Emergency loan - How to take? Full guide 2022

Emergency loan in the Philippines

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Express credit data table with max / min amount, APR and commission

Many private lenders offer payday loans in the Philippines. However, you should be extremely careful, because some lenders charge extremely high interest rates that exceed 60% of the loan body itself, with the result that the borrower pays almost twice the amount of the loan.

Emergency Loan?

The table below presents some short-term loans that have reasonable interest rates, quick approval and financing terms, and positive customer reviews. They are issued from legitimate financial companies that are licensed by the Securities and Exchange Commission (SEC). Comparison table of some of the best instant loans:

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Benefits and features of emergency loan

CCEPTABLE COLLATERALSWith Surety Agreement And Negative PledgeWith Surety Pledge but no Negative PledgeWith Negative Pledge but no Surety AgreementNo Surety Agreement and no Negative Pledge
a. Government securities – based on the current market value of the securities80%80%80%80%
b. Unencumbered real estate properties in the name of the bank
(1) Initial rate – based on the appraised value (AV) of the land and insured improvements40%35%30%25%
(2) Final rate – based on the AV of the land and insured improvements determined by a licensed and independent appraiser acceptable to the Bangko Sentral in accordance with Bangko Sentral’s terms of reference70%65%60%55%
c. Hold-outs on foreign currency deposits with the Bangko Sentral based on current market value80%80%80%80%
d. Mortgage credits (with remaining maturities of not more than 360 days)
(1) Initial rate – based on the AV of the property securing the loan evidenced by negotiable instruments or the outstanding balance of such loan whichever is lower40% of AV or 50% of the outstanding balance35% of AV or 40% of the outstanding balance30% of AV or 40% of the outstanding balance25% of AV or 40% of the outstanding balance
(2) Final rate – based on the AV of the property securing the loan evidenced by negotiable instruments as determined by a licensed and independent appraiser acceptable to the Bangko Sentral in accordance with Bangko Sentral’s terms of reference or the outstanding balance of such loan whichever is lower.70% of AV or 80% of the outstanding balance65% of AV or 75% of the outstanding balance60% of AV or 70% of the outstanding balance55% of AV or 65% of the outstanding balance
e. Commercial papers (“AAA”)80%80%80%80%

It is advisable to compare all the options before applying. Here are some features to look for when applying for an emergency loan in the Philippines:

  • Loan for an hour. As an emergency situation arose, the need to get a loan with a faster process than an ordinary personal one has increased. Of course, the faster cash is paid, the better. But this should not be the only feature that should be considered. It should be remembered that people who desperately need cash are easy prey for scammers. That is why you need to check other functions of the system.
  • Loan amount. You should be aware that the body of the loan will vary depending on which bank the borrower receives an emergency loan. Some of them may indicate that the loan amount is not less than 10,000 pounds sterling. On the other hand, if you receive a loan from a family or friend, the amount can be very limited. Of course, there are also online lenders. They offer the amount that simply corresponds to the requested.
  • Tariffs and payment methods. Some lenders have more flexible repayment schemes than others. They also offer different interest rates and penalties if the borrower is unable to meet the loan repayment terms. Before signing a loan agreement you should make sure that the conditions are clarified.
  • Cash withdrawal. There are emergency loan providers who need a physical presence to get a loan. Meanwhile, there are also online lenders who can apply for a loan without having to visit their offices. They will simply send cash to a bank account or to a specified money transfer center. Thus, the borrower can withdraw money anywhere.
  • The right to participate. Before applying for an emergency loan, it is necessary to check compliance with the eligibility requirements of the credit institution. Please note that some lenders require collateral, while others do not. Thus, you can save time and apply where there will be more chances to get approval.

Benefits in the Philippines

application is submitted

The main advantage of applications to all microfinance organizations is the speed of access to cash. Approval of the application is made taking into account the borrower’s credit history and the level of its solvency. The following factors are also positive aspects of getting urgent loans online:

  • The application is submitted online.
  • Consideration of the application takes place within 24 hours.
  • Loan repayment can be made weekly, monthly, once in two months.
  • The minimum information about the borrower – name, surname, email address, home and mobile phone numbers, link to your Facebook profile.
  • Size ranges from 2,000 to 10,000 pesos.
  • Clients do not have to specify the purpose of the loan.

