Lenders run these verifications even when a borrower applies for quick cash loans without bank account Philippines. Thus, you should be ready. Anyway, before applying for this type of loan, read about credit scores, start building your credit history with regular repayments, and ensure that you don’t have debts.
Loan App Philippines No Bank Account
Well, now, let’s discuss how a Filipino borrower can get the money while being unbanked. You’ll be surprised but these ways are often more convenient than traditional banking options. The problem with banks is that they innovate slowly. Today, not all of them have online application/delivery options unlike companies with payday loans no bank account needed. Generally, it’s easier to find online services or mobile apps provided by such companies.
Moreover, these non-bank companies deliver loans for unemployed with no bank account, as well as offers for housewives, students, and freelancers. All these customers fall into the category of underbanked or unbanked people. If you belong to this category or just don’t want to open a bank account, look at these alternatives:
- Street lenders. They have different names like private, street or personal lenders. The main common feature of all these firms is that they aren’t banks or state-owned companies. They target underbanked clients and remain fully licensed by the SEC. Street lenders often don’t require bank accounts or related documents but can feature high fees.
- Online-only lenders. If you want to get an online cash loan without bank account, focus on this category. It’s a type of street lenders but is web-based. It means that these companies don’t have branches and thus, they don’t have expenses associated with office management. They deliver loans more quickly and with lower rates.
- App-only lenders. It’s another category of street lenders but focused on app-based interactions. Unlike online-only firms (Robocash, Cashwagon, Asteria), app-only companies (Atome Credit and Tala) don’t support options for online loan applications or disbursements. Everything is performed within apps for smartphones and tablets.
If you want to find the best loan app Philippines without bank account, feel free to explore our listings. payday loans online with bad credit Montana We compare different lenders from various categories, including companies that have mobile apps only. However, a regular loan app without bank account in the Philippines is available for Android. Only Cashalo has a version for iOS.
Cash Loan Without Bank Account
Different financing companies tend to develop online interfaces where clients can apply for an easy loan no bank account needed. Also, they create apps for smartphones and/or tablets that act as mobile lending hubs. They help to apply, receive, and track loans. But what if you want to get funds offline in cash?
In this case, you will have several options. They may seem more unusual when compared to traditional or online lending options but they deliver quick cash loans without bank account as requested. You should be aware that cooperation with these lenders is riskier than with traditional banks. Still, they can also be suitable if they meet your demands. Keeping these things in mind, let’s look at the options:
- 5-6. Known as loan sharks, these companies target customers with the lowest credit rating. They ask for one ID only and offer short-term small loans. What’s important to note, they feature huge interest rates – thousands percent per year. Moreover, loan sharks use inappropriate methods to get their money back, i.e. threats and physical harm.
- Pawnshops. These companies “exchange” money for certain assets such as luxury items. Upon due date, you should return the borrowed money with an interest rate on top. This way, you can get the item back. Pawnshops accept various items, from gadgets to antiques, but they come with extra risks.