Personal Loans in Cebu

List of Personal Loan Providers in Cebu

BPI Personal Loan

Loan Features

• Minimum/Maximum Amount: Php 20,000 to 2 million pesos 
• Interest Rates: 14.40 percent per annum
• Loan Tenure: 12 to 36 months 

Security Bank Personal Loan

Loan Features

• Minimum/Maximum Amount: Php 30,000 to 2 million pesos
• Interest Rates: 1.39 percent per month
• Loan Tenure: 12 to 36 months

UCPB Personal Loan

Loan Features

• Minimum/Maximum Amount: Php 50,000 to Php 300,000
• Interest Rates: 18 percent per annum
• Loan Tenure: 12 to 36 months

Asteria Personal Loan

Loan Features

• Minimum/Maximum Amount: Php 2,000 to Php 20,000
• Interest Rates: 0.8 percent per day
• Loan Tenure: 10 weeks to 3 months 

How to Qualify for Personal Loans in Cebu

When an applicant applies for a job, the first thing that comes to mind is the criteria that must be met in order to proceed with the application – the same is true when applying for a loan in the Philippines. 

Lenders in the country have varying conditions depending on the loan that borrowers are applying for. For personal loans, there is a required number of years of work experience under the same employer and a minimum gross monthly income for prospective employed and self-employed borrowers. For instance, a gross monthly income of at least Php 10,000 is mostly required, while others expect more. The lender will use this information to assess the borrower’s financial capacity and ability to pay back the loan, which may influence the loan periods as well. 

Furthermore, Filipinos with age 21 and above are eligible to apply for personal loans in Cebu City and throughout the country. 

What are the Required Documents

The common documents that need to be submitted when applying for a personal loan are indicated below. It would be best for borrowers to prepare the required documents prior to loan application to ensure faster loan processing. 

• For employed applicants, prepare income documents such as Latest Payslips, ITR, Certificate of Employment, Latest Utility Bills with an Address indicated, and various Government-issued IDs
• For self-employed applicants, business papers and bank statements are usually required 

Note: These are just the standard requirements. Some lenders make the complete documents available on their websites for easy reference. 

Process of Loan Application

Loan providers in the country may require borrowers to go through the same procedure. Borrowers can either visit the nearest branch of the chosen provider of personal loans in Cebu to submit the necessary documents or they can stay at home and proceed with the entire process of application online. Both methods, however, require the borrower to wait for the loan application status, which can take anywhere from several hours to a few days.

Conclusion 

Properties affected by acts of nature will not be a problem since personal loans are often unsecured, which means no collateral is needed. Although this type of loan does not come cheap,  it can still be useful in the right circumstances. 

And today, Cebuanos can rediscover the opportunities that Cebu City has to offer. Credits are given to the city’s ability to provide personal loans and other financial products to its residents, which has sped up and simplified the economic recovery process.