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Loans for Unemployed

Money runs out fast and sometimes people need them urgently. There are lots of reasons such as health conditions, debts or unavoidable desire to run away for a couple of days on a vocation. Well, everybody can take a loan and solve their financial issues. But what about people who can’t confirm their stable income? Are they left behind online loan services? Not at all! There are several secrets. So, let’s find out how an unemployed person could get a loan.

Personal loans in Philippines

Banks in the Philippines are becoming more and more obsolete. People are looking for opportunities to stay online 27/7. This also relates to loans. Money may be needed unexpectedly and banks may not always help. The main advantage of online loan companies is that they work extremely fast. For example, processing a request at a bank can take from a week to 14 days, while online companies can be managed anywhere in less than 12 hours. It is also important to note that loans in ordinary banks are available for less than 30% of all who have applied. But in online loan companies, everything is much undemanding, the list of required documents is smaller, and more than 80% of applicants receive approval for their loan.

General requirements for online loans are the following:

  • Two valid IDs;21+ years old;
  • Filipino citizenship;
  • Employment certificate;
  • Phone number.

If you have a good credit history and you have never delayed payment, you have excellent chances to get a loan from a financial company. However, you need to consider several key features of financial companies. Checkup the proper tips below!

  1. First of all, you need to remember that despite the huge discounts and favorable bonus offers for new customers, financial companies account for the interest of more than 1% per day. What, as you know, is much more than in a traditional bank.
  2. Any loan must be paid. This applies even to quick cash loans for unemployed. Borrowing from a financial company you make a completely legal transaction. So, even despite your low income or its complete absence, you cannot manage to avoid debt. A little bit later you will learn how to get a loan for people without official income.
  3. Taking a loan even for two weeks, even for the purchase of a very cheap thing, you must be one hundred percent sure that you can repay it.
  4. There are many types of loans. The main two are secured and unsecured loans. The main difference is the presence of collateral as an element of the transaction. People with bad credit history have to mortgage their movable and immovable property to confirm solvency. It is also worth noting that the collateral significantly reduces the interest rate, although it practically facilitates the transfer of ownership of a credit company.
  5. Before taking a loan online in financial companies, be aware of small loan amounts (up to ₱ 30 000). However, the size of the loan and the conditions depend on the financial company. In order not to get lost in the intricacies of the conditions and rules of every platform, there are special services that compare online lenders for you.

Popular types of income

Income confirmation is a piece of cake. Everything you need to apply is your employment certificate. Nonetheless, today official employment is rare. People are studying new professions and find new sources of income. The trickiest thing is to prove that your income source is reliable enough to take one of the fast loans for unemployed. There are some common profit sources, which financial companies consider to be reliable.

  • Unemployed status
    In the Philippines, there are more than 2.3 million officially unemployed people. Some of them receive an unemployment grant which considered being a reliable income in many financial organizations. You can apply for this grand if you are younger than 60 years old, and have made donations for more than 3 years to the department of labor and employment. Having no unemployment benefit in the last 3 years you can freely apply for it.
  • Freelance
    Freelance can be considered as a new era in employment. People have the opportunity to earn money everywhere using equipment that can fit in a regular travel bag. Some even manage to work with a regular smartphone. The most popular jobs online are designer, content writer, editor, digital journalist, social manager and many other different professions that become more and more admired. Surely, if you’re able to confirm your income from any kind of freelance you’ll get a quick cash loan for unemployed without any difficulties.
  • Investments
    Owners of real estate can stay unruffled. As they receive monthly payments, they won’t feel any kind of disadvantage considering loans in financial companies. Investments will also do. The main condition is the income of any type.

Note that income verification from one of the sources mentioned above is mandatory.

Process of getting an unemployed loan

  1. Decide on the income source
    The most important thing when you are unemployed and need a loan is to show the process of earning income from other sources. Therefore, you will need to plan even such spontaneous things as an online credit. The most trustworthy situation for your lender is the presence of a stable, even non-official, income for three months or more.
  2. Secure your loan
    Did you know that with debts on other accounts, you can raise the interest rate on a loan? So, for this not to happen, you need to protect your loan. To do this, evaluate your chances in advance. Checkup – have you taken loans earlier; what were the amounts; have you paid them on time. By these criteria, you will be evaluated. If you are considered a reliable lendee, you will be given a loan without delay.
  3. Choose the most suitable lender
    Choosing a lender may be the trickiest part of a deal. All of them have different interest rates and terms. So sometimes it is difficult to find the most suitable one. So, an individual approach in a loan survey is vitally necessary. Thus, there are lots of platforms that help you to find the best loan company.
    Pay attention to the following peculiarities while choosing your lender.
    • Repay period.
      Some services require payment of the loan immediately, that is, no later than its deadline. Some give a delay in a month, and some can wait up to two years! You need to read the refund policy for the company you choose.
    • Interest rate
      This is another trickster. Lots of companies make a kind of the “first-time” sale and you can loan money with 0% interest rate. Nevertheless, it doesn’t mean that you’ll have the same 0% if you loan secondly or miss your payment. The amount of interest rate may vary not only according to your previous loans, as was said earlier, it may be also changed according to your current loan term. In the majority of companies, it will be more than 365% a year. And if you delay the payment of a loan, the penalty will be doubled every day (again, it depends on the company).
    • Age limits
      Ideal candidates for most companies are people from 20 to 60 years old. However, some companies provide benefits to older people. You need to clarify this separately. Of course, in this case, the pension will be considered as a stable income, but certain monetary limits are possible.
  4. Take an application process seriously
    The application process for unemployed people is as simple as for regular clients. As a rule, sites of loan companies have a loan calculator and simply fill in the form. Several sites have a limit for those clients who passed such “initial registration” up for ₱ 4 000. To qualify for large amounts, you need to provide complete information about yourself. In such questionnaires do not write false facts. Firstly, it will be checked. Moreover, they will most likely refuse you in this case.

Additional loan variants for unemployed

If none of the above income confirmation options suits you, don't be discouraged. There are other ways to get money on loan.


In fact, with a surety, your income is not important. Since the solvency of your friend or relative who will vouch for you will be more carefully checked. There is one significant minus here, in case you are not able to repay the loan, your relative will have to do it. So, any non-payment or delay will threaten the trial of your surety as well as you. The cosigner is fully in charge of the loan.

By the way, that’s why even your close friend can refuse you. Do not take it personally. And treat with understanding. Very often, guarantors pay the loan with all interest, although they didn’t even receive any money.

Credit cards

A credit card with 0% APR is a perfect variant for those who need quick money. They are not like other credit cards which demand a giant interest rate. The main condition of such card usage is making small purchases to show cash transactions on the card. You will need to return as much as you spent but on time. Another advantage of such cards is their ease of receipt. You may well be unemployed. The main thing is to return the money on time. In the Philippines people with low income can receive such cards easily.


A severe shortage of money is a respectful reason to take a collateral loan. You need to understand that in this case, you are temporarily giving your property to the lender. However, by doing so, you are solving your financial troubles and increasing your chances of getting a loan. How much do you need? That’s the first question you need to answer. Remember that your collateral will lose up to 50% of its cost. Unfortunately, that’s the lender’s warranty and the only possible way to return your assets is to repay the loan. Certainly, your collateral isn’t given to a bank literally. For example, people may take a loan for business purposes pledge future income as collateral or equipment.


Well, loans for unemployed seem to be a challenging and controversial thing. Though, you shouldn’t be disappointed under any circumstances. Read carefully all the conditions, evaluate your chances and think over a loan repayment strategy. It’s not so demanding and these simple steps will help you take fast loans for unemployed without any extra hassle.

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