non collateral loan

[annoying_bread]

Hi

where can I apply for a loan that has no collateral? Amount that I will be needing is about 60000. My annual salary is about 120k excluding bonus and benefits. Does SSS offer loan other than the salary loan that have a max of 15K. I am going to use this for a franchise I am thinking of putting up.

Is anyone familiar with the SME loan (just a recent project of DTI to help small and medium scale businesses)? How can I avail of this loan if possible?

thanks.:cool:

[mac_bolan00]

nearly all 'special funds' for SME lending are channeled through banks. that's because the primary sources (ex: DBP, LBP, SSS, ADB, WB-IFC) do not have enough retail operations to cater to all hopefuls. you're stuck with banks (everyone's favorite villain these days).

unsecured loans to individuals amounting to less than 250K generally carry a steep interest charge, anywhere from 1% to 3% per month. if you're an existing business with a mature relation with a bank, the bank will probably lend you at a minimum rate of 15% pa without collateral and as a low as 9% pa with. the facility here is usually a loan line or some other fancy term for 'letter of credit'.

i hear citybank is now willing to lend as much as 1 million collateral-free for a given income level at around 2% per month.

PSbank now has a checking account that instantly lends you money when you write a check (almost similar to a credit card but using a check instead of a card). maximum amount is 250K.

the instruments offered by other banks is too varied to be enumerated.

[mac_bolan00]

oh by the way, the cheapest loan for individuals these days are either a salary loan or an SSS loan. even if your comany doesn't officially give out SLs, check out banks like plantersbank, asiatrust, bancodeoro, PSB, and all those other thrift banks. they usually let someone apply for a bank-assisted SL. in this case, your company will 'borrow' from that bank and lend the money to you. the only thing is your company has to be accredited by that bank you're applying to.

[OliverWood21]

Just checked out PSBank earlier, I was surprised to know that my current employer (and my previous employer for that matter) is not an accredited company (on their side) for their Multipurpose loan.. :(

They referred me to a different loan program they call the Flexiloan which has higher interest rates. Nonetheless, its still a low-interest loan compared to others, a mere 19% pa is not bad at all. ;)

[TwiztedMynd]

Aside from banks, does anyone know of a company/person who would be willing to loan upto a maximum of P250K with no collateral? Actually, I am trying to write off my credit card debts and would just like to consolidate this into one.