An OR/CR loan (Sangla OR/CR) is a type of bridge financing loan for people who own their cars without any bank loans and are in need of cash/money quick. Simply, use the original receipt (OR) and certificate of registration (CR) as the form of collateral for your loan. M Lhuillier Financial Services Inc. only holds on to the documents so that the owner of the car will still be able to use their vehicle while they are paying off their loan. The OR/CR Loan usually lasts for 3, 6, 9, 12, and 24 months depending on the customer's needs. However, should the customer wish to extend or pay off the loan M Lhuillier does not charge any fees. The good thing about OR/CR loans is that they will not affect your bank credit rating and will not affect your future ability to borrow since the loan is secured against your car.
The value of the car, truck, or taxi will be appraised at any one of M Lhuillier’s 3,000 locations across the Philippines. M Lhuillier is now accepting any car, truck, or taxi for appraisal and will approve the loan within 2 business days, at up to 90% of the value of the car. So, if you have a car that is worth PHP 500,000.00 you can get a loan for up to PHP 450,000.00. M Lhuillier’s OR/CR Loans are as easy as 1-2-3. If you are a repeat customer, your loan can be approved in a matter of minutes.
Anybody who owns a car can avail of an OR/CR loan for as long as they are a Filipino citizen aged between 21 and 65 years old. The borrower will have to prepare a set of documents for which M Lhuillier Financial Services Inc will evaluate the eligibility of the borrower. The documents include:
Original OR and CR
Proof of Income
Proof of Address
Reference
Advantages of M Lhuillier’s OR/CR Loan (OR/CR Sangla)
Quick Cash Loan - Cash is with you as soon as you are approved for the loan.
Quick Application - You can be approved for your loan in as little as two working days if all your information is correct and submitted properly to any M Lhuillier location around the Philippines.
No Credit History Needed - M Lhuillier does not check your credit history when you apply for a loan. Your history does not matter with M Lhuillier’s OR/CR Sangla program.
Keep Your Car - M Lhuillier allows the borrowers to keep their car while they are paying off the loan. This allows the borrower to use the car for work or pleasure.
All Cars Accepted - M Lhuillier does not care what brand your car is. As long as it has 4 wheels M Lhuillier will appraise the vehicle.
M Lhuillier is offering an introductory interest rate of 2% a month for the first 1,000 borrowers across the Philippines. To learn more about the program visit one of M Lhuillier's 3,000 locations around the Philippines or visit its website at MLhuillier.com