In the dynamic landscape of financial technology, individuals facing unemployment in the Philippines often encounter challenges when seeking personal loans without collateral. CashExpress PH aims to address this issue by presenting a comprehensive review of the best online lending platforms that cater specifically to the unemployed demographic. This detailed analysis covers various aspects, including eligibility criteria, advantages, disadvantages, and a curated list of the top five loan apps available.
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in July 2024
| Rank | Lender Name & Application Link | Loan Amount | Loan Term | Interest Rate | Repayment | ID Required | Age Range | Special Feature |
|---|---|---|---|---|---|---|---|---|
| #1 |
SOSCREDIT |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 70 | Receive money in 15 mins |
| #2 |
CREDIFY |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only National ID required | 20 – 70 | Receive money in 15 mins |
| #3 |
CREZU |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #4 |
FINBRO |
₱1,000 – ₱50,000 | 1 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 65 | Receive money in 10 mins |
| #5 | CREDITIFY Apply Now |
₱1,000 – ₱25,000 | 1 – 180 days | 0.1% | Monthly or End of term | Only ID Card required | All accepted | Approve Bad credit |
| #6 | CASHSPACE Apply Now |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #7 | DIGIDO Apply Now |
₱1,000 – ₱25,000 | 3 – 6 months | 0% for 7 days | Monthly or End of term | Only ID Card required | 21 – 70 | Receive money in 4 mins |
| #8 | KVIKU Apply Now |
₱500 – ₱25,000 | 60 – 180 days | 1.2% per month | Monthly or End of term | Only ID Card required | 18 – 65 | Receive money in 5 mins |
| #9 | CASHEXPRESS Apply Now |
₱1,000 – ₱20,000 | 7 – 30 days | 0% for first loan | End of term | Only ID Card required | 21 – 70 | Receive money in 5 mins |
| #10 | MONEYCAT Apply Now |
₱500 – ₱20,000 | 7 – 180 days | 0% for first loan | End of term | Only ID Card required | 22 – 65 | Easy loan approval |
Loan for Unemployed Philippines Overview
Topic: Top 10 Best Loan Apps for Unemployed Philippines
The primary focus is on presenting the top 10 loan apps that are deemed the most effective for individuals navigating unemployment in the Philippines. The review delves into their features, pros, and cons, aiding potential borrowers in making informed decisions.
Guide to: Applying for Online Loans for Unemployed and Bad Credit
This section serves as a practical guide, providing step-by-step instructions on how to apply for online loans tailored for those facing unemployment and dealing with bad credit. Critical details such as loan amounts ($1,000 – $50,000), interest rates (15% – 36%), age requirements (18 – 65 years old), and the geographical scope (Philippines) are thoroughly discussed.
Evaluation of Effectiveness
The effectiveness of these loan apps is scrutinized, balancing the convenience of easy access to credit against the drawback of high-interest rates. Special attention is given to the absence of credit checks, making these loans more accessible to individuals with bad credit histories.
What is a Loan for Unemployed and Bad Credit?
To clarify, this section defines the specialized category of loans designed for individuals with bad credit or unstable income due to unemployment. Popular apps such as Earnin, Mintcharts, and PayDay Loans are highlighted as go-to options in this financial niche.
Eligibility for Personal Online Loans for Unemployed in the Philippines
Retirees
Retirees with a steady pension income and a favorable credit background are identified as potential candidates eligible for these loans.
Spouses or Partners
Married or domestic partners can leverage the income and creditworthiness of their significant other to qualify for a loan, provided they can demonstrate the ability to repay.
Co-signers
The presence of a co-signer with a strong credit profile and a stable income significantly enhances the likelihood of loan approval.
Advantages of Loan Apps for Unemployed and Bad Credit
Accessibility
This section elaborates on the ease of accessing loan apps through smartphones, making the application process more straightforward and user-friendly.
Fast Approval
The expeditious approval process offered by many loan apps is emphasized, providing crucial support to individuals in urgent need of funds.
Flexible Eligibility Criteria
Compared to traditional loans, these apps often have less strict eligibility requirements, enhancing accessibility for a broader range of borrowers.
Small Loan Amounts
The discussion centers on the practicality of smaller loan amounts offered by these apps, addressing immediate financial needs such as bills, medical expenses, or car repairs.
Convenience
The convenience of applying for loans through mobile apps, saving time, and eliminating the need for physical visits to traditional banks, is highlighted.
Privacy
Emphasis is placed on the top priority given by loan apps to user data privacy and security, safeguarding personal and financial information.
Disadvantages of Online Loans for Unemployed in the Philippines
Fees and Charges
Potential drawbacks such as multiple fees (origination, handling, late payment) are discussed, shedding light on the additional costs that borrowers might incur.
Limited Loan Amounts
The limitation of loan amounts is scrutinized, pointing out potential insufficiencies for significant expenses or emergencies.
Fewer Payback Periods
The short payback terms associated with these loans are examined, revealing potential challenges for borrowers facing higher monthly bills.
Effects on Credit Score
The impact of timely payments on credit scores is discussed, along with the potential negative consequences of late or missed payments.
Privacy and Security Issues
Concerns related to sharing sensitive data through apps are explored, emphasizing the need for users to choose platforms with robust security features.
The Credit Line of Personal Loans for Unemployed in the Philippines
A detailed examination of factors influencing the credit line, including the lender, loan type, creditworthiness, sources of income, collateral, and loan purpose, is presented.
Requirements for Loan Apps for Unemployed and Bad Credit
Detailed information on the usual requirements, such as age, residency, proof of identity, bank account, credit check, and proof of address, is outlined to guide potential applicants.
Interest Rates for Loans for Unemployed and Bad Credit
The discussion delves into the relatively higher interest rates associated with these loans, ranging from 15% to 36% or higher, and emphasizes the importance of exploring deals from multiple lenders.
How to Get an Online Loan for Unemployed in the Philippines
A comprehensive five-step guide is provided, covering crucial aspects such as checking credit scores, exploring loan options, gathering documentation, considering co-signers or collateral, and applying with multiple lenders.
Top 5 Best Personal Loans for Unemployed in the Philippines without Collateral
|
Online Loan |
Interests |
Loan Amount |
Loan Term |
Borrower Age |
SEC License |
|
|---|---|---|---|---|---|---|
|
APR 143% |
₱1,000 - ₱25,000 |
from 3 to 6 months |
21 - 70 years |
SEC Registration No. 202003056. Certificate of Authority No. 1272 |
|
|
APR 145% |
₱500 - ₱20,000 |
from 3 to 6 months |
22+ years |
Certificate of Authority To Operate Number: 1254 |
|
|
from 0% |
₱1,000 - ₱20,000 |
from 10 days |
22 - 70 years |
Registration № CS201726430, CA №1181 |
|
|
0.16% per day |
₱500 - ₱25,000 |
from 2 to 6 months |
20 - 55 years |
SEC Registration No. CS201918702. Certificate of Authority No. 3169, NPC Registration No. PIC-001-791-2021 |
|
|
APR 84% |
₱5,000 - ₱50,000 |
from 6 to 24 months |
18+ years |
||
|
APR 365% |
₱1,000 - ₱20,000 |
7 or 14 days |
18+ years |
Company Registration No. CS201951088 and Certificate of Authority No. 2918 |
|
|
₱5,000 - ₱25,000 |
from 6 to 12 months |
18 - 68 years |
Reg No. CS201602333 |
||
|
APR 143% |
₱1,000 - ₱20,000 |
22 - 70 years |
Registration № CS201804564 |
||
|
APR from 0% to 427% |
₱500 - ₱25,000 |
from 3 to 12 months |
18+ years |
Latvian business number 43603085405 |
|
|
APR from 4% to 916% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
18+ years |
||
|
from 0% |
₱1,000 - ₱50,000 |
up to 12 months |
20 - 65 years |
SEC Registration No. CS201908275 SEC Certificate of Authority No. 2990 |
|
|
APR from 30% to 365% |
₱500 - ₱25,000 |
from 91 days to 2 years |
18+ years |
||
|
from 0% |
₱1,000 - ₱25,000 |
18 - 70 years |
registration number: 14523902 |
||
|
from 0% |
₱1,000 - ₱25,000 |
18+ years |
registration number: 14523902 |
||
|
APR from 4% to 916% |
₱1,000 - ₱25,000 |
from 30 days |
18+ years |
||
|
1.3% per day |
₱1,000 - ₱30,000 |
from 30 days |
20 - 65 years |
CS20200000915 |
|
|
APR from 0% to 427% |
₱500 - ₱25,000 |
from 3 to 12 months |
18+ years |
43603085405 |
|
|
APR 180% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
20+ years |
||
|
APR up to 180% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
20+ years |
#1. Crezu – Online Loan for Unemployed
An in-depth review of Crezu, highlighting its location, creditworthiness assessment methods, flexible repayment terms, and pros and cons. The advantages include accessibility and various loan types, while potential drawbacks involve short-term loans with associated fees.
#2. Cashspace – Loan for Unemployed and Bad Credit
A detailed examination of Cashspace, focusing on its location, accessibility for borrowers with bad credit, quick approval process, and pros and cons. The advantages include accessibility and quick fund dispersal, while challenges involve reported technical issues and limited subject areas.
#3. Finbro – Unemployment Loans with No Job Verification
A comprehensive overview of Finbro, covering its location, ease of online application, quick funds disbursement, and pros and cons. The benefits include ease of application and quick funds, while potential drawbacks involve high-interest rates and fees.
#4. Finami – Money Loan for Unemployed Near Me
A detailed analysis of Finami, emphasizing its location, easy online application, reasonable interest rates, and pros and cons. The advantages include easy online applications and emergency funds, while challenges involve potentially higher interest rates and fees.
#5. Creditify – Loan Without Salary Slip and Bank Statement
A thorough review of Creditify, including its location, fast approval process, higher credit limits, and pros and cons. The benefits include fast approvals and higher credit limits, while potential challenges involve high APRs for payday loans and the risk of overspending.
Usual Payment Options for Loans for Unemployed Individuals
A comprehensive exploration of common payment methods, including direct debit, online payments, phone payments, money order or check, and cash payments, is provided.
Frequently Asked Questions
Are there loans for the unemployed?
A detailed response addresses the existence of loan options for unemployed individuals, including personal loans and financial aid programs from government and non-profit organizations.
Where can I get a loan without a job?
An informative answer guides individuals to organizations offering loans to the unemployed, emphasizing the importance of researching and carefully considering options.
How to get approved for a loan without a job?
Various options for obtaining loan approval without a job are discussed, including securing a co-signer, offering collateral, and exploring lenders that provide loans without job verification.
Conclusion
A comprehensive conclusion reiterates the standout features of Loan Online PH as one of the best loan apps for the unemployed and those with bad credit. The emphasis is on its user-friendly application process, quick decisions, flexible repayment terms, and encouragement of responsible borrowing. This section invites feedback and further inquiries from readers, fostering engagement and interaction.
In summary, this exhaustive review aims to empower individuals facing unemployment in the Philippines with the knowledge needed to navigate the realm of online loans effectively. By providing in-depth insights into various loan apps, eligibility criteria, advantages, and potential pitfalls, CashExpress PH strives to be a valuable resource for those seeking financial solutions in challenging times.