Get a loan without proof of income
Not every borrower has the opportunity to confirm their solvency. Some are employed unofficially, others are temporarily unemployed for one reason or another. It is almost impossible for such citizens to get a loan in banks; here, increased requirements are imposed on customers. But what if you need money urgently, but you can’t submit a document from work? In this case, the only way out is to take a loan without a certificate of income from an MFI. In microfinance organizations, loan processing is carried out according to a simplified scheme. The process takes much less time than in banks, and you do not have to collect a large number of documents.
Advantages and disadvantages of a loan without a certificate of income
Taking a loan online to a card for pensioners without income certificates and guarantors is a very popular service used by many citizens of the Philippines. Compared to bank loans, it has some advantages:
- Fast processing of the application and transfer of funds. The entire process of applying for a microloan takes no more than 30 minutes, including checking the application form and signing the contract.
- The minimum number of documents. A loan without a certificate of income can be obtained without providing documents from work. Only a passport is required.
- Credit history doesn't matter. When considering an application, microfinance companies check the borrower's credit card, but even the presence of delays and a large debt load do not become a reason for refusal. Banks only work with clients with a positive credit history.
A simple process of obtaining a loan without a large number of documents leads to some disadvantages of lending in microfinance organizations. Interest rates are higher here, and credit limits are lower than in banks. In addition, you can get a loan from an MFI without a certificate of income without collateral for only a short period of time.
Conditions for issuing loans without income certificates
To become an MFI client and take a loan without income certificates, you need to meet just a few requirements:
- passport of a citizen of the Philippines with registration;
- age from 18 to 75 years.
You must also have a valid mobile phone number.
How to get a loan without proof of income?
The process of obtaining a loan in microfinance organizations is as simple as possible. To do this, you need to perform just a few steps:
- Choose a lender. On this page, we have collected a lot of offers from online lending services. The conditions they offer are different. Please read them carefully before applying.
- Go to the website of the selected company and fill out an application form, indicating passport data, source of income and other personal information. Some organizations ask you to send a scan or photo of your passport.
- Next, you will need to confirm your consent to the processing of personal data. Further execution of the contract without this action is impossible, since the creditor needs permission to verify the specified information.
- If an interest-free online loan without collateral and a certificate of income is approved, you will receive an SMS message with a code that you need to enter in a special field to confirm your agreement with the terms of the agreement. After that, the money will immediately be credited to your account. From this moment begins the countdown of the term of the contract.
How to pay off a loan without proof of income
The easiest and fastest way to pay off debt is to pay with a bank card in the client's personal account on the organization's website. Such payments are made instantly, commissions are usually not charged. When paying through electronic wallets, funds come quickly, but it is possible to withdraw a commission percentage.
In what way you can pay a loan without a certificate of income and collateral in a particular MFI is indicated:
- in your personal account;
- in a quick loan agreement on a card without passport data;
- on the organization's website.
If you cannot find the relevant information, dial the MFI hotline number and ask the operator your question.
If you urgently need a loan without a certificate of income, then contacting an MFI is the best solution. We have compiled a selection of online lending services for you, so you will definitely find a suitable offer.