<p>hen you want to save money, a savings account is the most convenient, safe, and essential way to safeguard your finances. And while saving your money, you also have to choose the best way to grow your savings while they’re parked in the bank.</p>
<p>Some Filipinos are quite intimidated by the idea of banks. While some still opt to drop their coins in wooden coin banks, others choose to “invest” in overpromising ventures such as paluwagan, 5-6, etc. And while they solve the problem right away, the risk of losing your hard earned money is higher in these ventures.</p>
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<p>Although banks have their downsides as well, they’re still more secure than saving your money elsewhere. Choosing the best among all your options can make a huge difference in how you make your money grow while also keeping it safe.</p>
<p>And with banks increasing their maintaining balances left and right, it can be quite stressful to learn that the money you saved only went to paying penalties.</p>
<p>So we created this list to make your lives easier!</p>
<h2 id="what-is-the-best-bank-for-savings-account-in-the-philippines-for-2022">What is the best bank for savings account in the Philippines for 2022?</h2>
<p>All the banks in this list are subject to 20% withholding taxes on the interests earned and insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000.</p>
<p>Some banks were eliminated from this list because</p>
<ul>
<li>initial deposit or maintaining balance is too high,</li>
<li>minimum balance to earn interest is too high, and lastly</li>
<li>interest rate may be lower or the same with other banks who offer interest rates at lower minimum balance to earn interest.</li>
</ul>
<h3 id="cimb-bank-ph">CIMB Bank PH</h3>
<p><em>Why we love it:</em></p>
<p>CIMB has the highest interest rate among all available banks with 2.5% to 4% interest rate. CIMB Philippines provides an all-digital banking experience: from applications, to deposits, and withdrawals. With 0 initial deposit and 0 maintaining balance, it would not be difficult for first time savers to set up an account. The application process is easy, even more so if you already have a GCash account.</p>
<p><img src="https://unacash.com.ph/uploads/CIMB_1_3_49ed5c7b75.jpg" alt="CIMB_1_3.jpg"></p>
<p>You can cash-in through Bayad Center or 7-11 and withdraw your funds anytime through any Bayad Center near you.</p>
<p>You can also get a FREE life insurance of up to ₱250,000.00 when you maintain a daily balance of ₱5,000.00.
Download the app or apply on their <a href="https://www.cimbbank.com.ph/en/digital-banking/savings-accounts-and-loans/upsave.html" rel="nofollow" target="_blank">website</a>.</p>
<h3 id="bank-of-commerce">Bank of Commerce</h3>
<p><em>What we love about it:</em></p>
<p>With just ₱500.00, you can already apply and maintain a Bank of Commerce Saving Account with an ATM card. They have branches and ATMs nationwide. To earn 0.125% interest rate, the minimum amount in your account should be ₱5,000.00.</p>
<p><img src="https://unacash.com.ph/uploads/Bank_Com_1_5_e5d430ab79.jpg" alt="Bank_Com_1_5.jpg"></p>
<p>Visit their <a href="https://www.bankcom.com.ph/rates-and-fees/" rel="nofollow" target="_blank">website</a> for more information.</p>
<h3 id="banco-de-oro-bdo">Banco de Oro (BDO)</h3>
<p><em>Why we love it:</em></p>
<p>They. Are. Everywhere.
Wherever there’s an SM Mall, you can be assured that there is one or more BDOs there. If there isn’t an SM Mall, there’s still a BDO branch nestled somewhere along the street. It makes their branches more accessible to customers and it is convenient to drop by before or after shopping.</p>
<p><img src="https://unacash.com.ph/uploads/BDO_2_6_d4200d1f7a.jpg" alt="BDO_2_6.jpg"></p>
<p>Balance wise, BDOs offers the average 0.125% interest rate for ₱5,000.00 minimum balance. And you only need ₱2,000.00 for initial deposit and maintaining balance. They also have full service branches in Singapore and Hong Kong.
BDO’s online and mobile banking services can also be quite inconsistent.</p>
<h3 id="bank-of-the-philippine-islands-bpi">Bank of the Philippine Islands (BPI)</h3>
<p><em>Why we love it:</em></p>
<p>With only ₱5,000.00, your savings can already earn up to 0.125% interest rate and opening a savings account is not that difficult either. With ₱3,000.00 initial deposit and maintaining balance, you can already proceed with your application and start saving.</p>
<p>BPI Savings Account can also be easily linked to GCash with no transaction fees. Just make sure that your BPI account is linked to your GCash account for FREE cash-in transactions. Learn more <a href="https://help.gcash.com/hc/en-us/articles/360017898153-How-to-Cash-In-via-BPI" rel="nofollow" target="_blank">here</a>.</p>
<p><img src="https://unacash.com.ph/uploads/BPI_1_7_dbc9e3967d.jpg" alt="BPI_1_7.jpg"></p>
<p>And have we mentioned that, similar to BDO, there are BPI Savings Banks almost everywhere. So, it’s not that difficult to physically go to their branch and fill in your application. They also took steps to ensure 24/7 banking by installing deposit machines with their ATMs.</p>
<h3 id="east-west-bank">East West Bank</h3>
<p><em>Why we love it:</em></p>
<p>East West Bank offers one of the lowest initial deposits and maintaining balance in this list. You can open a Savings Account with only ₱2,000.00 initial deposit and maintaining balance. It also has a high interest rate of 0.25% compared to the 0.125% interest rate from other major banks in this list.</p>
<p><img src="https://unacash.com.ph/uploads/East_West_Bank_8_623f82606c.jpg" alt="East_West_Bank_8.jpg"></p>
<h3 id="united-coconut-planters-bank-ucpb">United Coconut Planters Bank (UCPB)</h3>
<p><em>Why we love it:</em></p>
<p>Similar to East West Bank, you can open an account with an initial deposit and maintaining balance of ₱2,000.00 at UCPB. And it would be easier to get a home or car loan with UCPB when you have an existing Savings Account with them (of course, it would still depend on your savings and credit record, but it’s generally easier with UCPB than other major banks from this list).</p>
<p><img src="https://unacash.com.ph/uploads/ucpb_1_9_221551d977.jpg" alt="ucpb_1_9.jpg"></p>
<h3 id="metropolitan-bank-metrobank">Metropolitan Bank (Metrobank)</h3>
<p><em>Why we love it:</em></p>
<p>They have a bunch of branches, almost as many as BPI and BDO. You can also open, maintain a Metrobank Savings account, and earn 0.125% interest rate with just ₱2,000.00</p>
<p><img src="https://unacash.com.ph/uploads/BDO_1_10_9c1405fc8b.jpg" alt="BDO_1_10.jpg"></p>
<h3 id="philippine-national-bank-pnb">Philippine National Bank (PNB)</h3>
<p><em>Why we love it:</em></p>
<p>You don’t have to queue for a long time since there aren’t a lot of customers on a normal day. You can open an account with an initial deposit and maintaining balance of ₱3,000.00 with 0.100% interest rate.</p>
<p><img src="https://unacash.com.ph/uploads/PNB_1_11_8333c5d3b3.jpg" alt="PNB_1_11.jpg"></p>
<p>PNB has generally good reviews as well, especially when it comes to OFW remittances, customer service, and loan applications.</p>
<h2 id="best-savings-account-in-the-philippines">Best savings account in the Philippines</h2>
<table>
    <tr>
        <th>Bank</th>
        <th>Reason we picked it</th>
        <th>Minimum Initial Deposit</th>
        <th>Maintaining Balance</th>
        <th>Minimum Balance to earn interest</th>
        <th>Interest Rate per annum</th>
    </tr>
    <tr>
        <td>CIMB</td>
        <td>Has high interest, easy application with GCash, no initial deposit and maintaining balance</td>
        <td>0</td>
        <td>0</td>
        <td>0</td>
        <td>2.5% to 4%</td>
    </tr>
    <tr>
        <td>Bank of Commerce</td>
        <td>Low initial deposit and maintaining balance and low minimum balance to earn interest</td>
        <td>500</td>
        <td>500</td>
        <td>5,000</td>
        <td>0.125%</td>
    </tr>
    <tr>
        <td>BDO</td>
        <td>More than 1000 branches and ATMs nationwide, low min. balance to earn interest</td>
        <td>2,000</td>
        <td>2,000</td>
        <td>5,000</td>
        <td>0.125%</td>
    </tr>
    <tr>
        <td>BPI</td>
        <td>More than 900 branches and ATMs nationwide, low min. balance to earn interest</td>
        <td>3,000</td>
        <td>3,000</td>
        <td>5,000</td>
        <td>0.125%</td>
    </tr>
    <tr>
        <td>UCPB</td>
        <td>Low maintaining balance and initial deposit, higher interest rate compared to others in this list</td>
        <td>UCPN 2,000</td>
        <td>2,000</td>
        <td>10,000</td>
        <td>0.25%</td>
    </tr>
    <tr>
        <td>Metrobank</td>
        <td>Low maintaining balance and initial deposit</td>
        <td>2,000</td>
        <td>2,000</td>
        <td>10,000</td>
        <td>0.125%</td>
    </tr>
    <tr>
        <td>PNB</td>
        <td>Relatively low maintaining balance</td>
        <td>3,000</td>
        <td>3,000</td>
        <td>10,000</td>
        <td>0.100%</td>
    </tr>
</table>

