List of Banks That Offer Personal Loans Philippines

What is a Personal Loan?

A Personal Loan is a type of loan that a person can apply for when they need funds to address their personal needs – medical emergencies, home renovations, travel, important life milestones, debt consolidation, etc. The amount of personal loan that an individual can apply for will depend on the credit evaluation conducted by banks, lending companies or other credit unions. The loaned amount can be paid back over a period of time, typically within a period of one to five years. 

Types of Personal Loans

Personal Loans can either be a secured type or unsecured. 

Secured Personal Loans

A Secured Personal Loan requires collateral in order to secure the debt. Typically, secured personal loans have a better chance of approval because the collateral minimizes the risk attached to the debt. In case a borrower fails to pay the loan back according to the terms of the loan agreement, the lender will be able to keep the collateral to satisfy payment of the debt. 

Unsecured Personal Loans

As opposed to secured personal loans, an unsecured personal loan will not require any form of collateral but will be charging a higher interest amount because of the risk of providing a loan without any form of security other than the credit history of the person. 

List of Banks that Offer Personal Loans in Philippines

There are many banks in the Philippines that offer Personal Loans in the Philippines that are easily affordable, have flexible payment terms and will only require minimum documents in order to process and approve a loan. 

Banks will normally process a loan application within 3 to 5 banking days provided that all the documents submitted are complete. 

Here is the list of banks that offer personal loans in the Philippines:

Conclusion

Personal Loans are an excellent way for people to address their financing needs especially when they wish to execute plans that were long planned and will be beneficial for the company. Personal Loan is a type of debt but it is one that will be able to help people improve the quality of their lives when the money is used wisely.