Pros & Cons
Advantages of Applying for a Worldwide Personal Loan Online
- You can choose a financial institution with a very good standing
- You have a lot of options to choose from
- Competitive interest rates and favorable payment terms
- You can acquire a loan in whatever currencies you might need, if applicable
Disadvantages of Applying for a Worldwide Personal Loan Online
- Because everything is done online, miscommunication can happen.
- Risk of repossession of the pledged item. You can apply for a larger amount of loan to an offshore private lender, but it is also true that your pledged object has a higher risk of being auctioned once you have failed in paying your dues.
Worldwide Personal Loan Online Providers in the Philippines
Here are the banks that offer worldwide personal loans online in the Philippines: CIMB Bank, HSBC and Citi.
CIMB Bank
CIMB Bank offers an all-digital personal loan application that is convenient and seamless.
Loan Features
Loan Amount: P30,000 to P1,000,000
Loan Term: 12 months to 60 months
HSBC
HSBC Personal Loans are available for whatever needs a person may have: tuition, hospitalization, car upgrades and bill payments. Borrowers will also find themselves enjoying the benefits of applying with HSBC such as fast approval of loans and access to many payment channels nationwide through the HSBC branches.
Loan Features
Loan Amount: P30,000 to P500,000 or 3x monthly gross salary, whichever is lower
Loan Terms: 6 months to 36 months
Note: The loan amount to be granted will be subject to the bank’s credit review and final approval.
Citi Bank
CitiBank offers an unsecured personal loan with approval as fast as 24 hours. They also offer one of the highest maximum loan limits in the country.
Loan Features
Loan Amount: up to P2,000,000
Interest: 26.9% – 30.9% per annum
Loan Term: 12 months to 60 months
Conclusion
Individuals who are applying for worldwide personal loans must think carefully about the implications of doing so. A local loan application can already be considered risky, but applying for an international loan will mean different loan terms, although they may also be regulated by the Bangko Sentral ng Pilipinas (BSP).
The features of worldwide personal loans online may be slightly better than those of local banks but the one borrowing will also be the best judge of their needs are and how they can best address it.
Big Piggyy
"Show me the MONEY!!!" – Jerry Maguire
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