Find the best Personal Loan in Philippines

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We found 35 personal loan(s) for you!

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EastWest Personal Loan

Multi-purpose, non-collateral loan up to  ₱ 2 Million!

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    Union Bank Personal Loan

    Loan amount of up to P2 million without any collateral or guarantor for as fast as 5 Minutes!

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      Metrobank Personal Loan

      Multi-purpose loan up to ₱2 Million!

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        Tonik Bank Flex Loan

        Get a Tonik Bank Flex Loan for as low as 1.7% monthly add-on interest rate for a maximum term of 24 months.

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          SB Finance Personal Loan

          Flexible terms, competitive rates and fast approval

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            Evo Personal Loan

            Get up to a P100,000 cash loan in 20 mins or less!

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              Uno Digital Bank Loan

              Borrow as much as PHP 200,000 without providing collateral and guarantors with various monthly installment payment plans available.

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                Esquire Financing Business Loan

                Non-collateral Business Loan up to ₱10 Million

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                  Tonik Bank Quick Loan

                  Get a Tonik Quick Loan or as low as 4.26% monthly add-on interest rate for a maximum term of 24 months.

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                    Mount Fuji Lending Business Loan

                    No collateral required

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                      Tonik Bank Multipurpose Big Loan

                      Loan up to ₱2.5 million in only 7 days!

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                        SB Finance Hooloogan Loan

                        Pay on installment when you purchase appliances, gadgets, atbp in easy installment terms.

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                          RFSC Business Loan

                          Loan up to ₱50,000!

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                            RFC Business Loan

                            Loan up to ₱5 Million

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                              BPI Personal Loan

                              Approved loan amount up to ₱1,000,000.00.

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                                Welcome Bank Personal Loan

                                Loan amount up to ₱1,000,000.

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                                  Welcome Bank Business Loan

                                  Loan up to ₱1M for your business expansion.

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                                    Welcome Bank Premier Business Loan

                                    High loanable amount for existing clients.

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                                      SB Finance Car4Cash

                                      Loan up to 2 Million using your car's OR/CR

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                                        CIMB Bank Personal Loan

                                        10 minutes loan approval

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                                          Welcome Bank Salary Loan

                                          Pay up to 3 years for a ₱500,000 loan amount.

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                                            Welcome Bank Auto Finance Loan

                                            Loan up to ₱800k using your vehicle's OR/CR as collateral.

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                                              First Circle Business Loan

                                              Up to ₱2,500,000 loan amount for first time borrowers.

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                                                Welcome Bank Salary Freedom Loan

                                                Loan up to ₱150,000, no credit card required.

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                                                  Welcome Bank Personal Happy Loan

                                                  No collateral, loan up to ₱300,000.

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                                                    Maybank Enable Personal Loan

                                                    Approved loan amount of up to ₱1,000,000.

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                                                      RCBC Savings Bank Personal Loan

                                                      Approved loan amount up to ₱1,000,000.

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                                                        Chinatrust Salary Stretch Personal Loan

                                                        Approved loan amount up to ₱1,000,000.

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                                                          Sterling Bank of Asia Personal Loan

                                                          Approved loan amount up to ₱1,000,000.

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                                                            BPI Seafarer Personal Loan

                                                            Get approved as much as ₱300,000.

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                                                              UCPB YES Personal Loan

                                                              Easy payment terms up to 36 months.

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                                                                BPI Land-based OFW Personal Loan

                                                                Loan as much as ₱1,000,000 with no collateral required.

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                                                                  Zenith Business Loan

                                                                  Up to ₱10,000,000 loan approval.

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                                                                    RFC Multi-Purpose Loan

                                                                    Get the additional funds you need with RFC Multipurpose loan.

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                                                                      RFC Financing Loan

                                                                      Whether it’s buying vehicles, equipment or appliances for your business or personal use, RFC is here to help you!

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                                                                        Last updated: Feb 21, 2024

                                                                        FAQs Personal Loans In Philippines - FAQ

                                                                        If you have short-term money needs, a personal loan can be the answer. With no collateral needed, you can easily apply for a personal loan at any bank in the Philippines. To learn more about the basics of personal loans, we've compiled this FAQ for your convenience.

