Have you recently faced a difficult financial situation? Don’t you want to borrow from your relatives? Then an emergency loan can be a real help. Aside from requiring a minimum pack of documents, it is the simplest way to get so needed cash. Read on to find out everything about emergency lending in the Philippines, including its advantages, application process, and requirements. Once having this information at hand, you will decide whether this type of loan works for you.
What is an Emergency Loan?
If you have urgent expenses, including medical care, accident, and home or car repairs, emergency loan Philippines will be a real helping hand. It doesn’t require collateral which makes it one of the most suitable options among users. Once you get your money, feel free to use them on any expenses, not only the ones you have mentioned in the application.
Although different lending institutions offer various terms and conditions, typically, you can expect to get a cash advance for PHP 2000 – PHP 20000. The repayment period is usually from 7 to 180 days, which is considered rather short. However, you will benefit from repaying your borrowing with quite affordable interest rates which are from 0,8% to 3,2% per day. For example, if a lending institution provides a 1,8% interest rate and if you qualify for PHP 10000 for 180 days, you will need to return 28000 in total.
This means that you will need not only to pay off the funds you have borrowed but also an interest rate. Some lenders provide an annual percentage rate for additional services. If you want to figure out how much you will need to repay later, you can use an online calculator available almost on each lending company website.
The Cases You May Apply for a Quick Emergency Cash Loans Unemployed Philippines
There are numerous cases when you may need urgent financial assistance. Some of them include:
- Medical treatment. Not every type of insurance covers certain preparations or medical care. For example, if you need to visit a dentist, most likely, you will pay for the services from your pocket. There are also many medications that aren't covered by regular insurance. This is where quick emergency cash loans unemployed Philippines will come in handy. The bragging point of this type of borrowing is that you can get it quickly, which is great for emergencies.
- Car/home repair. Sometimes it happens that you need to rapidly fix some failures in your house or vehicle. It may be broken pipes, problems with car machinery, or even worse. In this case, you can approach a reliable lender and complete the application in several clicks.
- Job loss. In pandemic times, many people have lost their jobs. If you need some extra money until you find a new one, borrowing from the lending companies will be the right decision. The only thing to consider is whether you will be able to consolidate your debt.
Who Can Qualify for an Emergency Loan?
Everybody who has faced a tight financial state of affairs can qualify for an emergency loan. However, most likely, the lender will ask you to provide your credit history to ensure your creditworthiness. It would be great if you have a constant income and a permanent job. However, there are also cases when unemployed people receive urgent cash without any hassles. If it comes to spoiled credit history, it depends only on a lender whether you get approved or not. Anyway, feel free to qualify for quick emergency cash loans unemployed Philippines in multiple financial institutions.
Advantages of an Emergency Loan?
This type of lending has a rich array of advantages. Some of them include:
- No need to collect tons of documents
- Fast application approval
- Flexible terms and conditions
- Ability to get cash as soon as one business day
- Favorable terms of repayment
- Ability to get your money without leaving home
- Mobile banking
- No collateral is required
- You can qualify for a loan even if you have a bad credit history
- Ability to apply for large amounts of money
- Low processing fee
Requirements for Successful Approval
To get your application approved by the lender, you will need to fulfill the requirements of a company. Usually, they are as follows:
- The applicant should be at least 18 years old and prove it with the identification document.
- The identification document should include a photo.
- The client should have a permanent residence in the Philippines and specify the contact information in the application.
- Checking the credit history is a must. If you have too many failed repayments, your application may be rejected.
- The applicant should provide an income statement. In case a client doesn’t have a permanent job, he/she should specify what financial resources he/she will use to consolidate an emergency loan.
- It is not allowed to have multiple active loans in one lending company.
How to Repay an Emergency Loan?
The repayment options are very favorable for clients. The important factor here is that the sooner you repay the borrowing, the lower the interest will be. However, some lenders provide penalty fees for early repayment.
It is possible to consolidate your emergency loan Philippines using ATM, mobile banking, or build0in payment feature on the lender's website. All the repayment options will be specified in the lender-client agreement.
Nobody knows when an emergency situation that requires additional cash may happen. Life is full of surprises and sometimes they are too costly. That is why it is always good to have an effective solution at hand. Quick emergency cash loans unemployed the Philippines are a choice of numerous people who have faced a tight financial state of affairs. If you want to use the services of a lending company, carefully research the market and choose the conditions that suit you most. The only important thing is to be sure that you can consolidate your borrowing. This way you won't appear in the deep debt hole.