Cash Loans Without a Bank Account: Financing Options

Financially tough situations happen to the best of us. There’s no telling if or when your car will break down or your house plumbing will burst. And sometimes, even if you have an emergency fund, it’s not enough to cover everything.

A cash loan can help you deal with unforeseen financial dilemmas. The problem is, many lenders require borrowers to have a bank account.

Not to worry, as there are a few ways to apply for cash loans without a bank account. Read this guide to learn more.

Why Do Lenders Require a Bank Account?

Banks and other financial institutions in the Philippines usually ask for a bank account from prospective borrowers. A bank account serves as proof to lenders that you have a regular income. Furthermore, it signifies that you are less of a credit risk^[1] and have the money to repay a personal loan.

It also shows that you’re responsible enough with your personal finances to keep your money in the bank. This is why banks require loan applicants, especially those with unsteady income like freelancers and entrepreneurs, to submit bank statements.

In short, a bank account assures lenders of your capacity to repay a loan.

In addition, lenders use their borrowers’ bank accounts to transfer their loan proceeds. 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 Without a Bank Account?

Yes, you can get cash loans without bank accounts. However, your choices are limited to short-term loans with smaller loanable amounts. Longer-term loans, which allow flexibility in terms of repayment periods, are harder to come by.

For borrowers without bank accounts, lenders usually ask for more requirements to verify income and evaluate their capacity to pay back their loans.

Advantages of Getting Cash Loans Without a Bank Account

Applying for cash loans without a bank account comes with the following advantages:

👍 No Need to Interact with Banks

When you’re dealing with lenders offering quick cash loans without a bank account, you won’t have to face a bank officer who asks a lot of questions. Depending on the type of lender, you just need to complete an application form and submit your requirements.

👍 Transactions Can be Processed Online

These days, there’s a wealth of mobile apps and online platforms that process easy cash loans without a bank account. This means you don’t have to leave the comforts of your home to borrow money.

Online lenders also offer loans for the unemployed with no bank account in the Philippines. Generally, the requirements are easy to collate. Just submit a picture of your valid ID and a selfie, and you’re good to go.

👍 No Collateral Needed

This may depend on your lender, but it’s possible to enjoy a no-collateral^[2] term when applying for a cash loan without a bank account. Online lenders, for example, won’t ask you to surrender your assets in exchange for cash.

Disadvantages of Getting Cash Loans Without a Bank Account

Before you settle for quick cash loans without a bank account in the Philippines, understand the drawbacks. Here are some of them:

👎 High Interest Rates

As mentioned above, some cash loans without a bank account are unsecured, meaning there’s no collateral involved. In turn, however, the lender may impose a high interest rate, which ultimately means high repayments. On some occasions, this rate is higher than that of bank loans.

👎 Collateral May be Necessary

On the other hand, some modes of quick cash loans without a bank account may require collateral. These include pawn shops that need assurance that you’ll pay it back.

👎 Smaller Loan Amounts

If you’re applying for an easy cash loan online without a bank account, you may want to temper your expectations. As mentioned earlier, this type of loan usually has lower loanable amounts. Nevertheless, the lender may increase your credit limit if you pay your dues on time.

👎 Risk of Data Breach

Using apps that offer quick cash loans without a bank account means you’re sharing sensitive data with them. If you fall prey to a shady app, your data may be stolen. When dealing with an online app, make sure that it’s registered with the Securities and Exchange Commission (SEC).

Top 4 Options for Cash Loans Without Bank Account

Thankfully, there are a few channels through which you can apply for quick cash loans without a bank account in the Philippines. Check out the following:

📌 Sangla/Pawn Loans

Wondering how to get a cash loan without a bank account? Pawn shops won’t ask for your bank account or any bank-related document when you get a pawn loan.

They don’t even care about your income, credit history, and loan purpose. As long as you have a valuable item to pawn, a pawn shop can lend you money for a short period.

Even if you fail to pay back the money, the pawn shop won’t run after you. It can simply sell your pawned item to recover the funds. However, this means you run the risk of never getting your valuables back.

Cebuana Lhuillier

You can pawn gold, diamond, and platinum jewelry. Cebuana Lhuillier also accepts watches, as well as cell phones and laptops.

Cebuana has around 3,500 branches in the Philippines, so you can easily find one in your location. It also offers appraisal rates that are 30% higher than other pawn shops.

Tambunting Pawnshop

Tambunting is the oldest pawnshop in the country. It prides itself on its fair and honest valuation of collaterals.

Tambunting accepts jewelry, gadgets, appliances, mortgages of real estate, and pledges of stocks. Loan terms reach up to six months.

Villarica

Villarica is another trusted pawn shop with a wide network of more than 600 branches across the country. It boasts high appraisal rates and quick loan approvals, claiming that it approves loan applications within five minutes.

Palawan Pawnshop

With more than 3,300 branches nationwide, Palawan Pawnshop is easily one of the strongest pawn shops out there. It offers high appraisal and low interest rates across its four-tiered customer packages. Keep in mind that all Palawan Pawnshop branches accept only genuine gold jewelry items as pawn guaranty.