                                                                        What Is A Personal Loan?

                                                                        True to its name, a personal loan is a loan for any personal expense. Unlike a housing loan or a car loan, you can use a personal cash loan for anything you want, be it tuition fees, travel, or anything else.

                                                                        There are two types of personal loans available: secured and unsecured. A secured personal loan requires collateral, such as a house or car, to back the loan. For unsecured personal loans, you don't need to put up any kind of collateral. Unsecured personal loans are much more common in the Philippines, though secured loans are also available.

                                                                        How Do Personal Loans In The Philippines Work?

                                                                        When you take out a personal loan in the Philippines, you enter into an agreement with the lender (usually a bank) and promise to repay your loan over an agreed length of time (also known as the loan tenure or loan tenor). If you're taking out a secured loan, you will also need to put up collateral.

                                                                        To repay your personal loan, you make monthly payments for the loan tenure until you've fully repaid both the principal of the loan and the interest. During the early years of the loan, the majority of your monthly payments will be used to repay interest, however, as time passes, a larger proportion of your payments will go into paying down the principal.

                                                                        Rates vary from bank to bank. For example, a Security Bank personal loan has an effective interest rate of 29.48%, while another personal loan has an effective interest rate of 26.62%. For the latest rates, use our personal loan calculator.

                                                                        What Are The Different Types Of Personal Loans And Which One Should I Get?

                                                                        Primarily banks only offer one type of personal loan which you can use for whatever purpose may serve you. However, there are various non-bank institutions in the Philippines that offer other types of loans such as salary loan, online cash loan, and payday loan. They're easier to apply for but they come with steep interest rates and shorter payment terms. The safest bet are the personal loans offered by banks because their interest rates are considerably low - if you think you meet their eligibility requirement then it should be your safest choice.

                                                                        How Do I Qualify? Am I Eligible To Apply?

                                                                        The qualification varies per provider. Non-bank lenders have a more considerate screening process and less stringent requirements, banks however have more difficult requirements which may not be for everybody. At the very least, if you have a regular stream of income, one of our providers should be able to help you.

                                                                        What Are The Requirements And Documents Needed When Applying?

                                                                        Basic requirement for a personal loan is proof of income, like your payslip or a bank statement showing a consistent flow of income for at least six months. The rest of the requirements may vary per provider; you may need to fill up some form and even co-borrower if you're applying from a non-bank lender. Another basic requirement is a proof of address - it could be an utility bill under your name or a bank statement. Also prepare your valid IDs for verification.

                                                                        What Are Personal Loan Interest Rates? How Does It Work?

                                                                        Consider interest rates as the fee you pay for borrowing money. While the common practice of banks and other lenders is to show you the monthly interest rate, keep in mind it will add up and could be bigger than what you think. For example: If the lender shows you a 2 percent interest rate per month, multiply that by the number of months your loan period will be to get the exact interest rates you will be paying for.

                                                                        Which Bank Offers The Lowest Interest On Personal Loans?

                                                                        Most personal loans from banks in the Philippines offer attractive interest rates for their personal loans. While standard monthly interest rates are around 1.5% to 2%, you can get lower deals for more specific types of personal loans like OFW loans or personal loans for business expansion. Depending on the specifications of your needs, you avail the lowest rates on personal loans from these banks.

                                                                        Bank Monthly Interest Rate
                                                                        Citi Personal Loan As low as 1.3%
                                                                        EastWest Bank Personal Loan As low as 1.89%
                                                                        HSBC Personal Loan As low as 1.22%
                                                                        BPI Personal Loan As low as 1.5%

                                                                        Which Bank Is Best For Personal Loans In The Philippines?

                                                                        The best bank for your personal loan needs will vary according to your qualification and/or your preference. There are banks who offer low interest rates but their payment terms may not be as attractive. Meanwhile, you may get a loan with better tenure but a less appealing interest rate. Quick loans from non-traditional lending companies will grant loans with less paperwork but their interest rate may be a lot more than what banks offer. Depending on what you value most, you'll get the best deals for every category from different loan providers.

                                                                        Low Interest Rate HSBC (1.3% per month)
                                                                        Bigger Amount Citibank (Up to ₱2,000,000)
                                                                        Longer Tenure Citibank (Up to 5 years)
                                                                        Quick Approval Cashwagon Cash Loan, Asteria Personal Loan, Tala Philippines
                                                                        Minimal Documents Tala Philippines

                                                                        How Much Can You Borrow?

                                                                        You can borrow loan amounts as much as ₱2,000,000 when you apply for a personal loan from a bank, though it will still be subject for evaluation and may or may not be approved based on your capacity to pay. Meanwhile, private lenders on the average mostly offer from ₱10,000 to ₱200,000. Private lenders, unlike banks, don't usually have a standard maximum loan amount. However, many of them do base their approved loan amount on the borrower's income.

                                                                        For your reference, below are the different personal loan providers and the maximum amount of loans they offer.

                                                                        Provider Max Loan Amount
                                                                        Citi Personal Loan ₱2,000,000
                                                                        EastWest Bank Personal Loan ₱2,000,000
                                                                        Security Bank Personal Loan ₱2,000,000
                                                                        Cashwagon Personal Loan ₱20,000
                                                                        RFC Personal Loan ₱50,000
                                                                        Global Dominion Salary Loan ₱100,000
                                                                        South Asialink OFW Loan ₱250,000

                                                                        What Is The Best Place To Get A Personal Loan?

                                                                        There is a type of personal loan for every financial need. To get the most out of what banks and private lending companies have to offer, applying for a specific personal loan that's appropriate for your needs (starting a business, home renovation, etc) and/or branded for your profession (OFW loan, Doctors loan). This will give you more flexibility to pay back the amount you've borrowed.

                                                                        What Are The Best Personal Loans?

                                                                        Online Cash Loans

                                                                        Asteria Personal Loan

                                                                        Cashwagon Cash Loan

                                                                        Tala Philippines

                                                                        OFW Loan

                                                                        BPI OFW Loan

                                                                        Global Dominion OFW Loan

                                                                        South Asialink OFW Loan

                                                                        Doctors Loan

                                                                        Global Dominion Doctors Loan

                                                                        Business Loan

                                                                        Esquire Business Loan

                                                                        First Circle Business Loan

                                                                        Zenith Business Loan

                                                                        Salary Loan

                                                                        Global Dominion Salary Loan

                                                                        Regular Bank Loan

                                                                        Citibank Personal Loan

                                                                        EastWest Bank Personal Loan

                                                                        Security Bank Personal Loan

                                                                        How Can I Get A Personal Loan Fast?

                                                                        As a general rule of thumb, you must submit the complete documents required by the bank or loan provider. Even a single missing requirement such as a valid ID or an incomplete form will take out a day or two from the loan application verification, thus delaying the disbursement of your loan further.

                                                                        On the other hand, quick loans offered by non-traditional loan providers (private lenders) like Cashwagon, Asteria, and Global Dominion offer fast disbursement of the funds. However, their interest rates and loan tenure may not be very favorable for the borrower. They're basically good for short term loans for people with urgent financial needs.

                                                                        Banks such as Citibank also offer quick loans with more competitive rates and tenure. The only challenge posed by banks who offer such products is their stringent evaluation process which not everyone may be able to comply with.

                                                                        How Fast Is The Loan Approval Process?

                                                                        Each loan provider has a different screening process. Some loan providers can approve your loan in 24 hours, while others may take 30 days.

                                                                        Once Approved, How Will I Receive The Loan Amount?

                                                                        Nowadays loan providers will directly transfer loans to the recipient's bank account

                                                                        What Is The Difference Between A Personal Loan And An Online Loan?

                                                                        A personal loan is a multipurpose loan offered by banks and other lending establishments. Online loan could also be a personal loan, that name only connotes that it's a type of loan that you can apply for online - completely paperless and hassle free.

