Housewives are real-life role models who manage to do housekeeping, maintain a family budget and find ways to fill financial gaps in the case of extra expenses. These women are educated, clever, ambitious and bursting with ideas on how to start a business. But, even a small business requires initial capital.
Money loans are a solution to many issues related to financing. Institutions like banks set numerous requirements for an applicant to meet and tons of documents to provide. Essentially, the banks need to ensure that the borrower is capable of repaying the credit loan amount. The best proof of the borrower’s creditworthiness for financial institutions is employment, which guarantees a permanent monthly salary.
Housewives fall under the category of the unemployed population in the Philippines, which is 5.4 percent as of July 2019. What should they do?
Fortunately, the online lending marketplace has facilitated the process of microfinancing and now offers instant loan opportunities to everyone. Personal loan lenders lower the barrier to entry by imposing less stringent requirements. Students, housewives, and temporarily unemployed Filipinos now have an opportunity to improve financial health thanks to loans.
Some personal loan companies will ask you to provide an income certificate to be sure you are able to pay by stated installments. The fact that you are unemployed doesn’t imply that you can’t be qualified for a loan. There are a number of online lenders that care about customers and help them choose the best loans to satisfy their needs. The following loan opportunities are accessible to the Philippine citizens who live on a stringent budget and can’t provide any employment proof.
P2P lending platform Robocash has the status of a reliable and fast credit institution in the Philippines. They have made their loan products accessible to borrowers of all categories.
All that an applicant is required to provide is just one valid ID. The borrower can expect better personal loan interest rates if they additionally provide any supporting documents: COE, payslip, company ID, ITR, or DTI. But they are not obligatory for obtaining loan proceeds. As there is no need for collateral and various types of documents, the processing of small loans takes a few minutes.
The loan conditions are the same for both employed and unemployed clients. Thus, housewives can be credited with necessary funds as easily as the worker with a permanent salary.
First-time borrowers can get a 30-day loan in the amount of up to 10,000 PHP for various personal purposes and needs. Regular clients can be provided with a larger amount of up to 25,000 PHP.
The interest rate is calculated individually because it depends on various factors and the particular financial state of each customer. After filling in the form and indicating the details, the platform will show you the amount of your loan rate. On average, Robocash charges 2.18%. Considering that this unsecured personal loan requires only 1 ID for approval, the charges are acceptable.
If your loan amount is 5,000 PHP with a 2.18% interest rate applied, the amount you need to return in 30 days would be 8,270 PHP. If you repay the loan within 90 days, which is one of the available terms, your amount would be 14,810 PHP.
See also: Robocash loan Review
This is a leading loan provider that helps to cover financial emergencies in a quick and efficient manner. The list of required documents is reduced to a minimum and consists of 1 valid ID to facilitate the application process. Although the employment isn’t obligatory to be qualified for a loan, the applicant will be asked to provide a proof of steady income. One of the benefits is the possibility to get loan proceeds into the bank account within 24-48 hours.
Based on your money needs and financial capacities you can apply for a fast loan from 2,000 PHP up to 10,000 PHP. These amount limits are applied to new customers. Loyal clients can be qualified for the credit in the amount of 20,000 PHP and special conditions. The loan terms range from 1 week to 30 days.
Regardless of employment, the platform charges a 1% interest rate per day. Their calculator enables you to find out the exact total amount you should repay including the interest rate plus a processing fee.
Let’s calculate what would be the actual repayment amount if you take the fast loan of 10,000 PHP at Online-loans.ph. With a fixed 1% daily interest commission, a 10-day loan will cost 11,000 PHP, a 20-day loan — 12,000 PHP, and a loan for 30-days will be 13,000 PHP. The processing fee is minuscule. Nevertheless, it adds something about 100 PHP.
See also: Online Loans Pilipinas Review
Cashwagon is a perfect solution for borrowers who seek to get easy loans with agreeable conditions. This platform provides for quick loans along with smooth and instant money transactions into your bank account once the application is approved. Among the documents required by this credit institution are 1 valid ID and a document confirming your steady income.
If you haven’t used the Cashwagon services yet, you can take advantage of their bonus offer for new clients. 0% interest rate for the first 10 days of a loan. The applicant can borrow the amount of 2,000-7,000 PHP for free if they manage to pay it off within 10 days. The maximum payoff period is 30 days, but in this case, a standard interest commission will be charged.
Note also that the processing and service fee is imposed by the platform. The amount will be reflected in the loan statement. You will see the fee rates after your loan application form is processed and approved.
Regular clients benefit from special interest rates and loan conditions. The amount of the credit increases to 20,000 PHP and the repayment term extends to 6 months.
See also: Cashwagon Review
Personal loans online are secure options available to the unemployed Filipinos. The benefit of this loan type is that you are free to choose the repayment period you are most comfortable with. The built-in calculator on lending sites enables you to see how much you will repay if you clear the credit within 10 days and 20 days to see the difference. This helps you decide on the best personal loans for your particular needs.
But if your credit score is poor and your savings are limited, there is a solution even for such life circumstances — payday loans.
This is a short-term loan issued for no more than 1-2 weeks and designed for people who need cash immediately. The process is carried out in a matter of several minutes, especially if you apply online. Payday lenders check your income and verify the bank account. After the approval, money is instantly transferred to your bank account.
Unlike traditional lenders, payday lending services don’t focus on your credit history. Then how do they work? The lenders will require you to post-date a personal check on the loan amount with the interest commissions included. This is the lender’s proof that you will pay back on time. The lender holds the post-dated check until the payday. The borrower can then clear the loan by paying with cash or allowing the check to be deposited into the lender’s account. Payday loans come with high-interest rates.
Payday loans are supported by some online companies operating in the Philippines: Express Cash, Cashmart, Cashwagon, and Cashcat, to name a few.
No matter whether you are a housewife or a person who is in search of a new job, Cashcat analyzes your data and determines the offers that fit your needs. No matter whether you have a small income or a poor credit history, the offers generated by the platform will most likely match your demands. The online service allows housewives to fulfill their ambitions and wishes easily providing them with fast loans.