Credit without online payroll: An alternative for unemployed people

If you are a pensioner or self-employed worker and you do not have a payroll, you no longer have any impediment to getting loans online. You do not need endorsements or guarantees, just showing your monthly income is enough. What are you waiting for? Take a look at this list of credits without online payroll that you can request credit today, and give it the use you need.

Get from a 500 PHP loan without payroll to financing of 50 000 PHP completely online. Fast, uncomplicated and with a wide range of entities to choose from.

What are loans without payroll?

Non-payroll loans are personal loans that do not claim to be on payroll as a condition of applying for a loan and receiving the money . This modality are loans for pensioners and self-employed workers , mainly, who wish to cover an expense.

However, they allow you to go to it if you are unemployed . However, it is essential that you can demonstrate that you have the necessary payment capacity to meet commitments on time and face payment. Thus, financial institutions will consider your profile and you are more likely to obtain approval with an immediate response and only through the Internet.

It should be noted that the application process is transparent and at all times you will be informed of all the details: interest rate ( TIN and APR ), commissions, amount of installments, financing terms, extra conditions and much additional and necessary information about this type of loans without payroll.

To whom are the loans without payroll directed?

Although loans without payroll are safe credits in Philippines and do not require having a work payroll domiciled in your bank account, this type of loan is aimed at those people who have some type of monthly income , or failing that, endorsement or guarantee . This in order to demonstrate to the entity that you will somehow have a way to return the amount of money requested, using income other than a salary from work.

Of course, depending on your current situation, financial institutions will determine the amount of money they can offer you and the most convenient term for you. This way you make sure you do not enter into an unpayable loan that ends up unbalancing your finances. In this way, it could be said that loans without payroll are aimed at individuals such as:

• Self-employed.
• Retirees who receive a pension.
• Students who receive some type of scholarship or benefit.
• People who collect an unemployment benefit.
• Workers with temporary contracts.

Credit without online payroll: An alternative for unemployed people

Loans without payroll online have become a convenient alternative for the unemployed. As:

• It is a type of personal loan that does not require a payroll as payment guarantee . A service that not all banks support.
• The offer of fast credit without payroll, aimed at those who are unemployed, increases every day.

For these reasons, beyond being an option for pensioners and the self-employed, fast loans without payroll are also for people who are unemployed who need urgent financing to meet their needs.

Of course, keep in mind that if your situation is very delicate, it will be much easier for you to accept the request for mini loans with low amounts than installment loans for high amounts.

Credit without regular income

What if I don't have any fixed income? Again, we emphasize it: in order to obtain credits without online payroll, it is necessary to present proof of sufficient, constant and demonstrable income. These incomes have certain particularities to consider so that they approve your request for quick credits without earning a salary :

If it is the case that it is not possible for you to justify your income, you may have to have a guarantee or guarantee to support your economic capacity . In this way, the banks ensure that you will not miss any installment and that you will meet the return period.

Similarly, you should check this with lenders that offer loans without justified income, make a comparison between the conditions of fast loans and read the fine print before applying for a loan.

Use your car as collateral in loans without payroll

If you are currently have bad credit history, you do not have a payroll and you do not have any type of regular income, you should know that it is possible to use some type of property as collateral to request this type of loan without payroll. A car that is in your name is the perfect example to get the money you need, since you can continue using it while paying the monthly installments.

Normally, loans without payroll using your car as collateral are fully compatible. In addition, the financial institution offers as financing up to 50% of the value of the vehicle, to cover repayment terms of up to 1 years, or even 3 years. If you want to apply for a loan like this, check out loans with a car as collateral.

Loans without payroll using Housing or Property as Guarantee

In addition to using your car, many people use other types of property, such as a home, property or premises, as long as it is in their name. This is the most common modality for those who want to apply for a loan without payroll, but do not have any type of income or have a vehicle in their name.

In this type of loans without payroll, it is important to note that the interests are lower, with Annual Equivalent Rates (APR) ranging from 1.25% to 15%. However, when comparing prices, it is important that you take into account the value of the opening and cancellation fees that apply. We can find financing from 30% to 80% of the value of the home, with repayment terms ranging from 5 to 8 years.

And that's not all! For these fast loans without payroll, it does not affect that you are on a list of defaulters with bad credit history so it will be even easier to get your personal loan or credit online.

Loans without payroll or properties - Is it possible?

What happens if in addition to payroll, you also do not have properties? It may seem like a very complicated situation to receive financing without payroll or endorsement. However, this is where the regular income figure comes in. If you do not have a payroll or endorsement, it is necessary to have a sufficient income entry that allows you not to depend on any property. In addition, appearing in a delinquency file does not completely rule out your opportunity to obtain a loan since there are entities that offer credits while being in Financial Credit Institutions without property.

If you currently do not have any type of demonstrable income or property in your name, you will have to resort to the figure of a guarantor or guarantor who will respond for you in case of incurring a non-payment situation . This would be the only way for a financial institution to agree to approve financing under these conditions.

