A personal loan is an amount of money borrowed from banks or private lenders that you can use for any purpose. The borrowed money can use to fund medical emergencies, home improvement, Debt consolidation, Business openings or expansion, Weddings, Appliances, and even to fund your vacation. You can use it for every personal need.

In the Philippines, Personal Loan typically doesn’t require collateral (unsecured) and is offered with minimal documentation. However, a borrower must have a good credit score, history, and a stable source of income for a higher chance of approval.

How to Qualify for a Personal Loan

Before applying for a personal loan in the Philippines, make sure you are eligible and qualified for the given criteria. The following are the common requirements for a personal loan that most banks and lenders ask for:

• At least 21 to 64 years of age
• Filipino resident or a resident foreigner (with a valid Philippine billing address)
• Minimum gross annual income (per provider)
• Must be employed or self-employed with a profitable business
• A mobile number, landline, and/or email address

Legit Personal loans the Philippines

If you are looking for a legit personal loan in the Philippines, make sure to only apply to well-known and trusted banks, organizations, and lenders. If you have a current bank, start with them and consult your banker for personal loan advice, what type of personal loan they offer, and your chance of qualifying.

Let’s say you currently don’t have a bank or credit union; you can still apply for a personal loan. There are numerous banks, cooperatives, microfinance, and lenders that offer personal loans online. You can also send an application to the lender electronically using a different platform, such as UpFinance, and get the approval and funding you need within 48 hours.

Every bank and lender offer different value of how much you can get and will pay for your loan. So, it is necessary to compare all of the available options. Look for a bank or lender that offers fast approval and has a low interest. And if you have a bad credit history, you can still apply for your loan from selected lenders. Choose the perfect lender for your needs and qualifications.

In choosing the perfect bank for your loan, pay close attention to every detail. These include:

• Approval Period
• Interest Rates
• origination fee
• Repayment terms (timeline)
• Monthly Payment
• Borrowing Limits
• Collateral Requirements (for a secured loan)

Best Personal loans in the Philippines

Banks, organizations, and lenders offer different borrowing limits and interest rates. From zero to 2.25% interest per month, and from at least 2,000 PHP to 2,000,000 PHP – any amount you need!

Here are the top 10 banks and lenders that you might want to consider.

JuanHand

interest rates: – 1,66% per month
loan term up to 6 months Collateral: yes
Minimum loan amount: – 2 000 PHP
Maximum loan amount: – 50 000 PHP

ROBOCASH

First loan for FREE!
interest rates 0% – 11,9% per month
loan term: 1 – 6 months
Maximum loan amount: 25 000 PHP

Money Cat

First loan for FREE!
interest rates 0% – 11,9% per month
loan term 1 month
Maximum loan amount: 20 000 PHP

BPI

interest rates: – 1.2% per month
loan term up to 36 months
One-time processing fee: 1 500 PHP
Minimum loan amount: – 20 000 PHP
Maximum loan amount: – 2 000 000 PHP

RCBC

interest rates: 2.18% – 2.3% per month
loan term up to 36 months
Minimum loan amount: – 50 000 PHP
Maximum loan amount: – 1 000 000 PHP

Maybank

interest rates: from 1.3% per month
loan term up to 36 months
One-time processing fee: 2 000 PHP
Minimum loan amount: – 50 000 PHP
Maximum loan amount: – 1 000 000 PHP

Citibank Philippines

interest rates: 2.25% per month
loan term up to 60 months
Disbursement fee: 1 750 PHP
Minimum loan amount: – 10 000 PHP
Maximum loan amount: – 2 000 000 PHP

CIMB Bank

interest rates: 1% – 5% per month
loan term up to 12 months
Minimum loan amount: – 1 000 PHP
Maximum loan amount: – 10 000 PHP

BDO

interest rates: 2,16% – 3,47% per month
loan term up to 36 months
Minimum loan amount: – 10 000 PHP
Maximum loan amount: – 1 000 000 PHP

Sterling Bank of Asia

interest rates: 3% – 3,145% per month
loan term up to 36 months
Minimum loan amount: – 50 000 PHP
Maximum loan amount: – 1 000 000 PHP

How to pay Personal loans Philippines

When applying for a personal loan through banks or lenders, it is good to consider how you will pay the amount of loan you get. It is also good to learn about the interest rate you will pay each month and the method of how you will pay it. Below are a few steps on how to pay your loans

A personal loan from a bank

• Upon agreement of the personal loan, a debit system will be put into your card to automatically compute the amount you will pay each month
• Keep funding the card where you will pay to pay off your personal loan
• When paying early, contact the bank branch of your personal loan and pay onsite

From a Lender

• When finishing a deal with a lender, a payment system will be issued
• You can pay in any payment channels online or over the counter
• Contact your lender if you will pay early on the loan you get.

Paying your personal loan can be troublesome at times especially when you are late on paying on a certain month. You might not keep track of the amount you pay each month. You will be notified continuously even after you have paid your debt early before the due date. And you might wait a long time when receiving notifications about your paid debt. Overall, there are conveniences in paying your loan from a bank and lender but the downside will surely show most of the time.

Fast and easy Personal loans

Want to have a fast, easy and reliable way to get yourself a Personal loan? Head on to Upfinance! Upfinances is an online loan website that is composed of multiple loan offers equipped with information for your loaning needs. Upfinance even offers a variety of functions and tools to help you easily make the right decision on getting a personal loan. Upfinance saves you the trouble of researching multiple banks and lenders by giving you the right information about the banks and lenders. They even offer you a loan calculator to easily know the amount you will pay when getting a loan.

They are also reliable because they are partners with well-known banks and lenders that are registered by the government of the Philippines. Examples of the banks are RCBC, BDO, and Unionbank! So don’t worry about being on the bad side. Upfinance also helps you find the best personal loan offer for your needs. Just by sliding in their loan calculator, they can easily find you the banks and lenders with the lowest interest rate that will help you save some cash. By using the calculator as well, you can easily know the cost so that you are equipped of making the right decision. In conclusion, don’t miss out on the countless benefits and convenience that you will get when using Upfinance, so go Upfinances now!

Author Maria Torres from Upfinance.

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