Salary loans vs other loans: what’s the difference?
A salary loan is not the only type of loan that is available out there. But all of them exist for one sole reason: to give borrowers additional financial funds whenever they need it. All of them are ideal options if you’re looking to fund emergencies or consolidate debt.
However, even though all of these loans serve this primary purpose, these loans operate in different aspects and have varying loan terms depending on circumstances related to the borrower or the lender.
How does a salary loan differ from other types of loans?
The amount that will be granted to you as a salary loan will depend on your gross salary per payday. A salary loan is also unsecured, so lenders won’t require you to submit any form of collateral. In contrast, other loans can be secured (car loans, mortgages) or unsecured (cash loans).
You can use a salary loan to fund whatever you need, such as medical expenses, overdue bills, or even gadget repair if you weren’t able to receive your salary on time. On the other hand, some loans can only be used for specific expenses, like the aforementioned car loans.
In addition, you can get a salary loan from the government, banks, or private lenders, but partnering with a salary loan company can give you flexible rates and other benefits.
Let UnaPay help you and your employees in times of need!
With UnaPay Salary Loans, you can enjoy flexible interest rates and loan terms, with a maximum loanable amount of P100,000. What’s more, once your company has been onboarded, your employees can apply for a salary loan simply by submitting an application form and two valid IDs (government and company issued).
Head over to https://unapay.com.ph/business/company if you want to know more!