Remember that acquiring this type of loan with a guarantee implies that it assumes all financial responsibility in case you cannot repay the loan. For this reason, it is a procedure that must be well planned to avoid generating problems in the financial situation of the person who appears as guarantor.

Characteristics of the best personal loans without payroll 

Personal loans without payroll are a good alternative for users who have seen, on more than one occasion, their online loan application be rejected. And for one reason only: not being on a payroll.

For this reason, the financial entities that grant loans devised this financing alternative that benefits people with self-employment, already retired or unemployed. Let's point out the main characteristics of fast loans :

• They do not require that the source of income be a payroll. However, to get a personal loan of this type, it is essential to prove that you have a regular and frequent source of income to meet the repayment term.
• If you have a benefit, pension, or fixed income from self-employment, banking institutions could admit your profile without asking for guarantees or properties . Otherwise, they could ask you for additional conditions to ensure that you will be able to meet the monthly installments of a loan.
• The request for loans without payroll varies depending on several financing alternatives according to your credit history .
• The amount that you can access with these fast loans varies between 500 PHP to 50 000 PHP according to the financial institution you consider. Regarding the return terms, they can be a single payment or several installments .
• The interest rate, expenses and commissions of these fast financing without payroll are usually high .
• Without giving explanations, since you can request financing for a motorcycle as well as a loan to pay your debts.

How do loans without online payroll work?

To apply for loans without payroll in 15 minutes, you just have to:

• Make the request on the site of the bank or financial institution you have selected. It is essential that you have alternative income that is sufficient to pay the credit online or the credit card.
• Income must be regular and demonstrable. For this reason, it is important that you present proof of what you receive . It can be subsidies such as retirement pension or unemployment benefit.
• If you are self-employed, you must file your tax return . If your alternative income is the product of leases, research scholarships, interest charges for savings, among others, they will also be taken into account when accessing online loans without payroll.

How to get the best loans without payroll?

In our ranking of immediate credits without salary, you can check which are the main financial institutions that offer these types of fast financing without payroll. Many banking entities establish certain limitations. For example, that your benefit as unemployed or retired is greater than 500 PHP.

Even so, they are minor limitations compared to traditional institutions that offer fast loans to people without a payroll with a more extensive list of obstacles.

These credits without payroll can be found via the internet. There are even plenty of free options . Some are loans for young people who have not yet entered the labor market but who need urgent money and request a quick loan for the first time. So they offer free conditions to convert them into recurring customers. Without a doubt, one of the advantages of online loans.

Although what they offer is very attractive and you can get from loans without interest to credits to finance a car without payroll , it must be borne in mind that personal loans should not become a recurring source of financing . In our opinion section You have a lot of detailed information on the entities that grant them and on how to get an online loan in each of them.

Interest rates on credits without salary

As in other modalities of online credits, in loans without salary you will also have to pay interest . In this case, the interest rate charged by banking institutions is known as TIN and APR (there are cases where they are free).

The first being a monthly rate and the second being the equivalent annual rate. Being able to go between 15% up to 3,000% in APR . Typically, these interest rates on a loan change depending on many factors. For example:

• Banks.
• History in the entity.
• Type of credit card.
• Financing term and amount requested.

However, lenders have simulators on their website that allow you to find out what the fees to pay will be, or if they are free before starting the application process.

Fast loans without payroll with bad credit history

Debts always represent an inconvenience to have a total amount granted by a financial institution. So you might be wondering, is it possible to obtain financing from banks while being on a list of defaulters? And the answer is flexible depending on the lender you select.

There are companies that grant loans with bad credit history. Just as there are other institutions that establish as a requirement that you are not on a list of defaulters. It is only a matter of consulting with the different lenders and choosing the best fast loans.

What are the advantages of a loan without online payroll?

• It is not necessary to show proof of fixed payroll .
• Alternative income is valid to apply for financing.
• The conditions of the personal loan without payroll are flexible, without as many paperwork or requirements as in banks.
• The procedures are carried out completely online every day of the year, 24 hours a day.
• People such as entrepreneurs, unemployed workers and pensioners have the opportunity to get a quick loan.
• You do not have to gather a long list of documents, since the documentation to show is at your fingertips .
• Immediate response to most requests.
• Most of the time you will have the money in the account in less than 24 hours .
• There are institutions that offer free credit.

What are the disadvantages of a loan without salary receipt?

A loan without payroll is an excellent alternative when it comes to meeting a need for money. However, there are some disadvantages that you should consider:

• High Interest Rates .
• Collection of additional fees for late loan payments.
• If an eventuality prevents you from complying with the payment of the financing, you will be included in the database of defaulters .

Entities that offer loans without payroll

Next we are going to compile a list with the financial entities that offer loans without payroll:

Requirements to apply for loans without payroll

If you are thinking of requesting an online loan without payroll , you should know the conditions that credit companies usually ask for. Get to know them below!

• Residence in Philippines territory and being of legal age .
• The valid national identity document.
• Ownership of a bank account in Philippines .
• Email address and a mobile to receive communications.
• Economic solvency .

