Collateral loans in the Philippines

Many Filipinos dream about becoming overseas Filipino workers. This desire arises in connection with sufficiently high wages, compared with colleagues working on their homeland. A Filipino abroad may require a large amount of money: for example to purchase real estate or a car, to teach children or for medical treatment. In such cases, banks offer “ofw loan (Overseas Filipino Workers) – a mortgage loan.”

Collateral loans in the Philippines

Advantages of a collateral loan:

Collateral loan is getting an amount of money for certain needs on the security of personal property. Under personal property is understood: real estate, car, securities, etc. In the event that the borrower for some reason does not return the amount of debt, his property is withdrawn and he loses his property right. In other cases, the debt can be paid by the co-borrower.

Like any type of lending, a collateral loan has it’s pros and cons.Collateral loans in the Philippines

Main advantages:

  • small interest rate;
  • long term of the loan;
  • possibility of registration without information;
  • high loan amount;
  • quick and easy approval;
  • opportunity to receive money immediately.



interest rate
for per day
PHP 5000 - 10000
from 30 to 60 days
(4,1/5) 181 voice



interest rate
for 1% per day
PHP 2000 - 20000
from 65 to 90 days
(5/5) 498 voice
Receiving money in any way 24/7!

Robocash PH

Receiving money in any way 24/7!

interest rate
for 2,18 % per day
PHP 1000 - 25000
from 7 to 30 days
(4.98/5) 1342 voice
Guarantee of a loan on a card!


Guarantee of a loan on a card!

interest rate
for 2% per day
PHP 2000 - 20000
from 10 to 30 days
(4.11/5) 398 voice
The most convenient loan!
Cash Mart

Cash Mart

The most convenient loan!

interest rate
for 0,8% - 3,5% per day
PHP 5000 - 30000
from 7 to 30 days
(4.33/5) 489 voice

Where is it better to take a collateral loan?

Before making a final decision, you should carefully study all possible proposals of banks. A collateral loan is available in many organizations.

Collateral loans in the PhilippinesBank of the Philippine Islands

It is necessary to work abroad for more than 2 years and have a monthly income of more than 30,000 Philippine pesos. The borrower has the right to apply for a car loan, loan for personal needs. Mortgage loans are offered if the salary is over 40,000 Philippine pesos. To apply, you must be over 21 years old and younger than 60 years old at the time of full debt repayment.

Collateral loans in the PhilippinesBank of Insurance and Crediting (Security Bank)

One of the largest banks. It takes care of employees and customers, the motto of the company “You deserve the best.” Borrowers are offered auto loans and loans to buy real estate. Wages – from 40,000 Philippine pesos. It is necessary to work abroad for more than 2 years. To obtain a loan for real estate, you must have a salary of 50,000 Philippine pesos.

Collateral loans in the PhilippinesBDO Unibank (BDO Unibank)

Unibank offers a loan to purchase a vehicle, real estate, personal needs. Wages – from 40,000 Philippine pesos. It is necessary to work abroad for more than 2 years and have a monthly income of more than 50,000 Philippine pesos for car loans, 10,000 Philippine pesos for any other type of lending. The borrower must be over 21 years and younger than 60 years by the time of full payment.


Pag-IBIG Fund

Collateral loans in the PhilippinesA quick loan is available for club members who have deposited at least 4 800 pesos to their account and made payments for 24 months. A client can receive up to 80% of the existing savings. You can apply if there is a permanent source of income.

Annual interest is calculated individually. Grace period is valid for 2 months. It is necessary to repay the loan within 2 years.


Collateral loans in the PhilippinesMetrobank offers up to 15 million pesos secured by real estate. The loan repayment period is up to 10 years. The client can receive funds without specifying his bank account, it is enough to provide a certificate of the absence of debts, as well as a document confirming financial solvency. All additional information can be found out on the bank’s hotline.


According to the PSBank Flexi Personal Loan program, you can get from 20 to 250 thousand Philippine pesos. The loan is available for the following categories of borrowers:Collateral loans in the Philippines

  • age category from 22 to 54;
  • work experience not less than 2 years, in the last place of work not less than a year;
  • the presence of a permanent income of not less than 15 000 pesos.

