FAQ
Frequently Ask Questions
The FAQ section of Anchor Financial Services provides valuable information to help customers understand our services better. FAQ – Anchor Financial Services offers answers to common questions about our fee-free currency exchange, competitive rates, and how our unique offerings can benefit you. Whether you’re a foreigner or simply looking for reliable currency solutions, our FAQs aim to clarify your inquiries and enhance your experience with AFS. FAQ – Anchor Financial Services is here to support you!
Can I pay out my loan early?
Should you wish to pay out your loan early then this option is available. We will simply provide you with a payout figure that is valid up to a certain date. We do NOT require you to pay out all the future principal that would be owing on the loan. We simply work out the remaining Principal owing, add the current interest up until the payout date, and apply a ‘one month’ interest only administration fee for early payout. For example, if your monthly interest is normally P3,000 then we simply add this to the payout figure. Importantly, you are not charged for all future interest payments that would normally have been paid.
What happens if I miss or am late for a payment?
A late payment penalty will apply from the day after the missed or late payment. The penalty is 2% per day on the outstanding payment until payment in full has been made. The 2% per day penalty applies to the overdue Principal plus Interest plus the actual penalty amounts. The Borrower is advised to make payments on time and to keep their loan up to date as penalty interest can add up quickly. Please be aware that there is NO grace period and penalties apply from 00:01am the day after the loan payment was due.
What are our Application Fees?
Our application fees are among the lowest in the industry. We use a one set amount application fee of P550 per loan. This amount does not need to be paid up-front as we simply deduct this from the total loan amount provided. This fee covers document preparation, attorney’s fee, and bank transfer costs.
How long will it take to get the money?
There may be a waiting period before you receive funds depending on the amount and application time phase. Normally, once the loan agreement has been signed by the client, the loan will be disbursed within 3 business working days or earlier.
What collateral is needed for a business loan or personal loan equal or more than P100,000?
Any assets you pledge as collateral should, on average, be equal to or greater than the value of the loan you want to obtain. Nonetheless, we will still be required to evaluate their value. To consider any additional risks, we would request scanned copies of documents such as Transfer Certificate of Title or Land Title, Official Receipt and Certificate of Registration of real properties and deed of sales if second hand. You can therefore obtain a business loan so long as your collateral does not fall below or in a justifiable estimated amount that will cover the loan.
How do I get a loan without collateral?
Our threshold for any loan without collateral is less than P50,000 or depending if you have a good credit scores, our management can do reconsideration based on your financial stability and income generating kind of business.
Can I apply for a loan even if I’m outside the Philippines but I’m a Filipino Citizen?
Yes, we also accept Overseas Filipino Workers (OFW) but they need to provide certain requirements to assess if you have the capabilities to pay your loan.
This includes:
Employment Contract
2 Valid IDs
1 valid ID of your immediate family member
Getting a loan made simple, Need money? Get the cash you need!
Jamie Town
I just felt I had to say what a pleasure it has been dealing with Jeff and his team at AFS, the service has been second to none. I would like to highly recommend AFS to everybody, but Ex Pats would really see the benefits.
Wendy Santiago
AFS is one reliable financing company. They are the one who helped me to reach my dream to work here in Israel. Now I can sustain the needs of my children.
Diana De Guzman
AFS has been my go to when I need emergency funds! They have the nicest staff, very approachable and responsive. Approvals are very easy and guaranteed 100% legit! Thank you AFS.
Dean Pascoe
At our BPO company, Boomering Inc, we have engaged with Anchor Financial Services (AFS) to provide staff loans to our employees. This arrangement has been in place for over 12 months, and I can highly recommend.
