Even in case of the full source of income absence, Filipino citizens can obtain a microloan. To get a loan without a job, it is needed to meet the requirements set by microfinance organizations.
Advantages of a loan without a job
The obtaining of a microloan in the Philippines is characterized by the following advantages:
- prompt application processing. For those who want to get a loan without a job, quick formalization is an important advantage that allows to quickly solve financial problems;
- guarantors and a collateral are required only in exceptional cases. In other situations, they aren’t required;
- a certificate of the latest income isn’t required;
- after the loan issuance, the funds will be transferred instantly;
- the loan can be prolonged;
- microcredit organizations, operating in the Philippines, provide an opportunity to prolongate the loan period;
- the loan can be repaid in advance;
- confidentiality. In accordance with Philippine laws, microfinance organizations are required to keep personal information about their clients private. Data can be transferred only when the borrower doesn’t repay the money in a timely manner and doesn’t answer calls.
Where it is better to get a loan without a job?
Below, you can see the list of companies ready to issue loans without a job immediately.
The microfinance organization that issues loans to residents of the Philippines who don’t have an official source of income. To confirm the solvency, employees of the company make phone calls to authorized persons, collecting additional information. An obligatory condition is the existence of a general family income. Loans are issued to those who work under the table, or on the Internet.
In order to get funds, you must fill out an online application. The minimum interest rate is 1.25% per month. The minimum loan amount is 15 thousand pesos, the maximum amount is 200 thousand pesos. The duration of a credit line opening is no more than 12 months. In accordance with the conditions, the company can lend students, business owners, mothers, or provide financing to customers for other purposes.
Simplex Loan issues a loan without a job rather quickly – it takes an average of 2 up to 6 hours to make a decision. The minimum amount of loan is 15 thousand, the maximum is 500 thousand pesos. The loan term is from three up to nine months. The interest rate is from three up to five percent per month. Registration of property as a collateral isn’t required. The loan program covers solving problems with business, new vehicle purchasing, solving financial problems for students and so on.
According to the conditions, customers can prolong the repayment of loan an unlimited number of times. In order to do this, you must regularly pay a certain amount of money through Internet banking, terminals, or by personal visit to the office. Loans are issued to residents of all regions of the Philippines. To clarify the possibility of a full repayment of loan, the future customer must specify the contact details of the two trustees who will confirm the customer’s solvency.
Requirements for borrowers
In order to obtain a new loan quickly, you must meet the following requirements:
- the borrower’s age should vary between 21 and 65 years;
- the minimum monthly income is 10 thousand pesos;
- preference is given to borrowers who are ready to registrate property as a collateral (a house, a car, a lot, etc.);
- there is a direct link with trusted persons (spouse or any relative);
- correct filling of the special form on the official website;
- availability of identity documents.
What can be done in order loan without a job to be approved?
To increase the chances for a loan approval, it is recommended to registrate your own property as a collateral. This will reduce the interest rate and increase the level of the company’s trust in the customer. It is also worth mentioning the contact details of your relatives for clarification of additional information. The chance of the approval increasing is also possible in case the customer has a positive credit history.