Loans for Unemployed

        Loans for Unemployed

Currently, the unemployment rate in the Philippines is at 2.5%. While an economist might consider this downward trend a good sign as far as a country's general economic prowess is concerned, the truth is that statistic means nothing to the individual.

₱20,000
Loan amount ₱2,000 - ₱20,000
Interest 0 %
Maturity 3 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱20 000
  • Term 3 - 36 months
  • Flexible repayment

Loan requirements

  • Between 22 to 60 years old
  • Currently employed or with a steady income and with a valid home address in Metro Manila and other select areas in the Philippines

About company

More information about the company Binixo Corporation

Borrow from ₱2,000 with interest from the 0 % Moread
₱10,000
Loan amount ₱5,000 - ₱10,000
Interest 0.8 %
Maturity 30 - 60 days

Fast information

Properties of this loan

  • Online loans up to ₱10 000
  • Term 30 - 60 days
  • Quick online application

Loan requirements

  • Must be 21 – 49 years old
  • A Filipino citizen residing in Metro Manila or nearby provinces
  • A regular employee or self-employed with two (2) years of profitable operation

About company

More information about the company Easycash Lending Company, Inc.

Borrow from ₱5,000 with interest from the 0.8 % Moread
₱30,000
Loan amount ₱5,000 - ₱30,000
Interest 0.8 %
Maturity 28 days

Fast information

Properties of this loan

  • Online loans up to ₱30 000
  • Term 28 days
  • Easy online application

Loan requirements

  • Valid government ID
  • Proof of income
  • Proof of billing
  • Must be 21 to 50 years old
  • A Filipino citizen
  • Has a regular source of living (employed, self-employed, or OFW/Seafarer’s Allottee)
  • Can comply with all the requirements for your application to be processed

About company

More information about the company Cash Mart Philippines

Borrow from ₱5,000 with interest from the 0.8 % Moread
₱20,000
Loan amount ₱3,000 - ₱20,000
Interest 7.5 %
Maturity 5 - 180 days

Fast information

Properties of this loan

  • Online loans up to ₱20 000
  • Term 5 - 180 days
  • Easy online application

Loan requirements

  • Anyone who is 20 years of age and above can apply for a loan with LoanChamp. Below are the basic requirements to qualify for a loan
  • One valid government ID
  • Your mobile number and an active social media account (e.g. Facebook, Twitter, or Instagram)
  • At least one month payslip or Certificate of Employment
  • ITR or Business Permit for self-employed individuals

About company

More information about the company LoanChamp

Borrow from ₱3,000 with interest from the 7.5 % Moread

        Loans for Unemployed

If you are unemployed and have no way to pay your bills, you have very limited survival options. One of the most viable avenues for you to get your hands on some money is to go to a company that offers loans for unemployed Filipinos. 

What Borrowing Options do Unemployed Filipinos Have?

For the most part, formal lending facilities such as banks tend not to deal with unemployed individual. If they do choose to deal with the unemployed, then the terms of the loan will be stringent and often predicated upon some sort of collateral. You either have to put land, a house or any other valuable property you may possess as surety for the loan.

Borrowing from Loan Sharks

The other option involves turning to loan sharks who are even more expensive than banks. Not only are their interest rates that much higher but their "asset recovery" tactics are a bit unfriendly. As an unemployed person, the last thing you need is to get deeper and deeper into debt especially when the repayment amount will be almost twice the borrowed amount should you miss any payments. 

Borrowing from Friends and Family

The third option would be to borrow from friends and family. Although this is the least risky and expensive option since friends and family rarely charge an exorbitant interest rate, there is a good chance that you could end up losing their respect should you have trouble paying them back. 

Pawning Your Property

Another option would be to pawn some of your belongings. You can find a pawn shop in your neighborhood or you can even look some up online. The cash you get from pawn shops depend on the value of the item you want to pawn. Just bear in mind that you will not get anything near the value of the item. For the most part, you will get a fraction (maybe 25% - 30%) of the item's value.

The Best Loans for Unemployed Options in the Philippines

There are many online short-term loan companies operating in the Philippines today. These online lenders have curved out a sizeable section of the market and developed a reputation for reliability for one very good reason: they are the best option for unemployed Filipinos to get short-term loans at reasonable interest rates. 

These online companies are so popular because they don't have very stringent requirements and are perfectly fine loaning out to unemployed citizens. All you need to have is:

These are the basic requirements that you will find listed with every single online lender. Of course, the list is much longer depending on the company you choose to use. Some will require you to show some proof of income - it doesn't have to be in the form of a payslip since that's not an option for an unemployed individual. It could be something along the lines of your business income, allowances and so on. 

The best thing about using these options is that everything is done online. From your application to your approval and even to the cash disbursement. For the most part, you can get your money within hours depending on the company you choose.


Loans for Unemployed rating: 4.5/5 from 844 votes.
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