Loans for the unemployed Philippines

Have you lost your job and need money urgently? Getting loans for the unemployed is possible and here you will find everything you need to know, including offers, requirements and how to apply for.

Offer of loans for the unemployed

As you can see, at MAXBANK we compare the best loan offers for the unemployed that adapt to your situation. Thus, it does not matter if you are unemployed or if you do not have enough income, you can get immediate financing with just one click.

What are personal loans for the unemployed?

If you are unemployed, you will probably ask yourself: can I apply for personal loans while unemployed? The truth is that obtaining financing in a situation of unemployment is not something very common, since most financial companies ask for a job as a requirement.

However, today it is possible to obtain credit without the need for employment, through online financial companies that offer fast loans for the unemployed. Unlike banks and other entities, these finance companies do not ask you to be on a payroll. Instead, they ask to have periodic income to show them that it can be in the form of unemployment benefit or unemployment benefit.

Now, this does not mean that those who do not have regular income cannot apply for credit. In fact, there are entities that grant loans without payroll and without recurring income, in exchange for a guarantee that supports their return.

Most of the unemployed usually resort to this type of loan when they need to pay off a debt or cover an unforeseen expense. Their biggest advantage is that they can be processed completely online and receive the money quickly in a matter of minutes.

It should be noted that the entire process is very transparent, since from the first moment you know the interest rate, the commissions, the terms, the installments and other details of the financing.

What are the requirements to request a loan without a job?

Although it is true that each entity establishes its own requirements to opt for financing, there are some basic requirements common to most of them. These are:

• Being over 18 years of age.
• Reside in Philippines.
• Have a valid SSS.
• Be the holder of a bank account.
• Have demonstrable regular income.
• Have an email and a mobile phone number.

In addition to these conditions, some entities may ask you additional requirements to grant you a loan for the unemployed, including:

• Being solvent, that is, not being in any record of defaulters.
• Have a guarantee that serves as a guarantee for the repayment of the credit.

Loan options for the unemployed

From our platform, you can access a variety of loans without a job, with conditions that adapt to your needs and possibilities. These options vary in terms of the amount, the return period and other characteristics that we will see below.

Online

Online microcredits correspond to quick loans that range from 1000 PhP to 50 000 PhP and are designed to be repaid in the short term, usually in a single payment.

This type of loan is a fairly accessible alternative for unemployed people who need urgent money, as it is very easy to process, without paperwork and without long waiting times. Thus, it is a viable solution when you have to pay specific emergency expenses and even to pay a fine.

Installment loans

If you need more money than you can get through a microcredit, installment loans may be your best option. Through this type of credit, you can get up to 50,000 pesos or more and return it in several months or years, according to your possibilities.

The advantage of these loans is that you can repay them in the long term, paying comfortable monthly installments that are adjusted to your unemployed status. However, it is important that you know that the longer the return period, the higher the interest, so it is convenient to calculate your unemployment benefit and accept a fee that you can afford.

Loans for the unemployed with or without endorsement

Currently, you have the possibility of processing loans for the unemployed without endorsements or guarantees, but you must have at least one source of recurring income, such as an unemployment benefit.

In case you do not receive periodic income, the possibilities of obtaining financing will be less. However, you can go to loans with collateral and provide your house or your car as collateral to get your credit approved. This will be of great help, especially if you plan to request large amounts of money.

Credits with bad credit score for the unemployed

If being unemployed makes it more difficult to get credit, if you have bad credit history complicates things even more.

Fortunately, there are online lenders that grant loans with bad credit score for the unemployed, omitting the requirement of a payroll and without consulting your financial history. This, of course, can increase the cost of your credit, since being unemployed and with bad credit score increases the risk of your application.

Where and how to apply for online loans for the unemployed?

If you are unemployed and have decided to request a loan, you can do so through the online financial institutions that we have recommended at the beginning of the article. To do this, you only have to follow a few steps:

1. After comparing our loan offers for the unemployed, select the option of your choice by clicking on “APPLY”.
2. Once you enter the lender's website, enter the amount and repayment term in the loan simulator to find out how much you will have to pay.
3. Next, fill in the application form with your personal and bank details and send your documentation.
4. If your request is approved, you will receive a digital contract with the credit conditions. Read it carefully and sign if you agree.
5. Finally, the entity will make the deposit in your bank account and you will be able to dispose of the money in 15 minutes or maximum 48 hours, depending on your bank.