Personal Loan Without Collateral

  1. #46141
    Marciar Mendoza
    Marciar Mendoza Guest

    Personal Loan Without Collateral

    I need help regarding personal loan application. I’m in need of money right now to pay off some credit card debts. I’m wondering if there are banks in the Philippines that doesn’t require any collateral? As I’m aware of, all of them are asking for a collateral in exchange of the loan. So I’m posting in this forum to check if there is any.

    Thanks for the help.

  2. #46151
    Andrew Fuego
    Andrew Fuego Guest

    Reply To: Personal Loan Without Collateral

    Yes, it is possible to apply for a personal loan even without collateral. It’s called unsecured loans. This type of loan have higher interest rates than secured loans (with collateral). Also, it has lower limits on how much money you can borrow, so don’t expect that you can ask for a higher amount.

    I heard that BPI is offering loan with no collateral, they called it multi-purpose cash loan and it comes in affordable payment terms.

  3. #46161
    ECompareMo Keymaster

    Reply To: Personal Loan Without Collateral

    Hello Maricar,

    If you need a quick cash to pay off debts or expenses, you might considered applying for an unsecured personal loans. Just like credit cards, it does not require collateral. But, that doesn’t mean there are no consequences if you go for this kind of loan. Your credit will take a plunge, and the bank could sue you once you can’t pay the loan amount.

    Here are some lists of banks that offer no collateral personal loan and their features:

    BDO Personal Loan

    Interest Rates: Monthly add-on rate for 6 months (1.30%), for 12, 18, 24 and 36 months (1.25%)
    Effective Annual Rate: 6 month term (26.27%), 12 month term (26.63%), 18 month term (26.76%), 24 month term (26.58%), 36 month term (25.98%)
    Tenure: 6/12/28/24/36 months

    BPI Personal Loan

    Interest Rates: Month add-on rate 1.20%
    Effective Interest Rate Annually: 12-month term (25.60%), 18-month term (25.74%), 24-month term (25.59%), 30-month term (25.33%), 36-month term (25.03%)
    Tenure: 6/12/28/24/36 months

    Eastwest Bank Personal Loan

    Interest Rates: (Carded Segment) Monthly add on of 1.49% to 1.69% (Non-Carded/Limited Card Segment) Monthly Add-on rate of 1.89%
    Effective Interest Rate (Annualy): For Carded Segment, 12-month term 31.51% and 36 month term 34.01%
    For Non-Carded/Limited Card Segment, 12-month term 39.53% and 36-month term 37.53%
    Tenure: 12/18/24/36 months

    RCBC Personal Loan

    Interest Rates: Fixed at 16.08% annually and 1.40% monthly add on rate
    Tenure: 6 months minimum term and 36 months maximum term

    Standard Chartered Bank Personal Loan

    Interest Rates: 1.10% monthly add-on rate
    Tenure: 12 to 48 months maximum

  4. #48271
    Chris Ryan
    Chris Ryan Guest

    Reply To: Personal Loan Without Collateral

    Hi, I am an OFW from Saudi Arabia. I am looking for bank or financial institutions where I can loan. I need it to continue the house i started to build but i am short in budget. I want an unsecured loan since i don’t to burden anyone for the documents i would be needing. Anyone who could help me find or suggest? Thanks.

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