                                                                        What Are The Best Online Loans?

                                                                        Online loans are rising in the Philippines, and there are now a handful of providers for this type of financial product. There are various types for different needs, which means finding an online cash loan that perfectly fits your needs will depend on how much you need and when you need it. To help you sort out the different online loans in the Philippines and which one may suit you best, we listed them down for you!

                                                                        Online Loan Provider Pros Cons
                                                                        Cashwagon Cash Loan
                                                                        • Same day approval
                                                                        • Only valid ID required
                                                                        • Instant disbursement to your bank account
                                                                        • Loan amount of up to ₱20,000 only
                                                                        • Loan tenure of 1 month only
                                                                        • Interest rate - 40% of approved amount
                                                                        Asteria Personal Loan
                                                                        • 1-day approval
                                                                        • Instant disbursement to your bank account
                                                                        • Loan amount up to ₱20,000 only
                                                                        • Max loan tenure of 3 months
                                                                        • With processing fee of 10% of loan amount
                                                                        • Interest - 24% per month
                                                                        Global Dominion Salary Loan
                                                                        • No collateral required
                                                                        • Higher loan amount up to ₱100,000
                                                                        • Loan approval in 1-3 days
                                                                        • Interest rate - 1.5% per month
                                                                        • Loan term up to 12 months only
                                                                        TALA Philippines
                                                                        • Only needs valid ID and smartphone
                                                                        • Loan approval within the day
                                                                        • Wide range of cash disbursement options
                                                                        • Loan amount up to ₱10,000 only
                                                                        • Max of 1-month loan tenure only
                                                                        • Interest rate - 15% per month

                                                                        What Is A Salary Loan?

                                                                        A salary loan is a type of loan where the amount you'll be qualified for and the payment schedule are based on your salary. You can potentially loan for higher amounts with a personal loan or cash loan.

                                                                        How To Calculate Your Monthly Loan Payment?

                                                                        Add your loan amount plus the overall interest rates and divide it by the number of months you want to pay for the loan. (Loan amount + total interest rate / number of months to repay).

                                                                        How Long Will It Take For Me To Repay My Loan?

                                                                        That decision is totally up to you, the borrower. The shortest repayment term by banks is six months and the longest is 3 years. Take note that the longer you're paying for the loan, the more interest rates you are paying, it's best to settle your loan in the shortest time possible.

                                                                        How Do I Use A Personal Loan Calculator?

                                                                        All you have to do is to specify the amount and period you want to clear the payment for it in the available fields. The online calculator will then make it easy for you by providing suitable loan packages that are available on the market, and the monthly amortizations for each one. It is worth noting that the best rates will be featured at the top.

                                                                        If you wish to sign up for a personal loan, just click on the Apply button, fill out the required fields and our iMoney representatives will get in touch with you. You will also receive email notifications regarding your application so make sure that you use your updated contact information.

                                                                        How To Choose The Right Personal Loan For You?

                                                                        Choosing a loan can be subjective. There are various types of loan made for different needs such as home loan, car loan, and salary loan; they may offer incentives or better rates if matched correctly with your needs. Another thing to consider is choosing between a bank loan and a non-bank loan. Banks usually have more stringent requirements and screening processes - it's not for everyone. Non-bank loans however offer a more considerate screening process, making them more inclusive than banks. The downside is, their interest rates and payment terms aren't always good. If you're shopping around for a personal loan, start with banks because they offer the lowest interest rates and more flexible payment terms. If you aren't eligible for a bank loan, move to non-financial institutions such as Acom, RFC, and Global Dominion. Compare which among them offer more reasonable rates and payment terms - go for the one that will give your cash flow more breathing room.

                                                                        Will I Go To Jail For Not Paying A Personal Loan?

                                                                        In the Philippines, there's really no law that mandates imprisonment for failing to pay a loan. It's a civil case at most and the worst case scenario is that you get blacklisted by banks for taking a loan again.

                                                                        What Are OFW Loans?

