Have you tried borrowing money online? If yes, have you noticed the loanable amount each lender gives?
Typically, lenders could lend an amount between P1,000 and P50,000. Before you get too excited, keep in mind that not all lenders will allow you to borrow the maximum amount. Most lenders will give you between P1,000 and P5,000 on your first loan application. Eventually, this could get bigger.
The question is how.
Here in BillEase, we understand your needs. However – and just like all lenders – we cannot immediately give the maximum loanable amount especially for first time borrowers. Lenders need to establish customer’s payment habits first to reduce their exposure.
The good news is this won’t be forever. Once you start borrowing from BillEase, then there is a possibility that you can get higher credit limit.
Here are some things to remember that will help you increase your credit limit and start paying for your bills with ease:
TIP NO. 1: Use BillEase frequently as your mode of payment.
BillEase partnered with several merchants including Lazada, Kimstore, and Flowerstore.ph to make shopping easier and more convenient for you. When shopping with partner merchants, make sure that you use BillEase as your mode of payment.
The more frequent you use this facility, the higher the chance of getting an increase in your credit limit. This will be favorable to customers with smaller income to grow their limit.
TIP NO. 2: Pay your bill on time.
If you noticed, BillEase won’t immediately charge you as soon as the amount is deposited in your wallet. You will be given at least two weeks from the date of application before you start with your monthly instalment. This will give you sufficient time to start paying for your loan.
That being said, make sure to pay your bill on time. Follow the schedule set forth in the Loan Agreement. You can also check your account via the BillEase app or website for the schedule of payment.
Any delay will not only lead to penalty fees but also lower your chances of getting an increase.
TIP NO. 3: Pay your outstanding obligation in full.
Apart from paying your loan on time, it is also a must to pay them in full or according to the schedule. Pay the corresponding amount as well if you want an increase in your credit limit.
What does this mean? Credit decisioning of BillEase depends largely on payment behavior of the customer. Delay or incomplete payment warrants a non-increase in your credit limit. If you will be diligent in handling your loan with BillEase, then you will get that increase in credit limit in no time.
In the meantime, use BillEase wisely.