Eligibility
- 21-65 y/o
- Employed / Self-Employed
- Resident / Citizen of the Philippines
- Minimum Salary Requirements
- Collateral (If applying for a Secured Personal Loan)
General Requirements
- Application Form
- Government-issued ID
- Latest Payslip (employed)
- Business Permit, DTI Certificate (self-employed)
Best Personal Loan Features
Loan Amount: The loan amount starts with a minimum of Php1,000 to Php2,000,000
Loan Term: Terms of Payment can be done within 3, 6, 12, 18, 24, 36, 48 months
Interest Rate: There can be as low as .5% per day
Approval period: Nowadays there can be such as a 24 hours approval.
Where can you get personal loans?
A person looking for a personal loan may be able to get one from Banking Institutions, Non-Banking Institutions like lending companies, financial institutions, pawnshops, private lenders, and many others. Here are some of the Loan providers which give favorable terms and conditions to loan seekers.
Banking Institutions
Citi Bank Personal Loan
Features:
Loan Amount: up to Php2,000,000
Loan Term: 12months to 60 months
As fast as 24 hours of approval
Average Annual Contractual Rate: 26.9%
HSBC
Features:
Loan Amount: Php30,000 to Php500,000 or 3x monthly gross salary whichever is lower
Loan Term: 6 to 36months
Interest rate: 0.65% add-on rate per month
Approval period: within 5 banking days
Security Bank
Features:
Loan Amount: Php30,000 to Php2,000,000
Loan Term: 12 to 36months
Interest rate: 1.89% add-on rate per month
Approval period: within 5 banking days
Non-Banking Institutions
Online Loans:
TONIK
Loan Amount: Php5,000 to Php50,000
Loan Term: 6 to 24months
Interest rate: 7% per month
Fast Approval
DIGIDO
Loan Amount: Php1,000 to Php25,000
Loan Term: 3 to 6months
Interest rate: 11.9% per month
Approval period: within 5 banking days
MONEY CAT
Loan Amount: Php500 to Php20,000
Loan Term: 3 to 6months
Interest rate: 11.9% per month
Approval period: 24-hr approval period
Conclusion
There are quite a number of personal loan products that are proven to be the best choices here in the Philippines. Considering the criteria of acquiring a loan with lower interest rates, favorable payment terms, lower service charges, a lower amount of monthly payment, etc., finding the best personal loans in the Philippines can greatly help in the finances of a person.
One has to simply be diligent enough in searching the market for a personal loan with the best rates and flexible payment terms, and one without any hidden charges.
Big Piggyy
"Show me the MONEY!!!" – Jerry Maguire
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