<h2 id="frequently-asked-questions-about-saving-accounts-in-philippines">Frequently Asked Questions about Saving Accounts in Philippines:</h2>
<p><strong>1. What is a Savings Account?</strong></p>
<p>A savings account is an interest-bearing account in any bank or financial institutions where you can deposit money. These accounts are safe and reliable to “park” your money, while also increasing its amount through interests.</p>
<p><strong>2. Are online banks safe?</strong></p>
<p>Online banks are generally safe, as they implement safety protocols to safeguard your money, information, and transactions.</p>
<p>However, you also have to be vigilant in keeping your accounts safe. Do not disclose your PINs with anyone, do not share your online banking passwords or save them in your browsers, and report any suspicious activity to your bank.</p>
<p><strong>3. Why should you get a Savings Account?</strong></p>
<p>Aside from the fact that banks basically keep your money safe, having a Savings Account helps you keep your money insured (through PDIC). And your money is not just passively stored in the bank; it grows your money through savings account interest rates. Depending on the bank, your savings can grow from 0.125% to 4% per year.</p>
<p><strong>4. I already have a payroll account from this bank, should I still get a Savings Account?</strong></p>
<p>Although payroll accounts give you the convenience of having no maintaining balance, a payroll account is only good as long as you are connected with the company who issued the account. Once you separate from that company, the payroll account would either convert to a regular savings account automatically or would simply close (sometimes due to insufficient funds to maintain the account).</p>
<p>Not to mention the fact that payroll accounts do not earn interest.</p>
<p>Having a savings account or not is solely your decision, but having a savings account in at least one bank lets you avoid complications later on.</p>
<p><strong>5. Can I have more than one Savings Account?</strong></p>
<p>Yes, definitely. And banks offer different types of savings accounts as well. There are banks who offer a Savings+Checking account in one, while others have lower maintaining balance and interest rates.</p>
<p><strong>6. What makes a GOOD Savings Account?</strong></p>
<p>A good savings account should have high interest rates, relatively low minimum balance to earn that interest, and a low to average maintaining balance.</p>
<h3 id="key-terms-to-know">KEY TERMS TO KNOW</h3>
<p>Interest rate determines how much your money grows while you keep it in deposit. Think of it as the bank pays you a percentage of your savings to keep the money in the bank.</p>
<p>Compound interest is an interest that you earn from your existing interest each. For example, you have a balance of ₱10,000.00 in your savings account with an interest rate of .25%, which means your savings account earns around ₱25.00 per month or per annum (depending on the bank). When you add around ₱5,000.00 every month to your savings for 10 years, you would have earned roughly ₱618,565.02 on top of your ₱610,000.00 savings.</p>
<p>That is if you continuously save your money and you don’t touch it for the rest of the 10 years.</p>
<p>Maintaining Balance is one of the most misunderstood concepts of basically any type of accounts in banks. It is the minimum amount you have to keep in your account to keep it or to “maintain” it in the bank. You have to make sure that your monthly (or daily for some banks) do not fall below this.</p>
<p>Minimum Balance to Earn Interest is the minimum amount you need in your account for it to start earning interest from the bank. This varies for each bank, so you have to check which one offers the lowest minimum balance to earn interest.</p>
<p>If your bank requires at least ₱10,000, you can only earn the interest after your account has accumulated ₱10,000. If your balance falls even ₱1.00 below the minimum, you will stop earning interest and will only start earning again if the balance increases to ₱10,000.</p>
<p>ADB or Average Daily Balance is almost the same as the maintaining balance of other banks; it’s main difference is based on your daily average for an entire month. For example, your bank’s ADB is ₱2,000.00. This doesn’t mean that you have to keep ₱2,000.00 in your account every month. It only means that the average amount in your account for the whole month is ₱2,000.00.</p>
<p>A 20% Withholding tax is required by the Bureau of Internal Revenue from any interest earned from a peso bank account.</p>
<p>So, depending on your needs and financial situation, there is no one bank that fits all. Others even suggest that you have one savings account in different banks, depending on what your savings goal is.</p>
<p>Need to shop for essentials but don’t want to touch your savings? We got you! <a href="https://unacash.com.ph/">UnaCash</a> offers hassle-free Lazada loans with affordable bi-monthly installment plans that fit your budget.</p>
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When you start thinking about saving money, searching for the right bank is the next step. We listed the do’s, the don’ts, the what’s, and the how’s to help you find the most suitable bank for your savings needs.


Best Savings Account in the Philippines 2022 - Banks and Interest Rates

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Best Banks to Open Savings Account in the Philippines 2022

<p>Online shopping platforms like Lazada and Shopee aim to make your online shopping experience better and have been butting heads to offer better deals than the other. They began offering “<a href="https://unacash.com.ph/">Buy Now, Pay Later</a>” schemes to help customers purchase items without the burden of paying the amount all at once. But which one is better?</p>
<p>Here’s a breakdown of online shopping loans for both platforms, from application process to loan payments so you can gauge what platform best suits your online shopping needs.</p>
<h2 id="lazada-paylater-vs-shopee-paylater---how-and-where-to-use">Lazada Paylater vs Shopee Paylater - How and where to use</h2>
<p><img src="https://unacash.com.ph/uploads/Lazada_vs_shopee1_fc4fa856a0.jpg" alt="Lazada_vs_shopee1.jpg"></p>
<p>Shopee’s SPayLater gives you loan credits for your Shopee purchases, with payment terms of up to 3 months. However, not all merchants in Shopee accept SPayLater, so make sure that the merchant you’re buying from accepts SPayLater before checking out your items.</p>
<p>Lazada loans, on the other hand, are not provided by Lazada itself. Instead, Lazada collaborates with various fintech (financial technology) companies who provide Lazada loans. Some of these loan partners give loans in the form of Lazada credits while others allow you to cash out a portion of the total loan amount. You can use your credits to purchase from any store in Lazada.</p>
<h2 id="partners">Partners</h2>
<p>Shopee partners with merchants who would accept SPayLater as a mode of payment, while Lazada has a total of 7 partners who provide online shopping loans such as <a href="https://unacash.com.ph/creditline/merchants/electronics/lazada">UnaCash</a>.</p>
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<h2 id="application-process">Application process</h2>
<p>How to pay SPayLater? To use Shopee’s SPayLater, you need to be pre-qualified before application. You can pre-qualify if your monthly purchase in Shopee is more than ₱2,000 or you have 10 to 25 completed purchases in the last 6 months. Once you qualify, you need to activate SPayLater by submitting a photo of your government ID, a selfie, and completing the application form. Your application will be under review for the next 24 hours. Once your SPayLater has been approved and activated, you will receive a notification that your SPayLater account has been activated and you are eligible to loan XX amount.</p>
<p>For the step-by-step activation process, read their instructions <a href="https://help.shopee.ph/s/article/How-to-activate-SPayLater" rel="nofollow" target="_blank">here</a>.</p>
<p>Anyone can apply for a Lazada loan through their accredited loan partners. Requirements can vary from one Lazada loan partner to another, but commonly required documents are 1 valid ID and proof of billing. You will then submit the required documents and fill out the application form in the partner application portal or app.</p>
<p>Check out <a href="https://pages.lazada.com.ph/wow/i/ph/PHCampaign/lazada-loan?hybrid=1" rel="nofollow" target="_blank">Lazada loan partners page</a> to learn more about each partner’s application process. Since some of these partner loans are in the form of Lazada credits, you have to make sure that you have an activated Lazada wallet.</p>
<p>If you’re not sure if your Lazada wallet is already activated, you may check the process <a href="https://www.lazada.com.ph/helpcenter/how-to-activate-my-lazada-wallet-account-5314.html" rel="nofollow" target="_blank">here</a>.</p>
<h2 id="interest-rate">Interest rate</h2>
<p>Shopee’s SPayLater has 1% interest rate per transaction.</p>
<p>For Lazada loans, interest rates vary from one partner to another from 0% (on special occasions) to 8% interest rate. So be sure to check the interest rate before you apply.</p>
<h2 id="repayment-schemes">Repayment schemes</h2>
<p>Loan providers ensure convenience in paying your loans by providing various payment options.</p>
<p>Paying your Lazada loans can vary, depending on the loan provider. For example, UnaCash has various payment options such as payments through GCash, partner banks, M Lhuiller, 7-11 and more.</p>
<p>For Shopee’s SPayLater, you may pay your monthly dues through Shopeepay, Coins.ph, GCash, partner banks and other over-the-counter payments. For the complete list of payment partners, you may view them here.</p>
<h2 id="late-payment-interest-rate">Late payment interest rate</h2>
<p>Late payments always have penalties and charges. So make sure to take note of the dates you need to make your payments. Some loan providers schedule payments in monthly installments, while others are set in bi-monthly payments (monthly amount due will be divided into two payment dates).</p>
<p>Late payments for Shopee SPayLater have 2.5% to 5% interest for late payments; while Lazada late payment penalties and interest vary, again, depending on the loan provider. Some has a fixed amount, while others charge a percentage of your loan each day your payment is delayed.
So, depending on your financial situation and online shopping habits, choose a loan provider that best suits your needs.</p>
<p>Interested with a Lazada loan? Choose UnaCash’s hassle free application and easy installment plans that’s just right for you!</p>
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What’s the difference between Lazada and Shopee loans? This article looks at the main difference between these two, from application to repayments.


Lazada Loans vs Shopee SPayLater - Lazada and Shopee Paylater Review

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Lazada Loans vs Shopee SPayLater Review

