Money loan with passport, what is the procedure for issuing a loan. 5 rules to follow when applying

What is the procedure of issuing a loan to the borrowers with ID
Money loan with passport, what is the procedure for issuing a loan. 5 rules to follow when applying

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In Philippines, loans of money with passport are possible in microfinance organizations (MFIs). The benefits of these loans are:

  • The minimum package of documents passport and TIN
  • Without collateral and guarantors
  • Fast: up to 20 minutes to approve the application
  • It is possible to take the first loan without interest
  • You can create an application and receive money on the card online
  • It is possible to get an automatic loan on a card with a bad or no credit history

The disadvantages include:

  • The percentage in MFIs is higher than in a bank
  • Loan term is short, up to 1 month
  • The loan amount is also small, on average up to 20,000 PHP

That is, MFIs are not a replacement for bank loans, they are more like microloans for small amounts for a short period, with the possibility of obtaining a loan only with a passport.

In order for the application to be guaranteed approved, you need to follow 5 rules for correct filing:

  1. Apply to at least 3-4 microfinance institutions.
  2. When filling out the application, honestly indicate the answers to all questions, income, marital status, the presence of other assets.
  3. If you take money to the card instantly to pay off another loan, indicate so in the application in the comments.
  4. Take the minimum required amount, for the minimum required period.
  5. If you are taking out a loan for the first time, choose more well-known MFIs on the market, it is more convenient to work with them, at least in terms of prolongation and refinancing of deposits.

How to apply for a loan online on a passport card

In order to apply for a loan online on a passport card, you need to go to the catalog of all loan offers on our website and select the most suitable for you using filters. Next, select 3-4 loan offers and click on the "Apply" button, indicate passport data and TIN data in applications.

After approval, choose the most suitable MFI, go through verification, link a bank card and receive money online.

Is it possible to get a loan only on a passport to a card

Yes, you can apply for a loan in 1 minute only with a passport on a card. Perhaps not all MFIs will provide such a service without a TIN, so here you will already need to submit at least 6-7 applications, indicating the reason for the absence of a TIN. On average, out of 5 applications in this case, 1 will be approved by the MFI.

The list of microfinance organizations that issue loans online by passport

In 2022, more and more MFIs appear that give loans online with a passport. The catalog on our website contains the best loan offers in the Philippines. Therefore, by going to the directory, you can filter them and compare the conditions provided.

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Apply for a loan to banks and microfinance institutions (MFIs) in the Philippines
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1 000 PhP. Return
1 000 PhP. Take
0 PhP. Overpayment
First loan: Maximum amount: Loan term:
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0.00% interest rate for new clients
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1 000 PhP. Return
1 000 PhP. Take
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UnaCash CreditLine
1 000 PhP. Return
1 000 PhP. Take
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MoneyCat
1 000 PhP. Return
1 000 PhP. Take
0 PhP. Overpayment
First loan: Maximum amount: Loan term:
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