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Welcome Bank Personal Happy Loan

Borrow up to ₱300,000 with no collateral.

  • icon Interest Rate
    Interest rate (p.a.)
    30.00% - 30.00%
  • icon Min. monthly income
    Loan Tenure
    1 - 2 years
  • icon Min. monthly income
    Approval Duration
    2 to 3 business days
  • icon Min. monthly income
    Min. monthly income
    ₱ 20,000

Loan Calculator

icon New Base Rate Loan Calculator

Monthly salary 20000
Interest Rate
You Pay
Total Interest Payable
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Whats so great about Welcome Bank Personal Happy Loan?

  • Loan amount up to ₱300,000, no collateral required

Product Features

Min. Financing Amount ₱50,000
Max. Financing Amount ₱300,000
Min. Loan Tenure 1 year
Max. Loan Tenure 2 years
Interest Rate 30% per annum
Approval Duration 2 to 3 business days
Debt Consolidation No

Fee & Charges

One time set up
Processing Fee 3.00% of approved loan amount
Stamp Duty ₱400


Age requirement Age 21 - 60
Employment eligibility Must be a permanent or regular employee; if probationary, must have been employed in the same industry or line of work for the last 2 years.
Min. salary requirement ₱20,000 gross per month

Other Requirements

Need to open linked bank account? No
Other details Loan repayments may be done through PDCs only.

Review by iMoney

Welcome Bank is a subsidiary of Welcome Financial Group, a specialized retail banking provider from Korea established in 2002. They offer a wide range of financial solutions to retail consumers from credit lines and loans, to banking products such as savings accounts, to digital banking services.

One of their retail financial products is their Personal Happy Loan, a no-fuss collateral loan product that comes with low income and eligibility requirements but offers a loan amount of up to PHP300,000. They offer some of the most flexible payment terms in the market with up to 3 years repayment option.

Welcome Bank Personal Happy Loan FAQ

How can I apply for a Welcome Bank Happy Loan?

You can easily apply for a Welcome Bank Personal Happy Loan by using our online application form. After we receive your application, our Customer Care Agent will contact and assist you through the application process.

How much can I borrow?

Welcome Bank’s Personal Happy Loan grants up to PH300,000 loanable amount.

What are Welcome Bank Personal Happy Loan's requirements?

Welcome bank requires their loan application to meet the following eligibility and provide the following documents.

Eligibility requirements:

  • Filipino Citizen, at least 21-65 years of age.
  • Employed for at least 1 year with minimum PHP20,000.00 monthly salary / income.
  • An active credit card holder for 6 month with minimum credit limit of PHP20,000.00.

Required documents:

  • Two (2) Valid government IDs
  • Two (2) months recent payslip
  • COE (with position, tenure, and annual income)
  • Latest ITR
  • Two (2) months credit card statement

*Additional documents may be required during credit evaluation.

What is Welcome Bank Personal Happy Loan's interest rate?

Their estimated monthly interest rate is 2.5%.

What is the loan tenure for Welcome Bank Personal Happy Loan?

The loan repayment options for this loan product is 1 to 3 years.

Are there any other applicable fees and charges?

The following fees will be deducted from your loan amount:

  • Processing Fee - 3% of Approved Loan Amount
  • Notarial Fee - P400
  • Documentary Stamp Tax - Approval Loan Amount / 200 * 1.5

Meanwhile if you have a loan with them and you don’t pay on time you will be charged a late payment fee of PHP1,500 or 15% of amortization or whichever is higher.

How does the Welcome Bank Personal Happy Loan calculator work?

Their Personal Loan Calculator provides you with a rough estimate of how much your monthly amortization will be based on your desired loan amount and payment term (tenure). You only need to fill in the amount of loan you’re applying for and your preferred tenure.

How can I know the status of my loan application?

You may check your Happy Loan application status through Welcome Bank's homepage under the 'My Page' section.

How will I know if my loan application is approved?

You will receive a phone call from a Welcome Bank sales associate to schedule you for loan release.

When repaying the loan, what is the mode of payment?

Loan repayments may be done through PDCs only.

What if I want to pay my loan immediately and do not want to finish the terms?

You can repay all your outstanding loan anytime with the corresponding pre-termination fee.

I finished my loan repayment, can I apply again for renewal?

Yes. You can apply for renewal once you finish repaying half of your terms or upon reaching 6 months (whichever comes first). However, the loan balance of your existing loan will be deducted from your new loan disbursement.

I already signed my loan documents. When will the loan proceeds be credited to my account?

Your loan proceeds should be credited to your account within 2-3 business days.

Is Welcome Bank Personal Happy Loan the right one for me?

If you’re looking for a bigger loan amount with less fuss, provided that you meet their 6-month credit cardholder requirement, the Welcome Bank Personal Happy Loan should be one of the best loan options available for you in the market today with its low interest and long repayment loan offering.

There are still other options out there that you might fit what you are looking for:
CIMB Personal Loan

Having a new player such as CIMB improves the competition among providers and will benefit us consumers in the long run. CIMB personal loan lets you borrow up to ₱1,000,000 with reasonable interest rates starting from 13.47% per annum. You can apply if you have a mimium monthly income of only ₱15,000 and get pre-approved in just a matter of minutes.

RCBC Personal Loan

As one of the top banks in the industry, RCBC Savings Bank offers a personal loan that can cater to a variety of needs. You can repay the loan starting from 6 months to 3 years with loan amounts ranging from ₱50,000 up to ₱1M. You can apply if you have a minimum monthly income of ₱20,000 and approval will take within 5 - 7 banking days. Interest rate starts from 15.6% per annum.

EastWest Bank Personal Loan

For a local bank, EastWest has been expanding rapidly through the years and is considered as one of the top performing banks in the country. Their personal loan offers flexible payment terms of up to 3 years with competitive interest rates starting at 22.68% per annum. You can borrow amounts from as low as ₱25,000 to ₱2,000,000. Approval can be as fast as 5 - 7 banking days with low eligibility criteria of just ₱15,000 monthly income.

Remember to check out similar products available on our site. You can go through other personal loan options to choose from as you compare details such as eligibility and documentary requirements.