Quick Cash Loan Without Collateral: The Benefits of Unsecured Loans

When urgently needing money, many turn to banks for fair loan terms. However, if you need a small pre-salary amount without collateral, banks might not be the best option. In the Philippines, there are lending companies offering non-collateral loans, which are gaining popularity. No collateral loans, also known as unsecured loans, are financial offerings that don’t require any assets as a guarantee.

Let’s explore where and under what conditions one can secure a no-collateral loan in the Philippines, and identify the eligible candidates for it.

What is a Personal loan without Сollateral?

When faced with financial challenges, many Filipinos turn to non collateral loan as a solution, also known as unsecured loans. Unlike secured loans, which require collateral like a house or car, unsecured loans are based solely on the borrower’s creditworthiness.

Unsecured loans are financial instruments that don’t necessitate assets such as a car or house as collateral. While some can amount to as much as ₱1 million with repayment periods ranging from one to three years, there are also payday loans  under this category, which typically have much shorter repayment durations.

What types of non Collateral loans are Available?

Non collateral loans come in various forms, each designed to meet specific financial needs:

• Personal Loans: These are general-purpose loans that borrowers can use for any legitimate purpose, such as consolidating debt, funding vacations, or covering unexpected expenses.
• Credit Cards: Credit cards stand out as a predominant form of unsecured loans available to consumers. When applying for a credit card, lenders primarily assess an individual’s credit score and household income to gauge their capability to manage monthly repayments. Unlike their secured counterparts, which often necessitate a cash deposit during the application phase, unsecured credit cards typically offer more favorable interest rates.
• Student Loans: These are loans designed to help students pay for post-secondary education and associated fees, such as tuition, books, and living expenses.
• Payday Loans: Short-term, high-interest loans meant to be repaid by the borrower’s next payday. They are typically used for emergency expenses.

 

Features of the No Сollateral loan: Comparing Secured and Unsecured Loans

Secured Loans	Unsecured Loans
Require collateral (e.g., car, house)	No collateral required
Typically have lower interest rates	Generally have higher interest rates due to increased risk
Loan amount is often determined by the value of collateral	Loan amount is based on creditworthiness and income
Defaulting may result in loss of the collateral	Defaulting affects credit score but no asset loss
Suitable for larger loan amounts	Ideal for smaller, short-term financial needs
Approval process might be longer due to asset evaluation	Quicker approval process as no asset valuation is needed
Often available to those with a lower credit score	Good credit score is typically essential for approval

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Where to Get a Quick cash loan without Collateral?

There are many financial institutions that are willing to provide you with a quick loan.They can be banks, pawnshops or online loan companies. However, banks most often take a few days to review your application, so a bank loan cannot be called a quick one.

In order to get a loan from a pawnshop, you need a collateral, a valuable property that serves as a guarantee of repayment. The easiest and most convenient way to get a quick loan without collateral in the Philippines is online loan companies.

Digido is rapidly gaining popularity in the Philippines thanks to the loyal requirements and the simplicity of use. This lending company Philippines without collateral does not require collateral and provides fast loans on favorable terms.

Benefits of Digido Non-Collateral loans

✅ Easy and Favorable Conditions
No guarantors or collateral required. Your credit history isn’t a barrier.
The processing time averages between 10-30 minutes, ensuring swift results.

✅ Minimal Documentation
Only a single government-issued document is needed [1], simplifying the application process.

✅ Convenient Online Application
Apply from the comfort of your home, avoiding the hassle of physical visits.
The streamlined loan process enables borrowers to receive funds directly to their card, e-wallet, or remittance center.

✅ Low Interest rate

The interest rate depends on the amount you want to borrow and the loan duration. No other charges will be applied if you pay in time. For first-time borrowers, no interest is charged on the loan – you can borrow up to 10.00 with 0% interst rate.

✅ Legality

Digido is a fully legal company, it has SEC Registration No.: 202003056, and Certificate of Authority No. 1272. This ensures that all their lending practices are above board and compliant with local regulations.

Calculate your loan cost and click ‘Apply Now’ to get started!

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How can I Get a No Collateral loan in the Philippines?

At Digido, obtaining a no-collateral loan is made accessible and straightforward. Those eligible to apply include individuals aged between 21 to 70 years, employed professionals, and Filipino residents. The entire process is conducted online, ensuring convenience and efficiency. 

You only need one government-issued ID to apply – that’s it!

Thus, each filipino can take a quick cash loan without collateral right at the workplace, at home, at a lecture or in a car – in any place where there is access to the network.

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How can I get a non-collateral loan in the Philippines?

Digido issues non collateral loan Philippines ranging from 1,000 to 25,000 PHP. First borrowers can borrow up to a maximum of 10,000 PHP. When you re-apply the credit limit is increased, but only on condition of timely repayment of the first debt.

Waiting for a decision on the request of credit funds will be up to 10 minutes. During this time Digido will check all the claimed data, consider the credit history. A quick cash loan without collateral can be obtained even by a client with credit history errors. The percentage of approved applications reaches 90%.

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