WHAT IS STANDBY CREDIT LINE?
Ready credit line is a standby fund for a maximum of 2,000,000. The beauty of ready credit line has no collateral, no hidden charges and no annual fees unlike the credit card there is an annual fee with an interest of 3.5% while ready credit line is just only between 1.2% to 1.6%. First step is you have any local credit cards, itr, and 2 gov't issued ids ex:sss id, drivers license. When all the requirements were complete a personnel will call or text 1 to 2 weeks and say a loan of 2,000,000 was approved(just only an example it depends on the credit card and itr) Now if you are approved that is called standby credit line. Its your call or choice either you avail or not. If you will not avail the granted loan, there is NO ANY PAYMENTS but if you avail the loan there is a processing fee of 620 for a one time fee and a documentary stamp of 1 peso for every 200 pesos you wanted to loan and additional of the said interest. The minimum of the term is 1yr and 5yrs is the maximum. Ready credit line will expire for 2 years if the available loan was not been taken there is NO FEES AND CHARGES.