March 23 2022
Is it possible and how to get a loan without a credit card in an MFI microfinance organization
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Is it possible and how to get a loan without a credit card
You can get a microloan without a cash card in microfinance organizations MFIs, such a service is possible even in the absence of a bank card, but not in all microcredit organizations, so it is necessary to clarify in advance the possibility of such a loan.
Microloans without a card are usually issued by the largest MFIs that are in the Philippine market. Therefore, we recommend that you apply for such loans by submitting applications to 4-5 such credit institutions, this will increase the possibility of a positive approval.
In order to receive such a loan, you must also provide a minimum package of documents for the formation of an application. Those are:
- The passport
- Answer questions on the application
Loans without a card in an MFI: reasons for the need for such a service
Almost 95% of all loans issued by MFIs are transferred to a bank card - so if you need 5,000 PHP on a card urgently, this is a great tool. This method of obtaining a loan is very convenient for both the microfinance organization itself and the borrower.
But there are situations when you need to get a loan without a bank card; this may be, for example, for one of the following reasons:
- The bank card has expired, but the money is needed now
- Bank card blocked by the bank
- The bank card is lost, and a new one has not yet been issued by the bank
In such cases, the only possible option for obtaining a loan can only be to issue it in cash at a branch of a microfinance organization; accordingly, only large MFOs that have physical branches where you can call in and receive cash money should be considered as a lender.
2 ways to get a loan without a bank card
- The first method of obtaining a loan without a card is to visit an offline branch of a credit institution, fill out an application with a loan officer and receive money in cash.
- The second method, which is suitable in this case, is to apply for someone else's card, for example, for a wife's or husband's card.
How to apply for an online loan without a card and get a cash loan
Applying for a loan online without a card is no different from filling out an application if the card is available - especially if you need 1000 PHP urgently on the card. The same package of documents is indicated for the formation of the application, only in the comments to it you need to indicate that the card is not available to you.
On our Monetochka website, you can sort in the catalog of all offers only those MFIs that issue applications without a card, and form 4-5 applications for such a loan, and after approval, call in and collect cash at the MFI branch. Funds are issued without commission, insurance and collateral.