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<p><em>Ang hirap na ng buhay ngayon,</em> and the cost of living is only expected to be more expensive in the coming months. If you are in Manila or someplace else in the Philippines, where can you turn to if you’re short of cash? How do you find a lender or financial institution that provide emergency loans in the Philippines?</p>
<p>Finding institutions where you can get an emergency loan in the Philippines is actually easier than you think. Read the article below to learn more about these lending institutions you can try in case of financial emergencies!</p>
<h2 id="emergency-loans-in-the-philippines">Emergency Loans in the Philippines</h2>
<p>An emergency loan is a personal cash loan that you can avail of to cover urgent needs or daily expenses in the short term. These loans are typically unsecured. You can easily apply for an emergency cash loan even with minimal requirements. </p>
<p>With an emergency loan in the Philippines, you can buy your daily necessities, pay your bills, cover medical expenses or have your house or gadget repaired. The rise of loan apps and e-wallet services has also made it easier for Filipinos to get emergency loans online.</p>
<h2 id="different-types-of-emergency-loans-in-the-philippines">Different Types of Emergency Loans in the Philippines</h2>
<h3 id="1-personal-loan">1. Personal loan</h3>
<p>Applying for a personal loan is one of the most common ways to get through emergencies here in the Philippines. Personal loan amounts can range from ₱1,000 to ₱2 million, depending on the lender.</p>
<p>Interest rates can be as low as 1.25%, with the highest rates reaching 4% and above. Your final interest rate will be calculated based on your loan amount and loan tenure.</p>
<p>You can get a personal loan from banks, government agencies and online lending apps. </p>
<h3 id="2-pawn-shops">2. Pawn shops</h3>
<p>If you’re short on cash, you can also get an emergency loan from a pawn shop. But unlike personalloans, you have to pawn something off first before you can get your money.</p>
<p>Pawn shops accept jewelry, gadgets, motorcycles, land titles, appliances, luxury goods and other valuable items in exchange for money. The amount that you will get will depend on the appraised value of the item.</p>
<h3 id="3-salary-loan">3. Salary Loan</h3>
<p>A salary loan is a type of emergency loan where you can borrow an amount from lending institutions like banks, government agencies like SSS and Pag-ibig, and your employer will automatically deduct the monthly repayment from your monthly salary. </p>
<p>This is one of the easier options because your employer can help you with the application as well as the repayment. </p>
<h3 id="4-calamity-loan">4. Calamity Loan</h3>
<p>As a calamity prone country, there are various institutions that offer calamity loans in the Philippines to help individuals and families who fallen victims to unfortunate and unforeseen events, like typhoons and earthquakes. </p>
<p>This type of loan may also provide a special interest rate to borrowers and more flexible loan amount and terms. </p>
<h3 id="5-education-loan">5. Education Loan</h3>
<p>In most cases, families who are struggling to send their children to school can avail of the education loan from different lending institutions. There are banks, government agencies, and private lenders who offer this kind of loan, but the interest rates vary from each one. </p>
<h2 id="where-to-get-emergency-loans-in-the-philippines">Where to Get Emergency Loans in the Philippines</h2>
<p>Here are your options for emergency cash loans in the Philippines. The minimum loan amount and  interest rate may differ depending on your chosen lender.</p>
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<h3 id="1-banks">1. Banks</h3>
<p>Banks are your best and sure-fire bet for personal cash loans. You can easily get a big loan amount with low interest rates if you have a good relationship with your bank. </p>
<h4 id="requirements-for-emergency-loans-from-banks">Requirements for Emergency Loans from Banks</h4>
<p>Banks offering emergency loans typically require borrowers to be a Filipino citizen aged at least 18 to 21 years old. You must submit at least 1 government ID with your photo.</p>
<p>If you are a regular employee of a private company, you must submit your latest three month payslips or BIR Form 2316 or income tax return. If you’re self-employed, you must provide proof such as a business registration certificate, audited financial statements or ITR.</p>
<p>Some banks may require that you have a savings account with them before applying for a loan.</p>
<h4 id="pros-and-cons-of-emergency-loans-from-banks">Pros and Cons of Emergency Loans from Banks</h4>
<p>The pros of applying for an emergency loan from banks are:</p>
<ul>
<li>Safe and lower risk of getting scammed</li>
<li>A paper or electronic trail for every transaction</li>
<li>High loan amount and low interest rates</li>
<li>Helps you build a good relationship with your bank</li>
</ul>
<p>On the other hand, here are the cons of applying for an emergency loan from banks:</p>
<ul>
<li>Long processing times</li>
<li>Strict application process</li>
<li>Some banks may require you to have a savings account with them first before loaning.</li>
<li>If you’re unemployed, your application may not be approved.</li>
</ul>
<h3 id="2-government-agencies">2. Government Agencies</h3>
<p>May pautang sa gobyerno! The SSS, GSIS and Pag-IBIG Fund offer cash loans to aid their respective members in times of financial need. These agencies have lower interest rates and longer repayment schedules than other lenders. They also tend to be more lenient when it comes to loan restructuring.</p>
<p>For example, the SSS offers Calamity Loan Assistance Program (CLAP) to members in calamity-affected areas. Under CLAP, qualified members can avail of a loan equivalent to one monthly salary credit (MSC) computed based on the average of their last 12 MSCs rounded up to the nearest thousand or the amount they applied for.</p>
<p>If you’re a government employee, you can apply for GSIS Emergency Loan. It is payable in 3 years or 36 equal monthly installments with a 6% interest rate per annum.</p>
<h4 id="requirements-for-applying-for-emergency-loans-from-government-agencies">Requirements for applying for emergency loans from government agencies</h4>
<p>To get a loan from government agencies, you have to be a member and have made regular contributions for a specific number of months. </p>
<p>To qualify for the GSIS Emergency Loan, you must be:</p>
<ul>
<li>a bona fide resident or employee of the government office within the calamity area </li>
<li>in active service and not AWOL</li>
<li>Have no overdue mandatory social insurance contributions</li>
<li>Have no defaulted loans</li>
</ul>
<h4 id="pros-and-cons">Pros and Cons</h4>
<p>The pros of applying for an emergency loan from government agencies are:</p>
<ul>
<li>Higher loan amount and lower interest rate than banks</li>
<li>Flexible repayment schedules</li>
<li>If you’re a regular employee, you can apply through your HR department.</li>
<li>More repayment options</li>
</ul>
<p>Here are the cons:</p>
<ul>
<li>You must be a member</li>
<li>You must meet a minimum required contribution</li>
<li>Loan process can be just as long and laborious as with banks</li>
</ul>
<h3 id="3-olas-online-lending-applications">3. OLAs (Online Lending Applications)</h3>
<p>More and more Filipinos are turning to online lending apps for emergency loans. Unlike banks and government agencies, they are quick, convenient and hassle-free. You just need to have a smartphone, valid ID and working mobile number to apply for a loan. The whole loan process is 100% online, meaning you don’t have to worry about physical documents or long processing times.</p>
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<p>OLAs are a good option if you’re unemployed and with no bank account. </p>
<h4 id="requirements">Requirements</h4>
<p>To apply for an emergency loan from an OLA, you must be a Filipino citizen aged at least 18 to 21 years old. You must have a working mobile phone number and email address. You must also have at least 1 valid ID.</p>
<p>Contrary to banks and government agencies, OLAs do not require bank accounts. </p>
<h4 id="pros-and-cons-of-getting-emergency-loans-from-olas">Pros and cons of getting emergency loans from OLAs</h4>
<p>The pros of OLAs include:</p>
<ul>
<li>Faster processing times</li>
<li>Higher approval rates</li>
<li>100% online process</li>
<li>Application process is not as stringent</li>
</ul>
<p>Here are some cons of OLAs:</p>
<ul>
<li>High interest rates</li>
<li>Hidden fees</li>
<li>Shorter loan terms</li>
</ul>
<h2 id="how-to-get-emergency-loan-with-no-job">How to get emergency loan with no job</h2>
<p>You will be more likely to apply for an emergency loan if you don’t have a job. After all, your expenses won’t stop just because you are unemployed.</p>
<p>Don’t worry! You will still get approved for an emergency loan. However, your options may be limited. For once, banks require proof of income. Government agencies require a regular contribution. That means your best bet is an online lending app.</p>
<p>You can get an emergency loan from an OLA for as low as ₱1,000. You don’t need to present a proof of income – a valid ID with your photo can do. The process is 100% online from application to disbursement so you don’t have to deal with long verification times. You also have a higher chance of getting approved!</p>
<p>The downside to OLAs is the possibility of high interest rates. Sometimes, their rates can be even higher than banks! The loan tenure can also be tight, but this will depend on your chosen lender. <br></p>
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<p>Thankfully, not all online loan apps have those downsides. With <a href="https://unacash.onelink.me/tNQS/emergencyloans"><strong>UnaCash</strong></a>, you can loan for as low as ₱1,000 with a max of ₱50,000 for up to 6 months! You won’t have a hard time repaying your loan thanks to bimonthly payments! Everything is online, from application to disbursement! Plus, we have lots of repayment partners so loan payments are hassle-free!</p>
<p>To get an emergency loan with no job from <a href="https://unacash.onelink.me/tNQS/emergencyloans"><strong>UnaCash</strong></a>, follow these steps:</p>
<ol>
<li>Download the <a href="https://unacash.onelink.me/tNQS/emergencyloans"><strong>UnaCash</strong></a> app from the Google Play Store or Huawei AppGallery.</li>
<li>Fill out the loan application form.</li>
<li>Indicate your loan amount, then select your loan tenure.</li>
<li>Wait to get approved.</li>
<li>Congratulations! You can now get your loan amount from the app.</li>
</ol>
<h2 id="faqs">FAQs</h2>
<h3 id="1-what-is-an-emergency-loan">1. What is an emergency loan?</h3>
<p>An emergency loan is a personal loan that you can apply for to cover any urgent expenses in the short term.</p>
<h3 id="2-how-to-get-an-emergency-loan">2. How to get an emergency loan?</h3>
<p>You can get an emergency loan from banks, government agencies and online lending apps. The process of getting an emergency loan will depend on your chosen lender.</p>
<h3 id="3-how-to-apply-for-an-emergency-loan-in-gsis">3. How to apply for an emergency loan in GSIS?</h3>
<p>To get an emergency loan from GSIS, you can apply using the GSIS Wireless Automated Processing System (GWAPS) kiosk if you have a GSIS eCard or UMID card.</p>
<p>You can download the application form from <a href="https://www.gsis.gov.ph/downloads/forms/2021/20220303-EL-Application-Form-Active_Members.pdf?csrt=7797599267560284869" rel="nofollow">this website</a>. </p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p>An emergency loan can get you through tough times or unexpected events. With an emergency loan, you can cover any short-term necessities while waiting for a stable cash inflow. Your options for emergency loans are banks, government agencies and online lending apps. Lenders offering emergency loans have their own minimum loan requirements, rates and terms.</p>
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Looking for emergency loans in the Philippines? Look no further! UnaCash offer low interest rates and flexible loan terms that fits your every need. 

Emergency Loans In The Philippines - How to Get an Emergency Loan online 

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Emergency loans In The Philippines: How and Where to get it

