Quick Loans for Unemployed

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

This begs the question, where can you get a loan when unemployed in the Philippines?

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.

In this blog post, we take a look at quick loans for unemployed and where you can get one here in the Philippines.

Benefits of online loans for unemployed

1. Instant loan for whatever purpose

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.

2. No need to present proof of income

Of course, a lender offering an online loan for unemployed people won’t require you to present a proof of income.

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.

3. No need for a bank account

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!

4. No need for collateral

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.

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.

5. Fast loan approval

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.

6. Option to extend loan terms

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.

loans for unemployed

Where better to get a loan for the unemployed?

1. Social Security System (SSS)

Good news to SSS members! You can apply for SSS unemployment benefit if you have been involuntarily separated from your work.

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.

2. Pawnshops

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.

3. Online lending apps

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!

Requirements for loans for unemployed

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:

  1. Your proof of identity (valid government ID, company ID, birth certificate, police/NBI/barangay clearance)
  2. Your proof of address (electricity bill, water bill, internet bill, bank statement, etc.)

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.

Here are the requirements if you want to avail of the SSS unemployment benefit:

  1. SSS member
  2. 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
  3. Has paid at least 36 monthly SSS contributions, 12 of which must be in the 18-month period immediately preceding the month of separation

Why is it difficult to find loans for unemployed in the Philippines?

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.

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).

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.

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.

This will allow lenders to assess your creditworthiness based on your business income instead of your employee income.

Cash loans for the unemployed with no bank account Philippines

loans for unemployed

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.

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.

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.


1. Can I get an online loan for unemployed without an ID?

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.

2. Are there same day cash loans for the unemployed in the Philippines?

Yes! Lenders such as pawnshops and OLA can validate and approve your loan in just one day.

3. Are cash loans for the unemployed low interest?

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.

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