Still unemployed and in need of cash?
The year 2020 may be the most difficult and remarkable year for every Filipino worker. The Philippine government has declared a nationwide lockdown from the 1st until the 4th quarter of the year that caused many corporate and small businesses to stop operation. And with the rise of unemployment percentage in the Philippines, microfinance organizations or lenders have been promoting their personal loans specifically customized to help the unemployed.
Benefits of Loan for Unemployed
Some microfinance organizations or lenders are already accepting loan applications online.It means, no need to leave your house and no need to provide photocopies of your documents.
- Immediate approval of the application as the microfinance organization knows your career situation
- Flexible repayment terms;
- No need to visit the bank branch;
- No need for complicated and too many support documents;
- No need for collaterals or guarantors.
The borrower can freely choose and advise the loan amount he/she is applying. However, the loanable amount will still vary and depends on the lender.
Where to Get a Loan if you are unemployed
Banks or Financial Institutions follow the standard process for applying for an emergency loan. It means you need to provide COE (Certificate of Employment) with Compensation, latest payslip, and ITR. This way, applying for a loan can be an additional headache aside from being currently unemployed. But no worries! Micro financial organizations and lenders are here to help you!
Tala Philippines provide instant cash loan assistance through a mobile application.The process of application, disbursement, payment, and track of your loan can be done altogether with Tala.
Image source: Tala Philippines website
Cashwagon is a financial technology that focuses on online consumer financing. Borrowers can easily apply for a loan within 5 minutes through their website or mobile application. Cashwagon provides best-customized loan and interests for its borrowers.
Image source: Cashwagon Philippines website
Prime Loan offers loans for those who require urgent funding.Borrowers will be informed about how much they can borrow once the application form is complete.
Image source: Prime Loan Facebook Page
Requirements for Loans for Unemployed
Just like job hunting, the borrower must meet a number of requirements:
- Age 22-60 years
- Residence registration in Manila or other areas of the Philippines;
- A valid bank account (It should belong to the borrower and shouldn’t be closed);
- Receiving financial assistance.
Note: Micro-financial organizations differ in terms of requirements. It is advisable to confirm the requirements to your chosen lender.
Losing the job you love is just too frustrating. If you have responsibilities and there’s a need to meet your expenses but lacks the budget, never hesitate to seek financial assistance. Always think what’s best for you and you’ll surely survive!