Personal loan in the Philippines

If you need money urgently, a personal loan can be a simple solution of this problem. It is a short-term loan with a reduced repayment schedule. In the Philippines, banking institutions offer these banking products on a repayment schedule from 12 up to 36 months. Despite the lack of a necessary collateral, anyone can easily apply for this product in any Philippine bank. At the moment two types of loans are available: collateral and non-collateral. Therefore, for absolute confidence that the choice and the decision are right, you should learn more about the features of personal loans.

Personal loan in the Philippines

Advantages of a personal loan

Whether you are planning a vacation or want to realize an interesting business idea, in the Philippines you can get all of it right away. There are special opportunities for subject lending, as a borrower receives the required amount at a competitive interest rate and with fixed payments every month. Such loans have a number of advantages that make them particularly attractive in the eyes of borrowers.

  • The ability to structure any loan at a lower interest rate
  • The uniting of an outstanding loan in a single entry with a low interest rate
  • The absence of mandatory collateral or guarantor of loan repayment
  • The convenience of online application
  • The excellent way to qualitatively monitor your financial situation
  • The amount directly depends on the borrower's ability to pay
PERSONAL AND BUSINESS LOANS IN METRO MANILA
EasyCash

EasyCash

PERSONAL AND BUSINESS LOANS IN METRO MANILA

interest rate
for per day
PHP 5000 - 10000
from 30 to 60 days
(4,1/5) 181 voice
APPLY TO BORROW MONEY ONLINE IN PHILIPPINES AND GET A FAST ONLINE LOAN IN 15 MINUTES!
Monily

Monily

APPLY TO BORROW MONEY ONLINE IN PHILIPPINES AND GET A FAST ONLINE LOAN IN 15 MINUTES!

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

Robocash

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!
Cashwagon

Cashwagon

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 personal loan without a bank account

Personal loan in the PhilippinesThe Philippines is on the 102nd place in the states ranking of the current credit statistics of interest rates.The average interest rate here is only 5,578%. Since 1985, when the interest rate was 28.5%, this indicator has reduced, although there were short-term growth spurts. In the Philippines, the best interest rates for fast loans are offered by Maybank, AUB, HSBC and the Bank of Commerce.

A number of banking and microfinance organizations in the Philippines provides personal loans without a bank account (personal loan no bank account). The loan can be used to pay for education, as well as for home repairs or various family needs. In some organizations, the interest on the loan is 1.2% (eCompareMo) per month – this is an MFO, which is ready to provide loan instantly to local residents and to foreign residents, who work in this country.

Fast loans for private persons are issued by Home Credit Philippines and South Asialink Credit Corp as well. Also, personal loans (Personal Loan) can be issued by Ezyest Lending Inc, Mentors Philippines Micro Finance Foundation Incorporated. You can try a fast personal loan in the financial organization Global Dominion Financing, Inc and Asialink financing. The listed organizations are quite popular among local residents. Basically, these are microfinance and commercial banks with fairly large interest rates, however, there you can get an easy approval.

Personal loan in the PhilippinesChina Bank Savings

This bank offers customers a multi-purpose loan product that can be used immediately and at maximum profit. Personal loans here are distinguished by the minimum package of documents and the fast issuance of a credit card. The minimum income should be 30000 pesos, and the maximum available loan amount is 1000000 pesos. The interest rate is 1.55%.

Personal loan in the PhilippinesEastWest

Personal loans here are universal, so they are suitable for any purpose. Such loan is developed in such a way that borrowers can instantly receive funds with maximum benefit. In addition, there expected salary amount is only 15000 pesos. The possible loan amount will be from 20000 up to 2000000 pesos at the interest rate of 1.49%.

Personal loan in the PhilippinesMaybank

Another interesting product can be offered by this largest financial institution. The required level of earnings should be 18000 pesos. You can apply for 1000000 pesos. The fixed payment will be calculated at an interest rate of 1.1%. Thus, this loan is one of the most popular options to instantly get money.

To easily get personal loans online, you can use the services of banks in the country.

Personal loan in the PhilippinesBDO

With the help of BDO, you can realize all your plans in life, using personal loans without collateral. You can get a loan in national currency or US dollars. The minimum loan amount starts from 10 thousand pesos. For an unsecured loan, the term is 3 months with monthly payments of fixed amounts. You can get a loan at any branch of the company by submitting an application.

Personal loan in the PhilippinesPag-IBIG Fund

The company Pag-IBIG Fund provides its customers with a loan, without requiring collateral or certificates of income. Contacting the service frees you from the need for a long waiting and processing of certificates and documents. The most common service is to provide a housing loan online. To do this, you need to leave your data on the site. Personal loan in the Philippines without collateral often helps out, allowing you to buy something at the right time.

Personal loan in the PhilippinesBPI

Personal loan approval in BPI – is a quick way to immediately get the money you need for various purposes. In some cases, the monthly salary is not enough to maintain the plans, so you have to turn to banking services. Customers can expect to receive a loan ranging from 20 to 100 thousand pesos. Payments can be repaid manually or allow them to be automatically debited monthly.

Personal loan in the PhilippinesMetrobank

Metrobank provides clients with personal loans at low interest rates for the purchase of real estate or car. For registration of the application on the company's website there is a special form, so you do not need to visit the office and bring a package of documents. The most convenient form is chosen to repay the loan.