Criteria for satisfactory credit

Almost all lenders put forward the same number of the following requirements. Detailed description in the table:

CriterionDescription
AgeFrom 21 to 70 years
Monthly incomeSalary not less than 10 000.00 pounds for working borrowers
33 344.00 pounds for self-employed business
Minimum income requirement for a loan₱ 10,000 gross per month
GuarantorNot required
Need to open a linked bank account?Yes
Payment methodAuto debit
Loan amountFrom 10,000 to 1,000,000 PHP
Credit termFrom 6 months to 3 years

Factors on which the right to receive a loan depends

ACCEPTABLE COLLATERALSWith Surety Agreement And Negative PledgeWith Surety Pledge but no Negative PledgeWith Negative Pledge but no Surety AgreementNo Surety Agreement and no Negative Pledge
Asset of stockholders to secure new loan releases if the bank has no available first class collaterals:
a. Unencumbered real estate
(1) Initial rate – based on the AV of the land and insured improvements35%30%25%20%
(2) Final rate – based on the AV of the land and insured improvements determined by a licensed and independent appraiser acceptable to the Bangko Sentral in accordance with Bangko Sentral’s terms of reference60%55%50%45%
b. Government Securities80%80%80%80%
c. Commercial papers (“AAA”)80%80%80%80%
Assets of other third parties to cover deficiency arising from unpaid interest and liquidated damages, reduction in loan value of existing collaterals and conversion of overdrafts into emergency loan:
a. Unencumbered real estate
(1) Initial rate – based on the AV of the land and insured improvements30%25%20%15%
(2) Final rate – based on the AV of the land and insured improvements determined by a licensed and independent appraiser acceptable to the Bangko Sentral in accordance with Bangko Sentral’s terms of reference50%45%40%35%
b. Government securities80%80%80%80%
c. Commercial papers (“AAA”)80%80%80%80%

In order to qualify for an emergency loan you need to observe a number of the following factors:

  • The borrower needs to be a resident or government employee within the declared disaster area.
  • The National Disaster Risk Management Council or Sangguniang Panlalawigan / Panglungsod announced that your area is in distress.
  • The borrower paid the previous loan on time.
  • The borrower is on active duty and not on vacation without pay.
  • The borrower did not miss a single payment on the compulsory social insurance contribution.

Highlights

Documents required for an emergency loan

To get an emergency loan you need a fairly simple set of documents. For employees it will be as follows:

  • Fully completed and signed application form.
  • One valid state identification document.
  • Documents on income, it can be any of the following:
  • certificate of employment and compensation – issued in the last six (6) months;
  • latest ITR;
  • Last payment within one (1) month.

For self-employed persons, the list of documents is as follows:

  • One valid state identification document.
  • Audited financial statement for the previous year.
  • SEC Registration / DTI Certificate.
  • Business permission / permission of the mayor.
  • Bank statements for the last three months.

Loan amount and interest rates

Loans for Robocash.ph were approved for 95% of all applications. This online lending center offers a loan with great convenience. Intellectual “Robocash” has a lot of the following advantages:

  • Provide the required amount within a few minutes without any prepayment.
  • It is provided automatically – without the participation of managers.
  • The site is equipped with a loan calculator.
  • All operations are performed online – no need to leave the house.
  • In just 4 minutes you can get up to 5,000 pesos to your bank account.
  • The campaign does not require submission of guarantors, documentation or guarantee deposits.
  • Customer support is provided for 24 hours.

So, for example, if the loan amount was 5,000 PHP and it was fully repaid after 90 days of using the loan. Interest rate – 2.18% per day. Total amount due = 14,810 PHP.

