Salary loans—with their quick online application, guaranteed approval with no credit checking, and fast cash loan disbursement—can help cash-strapped Filipinos meet their urgent financial needs. More so when it’s Petsa de Peligro and there’s an emergency, like sudden hospitalization in the family or overdue bills.
Before you shop around for options, make sure you're well-informed about salary loans in the Philippines. Keep reading to know what these loans are and which ones you may consider for financial emergencies.
What is a Salary Loan?
A salary loan is a type of loan borrowers can get to make ends meet or finance an important expense (e.g., tuition, medical bills, and other emergency purposes) before receiving their next paycheck. Salary loans, whose amounts are usually based on the borrower's gross monthly salary, are expected to be paid off over a fixed period.
Also called online loans or quick cash loans, salary loans are easier and faster to get than traditional loans. Simply apply and submit a few requirements online, and receive the money within 24 hours.
Unlike pawnshop loans that require collateral such as jewelry and gadgets, salary loans don't require any collateral. Rather, most of them ask for only a valid ID and proof of income or billing.
Compared to personal loans and pawn loans, salary loans in the Philippines have higher interest rates, lower loanable amounts, and shorter repayment terms. However, it's also important to note that salary loan providers offer lower rates and longer terms than loan sharks.
Read more: Online Loans in the Philippines: What Filipinos Need to Know
Salary Loans in the Philippines to Consider for Financial Emergencies
Here's a table showing a quick comparison of the best salary loans in the Philippines:
Many formal and informal lenders offer salary loans in the Philippines. Be warned, though: some lenders charge extremely high interest rates, making you pay almost double your loan amount.
To help you avoid loan sharks or predatory lenders, we've filtered the choices down to five of the best cash loans in the Philippines. These short-term loans have reasonable interest rates, fast approval and funding times, and positive customer feedback. They come from different legitimate sources such as the government, banks, or legitimate financial companies that are licensed by the Securities and Exchange Commission (SEC)[1].
1. SSS Salary Loan
The most availed type of SSS loan, the SSS Salary Loan makes borrowing affordable for its members with its low annual interest rate of 10%. It's also one of the salary loans in the Philippines with the longest repayment term of two years in 24 monthly installments.
Traditionally, SSS members apply for a salary loan at an SSS branch. Now, a salary loan application can be completed online through the My.SSS facility.
SSS Salary Loan Features:
- Convenient salary loan online application via the My.SSS facility
- Requires the use of PRN (Payment Reference Number) for loan repayments
- Release of loan proceeds through the UMID-ATM (with EMV capability) card or any active SSS-accredited bank account
Who Can Apply for an SSS Salary Loan?
- All SSS members (including employees, self-employed individuals, OFWs, and kasambahays) with at least 36 or 72 posted monthly contributions, six of which are within the last 12 months before the month of the loan application
- Under 65 years old at the time of loan application
- Has not been granted any final SSS benefit such as retirement benefit or permanent disability benefit
- For employed members: The employer must be updated in the payment of SSS contributions and loan repayments
What are the SSS Salary Loan Requirements?
If you file your salary loan application online, you just have to create an online account through the My.SSS portal. No need to submit any documents because your SSS membership records are already verified through its online facility.
However, if you apply for a salary loan personally at an SSS branch, you should present two valid IDs and an accomplished member loan application form[2].
How to Apply for an SSS Salary Loan Online
- Register for a My.SSS account (Refer to the SSS Online Registration Guide here).
- Log in at My.SSS portal.
- Under the Electronic Services dropdown menu (or My Loans in the SSS mobile app), click on “Apply for Salary Loan.”
- Fill out the SSS Salary Loan online application form.
- Wait for an email or SMS confirmation of your loan approval. If your SSS Salary Loan application is approved, you'll receive a Disclosure Statement. Receiving a Rejection Notice means you're declined for a loan from the SSS.
2. Tala Loan
Tala is a California-based mobile tech company that provides financial access to underserved people worldwide. One of Forbes' top 50 fintech companies[3], Tala currently operates in four developing countries, namely the Philippines, Kenya, Mexico, and Tanzania. Tala offers instant loans in the Philippines via a mobile app for loan applications, status tracking, and customer support.
