Get the Best Personal Loan Rates in the Philippines
A personal loan, more commonly known as salary loan, is a type of loan from banks that do not require any form of payment security. Personal loan lenders do not demand any form of collateral to apply for a personal loan from potential borrowers.
There are plenty of reasons to apply for a low interest personal loan. It comes in handy in countless situations. For starters, personal loans can be used to fulfill your immediate needs, such as a new computer or smartphone. Individuals can also use personal loans for other purposes such as credit card debt consolidation, tuition fee payment, building a good credit score, and other financial needs.
List of Personal Loan Lenders in the Philippines
There are a lot of personal loan providers in the Philippines and it's importanant to know which banks or lending institutions offer the lowest interest rates and best payment options. Here are the lists of loan products in the country:
- BDO Personal Loan
- BDO Asenso Kabayan Personal Loan Unsecured
- BDO Asenso Kabayan Personal Loan Secured
- BPI Personal Loan
- EastWest Personal Loan
- PBCOM Personal Loan
- PS Bank Personal Loan
- Citibank Personal Loan
- Chinatrust Personal Loan
- HSBC Personal Loan
- RCBC Personal Loan
- Maybank Personal Loan
- Security Bank Personal Loan
- Standard Chartered Personal Loan
- Asia United Bank Personal Loan
- Planters Bank Personal Loan
- UCPB Personal Loan
- City Savings Personal Loan
- Leverage Business Owners Personal Loan
- Welcome Finance Personal Loan
Types of Personal Loan
Personal loan in the Philippines have 2 major types:
- Secured Personal Loan is a type of cash loan that requires borrower to have some sort of collateral as payment security for loan lenders. In case the borrower can no longer fulfill its obligation to pay the loan amount, lenders will take the asset and use it to pay for loaned money.
- Unsecured Loan is a type of salary loan that do not require borrowers to have any collateral. This is the reason why unsecured personal loans have higher interest rates compared to secured loans that needs collateral due to a high risk involved in lending without any form of security.
For full information about types of personal loan, check out here.
Application Process and Requirements for Personal Loan Philippines
To apply for a cash loan in the Philippines, you must be:
- A resident of the Philippines with a valid Philippine billing address
- At least 21 years of age or older
- An annual income that meets the requirements of a personal loan application
- A postpaid landline or a postpaid mobile phone under your account
- A Tax Identification Number (TIN) and SSS/GSIS No.
eCompareMo makes your online salary loan application easier, whether you are employed or self-employed. We can assist you in finding the best possible personal loan with low interest rates with just a few taps or clicks away.
Check out our complete list of personal loan offers.
Personal Loan Rates, Terms, Charges and Payment
Depending on the bank or financial institution you apply with, interest rates for salary loans range from 1% to 3%. Some banks also charge an additional fee for the processing of your personal loan application.
Personal loan terms may vary among banks and your capacity to pay. It can be 3 months, 6 months, 18 months, 24 months, up to 60 months.
In the event the borrower fails to settle the monthly repayment on the due date, they will be charged a late payment fee. Banks usually charge around 3% to 4% per month.
Below is a sample computation for a loan with a principal amount of PHP20,000:
|Interest Rate||Fixed rate of 1.5% to 3% per annum maximum|
|Loan Tenure||1 year loan tenure to 3 years per annum|
|Total Interest Payable||PHP3,600|
|Total Amount Payable||PHP23,600 for 12 months|
Helping millions of Filipinos save time and money
At eCompareMo, our goal is to help you get your life back in order—fast. We have partnered with the country’s leading banks and loan lenders to help you fill your immediate need for money. We provide Filipinos with neutral and transparent side-by-side comparison of financial products in the country. With our advanced personal loan calculator, we make the entire process of finding the most competitive salary loan rates in the country, as simple and convenient as a few taps and clicks. Just type in the loan amount and tenure to our online calculator and you can get results instantly.
We can be reached 24/7—simply use our Live Chat function to schedule a phone call with one of our representatives and we’ll get back to you promptly.
We take it up a notch by handling the application of personal loan for you, helping you save even more time, effort, and money. Our in-house banking experts are here to provide tips on how to make the entire process run smoother. With eCompareMo, you can be sure you’ll make informed financial decisions.
We are ready to answer all queries on personal loans and other financial products and services. We can be reached 24/7—simply use our Live Chat function to schedule a phone call with one of our representatives and we’ll get back to you promptly.
eCompareMo helps Filipinos achieve financial freedom through financial products and services. Aside from financial comparison services, we also provide insightful, informative, and inspirational articles as well as social media campaigns that aim to reach out to people looking for financial freedom in their lives.
eCompareMo brings you closer to your dreams by helping you find the best personal loan rates online.
FAQ about Personal Loan
Can I get a personal loan without collateral?
Yes. This type of personal loan is called unsecured loan whereas the lender won’t require any collateral from the borrower, however, with this type of cash loan expect that it comes with a higher interest rate.
How to get personal loan without credit card?
Even you don’t have any credit card, you can still apply for a personal loan. However, if a credit cardholder apply for a loan, they have a higher chances of getting approved.
Can I pre-terminate a cash loan?
Yes, but in the condition that you need to pay the loan amount in full along with the interest rate
How to Increase my Chance for a personal loan approval?
You need to check first if you qualify for a personal loan before you apply. Also, check your credit history, if you have existing debt or loan from other banks, this might have a big impact to your application that can lead to rejection. Make sure that you submit all the necessary documents that the bank required and answer all the questions with honesty when a bank representative call you for a background check.
Note:There is a higher chance of loan approval for those individual with existing credit card.
When is the best time to apply for a personal loan?
A personal loan is the best option only if can result in overall savings or helps you with your finances (pay off debt, tuition fee or buying a house). Opt for a personal loan application in case of an emergency. But, make sure that you will be able to repay the loan amount on time.
How much can I borrow and over what period of time?
You may get as much as 4x of your gross monthly income, with a minimum amount of P20,000 to P2,000,000 maximum, subject for approval. The period of time for the loan payment will depend on your chosen amount and payment term. But, keep in mind that the longer payment term means higher interest rate.
How quickly can I get the loan amount?
That depends on how fast you submit all the necessary requirements for your loan application. Once all the required documents have been submitted, the loan process usually takes 5-7 banking days. Upon approval, crediting of loan proceeds usually takes 1-3 working days from signing of the loan documents.
What happen if I fail to pay the monthly repayment?
In case you failed to pay your monthly installment on time, your unpaid amount will be charged a late payment penalty fee ranging from 3%-10%, depending on the banks.
If I’m working abroad, can I apply for a personal loan?
In order to process your loan application, you should be physically present in the Philippines because you need to sign loan documents if approved.