Loans with no credit check

How To Get No Credit Check Loans In The Philippines

Repairing a bad credit history usually takes time. So, if you’ve been asking how to get fast loan approval with no credit check in the Philippines, you’re on the right page. You’ll later see that it’s possible to get guaranteed loan approval with no credit check with the different online lending alternatives we’ll show you.

We’ll also show you the general requirements for borrowing money with no credit check in the nation. Here’s all you need to know about getting loans for no credit check in the Philippines.

What is Credit History?

Credit history is a record of your past responses to repaying loans. Lenders and other related o organizations use the credit history to assess your potential ability to repay debts.

Government agencies and other financial institutions usually have access to your credit history. Some of the information on your credit history include:

i. The number and types of all credit accounts to your name

ii. The amounts you owe – if there are any – on the accounts

iii. How long you’ve held each account

iv. How soon do you repay the credit facilities you took in the past.

How to Get a Loan without Credit History Check

Many people think that getting a quick loan with no credit check is challenging. However, recent innovations in the Philippines’ financial services industry make borrowing money more straightforward.

Here are some surefire ways of getting cash fast with no credit check in the Philippines.

1. Through Friends and Family

If you need quick cash, the first individuals that could assist you are those around you. It’s usually more straightforward to qualify for a loan from your family and friends, particularly when they know your financial status. However, ensure to be careful when it’s time to pay back.

2. Private Lenders

Private loan providers provide loans in different categories – urgent loans, personal loans, payday loans, etc. It doesn’t matter the name. These credit offers have very few qualification demands and offer cash fast with no credit check to borrowers in the Philippines.

To access several fast loans without checks from private lenders, you need only a valid ID card and a completed application. The only downside with these emergency loans is that the interest rates may be higher than getting loans from banks, especially if the borrower’s credit risk is high.

3. Online Lenders

Internet lending companies in the Philippines have kept increasing, with different organizations offering no credit check loans online with instant approval. Borrowers in desperate need of cash can readily approach an online lender via an app or web-based interface.

It’s pretty straightforward to access online loans from the comfort of your home and have the cash in your designated bank account. However, you’ll want to exercise some caution when selecting an online lender, as some companies are renowned for publicizing the credit behavior of lenders who fail to repay their loans on time.

Such organizations reportedly inform friends and families of the borrower who failed to repay their loans about the borrower’s behavior. Sometimes, they even force the borrower’s relatives to repay the loans on behalf of the borrower. While you’d do your best to choose an online lender that treats its customers better, ensure to report any such lender behavior should such an event occur.

Which Lending Companies Grant Loans to People with Bad Credit?

You’ve seen some different means of accessing loans if you have a bad credit history trailing you. However, lending companies have unique qualities concerning their speed of disbursement, interest rates, and customer service delivery.

Here are some of the top lending companies that grant loans to people with bad credit.

  I.     EasyRFC Multi-Purpose Loan

EasyRFC offers access to small personal loans fast to Filipinos. Processing these loans is relatively quick, and borrowers don’t need to pledge any collateral to access them.

Borrowers with EasyRFC Multipurpose Loan could access credit facilities between PHP 10,000 to PHP 150,000 within one day. The loan’s interest rate is 4% a month, and borrowers could repay the loan over one year.

   II.     PawnHero

PawnHero offers loans with no credit check to people who have items like a smartphone, designer bag, or jewelry to “pawn” as collateral. PawnHero also receives gaming consoles, designer shoes, and cameras as collateral to offer borrowers money, depending on the valuation of the collateral.

The interest rate for PawnHero Loans begins from 2.9%, and the lender disburses the loans within a day. Also, the loan’s payment terms depend on the type of collateral item, as some gadgets could depreciate fast.

 III.     Citi Personal Loan

Principal credit cardholders can readily apply for this loan to fund their business, personal growth, or education. Borrowers can access up to PHP 2 million with an interest rate of 26.9% - 30.9% (depending on your credit history with the said lender) without any collateral.

The loan’s accessible within one day for a repayment tenure of one to five years.

 IV.     Tala Online Cash Loan

This loan is accessible from your smartphone with only a valid ID card and a bank account to your name if you’re a Filipino above 18 years. Borrowers can access these instant loans from Tala between PHP 1,000 – 15,000 at an interest rate of about 15% over a maximum repayment period of 61 days.

   V.     BPI Personal Loans

BPI Personal Loans offer Filipinos between PHP 20,000 to 2 m with an affordable interest rate of 1.2% per month. The typical loan tenure is between one to three years, and borrowers can receive their money between 5 to 7 working days.

Other Honorable Mentions

Other companies offering loans online with no credit check to Filipinos include:

✔ ACOM REVOMAX Cash Loan

✔ RFSC Personal Loan

✔ Cash Wagon

✔ Asteria Personal Loan

✔ Tonik Quick Loan.

General Requirements for Loan Borrowers

While different organizations offering instant loans have their unique requirements for Filipinos to access their offers, there are general requirements that most fast approval loans request. They include:

·  The borrower should be 18 or 21 years of age

·  A valid Identity card

·  At least a 3-month account of your bank statement

·  Bank account number under the borrower’s name

·  A utility bill as proof of your address.

Conclusion

We’ve seen that getting quick loans without credit checks from lending companies is achievable by meeting minimal requirements. However, you may want to compare no credit check loan offers with different loan options based on some parameters before deciding on one.

Short FAQs

Many companies are offering quick loans with no credit checks to Filipinos. We’ll see a short FAQ section answering some of the commonly asked questions on accessing loans without credit checks in the Philippines.

1. Can I Get a Loan without a Credit Check?

Yes. Filipinos can access quick loans without credit checks if they have a valid ID card and a bank account to their name with several lenders.

2. Which Loan Is Easiest to Qualify for?

Online loans are often the most straightforward to access. However, you want to select the online lender you’ll want to borrow from carefully.

3. How Can I Increase My Chances of Getting Approved for a Loan?

You can increase your chances of getting approved for a loan in the Philippines by improving your credit history and paying your new loans on time.