Tala Loan Features
- Convenient, on-the-go loan application and status tracking via the Tala Loan app
- Very few requirements: Only one valid ID and Android phone will suffice
- Fastest loan approval in under 5 minutes
- Secure transactions: Requires a four-digit PIN code to access the app
- Easy cash disbursement via Coins.ph e-wallet, bank deposit, and remittance centers
- Easy loan repayment options: 7-Eleven, Coins.ph, Cebuana Lhuillier, or M Lhuillier
- High customer satisfaction: 4.8 rating on Google Play and positive customer reviews i.e., fast transaction and approval
Who Can Apply For a Tala Loan?
Filipinos aged 18 and above with an Android smartphone and a Facebook account can apply for salary loans from Tala Philippines.
What are the Tala Loan Requirements?
- A Facebook account
- Any of these valid government IDs:
- UMID/SSS ID
- Passport
- Postal ID
- Driver's license
- Voter's ID
- PRC card
How to Apply for a Tala Loan Online
- Download the Tala Philippines app and then register.
- Open the app and click on "Apply Now."
- Fill out the loan application form.
- Sign in to your Facebook account.
- Submit a photo or scanned copy of your valid ID.
- Accept the loan offer and choose your preferred repayment option.
Read more: Tala Loan Guide: Everything to Know About Borrowing From Tala Philippines
3. Security Bank Salary Advance Loan
Receiving your salary through a Security Bank payroll account? You can apply for a Salary Advance Loan (SALAD) if your employer is an accredited company under this loan program.
Security Bank's SALAD provides short-term financing to regular employees of SALAD-accredited employers. Once enrolled, a salary loan can be availed simply by texting. Within only 10 minutes after sending an SMS to Security Bank, loan proceeds are credited to the borrower's payroll account.
Security Bank Salary Advance Loan Features
- Quick disbursement of loan proceeds
- Loan repayments through automatic salary deduction
- Payment due date based on the employee-borrower's payroll cut-off dates
Who Can Apply for a Security Bank Salary Advance Loan?
- Employees of Salary Advance-accredited companies
- Regular employment status with at least six months' worth of payroll credits
- 21 to 65 years old
- With a mobile number and a landline number
What are the Security Bank Salary Advance Loan Requirements?
To enroll in the loan program, employees need to submit an accomplished Credit Agreement Form[4] and present two valid IDs. Once enrolled, no documents are required when applying for a salary loan from Security Bank.
How to Apply for a Security Bank Salary Advance Loan
- Submit a completed Credit Agreement Form and photocopy of valid IDs to the nearest Security Bank branch.
- Wait for a text message from Security Bank that indicates you can already avail of the salary loan.
- Text your desired loan amount and loan term to 2346 in this format: SBCSALAD [space] AMOUNT [space] Number of Deductions. For example, if you're availing of a loan worth PHP 10,000 in six bi-monthly installments (three-month loan term), text "SBCSALAD 10000 6."
- Wait for a text confirmation of your salary loan approval.
Security Bank requires only a one-time enrollment for employees who wish to avail of the Salary Advance loan. Once enrolled, borrowers can simply send an SMS to the bank every time they need to get a salary loan.
Related: 7 Reasons a Security Bank Personal Loan Makes a Practical Choice
4. Vidalia Salary Loan
Vidalia Lending Corp. is a peer-to-peer lending platform that has been providing personal loans, small business loans, and salary loans in the Philippines for more than 10 years. The Vidalia Salary Loan is one of the great options if you're looking to borrow money from a legitimate private lender.
Vidalia Salary Loan Features
- Available to both employed and self-employed borrowers
- Long repayment terms of up to 12 months
- Easy online application process, but loan proceeds must be personally picked up from the lender's office (though bank transfer is an option)
- Loan repayments via debit from a bank account or post-dated checks
Who Can Apply for a Vidalia Salary Loan?
- Filipino citizens
- 20 to 60 years old
- Monthly net income of PHP 15,000 for employees with regular status
- Monthly net income of PHP 30,000 for self-employed applicants
What are the Vidalia Loan Requirements?
- Two valid IDs
- Latest two-month payslips
- Certificate of Employment with Compensation
- Proof of billing
How to Apply Online for a Vidalia Salary Loan
- Fill out the online salary loan application form[5].
- Wait for a call from Vidalia's representative on the next day for your interview.
- Submit the required documents online.
- Pick up your check at the Vidalia Lending office along Shaw Blvd., Mandaluyong. You may opt to have the funds transferred to your bank account.