  • To obtain an emergency loan, you must perform 4 simple steps:
  • Create an account.
  • Enter personal information.
  • Mark the required system details of employment.
  • Get cash.

Fees and Charges

Additional tariffs and fees that may be encountered on the market:

  • A processing fee of ₱ 1300.00, this amount will be automatically deducted from the withdrawal amount of your credit.
  • Stamp duty ₱ 1.00 for every .00 200.00 of the loan amount if it is used for business. Otherwise – 1.00 ₱ for every 200.00 in excess of 250 000.00.
  • The payment does not previously change the body of the loan.
  • Penalties for late payment. Start from 5% of the outstanding balance or 300.00, whichever is greater.

Tips for registration

Should the customer always select the minimum EMI level when choosing a loan provider?

Low EMI offers can usually be the result of a long maturity, low interest rate, or a combination of two factors. Thus, sometimes a borrower can pay more to a lender if a low EMI has been chosen. Therefore, it is recommended to use online tools, such as an EMI calculator for personal loan calculation, to find out how much interest is paid for the tenure of a loan, as well as all repayment options, before accepting a loan.

You should also carefully consider the EMI rate. It can be fixed or floating. For the first, the amount to repay without penalty remains the same. A floating rate means that EMIs continue to decline, as this corresponds to the method of reducing the balance for calculating interest payments on a personal loan. According to the new rules on the credit rate, based on the specific cost of funds (MCLR), floating rates are subject to change. Changes may be on semi-annual and annual interest.

Some useful tips:

  • It is necessary to apply for a loan in an amount equal to a month’s earnings or less so that there is confidence in the subsequent repayment
  • Select the term of the loan, after which such a payment will actually be made.
  • Return debts on time. Delay and non-payment adversely affect the credit history and increase the amount of debt due to the accrual of fines.
  • Have a fixed source of income. Financial institutions are more likely to approve an application if the applicant has a permanent and stable source of income. This sets your ability to repay a loan in the next couple of years. This is a very important requirement for applicants. Employees with lower incomes, but having a permanent job, are more likely to get approval for their credit as compared to employees who earn more but work freelance or on a contract basis.
  • Good relationship with the bank. If the borrower is a regular customer of a financial institution and has performed many transactions over the years, it is likely that he will receive approval. Banks look at the history of the credit card, as well as savings and settlement transactions, to establish financial confidence. If the borrower does not have savings accounts or credit cards, it will be more difficult to get a personal loan. You may have to provide more documents to prove your credit worthiness.
  • Do not have debts. If there is a personal loan in another bank and the person cannot pay it in full, experts recommend not applying for the next loan. There are some companies that can offer personal loans without a credit check, but interest rates will be much higher and the principal amount of the loan will be lower. You may also need to provide collateral or find a guarantor with a good reputation.

Comparative analysis of all credit systems for term loans

Alternative options and comparisons of the service provider will be as follows:

  • Citi Personal Loan. Be sure that with Citi the borrower is in good hands with one of the largest global banks in the country. If the monthly income is at least 21,000 pounds, you can take up to 2 million pounds with a long-term loan of up to 5 years. In addition to the wage requirements, the borrower must be between 23 and 54 years old, and he must have an existing Citi credit card for 3 months or at least 6 months. Fast processing time from 24 to 48 hours. The interest rate is 15.16% per year.
  • EastWest Bank Personal loan. Regardless of the purpose, EastWest Bank provides an opportunity to borrow additional funds for any urgent needs. With the support of a local bank, you can expect quick and easy processing within 5-7 banking days. The company can take a loan from 25,000 pounds to a maximum of 2,000,000 pounds with a payment from 1 to 3 years. The accrual will be 1.89% of the monthly interest rate supplement. To be eligible for a loan, you must be between 21 and 65 years old, or you must be at least £ 15,000 per month.
  • HSBC Personal Loan. For additional financing, count on one of the largest international banks to provide an efficient and reliable service with HSBC. With an additional monthly interest rate that starts at 1.21%, loans up to £ 500,000 are payable from 6 months to a maximum of 3 years. HSBC also offers a low income of just £ 14,000 per month with total employment for 2 years. Borrowers must also be between 21 and 60 years old.

