No Bank Account Loans: How to Get One in the Philippines

Published: January 14, 2019 | Updated: October 9, 2020 | Posted by: Venus Zoleta | Personal Loan

Loan With No Bank Account Philippines | Moneymax

Looking for ways to borrow money for an urgent financial need but your lack of a bank account is keeping you from getting a loan? That’s a tough situation to be in.

Keep reading to understand why a bank account is often needed in loan applications and find out your alternative options for obtaining a cash loan with no bank account.

Why Do Lenders Require a Bank Account?

Banks and other financial institutions in the Philippines—even private lenders that have more lenient loan requirements—usually ask for a bank account from their prospective borrowers.

A bank account is your proof to the lenders that you have a regular income, which means you’re less of a credit risk and you have the money to repay a loan. It also shows that you’re responsible with your personal finances enough to keep your money in the bank. This is why banks require loan applicants, especially those with unsteady income such as freelancers and self-employed Filipinos, to submit their bank statement. Having a bank account assures lenders of your capacity to repay a loan.

Also, lenders use their borrowers’ bank accounts to transfer their loan amounts. It’s a faster, simpler, and more secure disbursement process than issuing a check or asking customers to personally claim the funds.

Can I Get a Loan with No Bank Account?

Loan With No Bank Account Philippines

Yes, you can find lenders in the Philippines that welcome and even approve loan applications from those with no bank account.

However, your choices are limited to short-term loans with small amounts. Longer-term loans, which allow flexibility in terms of the repayment period, are harder to come by if you’re looking specifically for those that don’t require a bank account.

For borrowers without bank accounts, lenders usually ask for more details and documents so that they can verify income and evaluate their capacity to pay back their loans.

There’s another catch when you apply for a loan without a bank account: either you’ll be required to put up collateral or be slapped with higher interest rates and other fees than borrowers with bank accounts. The short repayment terms make it doubly harder to pay off such a type of loan.

So think twice about pursuing a loan application with lenders that don’t ask for a bank account. Having one will get you far better interest rates and loan terms, as well as more options to choose from.

It’s easy to open a bank account nowadays (as long as you have at least two valid IDs and proof of residence). If your concern is lack of money, know that there are bank accounts with low initial deposit (starting at PHP 100) and zero and low maintaining balance.

What are the Cash Loan Options in the Philippines with No Bank Account Needed?

Loan With No Bank Account Philippines

Filipinos who don’t have a bank account (due to trust issues with banks and other reasons) have three types of lenders they can approach to borrow money: pawnshops, private or online lenders, and 5-6 lenders.

Note: We’re just exploring the options here. This article does not, in any way, endorse these types of loans. Each one has its pros and cons—weigh them carefully before you apply for a loan.

Sangla/Pawn Loans

Pawnshops won’t ask for your bank account or any bank-related document when you go there for pawn loans. They don’t even care about your income, credit history, and loan purpose. As long as you have a valuable item to pawn, a pawnshop can lend you money for a short period.

Even if you fail to pay back the money, the pawnshop won’t run after you. It can sell your pawned item anyway to recover the funds. However, you run the risk of never getting your valuable back.

Read more: Sangla in the Philippines: Know the Benefits and Risks Before Pawning Valuables

Private Loans Without Bank Account

You may try to contact private lenders—including those that provide online loans, fast cash loans, and payday loans—to ask if they lend money to people who don’t have a bank account.

To qualify for a no bank account loan from a private lender, you just need to sign up on the company’s website. Also, you should be at least 18 years old, a Filipino citizen, and have an active mobile number and a valid ID.

When you apply online, the loan can get approved In a matter of minutes—no questions asked. Obviously, a bank deposit isn’t possible, so borrowers usually get the funds in cash at the designated office of the lender.

Unlike pawnshops, private lenders don’t require collateral since they mostly provide unsecured loans.

Convenient and helpful as it may be, private loans can hurt your finances with their extremely high interest rates and penalties for late payments.

Read more: Borrowing from a Private Lender? Consider the Pros and Cons First

5-6 Loans

Loans from 5-6 lenders can be considered no bank account loans, as they hardly require anything from borrowers—except for steep interest payments. Because of its predatory money lending practice, 5-6 lenders are considered loan sharks. Even the President issued a stern warning against the 5-6 lending scheme. As much as you can, avoid dealing with these lenders.

Read more: Beware of Loan Sharks: How to Avoid Illegal Lenders

Compare Other Loan Options

Below is a list of trusted personal loan companies and their loan features. Compare your options and apply through Moneymax!

Personal Loan ProviderFeatures
Citibank Personal Loan
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  • Fast approval time in as fast as 24 hours
  • Loan amount of up to P2 million
  • Flexible payment terms of up to five (5) years
EasyRFC Multi-Purpose Loan
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  • Fast approval time in as fast as 24 hours
  • High loan amount of up to P150,000
  • Payment term of up to 12 months
SB Finance Personal Loan
Get SB Finance Personal Loan with Moneymax
  • Get approved within five banking days
  • High loan amount of up to P2 million
  • Flexible payment terms of up to 36 months
TALA Personal Loan
Get TALA Personal Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • Quick cash loan up to P15,000
  • 24/7 application using an Android phone

Final Thoughts

You can borrow money even without a bank account in the Philippines. Although a loan with no bank account can help you get out of a tight financial spot temporarily, consider its risks carefully. Since you don’t have a bank account, you’re likely to have a bad credit history, and so, you’re on the lookout for non-traditional loans that expose you to scams.

To get lower rates and better deals when it comes to loans, your best bet is still to open a bank account and improve your credit score. Yes, these take time and a bit of money, but they’re easier to deal with than unpaid loans due to interest you can’t afford.

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