Non-Collateral Loan: The Hassle-Free Solution for the Family’s Quick Cash Needs
As opposed to secured loan, a non-collateral loan is a type of credit that’s fairly easy for most consumers to get. That’s because there’s no need to present any valuable asset upon application.
Although interest rate depends on the lender’s terms and loaned amount, the rates are usually around 1% to 5% per month. Loanable amount starts at PHP 10,000 and borrowers with good credit performance and has a higher capacity to pay are most likely to get more. To cater to the needs of borrowers, lenders offer various cash receipt and loan repayment options the most common and preferred of which are via online banking, ATM or post-dated cheques.
There’s no standardized credit scoring method here in the Philippines yet, and banks rely on their internal standards to judge the creditworthiness of the applicant. So to ensure fast processing and approval, loan applicants need to present as many documents as possible to establish their identity.
Common Types of Non-collateral Loans
If you’re now planning to get a non-collateral loan, here are the best options you might like to consider:
- Student Loan – Also known as Educational Loan, this can be availed by students who’re in dire need of cash to sustain their studies, be it for books, tuition or other projects.
- Calamity Loan – The Philippines is prone to natural calamities such as storms and earthquakes. So to help Filipinos get on their feet, many private lenders and banks offer this loan to the public, prioritizing those who’re directly affected. Besides, government agencies also offers this financial assistance to families in calamity-stricken areas as per advised in the State of Calamity roster.
- Cash Loan – Otherwise known as cash advance, this credit type is a multi-purpose funding option that can be used for various needs, usually for utility bills, unexpected purchases and family vacation.
- Emergency Loan – Tough financial times can happen at any time, which is why this type of loan is amongst the most sought-after solution for many people. This is also a multi-purpose loan that’s meant to address immediate financial needs such as monthly bills.
- Maternity Loan – This is a targeted solution offered only to pregnant women or their direct families. The amount usually corresponds to a percentage of the mother’s basic monthly pay multiplied by the number of days she’ll be absent at work.
Access All These Non-Collateral Loans and More at Loansolutions PH
Have you already decided what type of loan to get? If you haven’t yet, we highly recommend that you explore your options. Fill up the 3-Step Online Application Form available on our loansolutions.ph site and we’ll help you find a reliable lender. We also have a Check Loan Status tool, which you can use to monitor your application.