What is an Emergency Loan? 

An emergency loan is a short-term loan that a person can take out in case of an emergency. This type of loan can help you cover expenses such as medical bills, car repairs, or home repairs. Emergency loans are typically available from banks, credit unions, and online lenders.

Bank Credit or an Emergency Loan? 

When it comes to choosing between a bank credit line and an emergency loan, there are a few things to consider. Emergency loans typically have shorter terms and higher interest rates than bank credit lines. However, emergency loans may be a better option if you need the money quickly and don’t have time to wait for a bank credit line to be approved.

If you’re thinking about getting an emergency loan, it’s important to compare interest rates and terms from different lenders. You also want to make sure you can afford to repay the loan in a timely manner. Otherwise, you could end up with expensive penalties and fees.

So, what’s the best option for you? It really depends on your individual situation. If you have good credit and you need money quickly, a bank credit line may be the best option. But if your credit is less than perfect or you need money right away, an emergency loan may be a better choice.

Advantages of Emergency Loans Philippines 

Emergency loans in the Philippines are a better option for those who need money quickly and have less than perfect credit. Emergency loans have shorter terms and higher interest rates, but they can be obtained much more quickly than a bank credit line. And, unlike a payday loan, an emergency loan gives you the time you need to pay it back over a period of several months. So, if you’re looking for a short-term loan that you can afford to pay back over time, an emergency loan may be the right choice for you.

What Emergency amount can be issued? 

Emergency loans typically range in amount from $1,000 to $10,000. However, it’s important to remember that the amount you can borrow may vary depending on your credit score and the lender you choose. So, it’s a good idea to compare interest rates and terms from different lenders before you decide which one is right for you.

Emergency loans requirements for Unemployed 

If you’re unemployed, you may still be able to get an emergency loan. However, you’ll likely need to provide proof of income or employment. This could include a recent pay stub, bank statement, or letter from your employer. You may also be required to provide proof of residency and identity. So, it’s a good idea to have these documents ready before you apply for a loan.

How to Apply for an Emergency Loan

A guide before you apply for an emergency loan for the first time

If you’re ready to apply for an emergency loan, here are the steps you need to take:

  1. Compare interest rates and terms from different lenders. This will help you find the best deal on a loan that fits your needs.
  2. Read the terms and conditions of each loan carefully before you decide which one is right for you.
  3. Complete the application form provided by the lender. Be sure to include accurate information so the lender can process your application quickly.
  4. Wait for the lender to review your application and approve or deny your request.
  5. If your application is approved, you’ll typically receive the money in your bank account within 24 hours.

List of company with easy loan approval

How can an Unemployed person get a loan? 

There are a few things you can do to improve your chances of getting a loan if you’re unemployed. First, be sure to provide accurate information on your loan application. This includes your name, address, phone number, and Social Security number. You may also be asked to provide proof of income or employment. This could include a recent pay stub, bank statement, or letter from your employer.

You may also want to consider applying for a loan through a credit union. Credit unions typically have more flexible lending criteria than traditional banks. And, they may be more likely to approve a loan for someone who is unemployed.

Another option is to apply for a payday loan. These loans are typically small, and they are designed to be repaid in a short period of time. However, they typically have high interest rates and fees. So, it’s important to carefully read the terms and conditions before you decide if a payday loan is right for you.

How can an Unemployed person apply for a loan? 

The best way to apply for a loan if you’re unemployed is to compare interest rates and terms from different lenders. This will help you find the best deal on a loan that fits your needs.

Once you’ve found a few loans that interest you, be sure to read the terms and conditions carefully before you decide which one is right for you.

Most lenders have an online application form that you can complete in minutes. Be sure to provide accurate information so the lender can process your application quickly.

If your application is approved, you’ll typically receive the money in your bank account within 24 hours.

Where to Get Emergency Loans in the Philippines? 