PawnHero

If you prefer convenience, you can pawn your items online via PawnHero. However, it also accepts walk-in customers at its office.

This pawn shop accepts a wide range of items, such as jewelry, designer bags, designer shoes, belts, watches, laptops, tablets, smartphones, cameras, gaming consoles, televisions, soundbars, precious metals, gemstones, and more.

PawnHero approves loan applications in as fast as one day.

📌 Online Lending Platforms

Using your smartphone or computer, you can easily get a loan without a bank account. All you need to do is download an online lending app or sign up on the lender’s website. Below are some of the most popular options:

Digido

At Digido, you can apply for a cash loan of up to ₱10,000 for new borrowers or up to ₱25,000 for repeat borrowers. The interest rate starts at 0% for newbies, and up to 1.5% per day for existing borrowers.

Approval is also pretty fast, as Digido claims that it approves applications in less than five minutes.

Tala

An inclusive lending app designed for the masses, Tala lets you borrow up to ₱25,000. Daily fees range from 0.43% to 0.5% for a maximum of 61 days or until you complete full repayment. You can get approved within minutes and receive the proceeds within 24 hours.

GCash

GCash isn’t only a mobile wallet but also a lending platform. It offers loan products through GLoan.

With GLoan,^[3] you can borrow up to ₱125,000 with an interest rate of 1.59% per month. No additional documents are needed. Your application will most likely get approved if you have a high GScore, which is determined by how active you are on GCash.

If your application is approved, the loan proceeds are sent straight to your GCash account.

Maya

Like GCash, digital payments platform Maya offers loans. You can get up to ₱250,000 with a monthly interest rate as low as 0.77% for up to 24 months.

Just make sure to upgrade your Maya account and use it actively for various transactions. Once approved, you'll instantly receive the funds in your Maya Wallet.

ACOM Consumer Finance Corporation

ACOM’s REVOMAX Loan is an attractive option for those who need a higher loanable amount. Its credit limit can be increased up to ₱500,000, depending on your evaluation. The interest rate is around 4.9%.

You can apply online and get the proceeds via LBC, GCash, or Maya.

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📌 Family and Friends

Sometimes, the most reliable source of quick cash loans without a bank account in the Philippines is just around the corner. Your parents, siblings, relatives, or friends can save you from the high interest rates of banks and payday lenders.

More often than not, lending cash to family and friends is a sign of goodwill. However, don’t abuse this privilege.

Before you go about it, discuss clear repayment terms to avoid conflicts down the road. Signing an agreement is also a good idea.

📌 Paluwagan

Paluwagan is a way of saving money wherein a group pools their cash together and takes turns receiving the lump sum of the collected money. The payout or sweldo can be released weekly or monthly, depending on the terms agreed upon by the group.

If you’re in need of money, ask your co-member to switch payout schedules so you can receive the money first. While it’s not technically a loan, you get access to much-needed funds.

Final Thoughts

Don't despair. You can get quick cash loans without a bank account in the Philippines. But even if a loan with no bank account can help you get out of a tight financial spot temporarily, consider its risks carefully. Be wary of 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 in the long run, they’re easier to deal with than unpaid loans with interest rates you can’t afford.

Once you have a bank account, consider the personal loan options below and apply easily through Moneymax:

Provider	Loan Amount	Monthly Add-on Rate	Minimum Annual Income	Approval Time
UnionBank Personal Loan	Up to ₱2 million	1.29%	₱250,000	As fast as 5 minutes
UNO Digital Bank Personal Loan	₱10,000 to ₱200,000	2%	₱240,000	7 banking days
Metrobank Personal Loan	₱20,000 to ₱2 million	1.25% to 1.75%	₱350,000	7 banking days
BPI Personal Loan	₱20,000 to ₱3 million	1.2%	₱180,000	5 to 7 banking days
RFC Loan	₱10,000 to ₱150,000	4%	₱120,000	As fast as 24 hours
Tonik Credit Builder	Up to ₱50,000	Up to 4.91%	Inquire with Tonik	2 banking days
Tala Loan	₱1,000 to ₱15,000	15%	None	24 hours
HSBC Personal Loan	₱30,000 to ₱500,000	0.65%	₱168,000	5 to 7 banking days
CIMB Personal Loan	₱30,000 to ₱1 million	As low as 0.83%	₱180,000	2 banking days
Maybank Personal Loan	₱50,000 to ₱1 million	1.3%	₱300,000	5 to 10 banking days
RCBC Bank Personal Loan	₱50,000 ₱1 million	1.3%	₱360,000	5 to 7 banking days
SB Finance Personal Loan	₱30,000 to ₱2 million	2%	₱180,000	5 banking days
CTBC Bank Personal Loan	₱500,000 to ₱2 million	1.39% to 1.79%	₱180,000	1 to 5 banking days
PSBank Personal Loan	₱20,000 to ₱250,000	1.75% or 2.5%	₱180,000	5 to 9 banking days