What documents does a loan without Payroll require?

Normally, you can request and obtain the best loans without payroll through the website of the lending company. Although the procedures are 100% online without payroll or endorsement and do not require paperwork or bureaucratic procedures, the company must make sure to verify your identity . For this reason, they may require you to submit documents such as:

• National Identity Document (DNI) or Foreign Identification Number (NIE) valid and scanned to prove your identity.
• Proof of frequent income , proof of payment of benefit, scholarship, etc.
• Bank statement reflecting your latest movements.

Once you fill out the form on the lender's website to request your quick credit, you will probably find an option to attach these documents or an email address where you can send them.

Are there Online Loans without payroll only with DNI?

If you prefer the speed of an automatic process, you should know that it is possible to find financial entities that do not require you to send documents to verify your identity and get a loan. In these cases, you only have to prove your personal identification, through your current DNI or NIE number.

From this point on, the company uses alternative means of online verification to verify your identity, such as Instantor . It is common for these institutions to access our online banking to verify our identity through secure authentication platforms, which use encryption systems for the personal data you share, as well as an SSL certificate.

In this case, the process to process online loans without payroll or endorsement is much faster and more streamlined, so you will receive an immediate response about your online credits, and if approved, you will have the money in your checking account in a few minutes. As you can see, it has never been so easy to get an online loan without payroll.

How to apply for a loan without work payroll?

How to get better loans without payroll? The procedure to request a loan without payroll is very easy. It generally includes the following steps:

• Enter the website : Enter the official website of the lender and get access to the "new customers" section.
• Select amount and term : Indicate on the website of the credit institution the capital that you will request. You must also determine the monthly fee that best suits your financial possibilities.
• Online registration : Enter your personal, financial and contact information in the online form.
• Data confirmation : Wait for the credit company to verify the information and contact you to confirm some data. If you meet the profile, they will approve the credit without payroll. Please note that representatives of the lending institution are available on any day.

Remember to review the conditions because when applying you may run into other types of commissions.

How soon will I receive the money?

When you apply for these loans online, normally the response to your request is immediate. For this reason, it is one of the best alternatives to cover emergencies and get out of financial trouble without wasting time. Once you sign the digital contract that the entity sends you and your data is verified, the money can be released into your bank account after about 15 minutes.

However, depending on your bank and the day your credit application without payroll is approved, you may get the money sooner or later. For example, if the procedure is carried out during a business day, and the entity works with your bank, you will receive the money instantly.

Now, if it is done during the weekend, it is likely that you will have to wait from 24 hours to 48 hours until the transfer becomes effective. In any case, the time of this type of loans without payroll is short compared to what you would have to wait for the answer to get a bank loan, where the process usually takes more days and even weeks.

Repayment of the loan without online payroll

Once your credit application without payroll has been accepted, you have read the small print and you have signed the contract, there are several ways to return the requested amount.

The most common to make the payment of your monthly installments are:

• With debit credit card.
• Associating your account number to be charged every month.
• Through bank transfer to the lender's account.

Depending on the financial institution that grants you the personal loan, there may be other ways, for example, through its client space. In any case, the how is the least important as long as you are faithful to the payment.

What happens if I can't pay my loan?

The fact of requesting this type of online loan may imply that you are not going through a favorable economic situation, especially if you request said financing using a guarantee or your properties as collateral because you do not have a regular monthly income. For this reason, you may find yourself in the position of not being able to pay a installment on the due date or being able to deal with the debt.

What should you do in that case?

The first thing is NOT to miss the date of payment of the fee . If you think beforehand that you will not be able to face the payment, it is best to inform the company's Customer Service Department as soon as possible. Many people take lightly the default interest and penalties that companies apply when you are late in paying a fee and in the end they end up much more in debt than before.

You will be surprised to know that today, with so much credit and personal loans on the market, companies have become more flexible to the needs of current users. In this way, once you contact them, you can negotiate some type of extension or agreement with better conditions for you.

Surely, the company establishes an extension that extends the repayment term of your loan , in addition to reducing the monthly fee that you have to pay. In this way, you can be calmer and pay a monthly fee that does not greatly affect your personal finances or your monthly budget. Before making the mistake of stopping paying your loan online, this is the best alternative if you find yourself in trouble.

Early Amortization of a Loan without Payroll

As can happen in any other scenario of online loans, sometimes our financial situation changes unexpectedly, or we receive external help from a family member or the State. In this case, it is likely that your initial situation will be resolved in another way and you prefer to cancel your debt with a lending company . What happens if you already had a signed contract for a term of, for example, 5 years?

Even if this situation catches you in the middle of the return period, you will not want to wait for the two years to elapse and pay interest for a need that is already covered. In this case, the best option is to pay off your debt early.

Some companies may charge a penalty for early repayment of a loan, but it will definitely be more profitable than dragging a debt for a longer time. The good news is that many other companies accept this agreement without any problem and allow you to pay the entire loan or even a part, in order to reduce the term of your debt, so you can return the money without paying more.