Looking for the Best Personal Loan in the Philippines? Check Out These Great Options
- By Adji Hendrawan
- April 13, 2022
When times are hard and the future is uncertain, a personal loan can be very beneficial in expanding our source of income and managing our cash flow. It’s a quick and easy financial solution for our many money woes. But with so many top loan providers in the Philippines, choosing which one to get a loan from can be time-consuming. That’s why we came up with this list to help you find the best personal loan in the Philippines for your needs. Learn more about each loan product’s features and benefits and what loan purposes they’re ideal for. Table of ContentsWhat is the Best Personal Loan in the Philippines? 10 Options for Different Needs☑️ EasyRFC Multi-Purpose Loan☑️ Citibank Personal Loan ☑️ BPI Personal Loan ☑️ SB Finance Personal Loan☑️ Tala Personal Loan☑️ EastWest Personal Loan ☑️ CIMB Personal Loan☑️ RCBC Personal Loan☑️ PSBank Flexi Personal Loan☑️ Tonik Quick LoanAt a Glance: 10 Best Personal Loans in the Philippines5 Things to Consider When Choosing the Best Personal Loan for You1. Eligibility Requirements2. Loan Purpose3. Interest Rates and Other Fees4. Loan Term5. Loan Repayment PlanFinal Thoughts What is the Best Personal Loan in the Philippines? 10 Options for Different Needs How do you choose a personal loan that’s right for your needs and your budget? Here’s a rundown of where to borrow money in the Philippines that can help you with your cash emergency. ☑️ EasyRFC Multi-Purpose Loan 📌 Best online loan for emergencies Loan amount: ₱10,000 to ₱150,000 Minimum annual income: ₱120,000 Monthly interest rate: 4% Loan terms: Up to 12 months The EasyRFC…
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Your Easy Guide to BPI Personal Loan Application
- By Moneymax
- April 6, 2022
Financial snags happen from time to time: you borrowed from a friend, used a portion of your emergency fund, or even pawned some of your jewelry pieces. Nevertheless, past experiences assure you that you’ll get past these hitches. However, the pandemic has tested everyone’s financial readiness and tolerance to risks and uncertainties. Maybe you’ve lost your job, or one of your family members has been battling a health condition. And what’s putting you on edge is the fact that your resources have been exhausted and you need help. In these situations, the bank may be the best place to visit as it offers low-interest personal loans. As such, one of the best and most reliable banks to visit is the Bank of the Philippine Islands (BPI). Its loan products have some of the lowest interest rates in the market, and it usually offers reduced rate promos that you may avail. Here’s what you need to know about the BPI Personal Loan. We’ve also come up with a BPI Personal Loan application guide in case you want to apply. Table of ContentsWhat is BPI Personal Loan?What Can I Use a BPI Personal Loan For?1. Your Child’s Education2. Home Renovation3. Dream Vacation4. Memorable Occasions5. Other Emergency ExpensesWhy Should I Get a BPI Personal Loan?BPI Personal Loan Key FeaturesWhat are the Requirements for BPI Personal Loan Application?Eligibility RequirementsRequired Documents for BPI Personal Loan ApplicationHow Will I Know If I’m Ready to Apply for a BPI Personal Loan?How to Apply for a BPI Personal LoanOnline BPI Personal Loan Application StepsBPI Personal Loan Application via…
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Which is the Best Bank for a Car Loan in the Philippines?
