• citibank
  • chinatrust
  • SecurityBank
  • leverage
  • pbcom
  • eastwest
  • maybank
  • welcomefinance

Compare the Best Personal Loan Rates in the Philippines

eCompareMo has partnered with the country’s leading banks and lending companies to give you the power to choose the best Personal Loan product for your every need.

EastWest Personal Loan
  • Interest Rate: 1.49% per month
  • At least P15,000 monthly income required
  • No collateral or guarantor required
  • Up to P2M maximum loan amount
Apply Now
PBCOM Personal Loan
  • Interest Rate: 1.63% per month
  • Loan tenure up to 48 months
  • No collateral, guarantor needed
  • Maximum loan amount of P1M
I'm Interested
Citi Personal Loan
  • Interest Rate: 1.26% per month
  • Loan tenure from 12 to 60 months
  • No guarantor or collateral needed
  • Approval in as fast as 24 hrs.
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Chinatrust Personal Loan
  • Interest Rate: 1.39% per month
  • Loan any amount from P20,000 up to P1M
  • At least P15,000 monthly income to apply
  • No guarantor or collateral needed
I'm Interested
HSBC Personal Loan
  • Interest Rate: 1.21% per month
  • Fast approval (5 days upon submission of requirements)
  • Only P14,000 monthly income required
  • No collateral, guarantor needed
I'm Interested
RCBC Personal Loan
  • Interest Rate: 1.30% per month
  • Apply any amount from P50,000 to P1M
  • Loan tenure up to 36 months
  • At least P20,000 minimum income required
I'm Interested
Maybank Personal Loan
  • Interest Rate: 1.50% per month
  • Loan amount from P50,000 to P1M
  • Flexible payment terms from 12-36 months
  • No collateral, no guarantor needed
I'm Interested
Security Bank Personal Loan
  • Interest Rate: 1.39% per month
  • No credit card needed to apply
  • Maximum loan amount up to P2M
  • No guarantor, no collateral required
I'm Interested
UCPB Personal Loan
  • Interest Rate: 1.59% per month
  • Borrow money from P50,000 up to P1M
  • At least P25,000 monthly income required
  • No collateral, no guarantor needed
I'm Interested
Leverage Personal Loan
  • Interest Rate: 3.50% per month
  • Borrow money from P30,000 up to P1M
  • No collateral, no guarantor needed
  • Approval in as fast as 5 days
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Welcome Finance Personal Loan
  • Interest Rate: 1.60% per month
  • At least P15,000 monthly income required
  • Approval in as fast as 2 days
  • No collateral, no guarantor needed
Apply Now

What is a Personal Loan?

A Personal Loan is a type of loan from banks that do not require any form of payment security. Many loan lenders in the Philippines do not require any form of collateral from their potential borrowers.

There are plenty of reasons to apply for low-interest personal loans. It can come in handy in different situations. For starters, loans can be used to fulfill your immediate needs. Individuals can also use it for other purposes, such as credit card debt consolidation, tuition fee payment, building a good credit score, and other financial emergencies.

Why apply for personal loans?

  • Acquiring a vehicle
  • Funding a business venture
  • Creating an emergency fund
  • Credit card payoff
  • Debt consolidation
  • Financing home improvements or renovation
  • Financing education
  • Improving your credit score
  • Medical expenses
  • Purchasing electronic gadgets
  • Starting an investment
  • Travel fund

Types of Cash Loans

There are two major types of loan in the Philippines — secured and unsecured loan.

A secured loan requires the borrower to have some sort of collateral as payment security for loan lenders. In the event that the borrower fails to pay the loan amount, lenders will take the asset and use it as a payment for the loaned money.

On the other hand, an unsecured loan refers to a Personal Loan without collateral, but this often comes with a higher interest rate. It is considered higher risk since it doesn’t have any form of security (aka the aforementioned collateral).

How to apply and get approved for a Personal Loan in the Philippines (fast)?

  1. Make sure that you are eligible for a loan application before applying for one. Check the eligibility requirements below.
    • Must be a resident of the Philippines with a valid Philippine billing address
    • Must be at least 21 years of age or older
    • Must have an annual income that meets the requirements of the chosen personal loan provider
    • Must have a postpaid landline or a postpaid mobile phone under your account
    • Must have a Tax Identification Number (TIN) and SSS/GSIS No.
  2. You can compare rates online to save time and money. No need to go from one bank branch to another and make multiple phone calls!
  3. Within 15 seconds, you can choose the best loan product and complete the necessary documents required by your chosen lenders.
  4. You can get approved in as fast as 24 hours. Loan application process usually takes three to five working days, depending on the bank you choose.
  5. Once approved, you can get your loan through branch pickup, have it credited to your bank account, or ask the Manager’s Check to be delivered to your billing address.


You need to check first if you qualify for personal loans before you apply. Also, examine your credit history (namely, if you have any existing debt or loans from other banks). Pre-existing loans or debts may have an impact on your application, and can be a factor for declined applications. Furthermore, make sure that you submit all the necessary documents that the bank requires, and honestly answer all the questions when a bank representative call you for a background check.

Note:There is a higher chance of loan approval for those individuals with existing credit card.

Check out on How To Get Approved for Personal Loan In The Philippines here

Check out How To Apply For Personal Loan In The Philippines here

What are the Personal Loan interest rates, fees, charges and payments

Depending on the bank or financial institution you apply with, interest rates may range from 1% to 3%. Moreover, some banks charge an additional fee for the processing of your application. The processing fee varies from P1,000 to P2,000, depending on the lender.

Several banks and financial institutions offer flexible payment terms, giving borrowers the freedom to pick what agreement works best for them. Payment terms may vary from 3 months, 6 months, 18 months, 24 months, even up to 60 months. Note that the longer the loan tenure, the higher the interest rate. However, some banks offer a fixed interest rate.

In the event the borrower fails to settle the monthly repayment on the given due date, they will be charged a late payment fee. Usually, banks charge around 3% to 4% per month.

Below is a sample computation for personal loans with a principal amount of PHP20,000:

Principal amountPHP20,000
Interest Rate1.2% per month
Loan Tenure12 months
Processing FeePHP1,500
Net PayoutPHP18,500
Total Interest PayablePHP2,880 for 12 months term
Monthly PaymentPHP1,906.67
Total Amount PayablePHP22,880 for 12 months

NOTE: The amount indicated above is a sample computation and may vary depending on the loan provider, loan amount, and payment terms you choose.

Personal Loan FAQ's

Can I get a Personal Loan without collateral?

Yes. This type of Loan is called an unsecured loan, where the lender won’t require any collateral from the borrower. However, expect a higher interest rate when you opt for this one.

Check out Personal Loan Without Collateral: Know Its Advantages And Disadvantages here

How to get a Personal Loan without a credit card?

Even you don’t have any credit card, you can still apply for a loan. However, if a credit cardholder applies for a loan, they have a higher chances of getting approved.

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 million maximum, subject to 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. Furthermore, you can use an online loan calculator to project how much interest you will be paying with your chosen loan amount and payment terms.

What happens 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% to 10%, depending on your chosen Personal Loan provider.


Key points you need to know about Personal Loans | What Is A Loan Calculator? | OWWA Loan Starter Guide: Your Road Toward Financial Freedom | Emergency Loans: A Quick Fix For Your Urgent Needs | Call Center Agent Loan: A Quick Guide To Applying For A Personal Loan For BPO Agents | Secured Loan by Employer | Secured Loan by Deposits

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