Related:
5. Cash Mart Salary Loan
Cash Mart Philippines is owned by a leading Singaporean online lending company that has been providing quick cash loan services for almost 50 years. It's SEC-registered with an office in Taguig City. The lender offers quick loan processing, approval, and disbursement of all its loan products, including the Cash Mart Salary Loan.
Cash Mart Salary Loan Features
- Very easy salary loan online application process
- Secure online transactions with the website's 256-bit verified encryption
- Convenient and secure access to funds via its partner-banks, including BDO, BPI, and Metrobank
- Many loan repayment channels to choose from: Bayad Center, 7-Eleven, LBC, SM Payment Center, etc.
- Many positive customer reviews, i.e., fast transaction and excellent customer service
Who Can Apply For a Cash Mart Loan?
- Filipino citizens
- 21 to 50 years old
- Regular employees and taxi drivers
What are the Cash Mart Loan Requirements?
- One valid government-issued ID
- Company ID
- Latest one-month payslip (For taxi drivers: Latest one-month statement of account)
- Latest proof of billing
How to Apply For a Cash Mart Salary Loan Online
- Create an online account with Cash Mart[6].
- Fill out the online salary loan application form.
- Wait for a call from a Cash Mart loan officer for verification of your eligibility and documents.
- Sign the contract and wait for the fund to be deposited into your bank account.
6. Citi Salary Loan
If you’re looking for a salary loan in the Philippines that’s offered by a big and trusted bank, try Citi. While you can use this loan for emergencies, its other purposes include education, home renovation, and even vacation. Application is easy, and the terms are pretty flexible, too!
Citi Salary Loan Features
- Approval in as fast as 24 hours
- Flexible terms up to 48 months
- High loan amount up to PHP 2 million (subject to approval)
- Repayments via salary deduction
- Offered to employees of accredited companies only
Who Can Apply for a Citi Salary Loan?
- 21 to 65 years old
- Employed in a Citi Salary Loan-accredited company for at least 12 months (at least 3 years for accredited BPO companies)
- With a minimum annual income of PHP 250,000 (not applicable to employees of Citi Affiliate companies)
What are the Citi Salary Loan Requirements?
- For Citi Affiliate companies:
- Duly accomplished application form
- Attestation of employee status from the supervisor
- For other companies:
- Valid government-issued ID with photo and signature (passport, voter’s ID, driver’s license, etc.)
- Latest payslip for one full month or Certificate of Employment
- Duly accomplished application form with HR Endorsement
How to Apply for a Citi Salary Loan Requirements
- Fill out the salary loan application form online.
- Send all your complete documents to phsalaryloans@citi.com.
- Wait for the update from a loan officer.
- Once your application is approved, you'll receive a call from Citi for the arrangement of disbursement. You may contact CitiPhone at (02) 8995-9999 to know your application status.
See also:
7. Maybank Salary Loan
Maybank may not be a top-of-mind option for employers and employees when it comes to loans, but it actually has a pretty solid salary loan package. The bank describes its salary loan as something that helps employers empower their employees while encouraging them to get a life.
Maybank Salary Loan Features
- Loan amount: PHP 15,000 to PHP 500,000
- Employees can loan up to five times their monthly salary without a need for a co-maker.
- Flexible payment terms up to 36 months
- Repayments through salary deduction
- Fixed interest rates
Who Can Apply for a Maybank Salary Loan?
- Permanent and regular employees of a Maybank-accredited company.
- Must be at least 23 years old at the time of availment, but must not be more than 57 years old upon salary loan application
- If work tenure is two years, the gross monthly salary should be PHP 10,000; PHP 15,000 is required for applicants with a one-year work tenure.
- Must not have any pending administrative cases with the company
What are the Maybank Salary Loan Requirements?
- Duly accomplished application form
- One-month original payslip or Certificate of Employment with Compensation
- Photocopy of at least one-year ITR or BIR Form 2316
- Photocopy of company ID or government-issued ID with three specimen signatures
How to Apply for a Maybank Salary Loan?
- Fill out an application form. You can download it via Maybank’s website.[7]
- Wait for an email or SMS confirmation of your loan approval.
- You may contact (02) 8588-3718 to know the status of your application.
8. Sterling Bank of Asia Avance Salary Loan
Another bank salary loan you can apply for is Sterling Bank of Asia’s Avance Salary Loan. This loan is perfect for employees who have a minimum monthly income of PHP 9,000 as long as the company they’re working for is accredited by the bank.
