Loan No Requirements Philippines – Things You Should Know
It’s a bitter fact of life that we all have to opt for a loan some or the other time. However, not everyone has collateral needed for a loan. For example, if someone is living in a rented house and using a public transport i.e. he has no car, how can he provide a house or car as collateral?
However, people living in the Philippines are fortunate in this matter as they can get no requirement loan i.e. they don’t have to produce any collateral for the loan. In the Philippines, this type of loan is known as ‘Nagpapautang’. If you want to opt for the no requirement loan, visit https://5starsloans.com/Loan-no-requirements-philippines.
No Requirement Loan Philippines
No requirement loan Philippines has little to no restriction and most of the times, it can be used for whatever purpose. But since, there is no collateral provided, the interest rate is a bit higher. Especially as compared to the rates of other conventional loans, they are much higher.
A good point about this type of loan is that it’s approved in a short while, sometimes even within 24 hours; therefore it’s often called “quick cash”.
Documents Required for No Requirement Loan
Although no collateral is required for the no requirement loan in the Philippines, a set of certain documents will be required just to prove whether you’ll actually be able to repay the loan or not. Often, the following types of documents will be needed:
- Identification document issued by the government
- Identification document received from your company, if you are employed
- Your most recent pay slip if you are employed
- A permit issued by the mayor, if you are self-employed
- If you’re self-employed, a recent bank statement that can prove your income
- Two utility bills as an evidence of your address
However, you should keep in mind that every lender is different; so, while one lender may ask for fewer documents than the above, some other may ask for more.
Also, you should carefully read the terms and conditions of the lender before submitting your documents.
A quick cash loan that requires no collateral cuts down many formalities that often come in your way when you opt for a bank loan. However, there are some other requirements that you should meet. Here they are:
- Citizenship of the Philippines
- Age between 18 and 65 years
- Stable income source which can enable you to make the monthly payments
- Confirmation that you’ve had a permanent workplace for the past 6 months
So, are you ready to get a no requirement loan in the Philippines?