Loan without collateral
Banks carefully check borrowers and as the quality of solvency guarantee require to provide warrants or collateral. But there are other offers on the microcredit market that allow obtaining unsecured loans without rejection for any purpose.
Advantages of unsecured loans
Credit organizations want to receive loan repayment guarantee, so they demand security. This is not only about large, but also small loans. Such a policy is justified, but it creates certain difficulties for people who do not have time or opportunity to search for warrants or to registrate a security deposit. In such situations, you can apply to financial companies specializing in the issue of loans without collateral.
Micro loans have a number of advantages:
- simplified registration procedure;
- quick approval;
- it is not necessary to visit the lender office for registration ;
- informal income is taken into account;
- can be obtained with a bad credit history.
But the main advantage – the borrower does not need to provide collateral. This fact greatly simplifies and accelerates access to credit money.
Unsecured loans calculator
Where is it better to take an unsecured loan?
Some banks offer unsecured lending programs, but this is more about a sales pitch. Trying to reduce risks, they carefully check the borrower, require additional documents confirming solvency and, as a result, often reject applications. Therefore, many borrowers apply for microloans in financial companies issuing money on a simplified scheme quickly and with minimal requirements.
The company specializes in providing fast loans with minimum requirements. The registration is carried out by a simplified procedure, the borrower does not need to provide warrants or mortgage. If he has an additional or unofficial income, it’s possible to confirm it with a scanned copy, a photo of a bank statement or in another way.
For registration it is not necessary to visit the office of the financial institution. It is enough to submit an online application on the web site, to specify the detailed data of the borrower and the required loan parameters. After loan approval, it’s needed to sign an agreement with the digital signature and get the money. The issuance is carried out by transfer to the client’s bank account.
Binixo offers a quick and easy access to money without collateral and hidden commissions on transparent terms. Before submitting an application, everyone can get acquainted with the interest rate and overpayment amount using the loan calculator.
The service Binixo provides an opportunity to receive:
- up to 20 thousand pesos;
- for up to 30 days.
The web site interface is simple and convenient. There are no difficulties with filing in an application, even among those who formalize a microloan for the first time.
In Loan Ranger you can get a micro loan for any purpose without collateral. The service works online, what allows you to save time and to make an application for registration without leaving home, avoiding the complexities of bureaucratic procedures.
To get a quick approval of an unsecured loan can both current and new customers. The borrower’s assessment system differs from the traditional one used in banks. This reduces the rejection rate. Individuals can receive money even working unofficially or having a ruined credit history.
Loan Ranger offers:
- up to 10 thousand pesos;
- for up to 30 days.
The decision is made within a few hours, maximum within a day. Customers who have already received loans enjoy certain privileges: for them a microloan will be approved faster and on more favorable terms.
Moola Lending specializes in issuing loans through the simplified procedure with minimal requirements. A positive decision can be obtained by the borrower without confirmation of official income, with a bad credit history, without collateral.
The registration procedure is simple and carried out remotely:
- The borrower submits an application on the company’s website.
- After application approval, a credit agreement is signed by means of an electronic signature.
- Money is transferred to the client’s bank account.
The maximum loan period is 30 days. At the first appeal of the client the sum of 10 thousand pesos is available, but already with the next application it grows up to 20 thousand pesos. It will take no more than 5 minutes to complete the application form. In many cases, the decision is made after a few hours, sometimes it takes up to a day. For borrowers who draw up microloans several times, the lending terms are more convenient, the loan decision for them is made more quickly than for the new ones.
Moola Lending is loyal to customers, it is also subject to funds repayment. If the borrower has problems, and he can not repay the debt in a timely manner, he can extend the microcredit by paying the accrued interest.
Requirements for non-collateral loan
Unsecured loans are issued through the simplified procedure, so the requirements for the borrower are minimal:
- citizenship of the Philippines;
- stable income;
- the age of 18-60 years;
- active mobile phone number.
As opposed to banks, microfinance companies require a minimum number of documents – government identifier and proof of income. Documents are scanned and attached to the application. It is not officially necessary to confirm income, most companies accept account statements copies or online banking screenshots.
How to get an unsecured loan?
In order to receive a micro credit, you need to be honest with the lender. This should be taken into account when completing the application form. Deliberate or unintentional misrepresentation of facts, as well as mistakes may lead to rejection. After filling in the questionnaire, it is recommended to check the data. Providing information on additional income, you increase the chance for the loan approval. If the borrower earns extra money, for example, he is engaged in freelancing, keeps a subsidiary farm – this must be indicated and confirmed. If he has a car or real estate in his property, it is also necessary to be specified.
Unsecured loans are harder to formalize, but in the credit market of the Philippines today there are quite a lot of offers from financial companies that give a chance to receive money quickly, without collateral and warrants online.
Example of calculating interest and loan payments
|TERM||10 days||20 days||30 days|
|LOAN AMOUNT||11000 PHP||11000 PHP||11000 PHP|
|INTEREST AMOUNT||1100 PHP||2200 PHP||3300 PHP|
|TOTAL REPAYMENT||12100 PHP||13200 PHP||14300 PHP|
Written by Mikka Montero | Modified date: February 13, 2020