Loan without bank account Philippines

List of online loan lenders without bank account in the Philippines
 
I need 3000
+
-
1000
10000

Do you have a bank account?

Get A Loan Now

Compare Lenders that Don’t Require a Checking Account

Can I Really Get a Loan Without Bank Account?

A short answer is yes, you can. Today, many Filipino lenders do not require active bank accounts since they cater to the needs of unbanked customers. Different companies from small street lenders to large financing corporations deliver loans without bank account. Any citizen of a certain age can contact a lender, apply for a loan, and get approved if the requirements are met.

However, there are a few pitfalls. Quick cash loans with no bank account are less common when compared to traditional options. Thus, you can only get short-term offers with small sums. Moreover, lending companies usually check a borrower’s credit profile. Thus, applicants without bank statements are often required to submit more documents related to their income. Finally, such loans come either with collateral or with high interest rates.

So, let’s summarize. Definitely, you can get a loan without bank account Philippines. But you should be ready for the following limitations:

  • High fees and interest rates. They can go up to 700% APR or even more. Remember to deal with legit lenders only because loan sharks feature even higher rates.
  • Short repayment terms. They vary from a few days up to a few months but almost always don’t exceed one year. Still, you can ask for custom offers.
  • Small amounts. The average maximum amount is set around P25,000 while the minimum sum is P1,000. If you need more money, opt for banks.
  • Strict eligibility criteria. Since lenders want to get credit-worthiness proofs, they ask for different documents, e.g. payslips, ITR forms, utility bills, etc.
  • Collateral. This requirement is often listed by large companies. Cars, houses, luxury items can be used as collateral.

If you’re comfortable with these options, feel free to apply for cash loans with no bank account needed. Otherwise, consider opening one. It’s really simple today – a lot of banks support deposits that start from P100. Plus, they often don’t charge any maintenance service fees. You can find the ultimate list of banks that deliver loans on our site. Of course, you can also find no bank account loans in our lists, too.

Get A Loan Now

Why Do Lenders Require a Bank Account?

There are a few reasons why lending companies prefer customers with active accounts. Actually, even if a lender doesn’t feature this requirement, it will still check your banking history. This is a primary evaluation tool that financing companies use. Thus, even if you send a loan application without bank account, you will be checked. 

Talking about the exact reasons why lenders require you to have an account, there are several prominent points. Check them carefully so you can make an informed decision. 

  1. Analysis of your financial situation. As a rule, lenders check bank accounts to find out how much money a borrower has and whether he/she is able to repay the debt. Often, companies accept separate bank statements as an alternative to a bank account. But large financing groups will still require the info about your account apart from other proofs.
  2. Acknowledging your money management skills. Lenders are more likely to approve customers with bank accounts even if these customers don’t have a sufficient amount of funds. The thing is if you have an account, you’re believed to manage funds properly. Also, you have access to deposits and credits that can boost your rating.
  3. Quicker delivery of loans. While customers can apply for a loan online without a bank account, they will not be able to get funds instantly. That’s why lending firms prefer bank transfers – they’re simple and quick. Moreover, the majority of lending companies use ACH – a digital system that handles payments between bank accounts only.

And don’t forget about credit rating checks. 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.

Note also that online loans no bank account come with higher rates.

Get A Loan Now

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:

If you want to find the best loan app Philippines without bank account, feel free to explore our listings. 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.

Get A Loan Now

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:

Regardless of the chosen type of online loan without bank account, you should always cooperate with licensed companies or people that you trust. As for the company’s legal status, feel free to check the SEC’s lists. Also, you can find legit offers on our site. Remember that we care about your safety so the listed loans and companies are tested by many borrowers. Good luck in finding the most suitable online loan Philippines without bank account!

Get A Loan Now