Loan No Requirements No Collateral In The Philippines

Last Updated: 02/05/2020

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At least once in your lifetime, you will need to get your hands on a loan – but not everyone will have collateral to provide. So, let’s say that you live in a rented house, and are only using the public transport – in this case, how do you get a loan if you have no car or house to set as collateral?

The good news is that not every instant cash loan direct lender in the Philippines is like this. There are several options for you to take out a loan – and you can do it without promising any assets as collateral. You just have to be informed about how they work, where you can find them, and how you are advised to use them.

What Is a Loan Philippines No Requirements?

The loan Philippines no requirements, with no collateral, is a type of unsecured loan where the borrower does not provide any assets to serve as security for the loan. Some people know this as Nagpapautang no collateral or cash loan Philippines no collateral.

This loan type will have little to no restriction when it comes to terms of use – and in most cases, you may use it for whatever purpose you need. However, considering that it works on a risk, the interest rates of these no-collateral loans also tend to be slightly higher. They are much higher compared to the rates of other traditional loans.

These loans also tend to be approved within a short period, which is why they are referred to as “quick cash”. Sometimes, it takes 24 hours for the loan to be approved, which makes them quite convenient if you are in need of cash as soon as possible.

If you are looking for a lending company in the Philippines without collateral, then there are several lenders that you might go for. You just need to read their terms and determine whether they are a good choice for you or not. You might want to check with APEC Loans and look for information regarding various lenders.

Documents for Nagpapautang No Collateral Loans in the Philippines

Like any other loan, you will need a certain set of documents to prove that you actually can handle paying that loan. In most cases, here are the documents that you have to present if you are planning to take out a loan in the Philippines:

  • Formal identification documents that have been released by the government
  • A payslip received in the most recent month (if you are employed)
  • If you are employed, you must also provide identification from the company that has hired you
  • A permit given by the mayor in the event that you are self-employed
  • If you are self-employed, you need a recent bank statement to prove your income
  • Two utility bills to offer as evidence for your address

If all these documents are present, there is no reason why you should not be able to receive a loan. However, bear in mind that every lender is different – so, while there may be some that ask for lesser documents, there might also be those that ask for more. Make sure that you check the terms of your lender before submitting your documentation.

Online loan Philippines no requirements

Advantage of Quick Cash Loan without Collateral in the Philippines

Perhaps one of the greatest advantages of these types of loans is the simplicity with which they are associated – and also the fact that they have a high approval rate. Even if you have bad credit or nothing to offer as collateral, there is an 80% chance that you will receive your pautang online. Each case is individually considered – and if you can prove that you can pay that money back, you should be able to receive the cash.

A cash loan Philippines no collateral also does not ask for the reason why you are taking out a loan. You can get the loan for whatever you may want: investments, studies, medical treatments, consolidating current loans, etc. Lenders generally work on a “no questions asked” system, which is why they are the preferred option to traditional banks – which are exactly the opposite.

What Are the Requirements for Getting an Online Loan in the Philippines?

A quick cash loan without collateral may be considered an alternative to bank loans, without as many formalities. At the same time, there are some requirements that you will have to respect. Here is what you will have to do (or be) if you want to get a quick loan without any collateral.

  1. You need to have Philippines citizenship
  2. You are required to have an age between 18 and 65 years old
  3. You will need to have a stable income source that can cover the amount you have to provide during the monthly payments
  4. You will have to confirm that you have had a permanent workplace over the past 6 months

In order to be approved online lending, every borrower must collect the necessary documents and provide actual information about themselves. Good credit history is recommended, but not mandatory, as every lender will have different requirements. APEC Loans might be able to provide some information regarding that aspect.

How to Increase Your Chance of Getting Loan Philippines No Requirements

When you are opting for a bank loan Philippines no collateral, there is a very high chance for you to be approved the loan – but at the same time, there is the possibility that your application will be rejected. In this case, you will have to increase those chances by yourself, by slightly changing the strategy and following a few tips, as follows:

Collect All the Necessary Documents

If your request gets denied, there is a high chance that it happened because you did not submit the right documents. The borrower needs to be sure that every document is in order and available – which is why you have to check their requirements list and prepare them beforehand. If you give the lender everything that they need, there is a higher chance that your request for a loan will be approved.

Build Your Credit History

Indeed, credit history checks are not that strict when it comes to these loans – but that does not mean that they are completely overlooked. If the credit is particularly bad, then the lender might see it as a bad sign that you will not pay these debts either.

However, if you work to rebuild your credit, the lenders will see that you have made progress in paying your debts – which is how you will once more be seen as a reliable person. This will increase your chances of being approved for a loan.

Change the Borrowing Amount

A rule of gold when opting for a loan would be to borrow less than 40% of your monthly income. If you borrow more than that, there is a high chance that you won’t be able to pay the monthly sums along with whatever else you have in the household. Obviously, the lenders will also know that – so, they might just deny your application.

As a result, every borrower should carefully calculate the amount that has to be repaid – and not set a sum that is higher than they can handle. For your loan request to be approved, you will have to borrow an amount that you can repay smoothly.

Compare More Options

Terms and conditions for loan approvals are always different, depending on the lender. For example, if you have bad credit, one lender might deny your request whereas the other might give it to you – obviously, in exchange for a higher interest rate.

This is why you have to do some proper “shopping” for lenders in order to increase your chances of getting approved. Look for the ones that have the highest chance of approval – and obviously, that offer the lowest interest rates possible. You do not want to pay more than you can handle just as security. APEC Loans can help you find more appropriate lenders for your needs and budget.

Cash loan Philippines no collateral

Why Would You Get a Cash Loan Philippines no Collateral?

There are several reasons why you might want to take a personal loan – the most popular being the following:

  • To act as support until payday, as many Filipinos struggle living from paycheck to paycheck
  • To finance their dream wedding
  • To pay for medical expenses, which can sometimes be rather high
  • To finance their home improvement processes
  • To go on a vacation
  • To buy new household items such as furniture or electronics

There are several banks that provide loan Philippines no requirements – and most of them will not ask about why you are borrowing. You will simply have to do your research to determine which one is more suitable for you.

Frequently Asked Questions about No Collateral Loans in the Philippines

Q: Are there any risks if I don’t secure my loan with collateral?
A: Not using collateral to get a loan eliminates the risk of losing your house or car in case you can’t repay the loan, so in this case, it’s not risky. However, you have some other risks such as potential big fees, early payoff penalties or very high interest rates.

Q: Why do no collateral loan lenders require my bank account details?
A: Your bank account details will be required so the lender can not only give you the funds quickly but also perform a credit check and decide if he should continue the process. The lenders know about the importance of this private data, so they will make sure to protect it.

Q: Can I get a business loan with no collateral?
A: Yes, there are services that don’t require you to have collateral to secure the loan, even if you need the cash for a business. Usually, these lenders will only ask for proof of good cash flow, and you’re good to go.

Final Thoughts

When you are in a pinch, online loan Philippines no requirements can help you take you out of a real bind. You just have to do some careful browsing so that you choose the appropriate lender. Once you meet the requirements, the loan should be approved shortly.