Quick Cash Loans Without Bank Account In The Philippines

Is It Possible To Get Quick Cash Loans Without a Bank Account?  

Loans are without a doubt, the source of many misconceptions among Filipinos. And one of these is the inability to apply for a loan without holding any type of account with any banks in the country. To dispel the myths, many Filipino lenders today allow unbanked customers to apply for cash loans in order to meet their needs – a realization born from the idea that whether banked or unbanked, every Filipino will need help availing of financial services at some point in their lives. 

The process of application is almost the same as with the customers with bank accounts. However, unbanked borrowers can only receive short-term offers for reasonable amounts. On top of this, lending companies usually review the borrower’s credit history. As such, applicants who do not have bank statements are often required to submit additional documents  (e.g. payslips, ITR forms, utility bills, etc.) to check their financial credibility and capacity to pay. These types of loans are either secured or will have high fees and interest rates to cover the risk that the lender will take. 

Where To Get A Quick Cash Loan Without A Bank Account In The Philippines? 

Filipinos with no bank account due to lack of money or documentary requirements, etc. have the following options for borrowing money:

Pawnshops

These agencies will not inquire about the borrower’s bank account or any bank-related documents, which is why it is considered the easiest way to get a loan. Furthermore, the borrower’s reason for the loan or other personal information is not needed as long as the borrower has a valuable item to pawn, such as a gadget or a luxury item. 

In order for the person to get their pawned item back is to repay the borrowed money plus interest.

Some of the Pawnshops that offer quick cash loans without a bank account are the following:

M Lhuillier

Individuals can directly visit any of the M Lhuillier branches nearest them with their pawned item and fill out the details required. With just a valid ID, they will appraise the item (s) to be pawned and within just a few minutes, the money will be received. 

Palawan Pawnshop

With their many branches nationwide, a borrower can directly visit the branch closest to their residence and pawn their gold jewelry item. They in fact offer pawning packages for their loyal customers such as the following:

Package 1

• With 1% advance interest
• 1% interest for 1 – 11 days
• 2% interest for 12 – 22 days
• 3% interest for 23 to 33  days

Package 2

• No advance interest
• 3.5% interest per month

Package 3

• 1 month advance interest
• 2.5% interest per month

Package 4

• 2 months advance interest
• 2% interest per month

Private or Online Lenders

Private or online lenders can also assist unbanked borrowers in need of quick cash loans. And the requirements are quite simple: the borrower must be at least eighteen years old and above and have already registered on the lender’s website to qualify for a no bank account loan from this type of lender. 

And since bank deposit is not possible, borrowers will receive their funds in cash at the lender’s designated office once the application has been approved. 

These are the Private Lenders that Offer Quick Cash Loans:

Robocash

Robocash is a fully automated online loan portal that allows borrowers to apply for a loan from Php1,000 to Php25,000. Loan disbursements are available through bank transfers, cash pick-up or through any of their offline bank offices. 

Acom

With Acom, borrowers are able to apply for a loan up to Php500,000 depending on the approval. The good thing about this company is that as a private lender, they provide one of the lowest interest rates and longest repayment terms. 

5-6 Lenders 

5-6 lenders do not require much from borrowers, which is very convenient for Filipinos who do not know where or how to get a cash loan without a bank account. The lenders only require one form of identification before providing short-term small loans.

However, there are several issues with 5-6 loans. Due to the lender’s predatory money lending practices, not to mention its high-interest fees, those who offer this type of loan are considered a loan shark. Furthermore, the borrower’s safety may be jeopardized if lenders resort to unethical means to recover their fund – a typical practice that most loan sharks adhere to. 

Conclusion

Surely, potential borrowers can get quick cash loans without a bank account in the Philippines. But, they also have to consider the above-mentioned limitations in order to maximize their options. At the end of the day, applying for a quick cash loan with a bank account is still the best option in pursuit of financial goals when one is in dire need of money and will not have the time to build good credit with banks.