A co-borrower is an additional borrower who can be a spouse, parent, sibling, or any family member, or even a friend, who will be equally liable for the loan.
When entering a loan contract with a co-borrower, both individuals will need to sign. Because both borrower and co-borrower are equally responsible to pay the loan, both will receive collection reminders.
Having a co-borrower puts someone in a better position to manage a loan. Once your loan agreement is activated, the borrower will need to keep both individuals' information updated. (e.g. when updating mobile number, address, etc.)
What are the requirements to be a co-borrower?
The co-borrower needs to be at least 18 years old, must be contactable, and should reside in the Philippines.
Co-borrowers will be asked to provide consent through a link via SMS. They may be required to provide additional documents such as a valid ID or proof of residence. For faster processing, it would be best to prepare the documents listed here.
Who should provide a proof of income?
Only one individual is required to provide a proof of income. This can come from the borrower or the co-borrower. It is also acceptable for both individuals to upload one proof of income each. To see a list of valid Proof of Income, please see here.
What if I receive funds from an OFW parent / relative?
Overseas Filipino Workers cannot be considered co-borrower. Kindly nominate another relative/friend who would sign the agreement as your co-borrower.
If you or your co-borrower receives funds from an OFW, we recommend that you nominate the receiver of the remittance as the income earner, then input the OFW's income information.
For example, if your father is an OFW and the recipient of his remittances is your mother, you can indicate that your co-borrower (mother) is the income earner and then put your father's income information.:
Why are you asking me to revise my co-borrower?
Depending on the assessment of our team, we may require a different co-borrower for your application. This instruction is given to help put you in the best position to manage your loan.
Sa pagpili ng bagong co-borrower, take note this individual will be equally responsible as you in paying for your tuition installment plan.