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<p>Having a good credit score does wonders to your finances. But what if you’ve accumulated too much debt or skipped several payments? Your credit score will surely take a hit and lenders would hesitate to grant you more loans, which could be problematic especially when you need it the most. You will be charged higher interest rates or offered lower spending limits.</p>
<p>So how do you check your credit score in the Philippines? And how can you improve a bad credit score?
<br></p>
<h2 id="what-is-a-credit-score">What is a credit score?</h2>
<p>A credit score is a figure which reflects your credit history, accounts, payment habits and financial information. Banks and other institutions rely on this score to know how creditworthy you are and if you can repay your obligations in a timely manner. </p>
<p>Some credit institutions use numbers for credit scoring while others use letters. For credit institutions that use numbers, a credit score ranges from 300 to 850. </p>
<p>If you have a high credit score, lenders will be more likely to grant you loans with competitive rates and higher credit limits. On the other hand, if you have a bad credit score, you will have a hard time securing loans, credit cards and other financial tools. In some cases it might affect your employment, too.</p>
<h2 id="factors-that-affect-credit-score">Factors that affect credit score</h2>
<ol>
<li>Credit and payment history - the loans and credit cards that you have, and how often you’re applying for a new loan or credit card. This also includes your payment history on utilities, phone bills and installment contracts.</li>
<li>Amount that you owe from creditors - the amount of your outstanding loans and credit, if any.</li>
<li>Length of credit history - the length of time any of your accounts have been reported as open. </li>
<li>Types of credit that you currently have - credit cards, personal loans, auto loans, mortgages, etc. </li>
</ol>
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<h2 id="what-is-cic-and-why-is-it-important-to-my-credit-score">What is CIC and why is it important to my credit score?</h2>
<p>In the Philippines, the Credit Information Corporation is the body which consolidates and provides access to reliable credit information. The CIC is headed by the Securities and Exchange Commission (SEC) chairperson. </p>
<p>That means the CIC has the power to collect your credit data from multiple sources and present you your credit history as requested. </p>
<p>The CIC is an important repository of credit data. You must regularly check your credit report to have an overview of your credit history, to protect yourself from fraud or identity theft and to prove your creditworthiness. </p>
<p>These are the types of information submitted to the CIC:</p>
<ul>
<li>Your personal and contact information</li>
<li>Government numbers (e.g. TIN, SSS, etc.) and IDs (e.g. passport, driver’s license, etc.)</li>
<li>Employment information</li>
<li>Installment details</li>
<li>Utility subscriptions</li>
<li>Loan contracts</li>
<li>Credit card details</li>
</ul>
<p>These factors will form the basis of how to compute your credit score. This is why banks and lending companies like <a href="https://unacash.onelink.me/tNQS/31d7ef67"><strong>UnaCash</strong></a> require you to fill out forms and submit proof of identiy.</p>
<h2 id="how-to-know-your-credit-score-in-the-philippines">How to know your credit score in the Philippines</h2>
<p>Now, you might be asking yourself, “How to check my credit score in the Philippines?”</p>
<p>The only way to know your credit score is by asking for a credit report. In the Philippines, you can request for a credit report from the CIC.</p>
<p>You can request a credit report from CIC through one of its accredited credit bureaus, CIBI Information Inc. Here are the instructions:</p>
<ol>
<li>Go to the CIBI web app at <a href="https://cibiapp.cibi.com.ph/#/login">https://cibiapp.cibi.com.ph/#/login</a>. You can also download the CIBI App on the App Store or Google Play.</li>
<li>Type in your personal information and enter a username and password.</li>
<li>Upload the following:
a. 1 primary ID (SSS, TIN, GSIS, UMID or driver’s license)
b. 1 secondary ID (passport, voter’s ID, senior citizen ID, SSS ID, digitized postal ID, GSIS e-card, PRC ID, IBP ID, OWWA ID)</li>
<li>Schedule an appointment for character verification through video call. You can schedule from Monday to Friday, 8:30 am to 5:30 pm.</li>
<li>Wait for the confirmation email to be sent to your email address.</li>
<li>Undergo the e-KYC process on your appointment date.</li>
<li>Pay the fee using accredited CIBI payment partners.</li>
<li>CIBI will email you your credit report after a successful character verification and payment. </li>
</ol>
<p>You can also go to the CIC office personally at Legaspi Village, Makati City to request your credit report. </p>
<h2 id="how-to-improve-your-credit-score-in-the-philippines">How to improve your credit score in the Philippines</h2>
<p>Build good credit history as early as possible </p>
<p>Even if you have been working for only a year, don’t be afraid to apply for a loan or credit card! You will find that banks can happily grant you a loan or credit even if you’re just starting out in your career. Just make sure that you can pay it off on time and without penalties.</p>
<h3 id="1-pay-off-existing-debt">1. Pay off existing debt</h3>
<p>Wag mo nang hintayin na lumobo pa ang utang mo! Not only will paying your debt give you a peace of mind, it will also give banks and lenders the impression that you have the capacity to repay every loan or credit. And trust us, you don’t want to be saddled with penalties and late payment fees!</p>
<h3 id="2-avoid-late-payments-always-pay-on-time">2. Avoid late payments. Always pay on time.</h3>
<p>Sometimes, we skip out on our due dates for various reasons. It can be understandable if you miss a due date one or twice. But not regularly paying your bills on time can tank your credit score. To avoid this, set a reminder before every due date or automatically deduct payments from your bank account, and keep track of every outstanding bill.</p>
<h3 id="3-be-mindful-of-your-credit-limit">3. Be mindful of your credit limit</h3>
<p>Do not go over your set credit limit. Going overboard on your credit cards gives lenders the impression that you’re highly dependent on credit. This can lead banks to assume that you’re spending more than you’re earning and will lead to a lower credit score.</p>
<p>On the other hand, you can request for an increase in your credit limit if you want to lower your debt-to-credit ratio. To help you get approved for a credit limit hike, make sure that you have a good standing with your bank and that you pay your CC bills on time and in full.</p>
<h3 id="4-consolidate-your-credit-debt">4. Consolidate your credit debt</h3>
<p>If you’re finding it hard to pay off all your debts, you can look into consolidating them all into one account with lower interest rates. For example, a balance transfer credit card has interest rates ranging from 0% to 2%, so most of your payments will cover the principal balance instead of the interest. </p>
<h3 id="5-try-not-to-apply-for-a-loan-and-credit-card-at-the-same-time">5. Try not to apply for a loan and credit card at the same time</h3>
<p>Do not apply for a loan and a credit card at the same time! This also applies to inquiring about a loan and a CC simultaneously. Doing so will send the message that you are desperate for money. Instead, if you’re planning on a big purchase, save for it ahead of time. If you really have to resort to a loan or credit card, choose the option that suits your wallet best.</p>
<h3 id="6-split-your-payments-into-installments">6. Split your payments into installments</h3>
<p>Another way to improve your credit score is by splitting your payment into installments. For example, you can pay your credit card bill twice a month. You can make one payment on the closing date, then make the next payment on the due date.</p>
<h2 id="how-long-does-it-take-to-improve-my-credit-score">How long does it take to improve my credit score?</h2>
<p>The time that will take you to improve your credit score will depend on the reason why your credit score is low in the first place.</p>
<p>It will be easier for you to improve your credit score if you have just begun your credit history. Just use your credit card accordingly and within your credit limit. Pay your bills on time and avoid late payments. On average, it can take you three months to improve your credit score if this situation applies to you. </p>
<p>Unfortunately, it can take you a longer time to improve your credit score if you have missed payments on loans and CCs. It’s much worse if you default or declare bankruptcy. Depending on your starting credit score, it can take you 7-10 years to bounce back.</p>
<p>Whatever the reason for the dip in your credit score is, you can expedite the improvement by sticking to healthy credit habits and getting your finances in order. </p>
<h2 id="faqs">FAQs</h2>
<h3 id="1-how-to-know-my-credit-score-in-the-philippines">1. How to know my credit score in the Philippines?</h3>
<p>To know your credit score in the Philippines, you can request for a credit report from the Credit Information Corporation (CIC).</p>
<h3 id="2-how-can-i-boost-my-credit-score">2. How can I boost my credit score?</h3>
<p>You can boost your credit score by paying on time, building good credit history, being mindful of your credit limit, consolidating your debt, paying in installments and not applying for a loan and CC at the same time.</p>
<h3 id="3-how-long-will-it-take-me-to-improve-my-credit-score">3. How long will it take me to improve my credit score?</h3>
<p>Depending on the reason why your credit score is low, it can take you months or even years to improve your credit history.</p>
<h3 id="4-what-are-the-effects-of-a-low-credit-score">4. What are the effects of a low credit score?</h3>
<p>If you have a low credit score, banks and financial institutions may reject your loan or credit application. If they do grant your application, you may be given unfavorable rates and terms. It can also affect your insurance and employment prospects.</p>
<h2 id="key-takeaways-on-improving-a-bad-credit">Key Takeaways on Improving a Bad Credit</h2>
<p>A good credit score is key to building a healthy credit history. If you have a healthy credit history, banks and financial institutions are more likely to trust your paying ability. There are necessary steps that you must take to maintain or improve your credit history. </p>
<p>Speaking of loans, <a href="lhttps://unacash.onelink.me/tNQS/31d7ef67"><strong>UnaCash</strong></a> offers low interest loans and easy repayment options. <a href="https://unacash.onelink.me/tNQS/31d7ef67" target="_blank">Download the app</a> and apply for a loan with just 1 valid government ID! </p>
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Here at Unacash, we're giving you tips on how to improve a bad credit score. Read it right now!

How to improve a bad credit score - 5 general tips

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How to check and improve you credit score in the Philippines

