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Loans For Unemployed in the Philippines
Why do People Take Emergency Loans?
Usually, people take emergency loans when the out of the pocket expenses exceed their regular savings. For instance, if you had to spend a substantial amount on your pet dogâs treatment, your financial reserves for credit card payments will become inadequate, at least for the month. Similarly, purchasing an expensive product that you have earmarked for offer periods or an additional payment of taxes, etc. can topple your financial plans for the month.
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Advantages of quick emergency loan
Now, let us take a look at the advantages of applying for an emergency loan.
Quick and convenient. Emergency loan in the Philippines is fast and easy. You no longer have to stand in line to apply. You also do not need a lot of paperwork. You do not have to go through an interview with a bank manager. You can complete the entire loan application procedure online.
Available to any Filipino. An emergency loan is offered to all Filipinos who meet the requirements. You just have to be at least 21 years old, or maximum of 70 years old. Such age requirements are in Digido, but there may be other requirements in other companies. You just need to provide a valid government ID plus a proof of your income.
You can spend it on any purpose. Microfinance company is not going to ask you what the purpose of your loan is, unlike banks in the Philippines that ask too many questions. All you need to do is to apply for a loan and when you get approved, you will receive cash in your bank account.
As you can see, it is rare to see a company that offers loans with such ease. You no longer have to worry about your credit score or rating. You do not even have to put up a collateral to be able to apply for a loan.
Requirements for fast emergency loan
To be able to apply for a loan from Digido or another microfinance company, you need to prepare the following documents:
1. Proof of citizenship â this can be a birth certificate or an identification card. You must reside in the Philippines and have a fixed address in a city in the Philippines. You need to be able to prove that you are between 21 and 70 years of age, and that you are a Filipino. Other companies may have different age requirements, but you will find it difficult to obtain a loan anyway if you are under 20 or over 70.
2. You must have an active mobile phone. This is how the company is going to contact you in the future. Your mobile phone is where you will receive your loan details.
3. Registration on the credit company website. You must register on the website for an account. You cannot send them an email to apply for a loan. All transactions will be processed via the website. This is also how you will pay your loan – via the website.
4. Proof of income. You can show a valid proof of income such as Certificate of Employment, your ITR or tax records, or DTI registration. This is not required, but it will increase your chances of a quick loan approval. You will only do this once. If you are a second-time loaner, you no longer need to do this anymore.
See? It is so simple. All the requirements are things that you already have. If you go to a bank, you will have to stand in line, fill out the form, and then wait for a week or so. They may even ask you for other documents, such as ownership of land or car, as this may be used as a collateral.
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Multi-Purpose Loans in the Philippines
GSIS Emergency Loan
The Government Services Insurance Scheme or GSIS has now started to issue emergency loans to its members. Because they pay dues to GSIS, they can count on help in an emergency. However, this type of loan is only applicable in the event of a natural disaster.
So, what are the requirements of GSIS for an emergency loan?
- You must be a government employee at the time of the loan.
- Â You must have all GSIS contributions paid in full.
- You must not have any other open loans with GSIS.
- You must be working or living in a declared disaster area.
You can borrow between 20,000 and 40,000 pesos for 36 months, with repayment conditions in equal instalments.
Also from March 2020, GSIS offers COVID-19 emergency loans for those affected by the pandemic.
To apply for a GSIS emergency loan, follow the steps below:
- Log on to the GSIS website;
- Fill in the application form;
- Enclose copies of your documents;
- Go to one of GSIS branches and submit our application form and documents;
- Wait for further instructions from the GSIS office.
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Emergency cash loans for the unemployed
Now, all people will come across a point in their lives where they need extra money. (2) In this case, they need to apply for a loan to get by their situation.
But what if you are unemployed?
Unfortunately, the Digido company does not offer loans to the unemployed. This is understandable, as they need to ensure that the person who borrows money has the capacity to pay. If you need emergency loans with no job, you have to go to the bank. If you are a freelancer or a call center employee, you can also file a loan. You are still considered as employed, and you can present your proof of income.
However, there are other companies in the Philippines that provide loans even to the unemployed. But be careful, because these loans usually charge very high interest. We advise you to find a stable income and then apply for a loan from a more profitable firm.
Borrow money fast for emergency needs with Digido!
