Many people resort to borrowing money during times of emergency expenses. In the Philippines, one can apply for a loan even without having to undergo credit check. See some of the fast loan approvals with minimal documents.
Loan Without Credit Check
One of the ways to get a loan is through apps that offer money lending. Note that these apps may have specific requirements but usually, they will only require 1 valid ID.
See: Loan Status Checker
It is important that you know their terms and conditions before applying for a loan.
Is There a Collateral
The attractive features of these loan apps does not require collateral. You can apply for a loan anytime without having to secure any properties or assets for collateral.
Age Requirement
The usual age criteria to apply for a loan in the Philippines is from 18 to 70 years old and should be a resident of the country.
How Much Can I Loan
For fast loan approval, the loan amount may range from Php 5,000 to Php 50,000 depending on the company. You should only apply for the amount that you can actually pay in installments.
Approval Time
How long is the approval time for fast online loan applications? In most cases, these companies offer up to 5 minutes of approval time. When you apply and satisfy the requirements, you can get approved in minutes.
Loan Term
You can have from 12 to 36 months of payment for the total loan amount. The monthly add on interest rate may start from 1.39% to 1.8%.
Fast Loan from Banks
Banks also offer personal loans to existing and non clients. While they may require more documents, you can be assured to receive quality service in terms of payment terms.
The following are the banks with personal loan offers:
BDO
BPI Personal Loan
Metrobank