The pros of no collateral loans no credit checks in the Philippines are obvious. You don’t have to present any property for its evaluation. Also, you can get the loan without any credit checks. This means that even in case of bad credit history you still can get the needed money. Speaking about the cons, we should mention the security of the process. And, of course, higher interest rates. These two disadvantages are connected. As you don’t have any property (assets) to be evaluated, you can’t prove your creditworthiness. The result- high interest rates. As a rule, the longer is the loan’s term, the higher are the rates.
Having a bad credit history is normal for Filipinos. And this is not caused by the people’s dishonesty but by the general financial situation in the country. In many cases, Filipinos simply can’t take the new loan because they have had some problems with the previous ones. Unfortunately, we can do nothing with the mess of the financial situation in the Philippines. The one thing that can simplify the life of the citizens is beneficial loans. When we say beneficial we mean Philippine loans without collateral. As many people can’t put up their assets as collateral, this is a great way out for them.