- By Adji Hendrawan
- March 2, 2022
With the entire country slowly getting back on its feet after battling the pandemic, public transport is as bad as it was before COVID-19, according to a local transport group.[1] Thus, even with the community quarantines in 2020, the country ranked 11th among the countries in Asia with the highest passenger cars sold with approximately 153,000 vehicles.[2] As we face the new normal, vehicle ownership seems to be the easiest solution and the safest way to travel. With this, it’s important to find the best bank for a car loan in the Philippines. There’s no single bank or auto loan that’s best for everybody. Auto loan providers in the Philippines offer different features and promos that cater to the needs and preferences of different car buyers. You have to consider the type of car you’re going to buy, your budget, and your qualifications. This is why researching and comparing auto loans matter a lot before you apply for a car loan. To help you with that, we’ve listed them down for you. Table of ContentsWhat is the Best Bank for a Car Loan in the Philippines?AUBBank of CommerceBPIEastWest BankMetrobankPSBankRCBCSecurity BankUCPBUnionBankFinal ThoughtsCompare Other Loan Options What is the Best Bank for a Car Loan in the Philippines? Here’s a quick overview of what car loan providers offer car buyers in the Philippines. Information are updated and accurate as of March 2022. AUB AUB’s motor vehicle loans help finance your vehicle ownership regardless of whether you’re looking for a brand new or used car. Key Car Loan Features in AUB Loan amount: Minimum…
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How to Apply for a CIMB Personal Loan (It’s Easy, Quick, and Convenient!)
- By Moneymax
- February 15, 2022
CIMB Bank is an all-digital bank that provides financial products and services to help you achieve your life goals. Aside from savings accounts, CIMB also offers a personal loan product customized to address different needs. Learning how to apply for a CIMB loan can help you take advantage of a loan amount of up to ₱1 million. Let’s walk through the things you need to know about this personal loan in the Philippines and how to increase your chances of a CIMB Personal Loan approval. Table of ContentsWhat is the CIMB Personal Loan? What is the CIMB Personal Loan Interest Rate? How Long is the CIMB Personal Loan Processing Time? Who is Eligible for a CIMB Personal Loan? What are the CIMB Personal Loan Requirements?Valid ID Proof of IncomeDisbursement AccountStable Internet Connection and Good LightingHow to Apply for a CIMB Personal LoanCIMB Personal Loan Application Steps for New BorrowersCIMB Personal Loan Application Steps for Existing BorrowersHow to Check the Status of Your CIMB Personal Loan ApplicationCIMB Personal Loan FAQs1. Can I apply for a CIMB Personal Loan via GCash?2. What is the interest rate for CIMB Personal Loan/GCredit?3. Will my GScore affect my CIMB Personal Loan application?4. How much can I borrow from GCredit? 5. How is Revi Credit different from the CIMB Personal Loan?6. Does CIMB offer a loan promo?7. What is a CIMB Personal Loan revision?8. What is the CIMB Personal Loan disbursement process?9. What should I do if my CIMB personal loan application is rejected? 10. How can I cancel my CIMB Personal Loan application?11. What’s the CIMB Personal Loan late payment charge?…
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What Happens If I Stop Paying My Loan? Everything to Know About Loan Default in the Philippines
- By Adji Hendrawan
- January 31, 2022
Are you close to a loan default? Unexpected situations—like a job loss, medical emergency or death in the family, or calamity—can put even the most responsible borrowers in a tight spot, making it extremely hard to make loan payments on time. Defaulting on a personal loan or any type of loan comes with serious financial consequences, not to mention that you’ll spend stressful days and sleepless nights thinking about how to get yourself out of the sticky situation. You don’t want to reach that point—and you can keep it from happening. Don’t let a loan default affect your finances. Table of ContentsWhat Does It Mean If a Loan is in Default?Can You Go to Jail for Not Paying a Loan in the Philippines?What are the Consequences of Loan Default?1. Your Debt Will Pile Up2. Your Loan Accounts with the Lender Will be Closed3. The Lender Will Take Back Your Car