Loans in the Philippines without a credit check

Each financial institution has certain criteria by which it evaluates its potential customers, in addition to the norms established by law. So, for example, some situations do not require information about a credit history, in other cases it is considered without fail. Therefore, many lenders do not approve a loan without a credit history.

Loans without a credit history can be issued with or without collateral, as well as subject to such conditions as the need to present a certificate from the employer, mandatory citizenship, registration in the region where the company operates, etc.

Loans in the Philippines without a credit check

Features of lending without a credit history

Loans are disbursed in one lump sum or in installments. A specific situation may arise with targeted projects, for example, for training. Most often, enrollment is carried out by bank transfer to an ATM card.

Depending on the situation and options, the money is transferred to the consumer or directly to the company whose services need to be paid.

Some projects include prepayment options, restructuring, term extensions, or job loss insurance. In some situations, the borrower needs to issue an order on the basis of which funds will be issued.

Where can you get a bad credit loan in the Philippines?


Unlike banks, pawnshops have a large presence in the Philippines without a distinction between urban and rural areas. Due to easy accessibility, people use pawnshops for all kinds of financial activities such as lending, money transfers, foreign exchange, and paying bills.

Some features that attract customers to pawnshops:

They are readily available;

You can pledge a lot of things as collateral – jewelry, gadgets, household appliances and even designer bags;

They work outside the bank’s working hours: you can get a loan even in the wee hours;

No credit rating checks and instant availability of cash;

Late payments at the pawnshop will not affect your credit history.

Cons of going to pawnshops:

Pawnshop’s loans are expensive;

Low appraised value;

Risk of loss or damage to the collateral;

Very short loan term.

Borrow money from friends, relatives

Receiving money from friends or relatives has been a common practice since the evolution of human life. Such loans do not require any guarantees due to the close partnership between the lender and the borrower. If you ask, friends may well lend you ₱25,000 urgently.

On the other hand, since there is no interest at the time of the transaction, the lender will not receive any monetary benefit. Since there are no serious repercussions as in financial institutions, the borrower may take an apathetic approach to repayment.

Failure to pay won’t affect your credit score, but it can ruin a relationship.

Loan from MFI

Getting a loan from banks or public financial institutions such as SSS or GSIS is almost impossible for a person with bad credit. MFI has softer eligibility criteria, higher loan approval rates and a wider range of financial products than conventional banks.

This encourages a huge number of Filipinos to look to lenders, both offline and online, as their primary source of financial assistance when they need it. Most lenders provide online portals for managing your loan. You can apply and get a loan of 25,000 peso online in the comfort of your room. These online lenders do not require the physical presence of the borrower like pawnshops do and are available around the clock. This reduces unnecessary travel and lost work days.

Online lending platforms use an advanced algorithm to objectively evaluate each loan application. This eliminates preferential treatment and gives you an accurate picture of your credit availability in minutes. You can easily find a company that will give you an online loan of up to 25 thousand peso credit with an acceptable interest rate. However, the not-so-trivial presence of illegal online lending companies is alarming for the borrower. They exploit the vulnerability of borrowers and break the rules by raising interest rates or charging upfront fees for loan approval. To alleviate this precarious situation, the government required DTI registration and a license from the regulator to carry out lending activities. This allows borrowers to weed out illegal lenders and effectively avoid debt.

Here are some of the great companies that can offer guaranteed loan approval no credit check:

Easycash is a privately held financial company offering bad credit loans for personal and commercial use with fast approval. Easycash is a financial company specializing in lending and financing to individuals with bad credit. You can apply online 24 hours a day, 7 days a week. After paying off this loan responsibly, you can expect to get more money next time.

Monily is also an online technology based finance company system (Philippines) that will offer loans to anyone with bad credit. This is one of the loan companies (that lend money online to users with bad credit history) in the Philippines to the lender to meet their needs, but you will need to repay it yourself.

The technology and funding provided by Cashwagon allows you, as a customer, to make the most practical and smart decisions. Cashwagon’s mission is to provide credit to people with bad credit in order to get the most out of non-bank internet loans for their clients. Only a valid ID is required to apply.

Robocash offers bad credit loans online with great convenience. The company does not check creditworthiness online. You can get a smart amount for free within minutes. Your credit will be granted automatically. All loan transactions are carried out online: you do not need to leave your home. Robocash credit is a form of internet warfare with favorable payment terms.

How to repay a loan?

Each contract must specify specific repayment terms. They are established depending on the nature and duration of the monetary transaction, sources of funds.

Refunds are made in three ways:

write-off from the account according to the payment order;

write-off from an account maintained by another financial institution;

write-off from the account of a legal entity.

At the end of the contract, the borrowed funds must be returned in full with interest. If this is not done, penalties (penalties) are assigned, their size is established at the conclusion of the contract.

Author Maria Torres from Upfinance

Loans in the Philippines without a credit check
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