Unsecured loans in the Philippines

For those who need urgent financial assistance, an unsecured loan will be the best option. It can be used for any purpose – to buy a house or to pay for education. Therefore, it is very popular among customers of Philippine banking institutions. In addition, individual loans of this type are not restrictive. This is different from the standard collateral loan. At the same time, the loan amount of a borrower will be slightly lower than in the situation with a collateral loan. And in order to get the necessary amount, you just need to meet the criteria and requirements of a lender bank.

Unsecured loans in the Philippines

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

Advantages of unsecured loans

Individual loans without collateral have a number of advantages. You should get such loan if:

  • you need to immediately get money to start your own business;
  • it is necessary to quickly pay for utility bills or for medical expenses;
  • there you have no desire to risk own assets.

Unsecured loans in the PhilippinesThe main advantage is the absence of a mandatory application formalization offline. Therefore, you can forget about long queues and documents filling out.

Such loans usually have an extremely simple and convenient application process, without visiting a bank branch. They are processed rather quickly and the time at which they are obtained is about 24 hours.

The more the applicant's income, the higher the amount that banks can offer. It means that customers can use it proportionally to the monthly or annual earned income.

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 an unsecured loan

Comparing the offers of the Philippine banks, you can find several really interesting financial products. They open quite attractive opportunities to borrowers. Thanks to this type of loan, it can instantly solve an emergency situation or even help to open a personal business.

Unsecured loans in the PhilippinesSterling Bank of Asia

This institution offers financial products with the lowest payment and interest rate. Here you can take a cash loan in a rather large amount – about 1000000 pesos. The only nuance is an increased fee. The minimum income of a customer must reach 30000 pesos.

Security Bank

Unsecured loans in the PhilippinesWith a salary of 30000 pesos, you can get easy approval for a cash loan of 1000000 pesos in this Philippine bank. Of course, there is a high payment for loan processing, but at the same time the fixed interest rate is very low. The repayment period is 36 months. The annual rate will be from 16.68% up to 20.28%.

BDO

Unsecured loans in the PhilippinesThe “Kabayan” specialized program for obtaining of unsecured loans has proved its worth. More and more Filipinos prefer to use it, when they need money urgently. At the same time, a credit account can be opened in two currencies – dollars and pesos. Each month, the same amount is paid at a rate of 1.25%. The repayment period is 3 months.

Requirements for unsecured loans

By issuing such a loan to a customer, banks rely on a customer's credit history and personal information provided to them. Most of the credit companies have their own list of requirements to the documents.

For employed applicants, they are as follows:

  1. A filled-out loan application;
  2. A couple of photos along with an international passport;
  3. An identity document – passport, driver's license, voter ID, PAN card (any identity proof);
  4. A proof of residence – utilities bill, passport, etc.;
  5. Salary for the last 3 or 6 months.Unsecured loans in the Philippines

And for individual entrepreneurs the requirements are:

  1. A legal address certificate;
  2. Checking of a processing fee;
  3. A filled-out application;
  4. A couple of photos with an international passport;
  5. An identity document;
  6. A proof of residence – utilities bill;
  7. Salary for the last 3 or 6 months.

In addition, the customer must be of legal age and have a permanent place of work for at least 2 years. A good credit history and an open individual deposit account will are advantages during the loan formalization.

 

How to make an unsecured loan approved

Unsecured loans in the PhilippinesUnsecured loans begin with an interest rate of 17% per annum and higher. The interest rate depends on the applicant's annual income. Such loans are issued for short-term financial needs or for creating a good credit score. Banks negotiate interest rates for each customer separately.

In order to get such loan without problems, first of all, a candidate must have a stable income. Information on this aspect significantly increases the borrower's chances. If the customer is employed, then he or she must work at one place for about two years. At the same time, an individual entrepreneur is required to show a five-year working experience.

Conditions for unsecured loans obtaining

This is how some of the most important conditions for unsecured loans look:

  1. Debt history

Your lender will consider your ability to repay loans. It will be an advantage if the borrower was financially disciplined. If you have never applied for a loan or borrowed very little amounts in the past, then you can spend some time developing your credit score. If you have a bad credit score, first you must improve it, and then apply for money in the bank.

  1. Income

When you apply for an unsecured loan, you don't provide any collateral. But lenders usually check your income to get an idea of whether you will be able to repay the loan in a timely manner. The presence of a stable income will be a positive sign for the bank.

  1. Employment status

The credit organization should check whether you are an employee or an individual entrepreneur. If you are an employed applicant, you will need to provide payroll records from the company where you work. If you are an entrepreneur, you should prepare a proof of the business ownership.

How to repay loans

Unsecured loans in the PhilippinesThe repayment of borrowed funds causes a lot of questions among people. How to return money in time in order to avoid fines? How to make fixed monthly payments?

Payment through the cashier was the most common option. However, Internet banking is now in demand, as well as an automatic system for writing off debts through an account opened in a bank institution. You can also make payments through mobile applications that most Filipino financial companies have already developed for the convenience of their customers.

 
LOAN AMOUNT
FEE
TOTAL REPAYMENT

FAQ

Answer1

Answer2