or Home4. Your Credit Score Will Drop5. Unpaid Government Loans Will Be Deducted From Your BenefitsCan Banks Declare Loan Default in the Philippines During COVID-19?Final ThoughtsCompare Other Personal Loan Options What Does It Mean If a Loan is in Default? A loan is in default if a borrower fails to make monthly loan payments or pays less than the required amount for a certain period (as specified in the terms and conditions). The time before a loan goes into default varies from one lender to another. Generally, borrowers in the Philippines have a maximum grace period of 90 days or three months to settle their outstanding balance before their loans become in…
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Your Quick Guide to Applying for an EastWest Bank Personal Loan
- By Moneymax
- January 14, 2022
Starting a business, renovating your home, settling medical bills, big-ticket purchases, and other unforeseen expenses—all these require a large sum of money. Unfortunately, not all of us have six or seven figures to our names. So to achieve such goals, applying for a loan is undoubtedly one of the best solutions. EastWest Bank may be just over two decades old. But it already has achieved milestones when it comes to supporting Filipinos through personal loans. An EastWest Bank personal loan can be considered among the most reliable on the market. It offers competitive interest rates, and the processing is straightforward. Here’s what you need to know about the EastWest Bank personal loan. Table of ContentsWhat is EastWest Bank Personal Loan?Why Should I Apply for an EastWest Personal Loan?1. Multi-Purpose2. No Collateral Required3. Loan Amount4. Fast Processing5. Flexible Payment Terms6. Competitive Interest RatesEastWest Bank Personal Loan Interest RateWhere to Best Use Your EastWest Bank Personal Loan?1. Debt Consolidation2. Home Improvement3. School Expenses4. Emergency FundEastWest Personal Loan Fees and Charges1. Processing Fee: PHP 1,9002. Documentary Stamp Tax: PHP 1.50 for every PHP 2003. Late Payment Fee: PHP 500 or 8% per month4. Processing Fee (Early Pay-off Of Loan)5. Returned Check Fee: PHP 1,000 per check6. Check Retrieval and Replacement Fee: PHP 200EastWest Bank Personal Loan RequirementsRequirements for Self-Employed IndividualsRequirements for Employed IndividualsRequirements for Loan ReleaseHow to Apply for an EastWest Bank Personal LoanHow Can I Pay My EastWest Personal Loan?Tips on Paying Your EastWest Loan On TimeEastWest Bank Personal Loan FAQS1. What if I fail to make my monthly payment?2. Can I…
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Personal Loan vs Car Loan: Which is Better for Financing a Car?
- By Moneymax
- October 28, 2021
About eight in every 10 Filipinos wanted a “simple and comfortable life,” found the latest National Economic Development Authority (NEDA) survey. For 62% of those respondents, a simple and comfortable life means owning at least one car.[1] Purchasing a car of your own, whether brand new or second-hand, is a good investment. However, not all Filipinos can afford to buy a car. Aside from daily expenses, the car’s monthly amortization, fuel, and maintenance costs all add up, and they’re not exactly cheap! When buying a car, get the best financing option that’s easy, convenient, practical, and affordable. Which leads us to the question: should you go for a personal loan or a car loan? Here are the factors to consider when doing your personal loan vs car loan comparison. Table of ContentsWhat are the Differences Between Personal Loan vs Car Loan?Personal Loan vs Car Loan: Pros and ConsWhich is Better: Car Loan or Personal Loan? 5 Factors to Consider1. Payment Terms2. Interest Rates3. New vs. Used Car4. Credit Score5. The Repossession QuestionPersonal Loan vs Car Loan: Important Questions to Ask1. What kind of car do I want to buy?2. Do I have the money to cover the down payment?3. Can I afford the car loan monthly amortization?4. What other fees and charges do I need to pay?5. Do I have parking space for my car?Final Thoughts What are the Differences Between Personal Loan vs Car Loan? A personal loan can be secured or unsecured. The former is backed by assets you already own for the lender’s security, while the latter…
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Are Personal Loans Bad? Here’s When You Should Not Get One
- By Moneymax
- September 30, 2021
