As a financial advisor in the Philippines, I understand that many Filipinos struggle with financial difficulties, which can impact their credit history, and in turn, make it difficult to access loans from traditional banks. This is where microfinance organizations (MFIs) can come in handy. MFIs are more flexible in their lending policies, allowing borrowers with bad credit history to access loans through their services.
In particular, online loans with bad credit history have gained popularity among consumers. CashLoanPH, an online lending service in the Philippines, is one of the MFIs that offer 100% loan approval to individuals with bad credit history without any checks.
In this article, CashLoanPH will explore the various features of online loans with bad credit history and how to get approval, along with useful information on how to pay off loans online.
Features of online loans with bad credit history
One of the most significant benefits of online loans is that borrowers can apply for loans quickly and conveniently, as the entire process can be done online. Compared to traditional banks, applying for loans from MFIs requires minimal documentation and time as there is no need for income statements, guarantors, or collateral.
However, microfinance organizations compensate for the risks of non-repayment of debt with an increased interest rate. As a result, interest rates for such loan products can be as high as 0.01-2% per day. While this interest rate may seem high, it is still affordable, especially in emergency situations when traditional banks may be unwilling to offer loans.
For those with bad credit history, applying for loans from MFIs also has the added advantage of improving credit history. Regular and timely repayments of loans can improve credit scores, paving the way for access to more affordable loans in the future.
How to get 100% loan approval with bad credit score
One of the reasons why online loans from MFIs are becoming popular is the simplicity of the application process. Eligibility for loans is also relatively easy, even for individuals with bad credit history.
The basic requirements for obtaining a loan from an MFI in the Philippines include being between the ages of 18 and 75, having Filipino citizenship, and providing a valid phone number and email address. When filling out an online application form, individuals must also provide bank card details to receive the funds. It is noteworthy that the loan limit may vary from one MFI to another, with some organizations approving smaller loans for first-time borrowers.
Applying for a loan with bad credit history
To apply for a loan with bad credit history, individuals can visit an MFI’s website and fill out an online application form. The application process can take as little as 20 minutes, and applicants are usually notified about the status of their application within a short period.
Upon approval, the borrower will receive an agreement via email that must be signed by sending an SMS to confirm agreement with the loan’s terms. After this, the funds are credited immediately to the borrower’s bank account.
To maximize the chances of approval, we recommend applying to multiple MFIs simultaneously. Doing so will provide access to multiple offers, allowing prospective borrowers to choose the most favorable terms.
How to pay off loans online
Once a borrower receives a loan, it is important to pay it back on time to maintain a good credit history. MFIs in the Philippines offer various payment options, including bank transfers, e-wallets, payment terminals, and even cash payments at physical branches.
To ensure timely repayments and make the process more manageable, borrowers can opt for automatic deductions from their bank accounts. This will prevent late payments, which can be detrimental to credit scores.
10+ Online loans with bad credit in the Philippines
| 1. Tonik Bank: At Tonik Bank, new customers will enjoy 0% interest rate for their first loan from 5000 to 50000 PHP. The maximum amount that can be borrowed is 50000 PHP and the repayment period is from 6 to 24 months. |
| 2. Online Loans Pilipinas: With Online Loans Pilipinas, new customers will enjoy 0% interest rate for their first loan from 1000 to 30000 PHP. The maximum amount that can be borrowed is 30000 PHP and the repayment period is from 90 to 720 days. |
| 3. Cashspace: Cashspace also provides loans with 0% interest rate for new customers, with the first loan ranging from 1000 to 25000 PHP. The maximum amount that can be borrowed is 25000 PHP and the repayment period is from 30 to 180 days. |
| 4. Cashxpress: With Cashxpress, new customers will enjoy 0% interest rate for their first loan from 1000 to 30000 PHP. The maximum amount that can be borrowed is 30000 PHP and the repayment period is 30 days. |
| 5. Digido: Digido provides loans with 0% interest rate for new customers, with the first loan ranging from 1000 to 10000 PHP. The maximum amount that can be borrowed is 25000 PHP and the repayment period is from 90 to 180 days. |
| 6. Kviku: With Kviku, new customers will enjoy 0.16% interest rate for their first loan from 500 to 25000 PHP. The maximum amount that can be borrowed is 25000 PHP and the repayment period is from 60 to 180 days. |
| 7. PesoRedee: At PesoRedee, new customers will enjoy 0% interest rate for their first loan from 1000 to 7000 PHP. The maximum amount that can be borrowed is 20000 PHP and the repayment period is from 30 to 180 days. |
| 8. Finbro: With Finbro, new customers will enjoy 0% interest rate for their first loan from 1000 to 50000 PHP. The maximum amount that can be borrowed is 50000 PHP and the repayment period is from 30 to 366 days. |
| 9. Peroloan: Peroloan also provides loans with 0% interest rate for new customers, with the first loan ranging from 500 to 25000 PHP. The maximum amount that can be borrowed is 25000 PHP and the repayment period is from 30 to 366 days. |
| 10. Loanonline: With Loanonline, new customers will enjoy 0% interest rate for their first loan from 1000 to 25000 PHP. The maximum amount that can be borrowed is 25000 PHP and the repayment period is from 30 to 366 days. |
| 11. MoneyCat: At MoneyCat, new customers will enjoy 0% interest rate for their first loan from 500 to 20000 PHP. The maximum amount that can be borrowed is 20000 PHP and the repayment period is from 90 to 180 days. |
Conclusion
Online loans with bad credit history offer a simple and convenient way for individuals to access loans, particularly in emergency situations. While interest rates may be relatively high, timely payment of loans can improve credit history, thus paving the way for access to more favorable loans in the future. By following the basic steps outlined in this article, Filipinos can secure loans from microfinance organizations and ultimately make the most of the opportunities available to them.