Emergency loans philippines without bank account

There are a few options when it comes to getting an emergency loan in the Philippines. One option is to apply for a loan through a traditional bank. However, traditional banks typically have stricter lending criteria than credit unions. So, you may have a better chance of being approved for a loan if you apply through a credit union.

Advantages of Emergency Loans in the Philippines 

Emergency Loans for the Unemployed 

GSIS Emergency Loan 

The GSIS Emergency Loan is a loan program offered by the Government Service Insurance System (GSIS). This loan is designed to help government employees who are experiencing financial emergencies.

If you’re interested in applying for the GSIS Emergency Loan, you can do so online or in person. For more information, visit the GSIS website.

How much is GSIS emergency loan 

Emergency Loan – Government Service Insurance System

Eligible borrowers can borrow up to PHP 100,000, and the loan has a fixed interest rate of 6%. Borrowers can choose to repay the loan over a period of one to five years.

Who can avail GSIS emergency loan? 

To be eligible for the GSIS Emergency Loan, you must be a government employee with at least one year of service. You must also have an annual income of at least PHP 120,000. And, you must be able to provide proof of financial need.

How can I apply for GSIS emergency loan 2022? 

You can apply for the GSIS Emergency Loan online or in person. For more information, visit the GSIS website.

SSS Emergency Loan 

SSS Calamity Loan Application 2020 - Dumaguete | Philippines

The SSS Emergency Loan is a loan program offered by the Social Security System (SSS). This loan is designed to help members who are experiencing financial emergencies.

If you’re interested in applying for the SSS Emergency Loan, you can do so online or in person. For more information, visit the SSS website.

How much is SSS emergency loan?

Eligible borrowers can borrow up to PHP 30,000, and the loan has a fixed interest rate of 6%. Borrowers can choose to repay the loan over a period of one to five years.

Who can avail SSS emergency loan? 

To be eligible for the SSS Emergency Loan, you must be a member of the Social Security System with at least six months of contribution. You must also have an annual income of at least PHP 120,000. And, you must be able to provide proof of financial need.

SSS Emergency Loan requirements 

In order to be eligible for the SSS Emergency Loan, you must meet the following requirements:

  • You must be a member of the Social Security System with at least six months of contribution.
  • You must have an annual income of at least PHP 120,000.
  • You must be able to provide proof of financial need.

Pag-IBIG Emergency Loan 

Pag-IBIG Emergency Loan Features:

  • Borrow up to PHP 50,000
  • Fixed interest rate of 6%
  • Repayment period of one to two years

Who can avail Pag-IBIG emergency loan? 

To be eligible for the Pag-IBIG Emergency Loan, you must be a member of the Pag-IBIG Fund with at least six months of contribution. You must also have an annual income of at least PHP 120,000. And, you must be able to provide proof of financial need.

FAQ

Q: Why take from Robocash.ph, and not in the bank?

A: The company has a special relationship with responsible borrowers. If you often apply for loans and always return them on time, the limit gradually increases. In the following application, a higher amount with a lower rate will be approved by the borrower. Lenders trust responsible borrowers, so they are always ready to offer them the lowest interest rates on subsequent applications for Robocash. There is an opportunity to connect to services using a mobile device.

Q: How to get an emergency loan from Robocash.ph?

A: Robocash will help you get a loan by simply using the Internet and government identifier (ID) 24 hours a day, any day of the week. The loan amount can range from 1,000 to 20,000 pesos. To receive funds, you must perform 3 simple steps:

Create your personal account on the site. Fill out the form with his personal data. All you need is an ID and a phone number. Filling out the form takes a few minutes.

Specify where to transfer funds. Robocash cooperates with all financial partners so that the client can receive and repay the loan in the most convenient way.

Sign an agreement with Robocash. The client receives a confirmation code through a message by phone.

Q: What if you urgently need money in the Philippines?

A: In addition to the lenders on the market, there are the following ways to get money:

Private individuals

Individuals are people who are independent lenders. They can lend you money if necessary. Unlike banks, these individuals can impose interest, depending on what you have agreed, which can be either a fixed interest rate or a step-by-step.

