When you’re on a tight budget and in need of fast cash, it’s easy to go for non bank personal loans. We have a lot of private lending companies in the Philippines that can offer faster loan processing than banks, but you might end up in more financial trouble when it comes to paying off your loan.
Most private lenders require collateral and have a higher interest rate than banks. Scams are also common, with some borrowers unknowingly signing up for contracts with hidden terms and conditions, and even being charged for an unreasonable loan processing fee.
Banks, on the other hand, have longer processing time due to them conducting a thorough background check based on the information you provided. It’s now easy to look for banks on the internet that offer low interest rates. Some even have loyalty programs for borrowers with good credit score.
Here are the three trusted banks in the Philippines that offer personal loan with low interest rates: