No Collateral Personal Loans for Your Cash Needs

Updated August 2022

Nagpapautang na no collateral? Posible yan!

Most Filipinos experience immediate cash needs more than once in their lives, but not all have the assets to put up as collateral. Good thing there are now quick cash loan options that let you borrow cash without collateral. Here are some facts you must know when getting a non-collateral loan for your emergencies, travels, school fees, or even celebrations.

Cash Loan in Philippines with No Collateral

No collateral personal loans, also known as unsecured loans, have a shorter process than collateral loans. It is because there is no property or asset to be evaluated and appraised. As a result, the required documents are reduced, and the evaluation becomes more dependent on your creditworthiness.

There was an undeniable notion that cash loans in the Philippines with no collateral have high-interest rates. The truth is, as the lending industry grows, loan interest rates have become more competitive. The interest rates on no collateral personal loans depend largely on loan terms or how long you want to settle the loan. The shorter your loan term, the lower the interest rates you will get. In fact, interest rates can be as low as 0.8%.

As for the loan amount, you can borrow from P5,000 up to P50,000. Furthermore, the registered lenders even offer an online process and disburse the funds directly to the borrowers’ bank accounts.

There is no need to personally go to the lender’s office to process your loan.

Where to Get No Collateral Loans in Philippines

Where can I get loan without collateral? Often, it is the question you ask your friends and families when needing urgent cash. Fortunately, plenty of no collateral personal loans are available in the Philippines. Below is the most common go-to loan without collateral. 

SEC Registered Lenders

SEC (Securities and Exchange Commission) Registered Lenders offer multi-purpose personal loans with no collateral. These no collateral personal loans can save you from financial stress even before your next payday. It is because the process can take a day. The approval for this type of non-collateral loan is not strictly based on your credit history. Instead, lenders consider your job stability, regular income source, and other factors.

Traditional Banks

Traditional banks also offer no collateral personal loans. However, you must have a bank account with them. Aside from that, they strictly check your credit history. Therefore, you are most likely to be declined if you have no credit history and do not bank with them.

Quick Cash Loan M Lhuillier

Through time, M Lhuillier is there to help Filipino families survive immediate financial needs. It offers a high appraisal. Also, it’s a low M Lhuillier quick cash loan interest rate. So it’s no surprise that it is widely available across the country. However, its non collateral loan Philippines is for pensioners only. 

 Cebuana Happy Loan 

Cebuana Lhuillier offers micro-loans to help Filipinos cope with the neverending financial struggle. For example, Cebuana Loan Happy Loan is a multi-purpose loan with collateral. So you can use it for house repair, emergencies, business, and more. But unfortunately, you can only borrow a maximum of P5,000 on your first loan application. 

No collateral personal loans are here to serve whatever financial situation you are in. You only need to be diligent in checking the background to ensure a safe and secure transaction. 

No Collateral Loans No Credit Check in Philippines

Most of us prefer fast loan approval no credit check Philippines. You can do a credit check in a couple of ways. First, some lenders send their Credit Investigators to the borrower’s home to conduct interviews. Bank check the borrower’s credit history acquired from the credit bureau. Second, online lenders call the borrowers to interview them.

Among these, Filipinos are most wary of their credit history. Credit history is your loan records from your previous registered lenders and banks. From this, banks and lenders will evaluate your credit score. But, of course, banks are risk-averse, and it will be impossible for you to get approved if you have a zero to low credit score.

Fortunately, registered lenders also consider other financial factors. Of course, a good credit score is an advantage. But still, they also look at your stable income source and information consistency. Also, they review how long you have lived in your current residency. So don’t lose hope. You can still appy for no collateral personal loans for bad credit Philippines. 

RELATED: Are There Fast Approval Online Loans With No Credit Check?

No Collateral Loans Process

While collateral is not necessary, you must expect to submit the basic requirements.

• Valid government-issued IDs issued, such as Driver’s License, TIN ID, UMID, NBI Clearance, or Passport
• The latest proof of income such as payslip, Certificate of Employment, Income Tax Return, proof of remittance, or bank statements
• Proof of billing such as Meralco, Maynilad, credit card bills, cable, or broadband

Traditionally, you must visit a lender’s office and fill out their loan application form. Also, they will ask you to submit your documents and wait a few days for them to evaluate your paperwork.  Some lenders will even conduct a field visit to verify your information. Finally, if you are approved, you must go to their office to pick up your cheque.

As for online lending companies in the Philippines, you have to go to their website and sign up. Then upload clear photos of your documents. Then wait for a call, email, or SMS to confirm your loan submission. Within the day, they will give you a call or send you an email about your loan application’s final status. Finally, they will send your funds to your bank account if you get approved.

There is no need to visit their office. You have saved your time and money for transportation.

How to Get Approved for No Collateral Loans

If you want to secure a quick cash loan without collateral, take note of the following factors.

Good Credit Report

While this is not the only factor the lenders use to evaluate a borrower’s creditworthiness, having a positive credit score is a plus when applying for a loan. It means that you handled your previous loans diligently. However, do not fret if you have a low credit score.

While banks do not lend to those with low to zero credit scores, the registered lenders use other factors to evaluate your application. So once you get approved, pay on time to build up your credit history.

Stable Source of Income

Obviously, registered lenders, banks, and all legal financing institutions would want an assurance that you have the ability to pay your no-collateral loan. Registered lenders in the Philippines give loans to employed, self-employed, freelancers, and those receiving remittances from seafarers and OFW.

The no collateral loan approval is not based on the amount of income you have. It is the stability of income that needs consideration. If you are a lender, you will give a loan to a person who you know has the ability to settle it. Only loan sharks approve loans without a care if you can pay or not because they will siphon every cent you have.

Complete Documents

Whether a bank or a registered lender, each financing agency requires a list of documents you must submit. Since the loan has no collateral, registered lenders only have records to validate your information. This paperwork usually includes your government ID, company ID, proof of income, and billing proof.

In fact, it is fishy if the lender does not require these essential documents. It means that they don’t care if you are creditworthy. Instead, they want to bury you in debt so they can have the right to drain your finances.

Accomplished Application Form

An incomplete application form can put your loan application on hold. Remember that these loans do not require any collateral. That is why verifying your primary data is more critical. If you leave out some information, they will not verify if you are honest with them. Remember that loans largely depend on trust too. Would you loan to someone you don’t trust? Surely, not.

Besides, if you take a long time to comply with the requirement, the registered lender might decline your application to give way to other applications.

RELATED: How to Have 100% Sure Approval For Cash Loans In Philippines

Nagpapautang ng No Collateral

Legal non-collateral loans are finally within reach of Filipinos. Unfortunately, there are no collateral loans that you can avail of online without leaving your home or disrupting your hectic schedule. However, you can use the loan for your various cash needs. Just make sure that you are getting a loan only from an SEC-registered lender to avoid loan sharks.

Need an online non collateral loan today? Get it today from Cash Mart – the best online lender in the Philippines!