Is SB Finance Personal Loan More Consumer-Friendly Than Other Loans?

Written by Marc Adrian

They say that money is like a sixth sense and you can’t make use of the other five without it. 

That’s why it’s normal to feel tired worrying about your financial problems. Truly, money is crucial, which is why it is a huge problem if you don’t have it. 

Sometimes the money that you earn from your job is just enough to cover your basic expenses. There’s nothing left for unexpected costs such as medical bills, vehicle repairs etc.

That’s when SB finance loans enter the picture. 

Why SB financing is the best option in the market

Fortunately, these issues are not something you have to worry about when borrowing money from a bank. Security Bank, for one, offers loans with terms that will exact the kind of arrangement you need to recoil from any setbacks rather than put you in further financial misery. 

Unlike other banks, Security Bank has earned quite the reputation for providing Filipinos with a more favorable experience when it comes to the application process, higher approval rates, and low-interest rates, especially at the height of the pandemic.

You can borrow anywhere between ₱30,000 to ₱2 million. In that regard, they have a wide range of loan options that will suit the unique requirements of any applicant.

Maybe your child’s exams are right around the corner, but you don’t have the money to fork out for their tuition. It doesn’t have to be another promissory note because Security Bank offers personal cash loans that you can use to bridge the gap in your child’s education. 

Not to mention schools adopting the hybrid education system nowadays where electronic gadgets have become a necessity to assist in student learning. You can use the proceeds of your loan to purchase a computer or tablet among other things to create a more conducive space for learning in your home.

These are only a few reasons you might need a personal loan. It could be that you need financing for a medical emergency or a home improvement project that you’ve been itching to pursue. Whichever the case may be, the first order of business is to make sure you meet the qualifications.

How to qualify for an SB Finance loan

Qualifying for Security Bank financing is relatively easy. Here are the basic requirements that you need to meet:

• Filipino Citizen
• 21-65 years old
• A residence or office landline number
• A gross monthly income of ₱15,000 (or ₱12,000 for applicants outside Metro Manila)
• For self-employed, applicant must have a business that’s been active for at least two years with a gross monthly income of ₱100,000. 

Documentary requirements for a Security Bank personal loan

For employed applicants:

• Company/Work ID
• One valid government-issued ID
• COE or ITR
• Latest monthly pay slip

For the self-employed:

• One valid government-issued ID
• Business or Mayor’s Permit
• Past year’s Audited Financial Statement
• DTI certificate or SEC registration
• Bank statement for the past three months

*For corporations, the latest General Information Sheet is required.

Fully digital loan application

Unlike a lot of banks that remain conservative when it comes to accepting loan applications, SB Finance no longer requires you to actually show up at the bank to fill out paper forms. All you have to do is download the Zuki app, choose the kind of loan that you need, and fill out the required details. It’s almost as easy as booking an airplane ticket to your next travel destination.

Read More: How To Apply For A Loan Through Zuki App

If you can’t call that a markedly stress-free loan application process, then I don’t know what is. All it takes is a few minutes of your time. No need to leave work or home just to transact at the bank after awaiting your turn through a very long queue.

Plus, if you’re a Security Bank client, you can count on the loan proceeds being credited to your SB savings account. Otherwise, you can visit the assigned Security Bank Loan Releasing area where you can pick up and encash a Manager’s Check for the loan proceeds. 

Approval in a matter of days

Quick approval is advantageous for every borrower, particularly those who need cash for emergencies. 

It takes no longer than five business days to find out if you have been approved for a Security Bank personal loan. 

That’s record time in the Philippines where most banks usually take at least two weeks before you can even expect a call asking you to provide additional documents, meaning another review period of two weeks or so.

Flexible terms and super-friendly interest rates

You can choose between a 12, 18, 24, and 36-month loan term. The monthly interest rate starts at 1.89%, the annual percentage rate or APR being 29.48%. 

That’s the lowest you can find across all banks, and you have a better chance of not missing out on payments at all. Thus, you can prevent more debt from stacking up by not having to worry about exorbitant interest rates.

Some closing remarks

It is an understatement to say the Security Bank has revolutionized the scope of applying for a loan in the Philippines. 

With the fully digital application process, quick approval, and super-lower interest rates, you can rest assured the help you need is swiftly underway without putting you through crippling repercussions in the long run. 

All of that spells a world of difference for every Filipino in need.