How to Get Loans Without A Bank Account In The Philippines
It is not easy to get a loan in the Philippines. Banks prefer that you have an account with them. Some non-bank lenders also want evidence that you have a banking account.
It is a guarantee that you are a real person and that you have the capacity to pay. Is it possible to get a loan without a bank account? Yes, it is possible, and we will explore these options in this article.
The majority of people today assume that loans online without a bank account are not possible. However, they do not know that it can be achieved easily with easy cash loans online. Not to mention that it’s much easier than the average process of getting a loan. All you need to do is choose a financial company that you trust and apply for a cash loan.
The loan calculator on our website will allow you to calculate the amount of the future loan and find out the monthly payment for using the loan. Before taking a loan, we advise you to study the conditions. If you want to check the credit history, then there is a special service in order to do it.
Why Do You Need a Bank Account?
You need a bank account for several reasons. For one, banks have rigid mechanisms to prove your identity. If you file a loan, many lenders want evidence that you are a real person.
Another reason is proof of money. Some lenders want to ensure that you are financially capable. If you can present a bank account, they will know how much money you are depositing.
Banks also use this information to check whether you are financially credible or not. They have a record of your deposit habits and withdrawal habits. From this record, they can analyze how much money they can lend you.
Essentially, the bank account is a proof of our credibility and identity. Both banking institutions and non-bank lenders need it so they can make a fair assessment of you.
Why Lenders Require a Bank Account?
Although there is online loan Philippines without bank account, it is not unusual that lenders would ask for banking information. It happens mostly if you are borrowing a huge sum of money.
For example, if you borrowed money for a housing or car loan, the lender would ask you to issue post-dated checks. The checks are proof that you have a bank account. The checks are also a guarantee that you will pay on time. There are laws in the Philippines about bounced checks, and you can go to jail if your checks bounce.
Lenders ask you to present them with past declarations from any account with readily accessible funds. https://installmentloansgroup.com/payday-loans-oh/ This might be either savings account or checking. They will request you for certification for all accounts, which hold monetary possessions.
The reason behind this is that they like to determine if you will be able to avail your down payment and perform your monthly disbursements. Therefore, your lender will check your resources and know how much money is accessible to you if you were to require it.
As such, you need a bank account to prove that you have the capacity to pay. To begin with, you will not be approved for a checking account if you cannot prove your source of income.
Advantages of Loans Online Without a Bank Account
In the Philippines, you can get an easy cash loan online without bank account. You can get it from pawnshops and other lenders. If you do this at pawnshops, you will have to present collateral. Examples of these are jewelry. Some lenders, however, like Robocash, provide an online loan without bank account.