Maricor Bunal
Non-collateral loan is an unsecured type of loan, applying for which doesn’t require the borrower to declare any existing asset (e.g., car, house, lot) as a guarantee. Money may be available within around 24 hours upon approval, depending on the borrower-lender contract. It can then be used for different purposes such as: School fee, business start-up capital, basic needs for the family, and monthly bills.
BENEFITS
Each loan type can give unique pros to borrowers, especially when they’re matched with a reliable lender. Throughout the years, many people consider the following as the best perks of opting for a non-collateral loan:
- Easy to comply requirements
- Immediate funding without putting in collateral properties
- Fast approval
- Most suitable for short-term funding needs
2 TYPES OF NON-COLLATERAL LOAN
Credit unions, banks and payday loan lenders are the usual providers of this type of loan. And they offer this service in two sub-types or options:
Traditional Non-collateral Loan
This is usually what banks and traditional lenders provide at an interest rate of about 25-29%, plus a monthly add-on rate of 1.2-1.9%. But as traditional as they are, lenders usually approve only those with GOOD credit history. But what if your credit history is BAD? This leads us to the next option.
Cash Advance or Payday Loan
This is the easiest to apply and get approved. Preferably for short term use, cash advance providers are not strict on the borrower’s credit history just as long as he/she has a stable income.
HOW TO ENSURE FAST APPROVAL
To ensure the borrower’s identity and capacity to pay, loan providers usually look for the following prior to approval:
- Valid or government-issued ID
- Contact details such as your mobile number, landline number or e-mail
- Age requirements (24 to 57 years old) and statement of citizenship
- Proof of income (latest payslip) and/or the latest Certificate of Employment
- Statement of Credit History
- Statement of the purpose of the loan
At Loan Solutions, we ensure that the application process will be most convenient to you, our valued customers. So for any questions you may have, please feel free to reach out to us via our email or hotlines, regardless of whatever stage in the application process you may be in. You can also visit our Cebu or Manila office to talk directly to our financial agents about your options.
WHAT MAKES US DIFFERENT
We, at Loansolutions PH, ensure you’ll get your non-collateral loan in just a couple of days via our quick and easy 3-step application process.
Step 1: Fill out our application form with your personal info.
Step 2: We’ll check your loan options and find the most suitable lender for you.
Step 3: Get Your Loan
We have partner lenders from all over the country, offering loans for as low as PHP 10,000 to as high as PHP 2,000,000.00 depending on your capacity to pay. Just fill in our loan application form with all the necessary details (e.g., name, email, address, amount to borrow) and we’ll match you up with the right lender.