Personal loan in the PhilippinesSecurity bank

Security bank provides loans to customers who need a large amount of money to pay for their studies, holidays, shopping or for other purposes. The minimum loan amount is 30 thousand pesos, the maximum is 2 million pesos, the loan period is up to 36 months, it takes 5-7 days to draw up and issue the loan.

 

Personal loan in the PhilippinesPSbank

PSbank is an institution where you can get a personal loan in the Philippines without collateral and security. The terms of the provision are simple and do not require the applicant to provide special information. Clients do not need to register to receive a loan. In case of early repayment, you can count on bonuses and loyalty program if you apply for a new loan.

Personal loan in the PhilippinesRCBC

RCBC offers personal loans to customers to meet current needs and requirements. It may be the purchase of something or the expansion of their own business. The amount from 50 thousand to 1 million pesos is available for clients for a period of 6 to 36 months. Applicant is required to be a credit card holder for at least 2 years.

Personal loan in the PhilippinesSSS

SSS offers a personal loan without collateral, subject to the client meets certain requirements. A person must work within the last 36 months, and also have credits to the account within 6 months before the time of submitting the application. The borrower should not retire during loan payments. Monthly salary loan can be repaid at a convenient time.

Requirements for a personal loan obtaining

In order to get the necessary loan amount, a bank customer should have a certain list of documents. Bear in mind that it is different for each bank. The example of such list is as follows:

  1. Identification document with a photo and a signature;
  2. BIR 2316 or W2 form with the signature of an employer;
  3. Income certificate;
  4. SEC registration or DTI certificate.

For permanent residents of the Philippines, this list may look different: a labour contract; a valid passport with a visa; a certificate of financial status at the place of residence; a statement on the credit account.

How to make a personal loan approved

There are a number of aspects that can make the possibility of a loan approval higher. Of course, first of all, customers must have an impeccable package of documents. In addition, an individual savings account should be opened in order to show the lender the financial responsibility and literacy of a borrower. It is also necessary to be completely truthful, when providing information, as it will be checked multiple times. The confirmation of a good credit score is equally important. It speeds up the entire process of obtaining loans for personal purposes.Personal loan in the Philippines

And before you apply, you should answer a few simple questions:

  1. Are you an adult?
  2. Do you have a positive credit history?
  3. Do you meet the minimum requirements of a creditor bank?
  4. Is it possible for you to repay the loan on time?
  5. What is the exact amount of the needed loan?

If most of your answers are positive, then you can begin to consider the best bank offers.

Conditions for obtaining a loan

Personal loans are characterized by the following features:

  • the repayment period is 12, 18, 24, 36, 48 or 60 months.;
  • fixed interest rates for the entire contract period;
  • loan amount – from 10,000 to 2 million Philippine pesos;
  • possibility of debt consolidation – pooling of debts on several credit cards and loans in one or several financial institutions for the convenience of debt repayment;
  • the chances of approval of the application instantly and the increase in the amount become greater with the provision of a vehicle or other personal property as security;
  • personal loan approval takes about 30 minutes.

Personal loan in the PhilippinesTarget spending of personal loans is not controlled by banks. Funds may be referred to the purchase of cars, real estate, apartment renovation, education, other consumer needs.

The absence of a green card for foreigners from other countries will not be an obstacle to the approval of a loan in case of a positive credit history and a valid account. It is enough for this category of citizens to provide a document on their place of stay and other immigration papers, the taxpayer number on behalf of the Government of the Philippines, an identity card – a passport or an identification number. Due to the full information on the cash flows in the account, the bank reduces the risks of non-return of funds. If the institution assesses the borrower's creditworthiness, then the personal offer includes reduced loan rates, which is convenient and makes a significant savings.

Differences between secured and unsecured personal loans

Personal loan in the PhilippinesWith an unsecured loan, the risk is higher for the lender, so it usually has a lower loan amount and a higher interest rate.

Personal loans without collateral are guaranteed by the borrower's creditworthiness, not by collateral. Therefore, if your creditworthiness is good, you will have more chances for approval than someone with a bad credit history.

When you submit an application for obtaining an unsecured loan, you will need to prove to the lender that you have a steady income and you can repay your loan every month. Banks ask personal applicants to provide proof of income to determine their ability to repay a loan. Therefore, you need to prepare supporting documents, such as tax returns, payroll, and a certificate of employment at a bank in order to get approval for obtaining an unsecured loan.

How can a loan be repaid

Personal loan in the PhilippinesTaking a loan from the bank, its customers undertake to return the personal loan along with the accrued interest. However, how can a loan be repaid? How to make fixed payments, so it could be convenient and efficient?

It's quite easy to make a monthly payment. The customer can set up an automatic withdrawal of the required amount from his own bank account with subsequent electronic notification receipt of this transaction. Customers will always be sure of the timeliness of payments if they choose an automatic payments system for this purpose.

You can make payments through a specialized ATM or mobile application. However, nowadays, Internet banking is the most popular option – it is an easy and reliable way to repay loans through a personal account without visiting the bank. At the moment, almost every financial institution has its own online payment system.
 

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