When times are hard and the future is uncertain, a personal loan can be very beneficial in expanding your source of income and managing your cash flow. It’s a quick and easy financial solution if you have many money woes.
But with so many top loan providers in the Philippines, choosing one can be time-consuming. We came up with this list to help you find the best personal loan for your needs. Learn more about each loan product's features and benefits and what loan purposes they’re ideal for.
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 for your cash emergency.
☑️ UnionBank Personal Loan
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📌 Best personal loan for foreign residents in the Philippines
- Loan amount: Up to ₱2 million
- Minimum annual income requirement: ₱250,000
- Monthly add-on interest rate: 1.29%
- Loan terms: 12 to 60 months
Are you looking for a foreigner loan in the Philippines? Do you have a major home renovation lined up soon? What about an online course you can’t wait to enroll in or a small business you can’t wait to get started?
Whatever big plans you have for yourself, for the family, or for your business, a personal loan from UnionBank can fund them and help you make your plans a reality. Go for this option if you're wondering where to get a 150K loan or a 300K loan in particular.
If you’re earning at least ₱20,830 per month and meet the rest of the eligibility criteria, you can apply and get approved for this loan with no collateral or guarantor in as fast as 24 hours.
☑️ Metrobank Personal Loan
📌 Best personal loan for medical expenses and other emergencies
- Loan amount: ₱20,000 to ₱1 million
- Minimum annual income requirement: ₱350,000
- Monthly interest rate: 1.25% to 1.75%
- Loan terms: Up to 36 months
Need cash ASAP for a medical emergency or other unexpected expenses? Borrow up to ₱1 million with the Metrobank Personal Loan.
Choose from the following loan terms: 12, 18, 24, or 36 months. It also has a fixed interest rate, meaning you'll pay a fixed amount throughout the loan term.
Metrobank's personal loan application process is pretty straightforward—you just need to a submit copy of your valid government ID and a signed Promissory Note and Disclosure Statement (PNDS). Plus, you can get approved in as fast as seven days!
☑️ BPI Personal Loan
📌 Best bank personal loan with low interest rates
- Loan amount: ₱20,000 up to ₱2 million
- Minimum annual income requirement: ₱240,000
- Monthly interest rate: 1.20%
- Loan terms: 12 to 36 months
The BPI Personal Loan is one of the most flexible loan products available in the Philippines. Whether you’re borrowing to fund your business needs or your personal milestones, you’ll find the monthly installments flexible and affordable. You don’t need to worry about collateral or guarantors―the BPI doesn’t require any for personal loan applications.
It has a low monthly add-on rate of 1.20%, and you can borrow up to three times your gross monthly income.
Principal credit cardholders are not required to submit income documents for their BPI personal loan application. What’s more, you can get approved within five to seven days and receive the loan proceeds directly in your BPI bank account. Now isn’t that convenient?
☑️ EasyRFC Multi-Purpose Loan
📌 Best online loan for emergencies
- Loan amount: ₱10,000 to ₱3 million
- Minimum annual income requirement: ₱216,000
- Monthly interest rate: 4%
- Loan terms: Up to 36 months
The EasyRFC Multi-Purpose Loan can be very beneficial these days. Because you can apply for an RFC loan online, it’s a very safe, quick, and convenient way of borrowing money.
You can borrow up to ₱3 million and enjoy flexible payment terms of up to 36 months. It also offers a 4% monthly interest rate.
So whether it’s for renovating or repairing your home, paying for your child’s tuition and other school expenses, or settling your medical bills and other emergency expenses, the RFC personal loan is one of your best options.
☑️ Tala Personal Loan
📌 Best personal loan for people with no or bad credit
- Loan amount: ₱1,000 to ₱15,000
- Minimum annual income requirement: None
- Interest rate: Flat daily fee as low as 0.5%
- Loan terms: Up to 60 days
You spend an inordinate amount of time on your cell phone. Wouldn’t it be nice to apply for a personal loan straight from your smartphone, too?
Well, with the Tala Personal Loan, you can! Here's how to apply for a Tala loan: just download the Tala app on your Android phone, fill out the application form, and submit it.
You can borrow up to ₱15,000 and get approved within 24 hours. This online short-term loan is a great option to fund an emergency cash need with no collateral and no minimum income requirement.
☑️ CIMB Personal Loan
📌 Best online loan with quick approval
- Loan amount: ₱30,000 to ₱1 million
- Minimum annual income requirement: ₱180,000
- Monthly interest rate: 1.12% to 1.95%
- Loan terms: 12 to 60 months
This fully digital personal loan from CIMB Bank allows you to borrow up to ₱1 million in just a matter of minutes. CIMB loan application is quick, and you can get approved within 24 hours if you meet all eligibility requirements and submit all required documents.
