The difference between freelancers and full-time employees remains a complicated subject, but one thing’s definite: freelancers are self-employed individuals. Due to the nature of their work, freelancers living in the Philippines don’t have the same benefits full-time employees enjoy. More often than not, they don’t have health benefits, overtime pay, and a consistent source of income.

The absence of perks mentioned earlier led some freelancers to acquire some of these benefits themselves, and those who are brave enough to build a better future even tried to get a personal loan without employment certificate and other documents only accessible to full-time employees. 

If you’re one of these hopefuls who want to get a personal loan as a freelancer, take your patience and effort with you. And follow our list of tips on how to get your loan approved: 

Register As A Tax Payer

Register yourself as a professional freelancer or as a business entity with the Bureau of Internal Revenue (BIR). This registration will lead you to your Income Tax Return (ITR), a solid proof that you’re paying income taxes. ITR is the main requirement used by banks and private lenders to decide whether your application is denied or approved. 

Register Your Business

Freelancers have a lot of free time in their hands. Some of them use this opportunity to launch a business venture. If you have a small or startup business on top of your freelance jobs, have them registered with the Department of Trade and Industry (DTI). Your business permits and registration papers are stable sources of income, so they can improve your chances of getting approved.

Maintain A Good Credit History

Aside from your legitimate source of income, banks will also verify your spending habits and patterns. If you’re actively using a credit card, they’ll take a look at your payment schedule and history. Through this, they’ll have a concrete idea on your capacity to pay back your loans. 

Compile Your Supporting Documents

Bring more proof with you to convince the evaluator. You’re welcome to submit other supporting documents that will prove the legitimacy of your financial capacity. Banks and lenders accept the following documents: latest bank statements, certificate of employment from long-time clients, investment certificates, and proof of ownership (for certain assets).

You can submit documents not included in the list as long as they can serve as proof of income and residency. If you’re a freelancer at, you can actually use your profile and transaction history as proof. 

Loan From Your Own Bank/s

Try getting loans from banks where you have a long-standing relationship with. They already have your personal and financial documents. It’s relatively easy to earn their trust since both of you have history. 

Banks may consider your loan application if most of your payments and salaries go directly into your bank account. Your chances of being approved may also improve if you’ll consistently maintaining a large number of deposits for the past years. Twelve months’ worth of bank statement issued by your bank is enough to prove your capability to pay.