No Credit Check Loan In The Philippines: Fast & Guaranteed Approval For People With Bad Credit
When you are struggling with bad credit, it seems like every door gets closed off to you. Once the bank tellers see your history with late payments, they will automatically assume that the same thing will happen with this loan that you are trying to get. As a result, you end up with a big no and a (figurative) door slam in the face – because they will never lend to someone so untrustworthy.
If only there was some kind of lending company that doesn’t care about your credit score and only wants to know if you have the funds NOW to pay that money back on time. But wait! There is! You may go for bad credit loans! These loans will give you a higher chance of approval if your credit is not so stellar.
Advantages of Loans for Bad Credit
There are several advantages that you might look forward to when it comes to loans for bad credit. They are quite in demand nowadays, and many people prefer them to traditional banks for a number of reasons – among which are included:
- Simple and straightforward registration procedure
- Minimal requirements
- Low chances of rejection
- Convenient online registration
- Obtainable even without cosigners or collateral
- The conditions are transparent, without any hidden fees
- Can be taken for any purpose you need
- The funds arrive quickly into your account
In a nutshell, these loans for bad credit are quite a good thing to opt for if you need a loan fast but you cannot rely on banks to give you that loan. The interest rates might be slightly higher compared to a classic bank loan – but considering that banks will reject you right away, you are actually cutting a fair deal.
Requirements for Bad Credit Loans
A bad credit loan is usually advertised as one that has guaranteed loan approval with no credit check in the Philippines. It is said that it has no requirements and that you can get a loan regardless of your conditions and credit.
However, that is only half true. While there are barely any requirements, there are still some that you will have to remember. To be eligible for such a loan, you will have to check the following:
- You need to be aged between 18 and 60 years old (although each company will have its own requirements).
- You need to prove that you have a regular income every month.
- You are required to have an open bank account.
- You need an active phone number at which you may be reached at all times.
To register for such a loan, you will have to bring in your ID, as well as some proof of income. Lenders will not always require documentation from your employee; instead, you may bring something as simple as a screenshot of your account or card statement from Internet banking.
As long as you can prove that money enters your account regularly every month – and that money can cover your loan – then you may be accepted.
Where to Get Guaranteed Loan Approval with No Credit Check in the Philippines
There are several places where you may get a no credit check loan in the Philippines – all depending on your preferences and possibilities. Generally, people in the Philippines opt for these mediums.
Online lenders represent the most popular way to get a loan, as you do not even have to leave the comfort of your own home. Granted, you will need an account or two listed together with your request. Instead of looking at your credit history, they’ll care about your current situation. They will check if you usually have enough money in your bank account to pay for these loans.
Credit union members may be able to get a loan without having their credit checked, as they are based on your employer and whether your paycheck is steady enough to handle a loan or not. These loans are popular mostly for their good rates and their willingness to offer you funds without being bothered by your not-so-stellar credit.
Payday Loan Companies
Payday lenders are exactly what their name suggests: lenders that offer loans from one paycheck to another. Unlike online lenders, payday lenders offer loans only on the short term – and that money is usually deducted automatically the moment your paycheck hits your account.
These lenders do not look at your credit history when making you an offer. Instead, they require proof of income that will show them you actually can pay them back.
However, keep in mind that these loans usually have very high APR – so, do not borrow unless you know for certain that you can pay off that debt. APEC Loans may be able to provide you with a good list of well-rated payday lenders.
How to Get Fast Loan Approval with No Credit Check in the Philippines
One may think that you do not have to do anything special to get fast loan approval with no credit check in the Philippines – but if you really want to have your loan approved, then you will have to show that you are actually interested. Here are some tips that will ensure your loan does get approved.
Show Proof of Solvency
When it comes to no credit check loans, the focus here is not on whether you have paid your debt in the past or not – but on whether or not you can pay your debt from now on. As a result, if you have any additional income, you are advised to provide it as well. Bring as many documents needed to confirm that you can actually pay off the loan.
Check and Double-Check
In many cases, loans are rejected simply because the applicant provided inaccurate information – or data that is considered irrelevant and unreliable. They may not check the credit score, but if they ask for additional information, then you have to provide it. It’s a no credit check, not a no anything check.
Bring in Some Collateral
First things first: collateral is not mandatory – but if you have it, it would certainly help you out. Bear in mind that this has certain risks for the borrower – particularly if you already expect to be late on your payments. However, if you make them all on time, then there should be no risk of you losing what you listed as collateral.
Ideally, you should set sums that you know for sure you will be able to pay off – otherwise, you might end up in even bigger debt. As Henry Wheeler Shaw once said, “debt is like any other trap: easy to get into, but hard to get out of.”
FAQ about No Credit Check Loans in the Philippines
1. Will I always be accepted a loan, even if I have bad credit?
This depends. If your credit is very bad, to the point that it makes you seem unreliable, then there is a big chance that you will not be accepted for the loan. You need to prove that you are trying to be reliable.
2. How can I improve my chances of being accepted for a loan?
You have two options here: you either bring collateral, or you ask someone with good credit to co-sign for you. This should improve your chances of getting approved a loan. Credit repair companies should also be considered here.
3. Can I get a loan if I am self-employed?
Yes, with no credit check loans, you should be able to get a loan even if you are self-employed. What lenders generally care about is that you have regular money flow in your bank account – no matter if it is coming from you or an employer.
No credit check loans in the Philippines can be very convenient if you find yourself in need of some fast cash – but make sure that you choose the right lender with the right rates. For more advice, you might want to check APEC Loans and see your options.