<p>It’s hard to be unemployed, even more so in the Philippines. Without a stable income, it is difficult to pay bills and fund daily expenses for you and your family. While processing your next employment, or waiting for the next windfall in general, taking a loan for unemployed may </p>
<p>This begs the question, where can you get a loan when unemployed in the Philippines? </p>
<p>Fortunately, not all lenders in the Philippines require that you’re employed. While you have little to no chances with banks, institutions like pawnshops and microlenders can grant you a loan while you’re out of a job.</p>
<p>In this blog post, we take a look at quick loans for unemployed and where you can get one here in the Philippines. <br></p>
<h2 id="benefits-of-online-loans-for-unemployed">Benefits of online loans for unemployed</h2>
<h3 id="1-instant-loan-for-whatever-purpose">1. Instant loan for whatever purpose</h3>
<p>Quick online loans for unemployed people are not limited in terms of purpose. You can avail of an online personal loan for your daily necessities, to pay your bills, to settle unpaid debt, for medical emergencies, and for whatever reason you have. </p>
<h3 id="2-no-need-to-present-proof-of-income">2. No need to present proof of income</h3>
<p>Of course, a lender offering an online loan for unemployed people won’t require you to present a proof of income.</p>
<p>In lieu of a proof of income, a lender may require proof of identity, proof of residence, ID photo and in some cases, your contacts and social media accounts.</p>
<h3 id="3-no-need-for-a-bank-account">3. No need for a bank account</h3>
<p>Urgent cash loans for unemployed typically do not require a bank account. Instead, you may receive your loan through e-wallets and remittance centers for convenience. You can also repay your loans through these channels!</p>
<h3 id="4-no-need-for-collateral">4. No need for collateral</h3>
<p>Another advantage of online loans for unemployed is that there is no need to secure collateral. These are unsecured personal loans that you can apply for anytime and can be used for whatever purpose. </p>
<p>Of course, this benefit won’t apply if you’re loaning from a pawnshop. You need to present the item that you’re going to pawn off. Wait for the item to be appraised. Your loan will depend on the appraisal value. Get your money and sign a pawn ticket. You will need this ticket once you claim your item or renew your pawn.</p>
<h3 id="5-fast-loan-approval">5. Fast loan approval</h3>
<p>Aside from convenience and reliability, people are increasingly turning to online lenders because of fast loan approval times. With just a few clicks, you can apply and get approved within an hour! No need to wait several banking days or line up in a physical branch somewhere. </p>
<h3 id="6-option-to-extend-loan-terms">6. Option to extend loan terms</h3>
<p>Online lenders can have higher interest rates or stricter loan terms. If you find yourself having problems repaying your loan, you can easily negotiate for loan restructuring or more time to pay it off. <br></p>
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<h2 id="where-better-to-get-a-loan-for-the-unemployed">Where better to get a loan for the unemployed?</h2>
<h3 id="1-social-security-system-sss">1. Social Security System (SSS)</h3>
<p>Good news to SSS members! You can apply for SSS unemployment benefit if you have been involuntarily separated from your work.</p>
<p>Qualified members are granted a cash benefit that is equivalent to twice the half of the member’s average monthly salary credit (AMSC). It is given as a one-time payment and claims must be filed within a year from the date of involuntary separation.</p>
<h3 id="2-pawnshops">2. Pawnshops</h3>
<p>Pawn shops have long been one of Filipinos’ top choices for quick cash loans. If you’re in urgent need of cash, just pick a valuable item and have it pawned. Pawnable items include jewelry, gadgets, appliances, motorcycles, OR/CR and even land titles.</p>
<h3 id="3-online-lending-apps">3. Online lending apps</h3>
<p>Online lending apps (OLAs) offer competitive loan terms with less processing times compared to traditional lenders. They also have higher approval rates and more relaxed requirements than banks With OLAs, you can apply for a loan from the comfort of your own home! No need to submit physical documents or waste your time lining up!</p>
<h2 id="requirements-for-loans-for-unemployed">Requirements for loans for unemployed</h2>
<p>Note that the requirements for unemployed loans will vary depending on your chosen lender. However, for the sake of readiness, you must have the following documents at hand:</p>
<ol>
<li>Your proof of identity (valid government ID, company ID, birth certificate, police/NBI/barangay clearance)</li>
<li>Your proof of address (electricity bill, water bill, internet bill, bank statement, etc.)</li>
</ol>
<p>If you’re loaning from a private lender, contact your chosen lender to know more about their requirements for quick cash loans for the unemployed. </p>
<p>Here are the requirements if you want to avail of the SSS unemployment benefit:</p>
<ol>
<li>SSS member</li>
<li>Should not be 60 years old at the time of involuntary separation; not over 50 years old if you’re an underground or surface mine worker, and not over 55 years old if you’re a race jockey</li>
<li>Has paid at least 36 monthly SSS contributions, 12 of which must be in the 18-month period immediately preceding the month of separation</li>
</ol>
<h2 id="why-is-it-difficult-to-find-loans-for-unemployed-in-the-philippines">Why is it difficult to find loans for unemployed in the Philippines?</h2>
<p>One of the main reasons why it can be difficult to find online loans for the unemployed is because most lending institutions rely on credit scores to assess the ability of a borrower to repay their loans on time. </p>
<p>Credit scores determine the ability of a borrower to repay their loans at the specified time allocated for the loan repayment. Lenders need to see a steady flow of income from borrowers, as this lowers the risk of a borrower defaulting their loans. Especially in cases of unsecured loans (loans that do not require collateral). </p>
<p>This  can be tricky if you’re unemployed since you need the loan to help stabilize your income, but you also need a steady income to secure a loan. </p>
<p>To get away from these loans for unemployed paradoxes, you may want to present other sources of income such as small business permits, bank statements, or Department of Trade and Industry permits or something similar. </p>
<p>This will allow lenders to assess your creditworthiness based on your business income instead of your employee income. </p>
<h2 id="cash-loans-for-the-unemployed-with-no-bank-account-philippines">Cash loans for the unemployed with no bank account Philippines</h2>
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<p>While your options may be limited, you can still get loans for unemployment with no bank account in the Philippines. In this case, your best bet will be pawn shops and online lending apps. </p>
<p>These lenders do not require borrowers to present a bank account before borrowing. In pawn shops, your loan amount will be given to you upon appraisal of your pawned item.</p>
<p>Lending apps, on the other hand, will disburse your loan through the app itself or an e-wallet or remittance center. They can remit to a bank account, but they generally do not require one before applying for a loan. </p>
<h2 id="faqs">FAQs</h2>
<h3 id="1-can-i-get-an-online-loan-for-unemployed-without-an-id">1. Can I get an online loan for unemployed without an ID?</h3>
<p>It is nearly impossible to get a loan if you’re unemployed AND without an ID as most lenders will require you to submit at least one valid government-issued ID.</p>
<h3 id="2-are-there-same-day-cash-loans-for-the-unemployed-in-the-philippines">2. Are there same day cash loans for the unemployed in the Philippines?</h3>
<p>Yes! Lenders such as pawnshops and OLA can validate and approve your loan in just one day.</p>
<h3 id="3-are-cash-loans-for-the-unemployed-low-interest">3. Are cash loans for the unemployed low interest?</h3>
<p>We cannot guarantee that cash loans for the unemployed are going to have low interest rates. For one, these loans are generally unsecured which are riskier than secured loans. Other factors such as credit history and repayment schedule may also affect your interest rate. And unfortunately, your unemployment status puts you at a higher risk of defaulting, therefore lenders may give you higher rates.</p>
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<p>It’s a proven fact that the majority of Filipinos are unbanked. It’s easy to see why: for some, it’s a hassle to deal with the banking system. Sometimes it’s difficult to understand the paperwork and processes that come with it. Others have a deep-rooted distrust in the systems and would rather keep their money to themselves.</p>
<p>But what if you need a loan and your lender requires a bank account, and yet you don’t have one? Where can you turn to? What are your options?</p>
<h2 id="where-can-you-apply-for-a-loan-online-without-a-bank-account">Where can you apply for a loan online without a bank account?</h2>
<h3 id="why-do-lenders-require-a-bank-account">Why do lenders require a bank account?</h3>
<p>Banks and established lending institutions require a bank account for a multitude of reasons. Number one, they want to ensure that you are financially responsible enough to apply for and eventually repay a loan.</p>
<p>Number two, bank statements reflect your cash flow. Having a positive cash flow shows that you have a regular income stream, thus giving lenders more confidence that you will repay the loan. This is particularly important for those who are self-employed and have their own businesses. </p>
<p>If you’re not a regular employee, you need to submit bank statements when applying for a loan or credit card.</p>
<p>Number three, bank accounts are required if you’re applying for a loan from a bank or government agency. That way, they can easily verify your identity and keep a record of your disbursements.</p>
<h3 id="can-i-get-an-online-loan-without-a-bank-account">Can I get an online loan without a bank account?</h3>
<p>Yes! You can apply for an online loan without a bank account.</p>
<p>Most online lenders do not require borrowers to have a bank account, unless the borrower wants to have the loan disbursed to their savings account. </p>
<p>If you don’t have a bank account, you can still get your loan through an online lending app (OLA), e-wallet or remittance center. </p>
<p>Unfortunately, online loans that don’t need a bank account are limited to quick cash loans. Payday loans with no bank verification are also available, but you cannot apply for housing or car loans. Moreover, you may be subject to high interest rates or required to put up a collateral.</p>
<p>Another disadvantage is that loans for the unemployed with no bank account are difficult to find. That’s because lenders will almost always require proof of income like payslips. If you&#39;re self-employed with no bank account, you can present your income tax return (ITR).</p>
<h2 id="where-can-i-borrow-money-without-a-bank-account">Where can I borrow money without a bank account?</h2>
<p>So now you have an emergency and in need of an online loan without a bank account. But where can you find one? How to get a loan without a bank account in the Philippines?</p>
<p>Believe it or not, you can easily find loans online without a bank account! Banks, private lenders and government agencies may reject your loan application but you still have the following options that can grant you your much-needed assistance.</p>
<p>Here are your options for an easy cash loan online without bank account needed!</p>
<h3 id="family-and-friends">Family and friends</h3>
<p>Family and friends can give you quick cash loans even without a bank account in the Philippines. </p>
<p>Filipinos are expected to help their loved ones in times of crisis. If the aid comes in the form of cash, it won’t even be considered a loan. Most of the time Filipinos will just treat cash aid from family and friends as a gift. You won’t even need a bank account to receive the cash. The most preferred forms of receiving cash here are remittance centers, e-wallets and in-person. </p>
<h3 id="online-lending-apps">Online lending apps</h3>
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<p>Online lending apps (OLA) are very popular in the Philippines especially among the young population. Compared to banks and large lenders, these apps are 100% online, fast and convenient.</p>
<p>Since OLAs were developed with customers’ convenience in mind, they generally don’t require a bank account. There are apps that don’t even require proof of income so you don’t have to submit bank statements and similar documents. If, however, the OLA requires a proof of income, you can submit your payslips and ITR. </p>
<p>You can get your loan amount through the app itself or your e-wallet account. The only time that an OLA will require a bank account is if you want your loan to be disbursed that way.</p>
<h2 id="advantages-of-loans-online-without-a-bank-account">Advantages of loans online without a bank account</h2>
<h3 id="1-preferred-method-of-payment-and-disbursement">1. Preferred method of payment and disbursement</h3>
<p>If you apply for a loan online without a bank account, you will have the freedom to choose your preferred method of loan disbursement. This particularly applies to OLAs where you can get your loan through the app or your e-wallet/remittance account.</p>
<p>Private lenders and OLAs also accept loan repayments through e-wallet or remittance which eliminates the need for a bank account.</p>
<h3 id="2-no-need-to-deal-with-banks">2. No need to deal with banks</h3>