                                                                        OFW loans are personal loans specific to the qualifications of Overseas Filipino Workers (OFWs). Unlike regular loans, it usually provides a bigger loan amount and the requirements are more suited for OFWs.

                                                                        There are various types of personal loans for OFWs. The products are branded according to the OFW's profession and current location. These OFW loans are as follows:

                                                                        • OFW Personal Loan
                                                                        • Pinoy Abroad Loan
                                                                        • Seaman Loan

                                                                        How Can I Get A Loan For OFW?

                                                                        OFWs who are overseas and are in the Philippines can both apply for a personal loan. However, there are specific types of loans for both conditions.

                                                                        For those who are currently overseas, they can apply for Pinoy Abroad Loans. This is a personal loan that can be applied for by the OFW through an authorized representative such as their immediate family, automatically making that person a guarantor.

                                                                        Meanwhile, there are also loans provided to OFWs who are in the Philippines and this can either be a pre-deployment OFW loan or a plain OFW personal loan. Nonetheless, both will require the OFW's Overseas Employment Certificate (OEC) and other documents showing proof of their legitimacy as OFWs.

                                                                        What Are The Requirements For An OFW Loan?

                                                                        With OFWs being recognized as non-traditional employed workers in the Philippines, their requirements are also different from those who are employed in the Philippines. For one, there is no need for an Income Tax Receipt (ITR) from BIR, instead, they will only need the following:

                                                                        1. Loan application form
                                                                        2. Payslips
                                                                        3. POEA contract
                                                                        4. OEC
                                                                        5. Passport
                                                                        6. Visa

                                                                        How Can I Avail An OFW Loan In SSS?

                                                                        OFW loan from SSS will only be granted to OFWs who manage to continue paying for their monthly contribution with SSS. Monthly premiums can be settled in the Philippine Embassies found in their respective countries of deployment.

                                                                        Once the premium is settled, the OFW can start their application process via SSS online portal. They just need to register and download the SSS member loan application form and submit it to the nearest SSS representative branch (mostly in Philippine Embassies).

                                                                        How Can I Get An OFW Loan In OWWA

                                                                        Overseas Workers Welfare Association, also known as OWWA is a government agency that's solely focused on overseeing and managing the welfare of OFWs. One of the many programs that they offer to OFWs is the OFW loan.

                                                                        OWWA loan for OFWs is not for everyone. Here's why:

                                                                        • It's only granted to OFWs who are planning to set up a business in the Philippines.
                                                                        • Documents showing proof of your business plans are required.
                                                                        • It will require collateral that possess high value such as a property or a vehicle.

                                                                        OWWA loan is strictly granted as a business loan to OFWs. If your intention aligns with this type of loan, here is what you need to do.

                                                                        1. Visit an OWWA Office near you to inquire about the OWWA loan.
                                                                        2. Complete their training.
                                                                        3. Secure the Enterprise Development Training (EDT) certification.
                                                                        4. Submit the other requirements to Landbank for evaluation.
                                                                        5. Processing will take about 45 days upon the submission of the complete documents.

                                                                        If you need more information, you can read our detailed OWWA guide for in-depth discussion on the benefits, programs, and services that OWWA offers.

                                                                        Loan Terms

                                                                        Collateral:
                                                                        This refers to the asset the borrower pledges to a given lender in order to secure a loan and this will be impounded by the lender in case of default in payment of the loan.

                                                                        Early settlement penalties:
                                                                        The fees that the borrower will have to pay in the event that he/she settles the loan at an earlier date from the one specified on the loan agreement. This is usually estimated as a percentage of the initial loan amount.

                                                                        Guarantor:
                                                                        This is a person who agrees to be liable for the payment of a loan in the event that the borrower will be unable to pay for it on time.

                                                                        Late Payment Charges:
                                                                        This is the fee which the bank will charge you in the event of non-payment of your loan on the agreed time schedule. For example, for BPI personal loans, late payments are charged 5% a month.

                                                                        Loan/Financing Tenure:
                                                                        This refers to the time period for a certain loan. At the end of the loan tenure, the borrower is supposed to have cleared the loan.