Sterling Bank of Asia Avance Salary Loan Features
- Loan amount: PHP 10,000 to PHP 500,000
- Flexible payment terms up to 36 months
- Repayments through salary deduction
Who Can Apply for a Sterling Bank Asia Avance Salary Loan?
- Filipino citizen
- 21 to 60 years old
- Working at a company accredited by Sterling Bank of Asia
- Regularly employed for at least one year
- No adverse credit records
What are the Sterling Bank of Asia Avance Salary Loan Requirements?
- Duly accomplished application form
- Disclosure Statement or Promissory Note
- Copy of one-month payslip
- BIR Form 2316
- Photocopy of company ID and government-issued ID
How to Apply for a Sterling Bank of Asia Avance Salary Loan?
Compared with other banks and lenders in the list, the application with Sterling Bank Asia is perhaps the most straightforward. All the requirements will be just submitted to the company’s HR Department or authorized contact person.
9. UCPB YES Loan
UCPB Your Easy Salary Loan or YES Loan doesn’t only help you take care of emergencies. You can also use this loan to consolidate payables and buy big-ticket items. This loan will also provide you with a free UCPB eMoney Card as an option for your getting your proceeds.
UCPB YES Loan Features
- Loan amount: PHP 50,000 to PHP 300,000
- Flexible payment terms up to 36 months
- Comes with a free UCPB eMoney Card, which can be used for cashless purchases and ATM bills payment.
Who Can Apply for a UCPB YES Loan?
- Filipino citizen
- At least 23 years old or not more than 65 years old (or 70 years old if self-employed) upon loan maturity
- Owns a checking account or a major credit card holder
- Permanent employee for at least two years with a supervisory rank
- Minimum gross monthly income of PHP 30,000
- If self-employed with a business, the company must be operational for at least three (3) years and profitable for the last two years.
What are the UCPB YES Loan Requirements?
- Duly accomplished UCPB Yes Loan application form
- Photocopy of company ID
- Photocopy of two government-issued IDs
- Copy of latest two-month credit card billing statement
- Copy of latest Utility Bill of Residence
- Latest payslips for one month
- Latest BIR Form 2316
For Self-Employed Applicants
- Latest audited financial statements and ITR
- Business registration documents and permits
- Copy of checking account statement for the last six (6) months
How to Apply for a UCPB YES Loan?
- Download the application form at the UPCPB website.[8]
- Send via email to loans@ucpb.com or via fax to (02) 811-9114.
- Wait for the bank’s approval.
- If you want to know the status of your application, contact the UCPB Consumer Loans Hotline at (02) 811-9100.
What are the Alternatives to Salary Loans in the Philippines?
Getting a salary loan should be the last resort—not the first option—when borrowing money in the Philippines. Never abuse them, too. Or else, you'll stress yourself even more with your loan repayments.
Before you decide to apply for a quick cash loan, make sure you do it for the right reason and you've explored all other options. These quick cash loans are good only during an emergency or an unforeseen event when you've exhausted all means to find enough money. If you use them for your daily living expenses, you'll just bury yourself in debt while paying very high interest.
Need money to buy a car, have your dream wedding or vacation, or start a business? Salary loans, with their extremely high interest rates and short loan terms, are the worst option. Instead, save money by getting a personal loan with a low interest rate (ranging from 1.20% to 1.94%) from a reputable bank. Compare personal loans in the Philippines here.
Final Thoughts
Salary loans are convenient, accessible, and useful when you're in dire need of money. When getting one is your only option, make sure to compare different cash loans, check the fine print, use an online loan calculator, and pick the instant loan with the lowest interest rate for your chosen loan term.
Read more: How to Compute Loan Interest and Monthly Amortization in the Philippines
Need to Borrow Money? Check Out Your Loan Options at Moneymax!
| Personal Loan Provider | Features |
|---|---|
Citibank Personal Loan |
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| EasyRFC Multi-Purpose Loan |
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| SB Finance Personal Loan |
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| TALA Personal Loan |
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Sources:
- [1] SEC Lists of Registered Financing Companies and Lending Companies
- [2] SSS Member Loan Application Form
- [3] Fintech 50 2020
- [4] Security Bank Salary Advance Credit Agreement Form
- [5] Vidalia Online Salary Loan Application Form
- [6] Cash Mart Online Account Creation Form
- [7] Maybank Salary Loan Application Form
- [8] UCPB YES Loan Application Form
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