Personal loans are probably one of the first options you’ll consider when caught in an emergency financial situation. However, some borrowers who find it difficult to pay back their loans consider personal loans as nightmares. This leads us to the question: Are personal loans bad? Do the disadvantages of personal loans outweigh the advantages? Personal loans are financial tools that can help you with your financial problems. However, they can also be quite damaging when used for the wrong reasons. When are personal loans bad, and when are they helpful? Moreover, what are the best ways to use personal loans to improve your finances? Table of ContentsAre Personal Loans Bad?Using Personal Loans to Pay for Basic NeedsGetting a Personal Loan with No Repayment Plan in Place Getting a Personal Loan for Investments Getting a Personal Loan to Pay for Unnecessary ExpensesGetting a Loan Without Comparing Personal Loan OffersWhen is It a Good Idea to Take a Personal Loan?Final Thoughts Are Personal Loans Bad? They’re bad only when used for the wrong reasons. Often, they become a burden instead of a relief because borrowers get the money only to address unpleasant situations without thinking about the consequences. Here are a few situations when personal loans can be bad for you. Using Personal Loans to Pay for Basic Needs Basic needs are supposed to be covered by your monthly income. For most Filipino families, this can still be difficult even with a regular monthly income. According to the National Economic Development Authority (NEDA), a typical Filipino family of five should have a monthly income…
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Seaman Loan: Important Things to Know + 6 Loan Options to Consider
- By Moneymax
When people talk about seafarers, they may paint a picture of someone who comes home with truckloads of chocolates and deep pockets that will never run out of money. But this is often a far cry from reality. While a lot of seafarers are actually making big bucks, some are dealing with financial challenges. This is because a large chunk of their earnings usually go to important investments, such as house construction and business, or family support. When seafarers come home, it usually means that their contract has ended. While they‘re trying to secure a new employment contract, their expenses just keep on coming, which will eventually prove to be problematic. Thankfully, seafarers can apply for a seaman loan in case they need cash for funding their application or starting a business while waiting for their enlistment. If you’re a cash-strapped seafarer, here’s what you need to know about seaman loans. Table of ContentsWhat is a Seaman Loan?What are the Benefits of a Seaman Loan?1. High Loan Value2. Fast Approval3. Low Interest Rates4. No Collateral RequiredWhat are the Disadvantages of a Seaman Loan?1. Payment Terms are Usually Short2. May Increase Your Existing Debt3. May Require a Co-BorrowerWhat are Legit Seaman Loans in the Philippines?BPI Seafarer LoanAUB Seafarers’ LoanSterling Bank of Asia Layag Seafarers’ LoanOWWA OFW Enterprise Development and Loan Program (OFW-EDLP)Pag-IBIG Multi-Purpose LoanSSS Salary LoanFinal Thoughts What is a Seaman Loan? A seaman loan is a loan designed for those working in the shipping and marine industry. Seafarers, such as captains, engineers, cooks, cleaners, and cruise workers, can benefit from…
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HSBC Personal Loan Application Guide: How to Get a Low-Interest Loan from HSBC
- By Moneymax
- September 28, 2021
HSBC (The Hongkong and Shanghai Banking Corporation) is an international bank headquartered in London with 40 million customers[1] worldwide. As HSBC is one of the world’s biggest banks, you might think your HSBC personal loan application can’t be approved. But with exciting features and customer-friendly terms, the personal loan product from HSBC[2] is always worth a try. Keep reading to learn more about this personal loan in the Philippines and be ready to submit your HSBC personal loan application to help ease out your financial needs. Table of ContentsWhat is HSBC Personal Loan?What Can I Use the HSBC Personal Loan for?☑️ Start or Expand a Business☑️ Debt Consolidation☑️ Tuition and Other School Expenses☑️ EmergenciesWhy Should You Apply for an HSBC Personal Loan?📌 Low Add-On Rate per Month📌 Fast Approval📌 Customizable Payment Terms📌 Convenient Payment Channels📌 Loan Top UpHow Do I Qualify for an HSBC Personal Loan?What are the HSBC Personal Loan Requirements?