Paluvagan system

It is common in the workplace. The idea of ​​the Paluvagan is that a group of people, no matter how many they are, collect a certain amount from each other and will be placed in the general fund. Then it is decided among themselves who will receive the fund first, second and so on. As soon as the collected fund goes first, the new funds will be collected again until everyone gets their share. This is good, depending on the number of participants, the agreed contribution and the willingness to constantly give, so that everyone can get their share.

Moneylenders / Credit Sharks

A person can borrow from moneylenders if he can pay immediately (which means returning the next day). Otherwise, you need to stay away from them, because in the end the borrower is in debt for a very long time.

Banks

If a borrower seeks security and legitimacy in the borrowing world, banks will not let him down. They may offer different loan products depending on specific needs, which may have additional benefits. Banks is good. Nevertheless, they want to have a guarantee that they will be paid regardless of what happens, therefore they are asked to get tons of documents to prove that the borrower is worthy of the loan.

Private financial companies

These are companies with assets not as large as banks, but legal and recognized by BSP as creditors. Like banks, they also offer loan products that satisfy a specific need, although they may not be as extensive as those that banks can offer. The advantage of private finance companies is that the requirements are more flexible. Some companies even have an online application system where borrowers can submit the necessary documents, which makes borrowing easier and more convenient. Loan processing and cash disbursement also happen faster, which usually takes from one day to a week.

Q: What is the minimum salary for a loan?

A:

  • £ 25,000 per month for employees;
  • £ 30,000 for foreign Filipino workers;
  • 50,000 euros for entrepreneurs.

Q: What if you take through cashwagon.ph?

A: The term loan for a term loan in cashwagon.ph is up to 30 days only with an interest rate of up to 40% per month. It also has many advantages:

  • No collateral required.
  • You can apply for a loan with a monthly income of up to ₱ 6000.
  • The amount of funding from ₱ 7,000.00 to 20,000.00.
  • Loan term 1 month.
  • Approval of the loan in 1-2 business days.
  • The late payment is ₱ 500 every 3, 10, 20, 30 days by default.
  • Age from 20 to 60 years.
  • Credit payment can be made through payment centers: 7-Eleven, SM and Robinson, Bayad Center, ECPay, Cebuana Lhuillier, M Lhuillier, Landbank ATM.

Q: Is it safe to take loans online with Robocash.ph?

A: The level of personal information retention on Robocash.ph meets all the necessary requirements specified in the Privacy Policy, Robocash.ph does not disclose personal information to third parties without the explicit consent of the borrower. In addition, the company undertakes all reasonable procedures and makes every effort to ensure the confidentiality and security of all personal information received, whether online or offline. An online campaign may from time to time use and make changes to various security measures as new technologies emerge, such as firewalls and data encryption, control of access to data processing centers.

Q: What are banks looking for when applying for a loan?

A: The most fundamental characteristics that most potential lenders will focus on include the following points:

  • Credit history. Lenders will want to review both the business credit history (if the business is not a start-up), and, since a small business loan often requires a personal guarantee. Experts recommend getting a credit report about yourself and your business before applying for a loan.
  • Cash flow history and business forecasts.
  • Collateral available for loan repayment.
  • Amount. The borrower should not claim an unreal loan amount. Some people apply for personal credit in order to be able to buy certain things or consolidate loans and debts. However, the requested amount often does not match the income they currently receive. The bank will approve only the amount that, in their opinion, you can return. They may approve your loan application for a smaller amount or reject the application directly.
  • Multiple credit documentation, which includes business and personal financial statements, income tax returns, a business plan and which essentially sums up and provides evidence for the first four items listed.
  • The first three of these criteria are largely objective data (although the interpretation of numbers may be subjective). In assessing whether to finance a small business, lenders are often willing to consider individual factors that represent the strengths or weaknesses of the borrower. Making inquiries for a loan provider is easy if a person can satisfy all their requirements.
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