusion

Are you ready to purchase the house or car of your dreams? With a loan from a bank, you can surely pay them lightly on your terms. Cheers!

Facebook Comments

Disclaimer: The above article was written according to the information available as of press time.
All opinions and beliefs expressed herein do not necessarily reflect those of Remote Staff's, its employees, subcontractors, clients, and affiliates.


  • Facebook
  • Twitter
  • Tumblr
  • Pinterest
  • LinkedIn
  • E-Mail

About The Author

Miko Eclipse is a digital nomad writer who advocates that every Filipino can be a remote worker. Learn as he writes about productivity tips and relevant remote working skills for the modern remote worker today.

Leave a reply Cancel reply

Your email address will not be published. Required fields are marked *

5 + 10 =

Recent Posts

  • 7 Main Factors That Make Employees Stay Loyal to a Company
  • 8 Simple Valentine’s Day Gifts for a Remote Worker
  • The Remote Worker’s Simple Guide to Managing Personal Finances
  • How to Take Care of Your Sick Child While Working From Home
  • 6 Reasons Why Employees Don’t Take Vacations

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020

What's Trending

  • Want to Become in-demand in an Online ASP Job? Here’s How.
  • How to Register to SSS, PAGIBIG, and Philhealth as a Remote Worker
  • What’s the Best Computer Specs for Work-from-home and Remote Working?
  • Ultimate Guide: How to File Your Taxes as a Freelancer or Remote Worker in the Philippines
  • Got No Internet? Here are 5 Pocket Wifi Options You Can Use As Back-Up
  • Honesty is the Best Policy: Examples of Lying in Job Interviews and Why they’re a Bad Idea.
  • 45 High-Paying Online Jobs You Can Apply For to Earn at Home in the Philippines
  • Equality for All: Some of the Laws Concerning PWD Employment in the Philippines
  • Ultimate Guide: Comprehensive List of Benefits you can get from SSS as a Remote worker or Freelancer
  • Why You Need to Complete Your Remote Staff Profile (Plus a Step-by-Step Video On How to Do It)
  • Contact Us

    info@remotestaff.ph

    Office headquarters

    Remote Staff, Inc.
    Level 29 Joy Nostalg Centre
    17 ADB Avenue, Ortigas Centre
    Pasig City, 1600
    Philippines

    Links

    • Home
    • Blog
    • About Us
    • FAQ
    • Jobs
    • Privacy Policy
    • Fair Equitable Contracting Policy
    © Copyright Remote Staff - 2023