📝 Loan Application Requirements for Employed Borrowers📝 Loan Application Requirements for Self-Employed BorrowersHSBC Personal Loan Application StepsWhat are the HSBC Personal Loan Fees?HSBC Personal Loan FAQs1. Can I apply for an HSBC personal loan in joint names?2. Can I get a personal loan from HSBC if my salary is PHP 15,000?3. How do I receive my HSBC personal loan proceeds?4. When should I make my HSBC personal loan payment?5. How much is my monthly HSBC personal loan payment?6. What payment schemes can I choose from?7. How do I make my HSBC personal loan payment?8. How do I make an HSBC personal loan payment through checks?9. How do I pre-terminate…
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12 Personal Loan Tips to Raise Your Chance of Getting Approved
- By Moneymax
- September 3, 2021
A lot of us have been hoping for financial relief even before the pandemic. Aside from juggling several jobs, most of us rely on personal loans as a quick solution for our financial woes. But doing the hard work and enduring the tedious loan application process still won’t let money come so easily sometimes. As a result, borrowing from banks and other lending institutions has become a disappointment for Filipinos who have been declined several times already. This is not the time to give up, though. We’ve listed down some useful personal loan tips to improve your chances of getting approved. Read on to learn more ways to ensure better chances of approval for your personal loan application. Table of ContentsPersonal Loan Tips to Help Improve Your Application1. Be Realistic with Your Numbers2. Understand the Types of Personal Loans Available3. Compare Personal Loans4. Talk to Lenders5. Have Your Personal Loan Application Documents Ready6. Check Your Assets and Liabilities7. Improve Your Credit History8. Make Sure You Have Proof of Income9. Be a Disciplined Borrower10. Try the Lender’s Loan Calculator11. Improve Your Relationship with the Bank12. Know the Difference Between Good Debt and Bad DebtPersonal Loan Tips to Speed Up Your ApplicationWhat to Do When Your Loan Application is DeniedFinal Thoughts Personal Loan Tips to Help Improve Your Application Ready to apply for a loan? Check this list first before submitting that application. 1. Be Realistic with Your Numbers Make sure you’re borrowing an amount you can realistically pay. You can use the debt-to-income ratio to measure how much of your salary…
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Borrower’s Guide to Unsecured Loans in the Philippines
- By Adji Hendrawan
- September 2, 2021
Being short on cash is a reality that a lot of us face. Thankfully, there are many banks and lending firms that offer unsecured loans. However, it would be unwise to just go for the first lender that comes your way. You have to arm yourself with knowledge first so you’ll be able to make an informed decision. Otherwise, you’ll find yourself paying hefty amounts of interest and other fees that you didn’t anticipate. This guide outlines all the important things you need to know about an unsecured loan, also known as no collateral loan in the Philippines. We’ve also listed some reputable banks and lenders that you may want to consider. Table of ContentsWhat is an Unsecured Loan?Secured Loans vs Unsecured Loans: What are the Differences?What are the Types of Unsecured Loans?💳 Credit Cards💰 Personal Loans💸 Salary LoansWhat are the Advantages of Unsecured Loans?1. No Asset to Lose2. Quicker Access to Funds3. No Down Payment4. Ideal Option for Borrowing Smaller AmountsWhat are the Disadvantages of Unsecured Loans?1. Harder to Qualify For2. Higher Interest Rates3. Lower Loan Amount4. Shorter Loan TermsWhat Lenders Check in an Unsecured Loan ApplicationYour Credit Your IncomeYour Debt-to-Income RatioWhere to Get Unsecured Loans in the Philippines📌 Blend.ph📌 Security Bank📌 EastWest Bank📌 Asteria Lending, Inc📌 BPI📌 Maybank📌 Tala📌 UCPB📌 SB Finance📌 Radiowealth Finance Corporation📌 CitibankFinal Thoughts: Which is the Best No Collateral Loan in the Philippines? What is an Unsecured Loan? Unsecured loans are a type of personal loan issued by commercial banks and private lenders that require no collateral, meaning there’s no need to pledge a…
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CTBC Personal Loan Online Application: How Do I Apply and Get Approved?