<p>For most Filipinos, dealing with banks is laborious and burdensome. There’s the hassle of collecting documents and waiting in line for hours, coupled with distrust in the banking system as a whole. Filipinos are also fearful that banks may charge them high interest rates on their loans, or that they won’t be able to repay their loan on time. </p>
<p>Thanks to technology, it is now possible to apply for a loan online without dealing with banks. You can fill out the application form and submit documents through an app or website. You can even get competitive loan rates and terms from private lenders and OLAs! Your loan options are not limited to banks and government agencies anymore.</p>
<h3 id="3-no-need-to-make-a-bank-account">3. No need to make a bank account</h3>
<p>Many Filipinos still don’t have a bank account for a multitude of reasons. This prevents them from applying for loans, credit cards and other services from banks. And even though applying for a bank account can now be done online, many still find the process difficult.</p>
<h3 id="4-no-need-to-link-bank-account-if-youre-concerned-about-privacy">4. No need to link bank account if you’re concerned about privacy</h3>
<p>With the rise of online banking and e-money comes the proliferation of fraud. We’ve heard countless stories of people being scammed by fake transactions. Bank accounts being compromised and emptied out have made people wary about linking their savings to mobile apps.</p>
<p>Fortunately, you don’t need to link your bank account to an OLA. If you are in need of some quick cash, your loan will be paid out through the app or e-wallet. Having less apps linked to your bank account minimizes the risks of hacking and fraud.</p>
<h2 id="loan-app-in-the-philippines-with-no-bank-account">Loan app in the Philippines with no bank account</h2>
<p>Now that you know how you can apply for a loan online even without a bank account, you must be wondering about the best loan app in the Philippines with no bank account. </p>
<p>There are lots of loan apps in the country which offer this service, but <a href="https://unacash.onelink.me/tNQS/loanwithoutbanks"><strong>UnaCash</strong></a> will guarantee you the best rates and terms suited to your needs!</p>
<p>With the <strong><a href="https://unacash.onelink.me/tNQS/loanwithoutbanks">UnaCash</a></strong> app, you only have to fill out the application form, indicate your loan amount, choose your loan terms or months of repayment, submit your application and wait to get approved!</p>
<p>You can loan for as much as <strong>₱50,000</strong> and get flexible terms of up to 6 months! </p>
<p>Everything is 100% online – that means no paper documents, no waiting in line and no bank visits! You don’t even need a bank account to repay your loan! All you need is your phone and you&#39;re good to go!</p>
<h2 id="faqs">FAQs</h2>
<h3 id="1-where-to-get-a-payday-loan-without-a-bank-account">1. Where to get a payday loan without a bank account?</h3>
<p>You can get a payday loan without a bank account through online lending apps. You can also avail of emergency loans to help you during <em>petsa de peligro.</em> </p>
<h3 id="2-how-to-get-a-loan-without-a-bank-account">2. How to get a loan without a bank account?</h3>
<p>First of all, you need to figure out how much money you need to borrow. </p>
<p>The process of getting a loan without a bank account will depend on your chosen lender. If you’re loaning from family and friends, it can be as simple as sending them a message or asking them for a loan in person. </p>
<p>The loan process can be more complicated when borrowing from a pawnshop or online lending app. If you’re going for a sangla or pawnshop, you need to present documents such as ID and the item that you’re going to pawn. Present the item that you want to pawn in exchange for money and wait for the appraisal. </p>
<p>For online lending apps, you may be required to upload an ID, proof of address and social media accounts, as well as complete an application form. </p>
<h3 id="3-where-can-i-get-a-loan-without-a-bank-account">3. Where can I get a loan without a bank account?</h3>
<p>You can get a loan without a bank account from family &amp; friends, pawnshops, <em>paluwagan</em> and online lending apps. </p>
<h3 id="4-what-do-i-need-to-prepare-to-get-a-loan-without-a-bank-account">4. What do I need to prepare to get a loan without a bank account?</h3>
<p>In general you may only need a valid ID, but other lenders may require contact information, proof of address and character references. </p>
<p>What are you waiting for? Download the <strong><a href="https://unacash.onelink.me/tNQS/loanwithoutbanks">UnaCash</a></strong> app now!</p>
<p>Nowadays, you can easily apply for a loan even if you don’t have a bank account. Thanks to online loans, there are lots of options for the unbanked in the Philippines. </p>
<p><i>Written by: Alyssa Divina | Edited by: Karla Maolen Visbal</i></p>
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<p>If you have been wondering why your loan and credit card applications are being rejected left and right, then one reason may be because of a bad credit. It can be difficult to find online loans for bad credit but it’s not that difficult to fix it. </p>
<h2 id="what-is-bad-credit">What is bad credit?</h2>
<p>A bad credit means that you have a history of failing to pay your loans or bills on time. It can also mean that you have too many loans under your name for the last 6 months. </p>
<p>It’s normal, forgivable even, to miss a due date once or twice or to have many loans. </p>
<p>But if it becomes a habit, it will have a negative impact on your credit history. When you apply for a loan, the lending institution submits your information to the Credit Information Corporation, the Philippine&#39;s public credit registry and repository of credit information. Check the list of companies who submit and access credit information from CIC <a href="https://www.creditinfo.gov.ph/list-accessing-entities-aes/" rel="nofollow">here</a>.</p>
<h2 id="what-happens-if-i-have-bad-credit">What happens if I have bad credit?</h2>
<p>If you have bad credit, it will reflect on your credit history and lower your credit score.</p>
<p>All unpaid loans and bills that have accumulated over time will appear on your credit history and will be visible to banks, government agencies and other financial institutions.</p>
<p>If you have a low credit score, it will be more difficult for you to apply for loans or credit cards with competitive rates. Some lenders may even reject you outright. </p>
<p>Having bad credit can also affect your chances of getting stable employment and an insurance policy. </p>
<h2 id="what-is-an-online-loan-for-bad-credit">What is an online loan for bad credit?</h2>
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<p>An online loan for bad credit is a type of loan available for those with no or negative credit history. </p>
<p>Bad credit loans in the Philippines are available online through lending apps or websites. These apps usually require your mobile number, email address and 1 valid ID. Some apps would also ask for your social media accounts. </p>
<h2 id="how-can-i-get-an-online-loan-if-i-have-bad-credit">How can I get an online loan if I have bad credit?</h2>
<p>Although your chances are slim, having bad credit does not stop you from getting a new loan. There are private online lenders in the Philippines that offer cash loans if you find yourself needing one. </p>
<p>It’s very easy to apply for a loan from an online lending app. You just need to download the app on your phone, sign up for an account, indicate the loan amount that you need, upload documents as required, then wait to get approved! </p>
<p>You will get your loan in as fast as five minutes!</p>
<h2 id="benefits-of-online-loans-for-bad-credit-in-the-philippines">Benefits of Online Loans for Bad Credit in the Philippines</h2>
<h3 id="1-100-online">1. 100% online</h3>
<p>In applying for an online loan for bad credit, you don’t need to waste time and energy lining up outside the whole day!</p>
<p>Simply download the app or go to their website and apply for a loan anywhere, anytime! What’s more, your loan amount will be disbursed through the app or to your own bank account/e-wallet.</p>
<h3 id="2-easy-to-apply-for">2. Easy to apply for</h3>
<p>When it comes to online loans for bad credit, you don’t have to show up at a bank or office somewhere to apply. </p>
<p>Everything is 100% online from application to disbursement!. If you have any concerns, you can simply contact their customer service through email, phone or social media!</p>
<h3 id="3-requires-little-to-no-documents">3. Requires little to no documents</h3>
<p>Another reason why online lending apps are so popular is that they don’t require too many supporting documents.</p>
<p>All you need to provide is your personal information, employment information, contact details and reference if needed. You can even apply for an online loan with just 1 valid ID!</p>
<h3 id="4-get-your-loan-as-quickly-as-possible">4. Get your loan as quickly as possible</h3>
<p>Online lending apps have all the means to disburse your loan as quickly as possible. You can even get your amount within minutes of being approved!</p>
<p>Since it’s online, you can get your loan within the app itself or through your bank account, e-wallet or chosen payment center.</p>
<h3 id="5-the-loan-can-be-used-for-any-purpose">5. The loan can be used for any purpose</h3>
<p>Loans from online lending apps can be used for whatever purpose! You can use it for medical bills, home repairs, groceries, utilities, school fees, gadgets or even to pay off other debt!</p>
<p>Another good thing about online loans for bad credit is that they generally don’t require collateral. That means you don’t have to give up your property or anything valuable just to secure a loan. </p>
<h3 id="6-they-dont-check-your-credit-history">6. They don’t check your credit history</h3>
<p>Online loans are a good way to improve your credit history if you have bad credit. They won’t ask for a copy of your credit history. They won’t see if you have unpaid loans and bills. </p>
<p>However, if you have a bad credit, the interest rate of your loan may be higher than the average and the loan terms can also be shorter. </p>
<p>An online loan can also help you build your credit history. To test the waters, you can apply for a loan for as little as ₱500!</p>
<h2 id="best-personal-online-loan-for-bad-credit">Best personal online loan for bad credit</h2>
<p>A bad credit score or history should not stop you from getting a loan. Nowadays, there are lots of options out there for online loans for bad credit. Here, we are going to list down some options and help you choose which online lender for bad credit to choose.</p>
<p>Unfortunately, unscrupulous lenders can take advantage by offering high interest rates (5-6) or compromising your bank account (sangla ATM). Loan sharks are worse: these lenders will not hesitate to give you very tight loan terms or harass you once you miss a payment date.</p>
<h2 id="family--friends">Family &amp; friends</h2>
<p>In times of financial need, you can rely on family members and friends for support. Most of the time they won’t hesitate to give you a loan with no interest. They might not even ask for repayment – you can use the money as “gift” to help yourself get back on your feet.</p>
<p>But you need to be careful about depending too much on family and friends for money. You wouldn’t want to be perceived as a “leech”. After all, money has been fueling lots of fights, estrangements and resentment since time immemorial.</p>
<h2 id="online-lending-apps">Online lending apps</h2>
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<p>Online lending apps (OLA) have been sprouting up over the past few years. These apps offer quick cash loans with fast and high approval rates. These apps do not require too many paper documents, a physical presence, a collateral or credit history. In most cases, you will only need to upload a photo of your valid ID. </p>
<p>In an OLA, the whole loan application process can take as little as five minutes. You can get your loan through the app itself, your bank account or e-wallet. </p>
<p>While OLAs are convenient and can be good alternatives if you have a bad credit history, they can charge you high interest rates and other hidden fees. They can also give you a tight repayment schedule. Some apps do not give out loan contracts, making it difficult to have something to back you up in case you have to dispute the terms. </p>
<p>Perhaps the biggest downsides of OLA are the threats of scams and abuse. There have been multiple reports of money getting stolen through hacked accounts, fishy links and fake OTPs. Meanwhile, abusive agents have been harassing late-paying customers, resorting to SMS and social media threats and visits from collection agents. </p>
<h2 id="want-to-fix-your-bad-credit-try-unacash">Want to fix your bad credit? Try UnaCash!</h2>
<p>OLAs get a bad reputation due to unscrupulous apps and agents, but that doesn’t mean that the whole industry is rotten. If you’re looking for the app that will give you the best loan rates, terms and service, go for UnaCash!</p>
<p>Through UnaCash, you can borrow from as low as ₱2,000 to a maximum of ₱25,000! Enjoy flexible loan terms of up to 6 months! </p>
<p>Since the whole process is 100% online, you can get your loan in as fast as 5 minutes! Your loan will be disbursed through your bank account, e-wallet or preferred remittance center. </p>
<p>Aside from loans, you can shop your essentials now &amp; pay later with UnaCash Credit Line! Shop from our partner merchants and get as low as 0% interest! The interest rate depends on the merchants. </p>
<h2 id="how-to-clear-a-bad-credit-history-in-the-philippines">How to clear a bad credit history in the Philippines</h2>
<p>A bad credit score or history is not the end of the world. While it may be a daunting task at first, you can still improve your credit history through these steps.</p>
