Quick Cash Loans for the Unemployed in the Philippines

Being unemployed alone can already cause someone a lot of stress because the cost of living expenses in the country is increasing. Affording the basic needs alone is a struggle with a family to feed, losing a source of income can be catastrophic financially. When an emergency comes, there are only very limited options an unemployed individual can choose from. 

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Written by: Piggyy

Who is Considered Unemployed Individuals?


Unemployed individuals are those who have no work, are available for work, and are currently looking for a job but unable to land one. In the Philippines, as per the Philippines Statistics Authorities’ survey, the estimated unemployment rate as of February 2022 is 6.4% which corresponds to 3.13 million unemployed individuals. 


Who Offers Quick Cash Loans for the Unemployed


The basis of financial institutions in approving loans is the ability of the borrower to pay back the loaned amount as per the agreed terms. Without this guarantee, not many financial institutions are inclined to provide quick cash loans. However, they are those who are willing to extend quick cash loans to unemployed individuals such as pawnshops and peer-to-peer (P2P) lenders. 



Pawnshops are known for offering a loan that requires collateral before the perfection of the contract. Collateral is one of the essential elements to a successful borrowing of a sum of money. It is a secured type of borrowing where the loan proceeds will be based on the appraised value of the item. 


It is much easier to apply for a loan in a pawnshop and anybody can apply (employed or unemployed) as long as you have the collateral with you. The only required document is a valid government-issued ID. A loan ticket will be given to you after the successful granting of your loan application.


Cebuana Lhuillier 

Appraisal Value: 30% higher appraisal rate than other pawnshops.

Accepted Items:

  • Gold
  • Diamond
  • Platinum jewelry and watches
  • Cellphones
  • Laptop computers


Cebuana Lhuillier

Helping you create a better tomorrow


Palawan Pawnshop

Loan Amount: Php100 to Php50,000

Accepted Item: Only gold jewelry


Interest rates:

Package 1: With 1% advance interest

Loan term:

  • 1-11 days – 1%
  • 12-22 days – 2%
  • 23-33 days – 3%


Package 2: No advance interest – 3.5% per month


Package 3: 1-month advance interest – 2.5% per month


Package 4: 2-month advance interest – 2% per month

minimum loan term – 0 day

maximum loan term – 120 days

Caution in Applying for a Quick Cash Loan While Unemployed


Applying for a loan will require commitment from the borrower. Borrowing also comes with a cost called interest. When loan repayments are not done on time, a penalty is charged on top of the interest rate. 


A person must be wary of the terms he or she agrees upon no matter the emergency although sometimes, it cannot be avoided. If it can be avoided, loan sharks must be avoided for they only push a person deeper into debt and financial difficulties. 


Quick cash loans are available fast but are also charged with high-interest rates. A borrower must know these facts before proceeding to apply for a loan. 




As for unemployed individuals, applying for a loan from a banking institution or any credit union would be difficult, if not impossible. Let’s admit the fact that one of the most important qualifications is the ability of a borrower to pay when the loan is due. Permanent employment status is equivalent to a secured type of borrowing which serves as a collateral-like guarantee that if the due date arrives, the borrower can pay his/her obligation.


״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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