- By Moneymax
- August 26, 2021
When financial difficulties hit you and your family, things can get stressful primarily because operating on a limited budget can test your patience and tolerance to uncertainties. Thankfully, there are many banks and financial institutions that lend a helping hand through their loan programs. One of the trusted banks that you can visit is CTBC Bank. Founded in 1966 in Taiwan, CTBC Bank has been providing Filipinos with top-notch and reliable financial services since its arrival on Philippine shores in 1995. And one of the products that you can count on is its personal loan, otherwise known as the CTBC Bank Salary Stretch Loan. This article will provide you with important information about the CTBC Bank Salary Stretch Loan. We’ve also come up with a guide to the CTBC personal loan online application. Table of ContentsWhat is CTBC Bank Salary Stretch Loan?Where Can I Use a CTBC Bank Salary Stretch Loan?1. Emergency Expenses2. Your Dream Business3. Your Child’s Education4. For Your Hobbies and Passions5. A New GadgetWhy Should I Get a CTBC Bank Salary Stretch Loan?CTBC Bank Salary Stretch Loan Key FeaturesHow to Apply for a CTBC Bank Salary Stretch Loan Online1. Know If You’re Eligible for the Loan2. Gather the Documentary Requirements3. Submit Your Application via Email CTBC Bank Salary Stretch Loans FAQs1. Can I apply via the CTBC Bank’s website?2. How will I receive my loan proceeds?3. How can I pay my CTBC Bank Salary Stretch Personal Loan?4. Can I pay my CTBC Bank Salary Stretch Loan via GCash?5. Who should I contact in case I encounter a problem…
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Do You Have Bad Credit? What to Know When Applying for a Loan
- By Adji Hendrawan
- August 20, 2021
“Can I get a personal loan for bad credit history?” It takes time to repair a bad credit report (or to build one if you have none), so you’re wondering if you can qualify for a loan now even if yours is in a terrible shape. Well, your choices are rather limited. Generally, banks and government agencies deny loan applications from borrowers with a poor credit score. So these lenders are already out of the question. Other types of lenders in the Philippines, however, do accept and approve loans for people with bad credit history. So yes, you can borrow money for any financial emergency even with a less-than-ideal credit record. But once you get approved for a bad credit loan, managing it isn’t as easy as you think. Here’s everything you need to know about bad credit loans in the Philippines. Table of ContentsWhat is a Bad Credit Loan?How Can I Get a Loan Even with Bad Credit?Family Members or FriendsPrivate LendersPawnshops5-6 LendersOnline LendersCar Collateral LoansWhat are the Benefits of Loans for Bad Credit in the Philippines?Credit History is Usually Not RequiredGreater Chances of Getting ApprovedQuick Turnaround TimeMoney Can be Used for Any PurposeNo Collateral RequiredHigh Borrowing LimitsHow Risky is It to Get a Loan for Bad Credit in the Philippines?Best Loans for Bad Credit in the Philippines with Guaranteed Approval📌 EasyRFC Multi-Purpose Loan📌 Tala Cash Loan📌 SB Finance Car4Cash📌 GDFI OR/CR Sangla📌 PawnHero6 Tips When You Decide to Apply for Bad Credit LoansFinal Thoughts What is a Bad Credit Loan? Simply put, a bad credit loan is just…
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List of Top Personal Loan Purposes in the Philippines
- By Adji Hendrawan
- August 12, 2021
Borrowing money is so common that it naturally blends with the Filipino way of life. Whenever you have a financial goal to fulfill, your first option is to apply for a loan or take the undying lifeline of calling a friend. Which is why “Kumusta ka na?” has somewhat become an automatic prelude to “Pautang naman,” with the person receiving the message being torn between lending you money and simply ignoring your message. The act of borrowing money has earned a bad reputation among Filipinos that it’s often the last option of people who really need money. The lack of good loan purposes, which lead to unpleasant utang habits, also doesn’t help. But money plays a crucial role in our lives. Unexpected events, such as hospitalization, can result in paying an amount that you probably don’t have. So before applying for a loan, make sure your loan purposes are reasonable, practical, necessary, and urgent to prevent you from getting into bad debts. Here are some of the best reasons to get a personal loan that can positively impact your family and your well-being. Table of ContentsHow Important are Loan Purposes?List of Loan Purposes: 17 Best Reasons for Loan Application1. Education2. Medical Emergencies3. Appliances / Electronic Gadget4. Business5. Home Improvement / Repair6. Travel / Vacation7. Vehicle Purchase8. Wedding9. Emergency Fund10. Balance Transfer / Debt Consolidation11. Settling Unpaid Utility Bills12. Moving Costs14. Pregnancy 15. Making Ends Meet16. Funeral Expenses17. Personal MilestonesFinal ThoughtsWhere to Apply for a Personal Loan How Important are Loan Purposes? Before getting a personal loan, your loan purposes should be…