☑️ SB Finance Personal Loan
📌 Best personal loan with no collateral or credit card requirement
- Loan amount: ₱30,000 to ₱2 million
- Minimum annual income requirement: ₱180,000
- Monthly interest rate: 1.89%
- Loan terms: 12 to 36 months
A good personal loan should be something that you can use to fund any kind of financial need, and the SB Finance Personal Loan is just that.
Fund your essential expenses, your business needs, or even expenses you’re not anticipating. The SB Finance Personal Loan can be your easy and convenient financial buffer during these times of uncertainty.
This is the perfect choice if you're wondering, "Where can I get a 30K personal loan?" You can also enjoy a repayment period of up to 36 months, with an add-on interest rate of just 1.89%. The great thing about this personal loan is that you don’t need to be a credit cardholder or provide collateral to get approved.
☑️ RCBC Personal Loan
📌Best personal loan for debt consolidation
- Loan amount: ₱50,000 to ₱1 million
- Minimum annual income requirement: ₱360,000
- Monthly interest rate: 1.30%
- Loan terms: 6 to 36 months
With a generous loan amount and a low monthly amortization, the RCBC Personal Loan is a great option for consolidating your debts. Pay off your other loans or credit cards with this personal loan in as short as six months, depending on your monthly budget. Or you can stretch it to as long as 36 months for more affordable monthly payments.
☑️ Tonik Flex Loan
📌 Best emergency/instant loan in the Philippines
- Loan amount: ₱20,000 to ₱250,000
- Minimum annual income requirement: ₱180,000
- Monthly add-on interest rate: As low as 1.7%
- Loan terms: 6, 9, 12, 18, and 24 months
Sometimes, there are expenses that just can't wait, so you need to get an emergency loan of some kind. The sooner you can get the cash, the better.
That's what you can expect from the Tonik Flex Loan. Apply directly via the Tonik app, after which Tonik will process and approve your application in as quick as one day—just make sure you submit all documentary requirements on time.
☑️ PSBank Flexi Personal Loan
📌 Best loan in the Philippines with rebates
- Loan amount: ₱20,000 to ₱250,000
- Minimum annual income requirement: ₱180,000 for employed; ₱360,000 for self-employed
- Monthly interest rate: 1.75% for Term Loan, 2.5% for Revolving Loan
- Loan terms: 24 or 36 months
The PSBank Flexi Personal Loan is a collateral-free loan that you can use for any cash needs, like paying your children's tuition, home or car repairs, travel, or any other expense or short-term financial goal.
What's great about this personal loan is that you can choose from a fixed-term or a revolving credit line. If you opt for the revolving credit line, you can pay the minimum amount due, any amount higher than the minimum amount due, or the total amount due. As for the fixed term, you'll pay a fixed amount for the duration of the loan, whether that's 24 or 36 months.
It also has a loan rebate program where you can receive rebates every time you pay in advance or make excess payments on your PSBank Flexi Loan.
At a Glance: 10 Best Personal Loans in the Philippines
For your easy reference, here's a table of the personal loans listed above with their features.
How to Choose the Best Personal Loan: Consider These 5 Things
Yes, you need the money right now. But there are things about a personal loan that you should know and consider before you submit your application. Here are the most important ones.
👉 Eligibility Requirements
Just because a loan is offered to you doesn’t mean that you automatically qualify for it. Before you make any major financial decisions, make sure that you’re eligible for the loan. This means you should meet the lender's age, annual income, and other eligibility requirements.
👉 Loan Purpose
What’s the loan for? Do you really need to borrow money for it, or can you scrounge up the funds? If you have other resources that can pay for it, then a personal loan should be one of your last options.
👉 Interest Rates and Other Fees
Different loan products have different loan interest rates and fees. A bank will charge higher interest rates if it thinks there's a lower chance the debt will get repaid.[1] Aside from the interest rate, some of the fees you should also look out for include servicing, early repayment, and withdrawal fees.
👉 Loan Term
The longer your repayment term, the more interest you’ll pay. Loans with shorter terms usually have lower interest costs but higher monthly payments than loans with longer terms.[2]
👉 Loan Repayment Plan
How do you plan to pay off your personal loan? Do you want to settle it as soon as possible even if you have to adjust your monthly budget? Or do you prefer to stretch out the payments over several years for more affordable monthly payments? It’s best to decide on a repayment plan before applying for a loan so you can financially prepare for it.
Final Thoughts
Whether you’re preparing for a major expense or experiencing a financial emergency, there’s a loan that’s right for you. Use the Moneymax online comparison tool to find the best personal loan that matches your needs, requirements, and budget. Get the best rates, save time, and get a chance to receive a reward when you apply for a personal loan through Moneymax today!
Sources:
- [1] Interest Rates and How They Work (The Balance)
- [2] Understand loan options (Consumer Financial Protection Bureau)
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