Credit history or bank account is not required, although preference is given to people who actively use credits.

The funds are issued together with the bank’s personal card. Consideration of the application takes up to 3 days, delivery of the payment instrument – from 3 to 9. The monthly interest rate is 1.7%. Loan term is from 24 to 36 months.


RCBC Savings Bank does not offer a credit option without a bank account. This requirement is one of the mandatory in any loan options. However, a client with bad credit history can still get credit funds here.

Lending terms:

  • minimum monthly income of 20 thousand Philippine peso;
  • annual interest 15,6%
  • return time from 6 months to 3 years;
  • borrower’s age 21-65;
  • collateral is not obligatory;
  • credit limit from 50 thousand to 1 million pesos.


SSS offers loans to club members. There are two options for a quick loan: a salary loan for 1 month or 2. A bank account is not required, the collateral can be used to increase the maximum credit limit.

Collateral loans in the PhilippinesRequirements to the borrower:

  • age up to 65 years;
  • official employment;
  • SSS club membership;
  • 36 or 72 paid membership dues (for receiving one-time and double size of salary, respectively).

The loan is returned within 24 months. Annual rate – 10%.

Requirements for a collateral lo an

A particular organization may have its own additional conditions. For example, one of them may request an income of 40,000 Philippine pesos, and another designate a minimum wage of 50,000 Philippine pesos.

Collateral loans in the Philippines

The requirements listed in the article are of a general nature. There are basic requirements for the borrower, these are thefollowing:

  1. Filipino workers must have a valid contract with the employer.
  2. Age must be more than 21 years and less than 59 years.
  3. Work experience abroad,the client should be more than 2 years with a minimum income of 30,000 Philippine pesos.
  4. The age of the co-borrower must be more than 21 years and less than 59 years. A co-borrower is necessary, because various factors can prevent a borrower from paying the full amount (firing from the work or changing the policy in the country where the borrower works).

To apply, you must provide the following documents:

  • photocopy of 2 documents proving your identity (passport, driver’s license, individual identification number);
  • the last employment contract or work visa;
  • completed and signed application form;
  • a photocopy of the certificate of employment abroad;
  • personal phone number;
  • proof of residence in one place or another (the last bill for electricity or water, a certificate from the police).

You can apply through the official website online. This option will save time and allow you to send documents instantly.

How to make a collateral loan to be approved?

Collateral loans in the PhilippinesIn most cases, Philippine banks are strict enough to providing collateral loans and other loans. This explained by three factors:

  1. Terms specified in the borrower contract may vary. They are determined by the employer. The Philippine workers are not able to change them on their own, but at the employer’s will they can be reduced or increased.
  2. The situation that has developed in foreign policy can affect the level of workers’ wages.
  3. There could happen various emergencies (natural disasters, insurgencies, political tensions).

The above factors carry a certain risk to the creditors. In order to a collateral loan be quickly approved without problems, we should keep in mind some details. For example, the appearance plays a huge role. Once a person enters the bank, employees begin to evaluate it.

Much depends on creditworthiness. The more income you have, the greater loan amount. Employees pay attention to the credit history of the borrower and co-borrower.

In addition to the above details, you should remember about the correct filling of documents. It is necessary to specify the correct data, take care of the appearance of documents (they should not be torn, flooded with water, etc.).

Conditions for obtaining a loan:

The conditions may vary for each particular organization and for each specific case. In most typical situations the loan is secured of an apartment, house or vehicle:

  • the property must belong to the borrower;
  • property should not be in a court dispute;
  • The amount issued by the bank should not exceed 80% of the collateral.

How can I return?

Collateral loans in the PhilippinesA collateral loan can be returned in several ways. It is necessary to return the amount on time, this has a positive effect on the credit history.

Experts advise paying a few days before the deadline, because the bank transfer procedure sometimes occurs quickly, and in some cases slowly, within a few days.

Each bank has its own payment methods. Most often it can be done in bank branches or online.


The Philippine workers make a huge contribution to the economy of the country. This is one of the main sources of income. Despite the high level of income, they still need money. Loan offers from banks can help in any situation.

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