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Fast Loans With Bad Credit Score
Where to get an emergency loan for unemployed
For people who are going to borrow money and do not have a job, there are several ways to get a loan.
- One of the most common ways to borrow cash is to borrow from friends and family. Usually your relatives will not charge you interest and will not rush you into repayment. However, if you don’t pay back or are late in repaying, your relationship will be ruined forever.
- It is possible to get a loan from a lending company. These are organisations that offer online loan without valid ID, payday loans and quick easy loans for the unemployed. Most of these private lenders require you to be at least 18 years old, have valid identification documents, a phone number and, of course, be a Filipino citizen. However, those with an official job are more likely to get a loan.
- You can go to a pawnshop. Getting a loan from a pawnshop is easy as you will not need to show a work-related document. You also don’t have to worry about providing your credit history. All you really need is valuable collateral. It’s convenient, but you will lose your possessions if you don’t pay your debt.
How to get loan approval for unemployed
The main rule for a successful loan is that the information about the borrower is correct and complete. Even if you have no official income, you have a chance. Put as much truthful information about yourself as you can in the application form – active bank accounts, phone numbers, describe all your unofficial income. If the lender doesn’t have to look up your customer details, they will check them quicker. Moreover, the financial institution will have more confidence in a Filipino who is looking for work and receiving unemployment benefits. If you already have loans, pay them off before requesting a new loan. Also, assess your options, maybe you should choose a smaller amount and a longer loan term. This will increase your chances of being approved.
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FAQ
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Are Online Loans Legit?
Yes, many companies in the Philippines issue loans legally and have a registration number in the government registry.
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How can I avail GSIS emergency loan 2020?
Participants who are eligible for the GSIS emergency loan program can apply using their e-card or UMID card.
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Where can I get emergency money?
You can choose one of the government programs or turn to lending companies, such as Digido.
Disclaimer and Editorâs note
Disclaimer: This article was written based on information available to the writer at the time of publication and the article was published for promotional, reference, and educational purposes only. Nothing in the articles published in the website is intended to constitute legal or financial advice and users are advised to seek counsel from legal and financial professionals.
Likewise, rates or offers published in the websites are promotional marketing offers only and do not constitute any binding contract between the Corporation and the website users.While the writers and publishers of the articles in the website wrote the articles using credible information available to them at the time of publication, any changes or updates to the information presented in this article may not be reflected here.
Hence, users are enjoined to exercise appropriate diligence in using the data and information published in the website, and they are urged to study and compare it with other credible sources. Users understand that the writers, publisher, website owner and the Corporation are not liable for any damage or injury they sustained for their wrongful or erroneous use of the data or information written in the article and published in the website.
Note: The information presented in the tables is subject to change and borrowers are advised to contact their chosen bank/financial entity directly for the updated information.
Authors
Digido Financial Writers Team is a team of experts in the field of finance and credit, specializing in writing articles for Digido blogs.
Anna is a marketing communications professional who specializes in digital marketing strategies and long-form content.
Digido Reviews
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Janrose
Very considerate, they will give you enough time to settle or renew your loan with minimum interest.
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Arnold
It was a very good transaction, fast disbursement and no interest for first time loan. Thank you Digido!
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Noel
Fast approval and cash disbursement. They have considerations. They are very professional and without any harrassment in reminding payment unlike other loaning app. Recommendable site!đ
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Jose Maria
As a repeat borrower with Digido, I can attest to the consistency and reliability of their services. Whenever I'm in need of an emergency loan, I know I can count on Digido to provide fast approval and increase my loan amount. I highly recommend their services to anyone in need of quick financial support.
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Erik
Digido is very efficient. The approval is quick as long as you accomplish the requirement. I am totally satisfied, thank you Digido for the prompt assistance.
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Andres
When the banks turned me down, Digido offered an emergency loan, which I needed to get me through a difficult period. The platform is very user-friendly and I was able to apply from the comfort of my home using my smartphone. I was amazed at how quick and easy the application process was! I am sure I will be applying here again!
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Marie
It's my first time. It took just about 5 minutes and I was approved in an instant. Very helpful.
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Antonio
When I found myself in a tight spot financially, Digido was there to provide the emergency cash loan. The process was straightforward and quick, allowing me to receive funds directly to my bank account within 10 minutes. Good, fast service!
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