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Online Loans in the Philippines: What Filipinos Need to Know
- By Adji Hendrawan
- July 22, 2021
In these trying times, the need to borrow money is understandable, especially if your finances have been badly affected by the pandemic. A lot of Filipinos may have applied for personal loans but just can’t meet the loan requirements. Because of this, they explore legit online loan apps in the Philippines to fund their urgent cash needs. Legit online lenders offer borrowers a good alternative to traditional loans from banks. They fill in the gaps in terms of convenience, application requirements, and ease of approval. Most legit online lenders even release the loan proceeds within 24 hours. But are online loans the right choice? Before you borrow money online, familiarize yourself with how these loans work and what your options are for legit online loan apps in the Philippines. Table of ContentsWhat is an Online Loan?Pros and Cons of Online LoansOnline Loan AdvantagesOnline Loan DisadvantagesWhy Should You Borrow Only from Legit Online Lenders?What are the Legit Online Loans in the Philippines? ACOM Quick Cash LoansAsialink Finance CorporationAtome Credit Cash LoanCash Mart Personal LoanEsquire Financing Business LoanFirst Circle Business LoanGDFI Fast Cash LoansHome Credit Cash LoanLoan Ranger Cash LoanOnline Loans Pilipinas Cash LoanRadiowealth Finance LoansTala LoanVidalia Online LoansWhat to Do When You’re Scammed by an Illegal Online LenderFinal ThoughtsFind the Best Online Loan That Fits Your Needs What is an Online Loan? An online loan is a non-traditional type of loan from a private lender that operates over the internet. Online lenders cannot operate without a physical office address, but they generally process applications through their app or website. Almost 80% or…
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Personal Loan Fees and Charges to Consider Before Borrowing Money
- By Adji Hendrawan
- May 13, 2021
Choosing the best loan for personal use isn’t as simple as comparing interest rates and monthly installments. You also need to consider the personal loan fees and charges that add up to the cost of borrowing money. Some of these fees are avoidable while others aren’t. Taking all these factors into account gives you a better idea which of your options will fit your budget and won’t charge you with expensive fees. Ultimately, this will keep you from incurring debt over time. Table of ContentsPersonal Loan Fees in the PhilippinesEffective Interest Rate: 10% to 30%Late Payment Fee: 3% to 8% of overdue amount or PHP 500 per monthEarly Payment Fee: 4% to 8% of outstanding balanceReturned Check Fee: PHP 1,000 to PHP 2,000 per returned checkAmendment Fee: PHP 500 per amendmentFinal ThoughtsCompare Personal Loans Today! Personal Loan Fees in the Philippines Effective Interest Rate: 10% to 30% The effective interest rate (EIR)[1] is “the rate that exactly discounts estimated future cash flows through the life of the loan to the net amount of loan proceeds,” as defined by the Philippine Accounting Standards. The Bangko Sentral ng Pilipinas (BSP) uses this EIR definition as well. Put simply, it’s the rate that measures the actual cost of borrowing money. Read more: Need Cash? Check These Options for Easy Loan Application in the Philippines 9 Salary Loans to Consider for Financial Emergencies Loans Without Bank Account: How to Get One in the Philippines Loan Fees and Charges Included in the EIR Computation Personal loans with low interest rates in the Philippines have EIRs…
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Loan Options and Approval Tips for Freelancers in the Philippines
- By Moneymax
- April 8, 2021