<h3 id="1-pay-off-existing-debt">1. Pay off existing debt</h3>
<p>Any existing debt will always drag your credit score down, so you must pay them off as soon as possible. You can start with loans with the highest interest rates. If you’re having trouble paying off debt, consider increasing your cash flow or loan restructuring.</p>
<h3 id="2-always-keep-a-record-of-your-bills">2. Always keep a record of your bills</h3>
<p>Keeping a record of your bills will help you track where your money goes in terms of utilities and subscriptions. It helps you stay on top of due dates and how much you’re paying every month.</p>
<p>To avoid missing a due date, set up regular reminders or look into automatic debit arrangements from your credit card or bank account.</p>
<h3 id="3-track-your-expenses">3. Track your expenses</h3>
<p>Practice discipline over your money. Keep track of your expenses particularly if you’re fond of your credit card or online shopping. Measure your expenses against your monthly budget in order to prioritize necessities and cut needless spending. </p>
<h3 id="4-dont-apply-for-new-loans-or-credit-within-a-short-period-of-time">4. Don’t apply for new loans or credit within a short period of time</h3>
<p>As much as possible, avoid applying for multiple loans or credit within a short span of time. Doing so may give the impression that you are reliant on credit and have no sufficient cash flow to support yourself.</p>
<h3 id="5-get-a-credit-report">5. Get a credit report</h3>
<p>Having a credit report at hand can help you form a strategy on how to clear your bad credit. You can request a credit report from the Credit Information Corporation (CIC) if you want to know more about your credit score and history. Your CIC report contains a summary of your financial transactions submitted to the agency.</p>
<p><strong>READ MORE:</strong> <a href="https://unacash.com.ph/blog/how-to-improve-a-bad-credit-score?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=uc_blog"><strong>How to Improve A Bad Credit Score</strong></a></p>
<h2 id="conclusion">Conclusion</h2>
<p>It’s very simple to fall into the trap of bad credit and extremely difficult to get out of it. Once your bad credit accumulates, your credit score will sink and you won’t get approved for a new loan. A poor credit history may also affect your employment and insurance.</p>
<p>But worry not, bad credit can still be cleared and you can still get a loan despite it. You can borrow from family and friends, informal lenders, online lending apps and UnaCash. These options can give you the best possible loan rates without seeing your credit history. <br>
<br>
<i>Written by: Alyssa Divina | Edited by: Karla Maolen Visbal</i><br></p>
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<p>With our finances getting tighter everyday, it is inevitable to explore every possible way in order to “makamura” or shop in lighter payments in order to make ends meet. It also becomes more inevitable to borrow money from various sources to help with our monthly spending. </p>
<p>One most common way to borrow money nowadays is to apply for loans. But with so many choices, how do you make sure that you’re choosing the right one?</p>
<h2 id="ways-to-borrow-money">Ways to borrow money</h2>
<p>There are different reasons and ways to borrow money in the Philippines. The two most common types of lending institutions are the formal and informal lending institutions; formal lending institutions are regulated and licensed by the Securities and Exchange Commission of the Philippines while informal lending such as 5-6 usually operate without licenses and are considered illegal. </p>
<p>There are also different types of loans, depending on the amount of your loan. </p>
<p><strong>Secured Loan:</strong> Lenders will ask for a collateral as a guarantee in case you fail to pay your loan on time. In most cases, it is easier to get approved for secured loans because of this kind of arrangement. Common examples of collateral are cars, houses, and savings accounts. </p>
<p><strong>Unsecured Loan:</strong> Collaterals are not required and are commonly more flexible in terms of payment and where you can use the amount. The amount for unsecured loans are usually lower than secured loans. </p>
<h2 id="where-to-borrow-money-in-the-philippines">Where to borrow money in the Philippines</h2>
<p>There are lots of loan providers out there. While banks and government agencies are still reliable lenders, financing companies have sprouted left and right, offering fast and convenient service to those who need quick loans.</p>
<p>Let’s explore these popular ways to loan money and see which one is right for you!</p>
<h3 id="1-banks">1. Banks</h3>
<p>People have long been relying and trusting banks when it comes to loans. This is because banks offer numerous loan products such as mortgages, personal loans, auto loans, housing loans and others. You just go to your preferred branch, submit your application form and supporting documents, wait for the loan processing, and you’re good to go!</p>
<p>However, getting a loan from banks can be quite tedious. Banks require a lot of documents and the waiting time can be long. Fortunately, digital advances have helped simplify the whole process to some extent.</p>
<h3 id="2-government-agencies">2. Government Agencies</h3>
<p>Similar to banks, borrowing money from government agencies is pretty straightforward, sometimes with more flexible terms. Whether you’re a government employee or working in the private sector, agencies who offer loans that can be used for whatever purpose.</p>
<p>On the other hand, agencies also require a lot of documents and can take a long time to process loans. In the Philippines, loan applicants would also be required to fulfill a minimum amount of contributions before they can be eligible for loans. And the maximum amount of loan is dependent on the total number of the loan applicant&#39;s contribution. </p>
<p>Not to mention that some agencies require you to submit documents physically, which can be burdensome in this time of the pandemic.</p>
<h3 id="3-financing-companies">3. Financing Companies</h3>
<p>Digitization has paved the way for financing companies to flourish, especially during this pandemic. These companies offer quick loans through an app or a website, without the need for physical documents or a long wait time. </p>
<p>They offer flexible rates and terms depending on the borrower’s salary or paying capacity, and can process loans faster than banks or government agencies.</p>
<p>We know that flexibility and convenience matters most when it comes to cash loans. You can never go wrong with UnaCash! You get loans with reasonable rates and flexible terms, plus there’s no need for physical documents or a long processing time!</p>
<h2 id="where-to-borrow-money-online">Where to borrow money online?</h2>
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<p>If there was any good thing that came out of being on lockdown for more or less 2 years, it was that the majority of private and government services became available online.</p>
<h3 id="1-borrow-money-from-banks-online">1. Borrow money from banks online</h3>
<p>These days, most banks with online banking have also started offering loans online as a means for their clients to borrow money without the hassle of physically going to the bank, filling out paperwork, then coming back again to claim their loans. </p>
<p>It has become easier to borrow money from banks, especially through their websites and mobile applications. However, you will still have to wait the same amount of time to receive your loan and submit the same amount of documentary requirements. </p>
<h3 id="2-borrow-money-online-from-government-agencies">2. Borrow money online from government agencies</h3>
<p>Government agencies such as SSS and Pag-ibig also migrated their loan application online to reduce the amount of people lining up physically at their offices. </p>
<p>With SSS, you only have to activate your MySSS Online account and apply for a loan through their web platform depending on the type of loan you wish to avail such as Calamity or Salary Loans. </p>
<p>Pag-ibig also offers various ways to borrow money online, but some loans are specific to areas devastated by earthquakes or floods. If you don’t fall under any of these categories, you may apply for a multi-purpose loan. Just visit their website, enter your loan type and Member ID number and submit the required documents. </p>
<p>However, always remember that the total amount of your loan will still depend on how these agencies assess your profile and the number of total contributions you have from that particular agency. </p>
<h3 id="3-borrow-money-online-through-lending-apps">3. Borrow money online through lending apps</h3>
<p>Tons of online lending apps (OLAs) like <a href="https://unacash.onelink.me/tNQS/4012c6d"><strong>UnaCash</strong></a> are now readily available on your mobile devices. This is one of the most common ways to borrow money recently. </p>
<p>One reason is because they offer short-term loans where you can borrow ₱2,000 to ₱50,000 with loan terms ranging from 1 day to 6 months. Another reason is that the processing time is shorter. </p>
<h2 id="where-to-apply-for-loans-requirements-for-borrowing-money-online">Where to Apply for Loans: Requirements for borrowing money online</h2>
<p>Regardless of where you are applying, the requirements for each agency will be the same; only everything is in digital format when done online. You are still required to fill out an application form, submit proof of identity like IDs, proof of income, and proof of address (for some). Additional requirements may be asked like ID photos, but that really depends on where you’re applying. </p>
<p>If you’re borrowing money from <strong>banks,</strong> the common requirements are <strong>2 valid IDs</strong> (e.g. company and government ID), <strong>proof of income</strong> (e.g. latest 3 months payslip, remittance slips, bank statements), and an <strong>accomplished application form</strong>.  Submit the form to the bank or online via their website or mobile application and wait for their confirmation. </p>
<p>They usually send an email or conduct verification calls so keep your lines open for any additional requirement they may ask. If your application is declined, it usually takes about 3 months to 6 months for you to be able to apply again. </p>
<p><strong>Government agencies</strong> also encourage online applications for their members and their requirements vary from one agency to another. So make sure to check the list of their requirements before submitting in their application portals online. Unfortunately, despite having mobile applications, government agencies still require either online application through their websites or through personal appearance at their agencies. So make sure you check that out as well. </p>
<p>Requirements for <strong>online lending applications</strong> like <a href="https://unacash.onelink.me/tNQS/4012c6d"><strong>UnaCash</strong></a> are more simple than banks and government agencies. You would only need 1 ID, proof of income, and an accomplished application form. Submit the forms within the mobile application and wait for the approval of your application. </p>
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<p>If your application is declined, OLAs usually have a shorter waiting period compared to banks. Waiting period ranges from 3 weeks to 30 days. </p>
<p><strong>READ MORE: <a href="https://unacash.com.ph/blog/things-to-consider-when-applying-for-a-loan?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=uc_blog">Things to Consider when Applying for a Loan</a></strong></p>
<h2 id="faqs">FAQs</h2>
<h3 id="1-where-to-loan-money-in-the-philippines">1. Where to loan money in the Philippines?</h3>
<p>Depending on the amount of your loan and your preferred loan terms, you can borrow money from banks, online lending applications, and government agencies.</p>
<h3 id="2-where-can-i-borrow-money">2. Where can I borrow money?</h3>
<p>There are various institutions where you can borrow money but always remember that formal lending institutions like banks and OLAs are safer than informal lenders. </p>
<h3 id="3-where-to-loan-50k">3. Where to loan 50k?</h3>
<p>Banks and some OLAs like UnaCash offer loans from ₱2,000 to ₱50,000 up to millions of pesos (e.g. house and car loans), but the final loan amount would still depend on your credit score and credibility. </p>
<h3 id="4-how-to-borrow-money-from-the-bank">4. How to borrow money from the bank?</h3>
<p>Prepare the required documents and submit the application. Some find it easier to borrow money from banks where they are also savings account holders. </p>
<h3 id="5-how-do-loans-work">5. How do loans work?</h3>
<p>Loans are specified amounts which you can borrow from a bank or lending institution that you can repay after a period of time. Loan terms can range from 1 day to up to 2 years, with the total amount of your loan divided by the number of months of your loan terms; plus the interest rate of the loan which can range from 1% to 16% of the total amount of your loan. Interest rates depend on the lending institution, so make sure you check those out before you apply for a loan. </p>
<h3 id="6-how-to-borrow-money-from-unacash">6. How to borrow money from UnaCash?</h3>
<p>Download the UnaCash app and apply for credits from ₱2,000 to ₱50,000. Accomplish the forms and submit with 1 valid government ID and 1 proof of income. Wait for the approval within 24 hours to 48 hours. </p>
<p><a href="https://unacash.onelink.me/tNQS/4012c6db"><strong>Download the app now and start your application!</strong></a></p>
<p><i>Written by: Alyssa Divina | Edited by: Karla Maolen Visbal</i><br></p>
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Banks, government agencies and financing companies are the most popular ways to loan money.


Ways to Borrow Money - Where to Loan in the Philippines

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Where to Loan? The Most Popular Ways to Borrow Money in the Philippines

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<p>Loans have always been a part of our lives and loan providers exist to help with this need. But not all loan providers have your best interest in mind. Some of the most dangerous and downright stressful loan providers are called <strong>loan sharks.</strong></p>
<p>Loan sharks in the Philippines are actually quite more common than you know and you should be more careful and vigilant to ensure that your hard earned money is safe and sound. </p>
<p>Just like their underwater counterparts, they wait for the perfect opportunity to take advantage of you and bleed you dry. But how do you find loan sharks? Or if you have already fallen victim to them, how do you fight loan shark harassment?<br></p>
<h2 id="what-is-a-loan-shark">What is a Loan Shark?</h2>
<p>A loan shark is a person or company that offers loans at <strong>very high interest rates</strong> and <strong>uses blackmail and threats to collect debts</strong>. The most common examples of a loan shark in the Philippines are <em>5-6 lenders</em>, <em>sangla ATM</em> lenders and other informal lenders. </p>
<p>They sneak in <strong>hidden charges</strong> and <strong>have short repayment periods</strong>, making it hard for a borrower to come up with enough funds to repay their loan.</p>
<p>These lenders usually <strong>prey on borrowers who are desperate, have low or no financial literacy</strong>, or h<strong>ave been rejected by formal lenders</strong>. </p>
<p><strong>Loan sharks are everywhere, lurking within neighborhoods and online spaces. So how do you spot a loan shark?</strong> <br></p>
<h3 id="1-loan-sharks-have-very-high-interest-rates">1. Loan sharks have very high interest rates</h3>
<p>Loan sharks have ridiculously high interest rates, sometimes even higher than what banks and other private lenders offer. </p>
<p>As a result, borrowers would have to pay large fees on top of the principal amount every repayment period.</p>
<p>According to the Bangko Sentral ng Pilipinas Circular No. 1133 of 2021, an effective interest rate ceiling equivalent to 15% per month for loans amounting to ₱1,000 to ₱15,000 and 16% for loans higher than ₱15,000. This cap applies to unsecured loans obtained through online or offline distribution channels.</p>
<h3 id="2-loan-sharks-dont-need-background-checks">2. Loan sharks don’t need background checks</h3>
<p>Loan sharks do not need to conduct a background check on you because they already rely on predatory practices in order to get the money back (Debt 101 by Michele Cagan, CPA).</p>
<p>There’s no need for them to check your credit standing or income anymore when their astronomically high rates and fees are already set in stone.<br></p>
<h3 id="3-loan-sharks-have-hidden-and-excessive-charges">3. Loan sharks have hidden and excessive charges</h3>
<p>Loan sharks may impose hidden fees on borrowers. They may also include excessive charges like document prep fees into the loan (Debt 101 by Michele Cagan, CPA). </p>
<p>Loan sharks take advantage of having no contracts to sneak in these fees, often without the prior knowledge of borrowers. Note that loan documents are binding contracts that should protect both the lender and the loan borrower from any unexpected events within the period of your loan. </p>
<p>And speaking of contracts…</p>
<h3 id="4-loan-sharks-dont-offer-formal-contracts">4. Loan sharks don’t offer formal contracts</h3>
<p>Loan sharks provide no written contract or document that formally specifies the terms and conditions of a loan. This makes it possible for them to charge borrowers high interest rates and other fees. </p>
<p>Without a formal or legally-binding contract, it is difficult for borrowers to go after loan sharks or file a complaint against them. </p>
<p>And if you are provided with a contract, it is important to always read and study the terms and conditions before proceeding with any type of loan. If you are not presented with loan documents or contracts, you may want to think twice about proceeding with that transaction. </p>
<p>Don’t just sign your name without fully understanding the actual terms of the contract. Ask and clarify all the questions and all conditions before signing your name on any piece of paper.</p>
<h3 id="5-loan-sharks-usually-requires-personal-collaterals-like-atms-and-bank-accounts">5. Loan sharks usually requires personal collaterals like ATMs and bank accounts</h3>
<p>Not all loan sharks do this, but lenders who offer <em>sangla ATM</em> loans require their borrowers to hand over their ATM card/s as collateral for a loan. This kind of scheme may seem good at first but this is a really risky arrangement on the end of the borrower. </p>
<p>They would also require the borrower to share their ATM card PIN and other bank information.</p>
<p>Using an ATM card as collateral is not illegal per se, but the Bangko Sentral ng Pilipinas has warned borrowers against <em>sangla ATM lenders</em>. According to the central bank, this scheme puts borrowers at risk of identity theft, scams, and unauthorized bank withdrawals. </p>
<h3 id="6-loan-sharks-have-unethical-debt-collection-practices">6. Loan sharks have unethical debt collection practices</h3>
<p>Perhaps the most dangerous aspect of a loan shark is their tendency to resort to unfair debt collection practices, sometimes bordering on abusive. </p>
<p>It is not uncommon for money lenders to go to a borrower’s home or workplace to collect unpaid debt. Loan sharks however, use threats, blackmail, or violence at the expense of a borrower’s privacy and peace of mind.</p>
<p>Nowadays, loan sharks turn to SMS and social media to “shame” defaulting borrowers, sending out messages that implore close contacts to pressure a borrower into repaying a debt. <br></p>
<h2 id="online-lending-harassment-philippines-2022">Online Lending Harassment Philippines 2022</h2>
<p>Since the beginning of the pandemic in early 2020, loan providers such as banks and other lending companies have shifted to online lending platforms to reach their customers better. </p>
<p>So did loan sharks. </p>
<p>This opened another opportunity for them to mask their sinister goals. </p>
<p>Though it’s normal to receive calls from lending companies following failure to pay on time, there is a limit to what they can do or say to their clients. Home visits are normal when it comes to collecting debt from clients with outstanding loan balances, but threats of physical harm and damage to personal property are definitely not part of a “peaceful” home visit. </p>
<p>Remember, the purpose of a home visit is to assess the borrower’s financial situation in order for lenders to 1) gain first-hand impression of the borrower’s financial situation 2) help the borrower restructure their loan that would be easier for them to repay what they borrowed;  and 3) keep themselves updated with the condition of borrower and/or the loan collateral (if applicable). It also helps them verify that the information you provided is accurate such as your name, address, and business operations (if you declared yourself as a business owner). </p>
<p>Another modus operandi of online fraud and scammers is pretending to be a legitimate online bank or lending business to get your information, account details, or payments! You have experienced it once or twice in the past: receiving a text message from an unknown number claiming you have overdue payments from a bank or lending application; then the sender would ask you to pay your due amount through an unverified GCash or bank account. </p>
<p>There are so many examples of fraud and loan sharks in the Philippines since perpetrators are continually creating and making new ways to scam and trapping customers into questionable loans and payments.<br></p>
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<h2 id="fight-loan-shark-harassment-with-these-easy-steps">Fight loan shark harassment with these easy steps!</h2>
<h3 id="1-only-take-loans-from-banks-the-government-or-licensed-private-lenders">1. Only take loans from banks, the government or licensed private lenders.</h3>
<p>Check the legitimacy of the lending institution and their history with other borrowers. Do this by checking operating licenses, list of SEC registered online lending companies or applications, and other business permits. </p>
<h3 id="2-keep-record-of-transactions">2. Keep record of transactions.</h3>
<p><em>Ilabas ang resibo!</em> Receipts are a way to protect yourself from institutions claiming “you have not paid your loan”. This way, you have proof to show them when things don’t go well. </p>
<p>Receipts and transaction records are one of the best ways to protect yourself and your account from loan sharks or any form of loan. But do make sure that you are paying the correct amount and account (e.g. payments for UnaCash should always be through Dragon Loans and nowhere else). </p>
<h3 id="3-never-ever-borrow-money-with-your-atm-cards-as-collateral">3. NEVER EVER borrow money with your ATM card/s as collateral.</h3>
<p>Aside from putting you at risk of identity theft, <em>sangla ATM</em> lenders can also make unauthorized bank transactions using your card and empty your bank account in a snap if you fail to make a repayment on time.</p>
<h3 id="4-always-pay-through-official-payment-channels-of-banks-or-online-lending-apps">4. Always pay through official payment channels of banks or online lending apps.</h3>
<p>Loan sharks are not the only ones you have to be wary of. You also have to be careful of the well thought out schemes of online frauds and scammers. In order to avoid falling victim to these creative schemes, always check the account number you’re paying your loans to, as well as the official repayment channels of the bank or company. <br></p>
<p>Dealing with a loan shark can definitely be a traumatic experience, but keep in mind that not all lenders are predatory. Some lenders still transact with borrowers’ needs as the main priority. <br></p>
<h2 id="faqs">FAQs</h2>
<h3 id="1-how-to-fight-loan-shark-harassment-in-the-philippines">1. How to fight loan shark harassment in the Philippines?</h3>
<p>If you fall victim to a loan shark, you may file a report and ask for assistance from SEC (Security and Exchange Commission).</p>
<h3 id="2-where-do-you-report-online-lending-harassment-in-the-philippines">2. Where do you report online lending harassment in the Philippines?</h3>
<p>Prepare evidence of the harassment and send it to the proper agency. Check the types of violations such as Cybercrime (NBI), violations of the Online Lending Act (SEC), and Data Privacy violation (NPC). </p>
<p>These agencies have different processes when it comes to filing complaints, so you better check their websites and file your report accordingly. </p>
<h3 id="3-what-happens-when-you-dont-pay-a-loan-shark">3. What happens when you don’t pay a loan shark?</h3>
<p>This is a case to case basis, but overall, borrowing money is a responsibility. Whether you borrow money from your friend, a bank, or a loan shark, you are still obligated to pay what you borrowed. However, it does not give lending companies to harass, physically or verbally abuse, or disregard your right as a person. </p>
<h3 id="4-how-to-solve-loan-shark-problems">4. How to solve loan shark problems?</h3>
<p>First of all, do not enter a sketchy transaction. Do not engage in any monetary transaction with lending businesses that do not have the correct and complete permits to operate. </p>
<p>Secondly, report any suspicious activity to the right agency (e.g. DTI, SEC, NBI, etc.) and always secure evidence and paperwork to prove your claims when you file for a report. </p>
<h3 id="5-can-you-take-a-loan-shark-to-court">5. Can you take a loan shark to court?</h3>
<p>Yes, you can. Loans and interest rates are strictly regulated in the Philippines. If any of these lenders violate these laws in any way, you may file a complaint and take them to court. </p>
<h3 id="6-is-a-loan-shark-illegal-in-the-philippines">6. Is a loan shark illegal in the Philippines?</h3>
<p>By definition, loan sharks are illegal and unregulated lenders. Keep yourself safe from loan sharks by only choosing registered, licensed, and legitimate lenders. <br></p>
<p>All in all, loans are big financial obligations that need to be repaid. Read more about the things you need to know before you apply for a loan in this article: Things to Consider When Applying for a Loan. </p>
<p>For safer loan transactions, choose legitimate lenders like banks and online lending apps like UnaCash. NO predatory interest rates, NO hidden charges, NO collaterals, and no need to worry about privacy intrusions!</p>
<p><a href="https://unacash.onelink.me/tNQS/d93163c2"><strong>Download the app and apply for a loan NOW!</strong></a></p>
<p><em>Written by: Alyssa Divina | Edited by: Karla Maolen Visbal</em> <br></p>
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A loan shark is a person or company that offers loans at very high interest rates and uses blackmail and threats to collect debts. The most common examples of a loan shark in the Philippines are 5-6 lenders, sangla ATM lenders and other informal lenders. 


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