Being a freelancer has its downsides, and one of them involves getting a loan for freelancers in the Philippines. Formal lending institutions like banks and government agencies are strict when it comes to loan approvals. They require borrowers to provide their payslips, income tax return (ITR), certificate of employment, and other financial documents to prove their ability to repay a loan on time. If you don’t have proof of a stable income, you have a slim chance of getting approved. Worse, you can get downright rejected for a loan. Even though you’re earning more than an average employee, lenders will still see you as a credit risk because of the usual unpredictability of freelance income—unless you have documents to prove otherwise. However, don’t let your self-employment status stop you from borrowing money to cover your financial needs. It takes some effort and patience. But you can definitely improve your chance of getting approved for a freelancer loan with the following tips. Table of ContentsHow to Get a Loan as a Freelancer in the Philippines1. Register as a Taxpayer2. Secure Your Business Registration Documents3. Maintain a Good Credit Score4. Prepare Your Supporting Financial Documents5. Try to Borrow From a Bank Where You Have a Long-Time Account6. Get a Cash Loan for Freelancers From Legitimate Private LendersList of Personal Loans for FreelancersBPI Personal LoanCitibank Personal LoanEasyRFC Multi-Purpose LoanRCBC Personal LoanSB Finance Personal LoanTALA Personal LoanFinal Thoughts How to Get a Loan as a Freelancer in the Philippines 1. Register as a Taxpayer In order to figure out how to get a loan…
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Why and How to Get a Security Bank Personal Loan in the Philippines
- By Adji Hendrawan
- March 31, 2021
A lot of Filipinos would prefer to borrow from informal moneylenders for their urgent financial needs. Some even turn to loan sharks like 5-6 lenders when they’re desperate for cash, not minding the risk of getting deeper in debt with the excessively high interest rates. However, borrowing from banks and other formal lenders is the safer route. Because they’re regulated by the government, these lenders observe fair and ethical practices and offer lower interest rates. Still, many Filipinos get easily discouraged from getting personal loans from banks because of the usual strict requirements. Add to that the common perception that it’s hard to qualify for a bank loan. There are a few exceptions, though. Security Bank, for example, has been providing a different, better experience for people seeking personal loans in the Philippines. Keep reading if you want to know how to apply for a Security Bank personal loan and why it’s worth considering for your financial need. Table of Contents7 Reasons a Security Bank Personal Loan Makes a Practical Choice1. Easy to Qualify with Simple Security Bank Loan Requirements2. Hassle-Free Online Personal Loan Application3. Quick Approval So You Can Get Your Money Immediately4. Low Interest Rates5. Loan Amounts of Up to P2 Million6. Affordable and Flexible Repayment Terms7. Financially Stable and Trustworthy LenderHow to Apply for a Security Bank Personal Loan OnlineHow to Check Your Security Bank Personal Loan StatusHow to Receive Your Security Bank Loan ProceedsFinal ThoughtsCompare Other Personal Loan Options 7 Reasons a Security Bank Personal Loan Makes a Practical Choice With a Security Bank loan, you’ll…
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4 Signs You Need a Personal Loan in 2022
- By Ricky Publico
- February 25, 2021
Borrowing money in the Philippines is usually associated with crippling debt and mishandled finances. But nowadays, applying for a loan has become a common way to reach everyone’s financial needs and goals. Even if you don’t need it, you should always consider when to get a personal loan if the need arises. Because admit it or not, everyone could use it. In fact, the Bangko Sentral ng Pilipinas has encouraged lending as a way to shake up the economy during the pandemic[1]. So if you want to know if you need a personal loan, take a look at these tell-tale signs. Table of ContentsSigns That Will Tell You When to Get a Personal LoanYou’re Transitioning from One Job to AnotherYou Feel Like Your WFH Setup Needs an UpgradeYou’re Envious of Other People Starting Their Own BusinessesYou Have This Urge to Renovate Your HomeFinal ThoughtsApply for a Personal Through Moneymax Today! Signs That Will Tell You When to Get a Personal Loan You’re Transitioning from One Job to Another Starting a new job this year? Congratulations! It’s great that you still found a better opportunity in the midst of a pandemic. But depending on the company you’re moving into, you probably won’t receive a proper salary for one whole month. Unless you have other people to borrow money from, applying for a personal loan is a good temporary source of income. If you don’t have an emergency fund, you should apply for a personal loan right before you leave your current employer. That way, you can still submit the proper requirements…
