See all the best personal loans in the Philippines
Finbro Personal Loan
- Get approved in as fast as 10 minutes
- Flexible loan repayments up to 12 months
- Repay your loan early with no additional fees
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Early repayment fee: ₱ 0
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Late repayment fee: 15 %
- Valid government-issued ID (SSS / UMID / Driver's License / Passport / National ID / Postal ID)
- Active mobile phone number
Finbro Personal Loan
- Get approved in as fast as 10 minutes
- Flexible loan repayments up to 12 months
- Repay your loan early with no additional fees
-
Early repayment fee: ₱ 0
-
Late repayment fee: 15 %
- Valid government-issued ID (SSS / UMID / Driver's License / Passport / National ID / Postal ID)
- Active mobile phone number
UnionBank Personal Loan
- Fast approval time—as fast as 5 minutes!
- High loan amount of up to ₱2 million
- Flexible payment terms of up to 5 years
- No collateral or guarantor needed
- Ideal for: home renovation or tuition fees
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Late repayment fee: ₱ 500
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Documentary Stamp Tax: ₱ 1.50
UnionBank Personal Loan Requirements for Filipinos
- Completed UnionBank personal loan application form
- Valid government-issued ID with photo and signature
- For employed borrowers:
Any of the following:
- Complete 1 month payslip in the past 2 months
- Certificate of Employment (COE) in the past 2 months
- ITR with BIR Stamp issued in 2021 onwards
- For self-employed borrowers:
- Latest ITR or BIR Form 1701
- Audited financial statements with independent auditor’s report and balance sheets and tax receipt (all pages for all documents)
UnionBank Personal Loan Requirements for Foreigners
- Alien Certificate of Registration (ACR) or valid passport
- Any proof of residency in the Philippines:
- Immigrant Certificate of Residency (ICR)
- Visa and work permit or Alien Employment Permit (AEP) with a validity of more than 1 year
- ACR I-Card with a permanent visa status or validity of more than 1 year
- Special Resident Retirement Visa (SRRV)
- Special Resident Investors Visa (SRIV)
- For expats employed in the top 2,000 companies: Employment contract or letter from the company HR printed on company letterhead with name, job title/position, and confirmation of term
Metrobank Personal Loan
- Borrow funds up to ₱2 million
- Get approved within 7 banking days
- Pay in 12, 18, 24, or 36 monthly installments
- Monthly add-on rate as low as 1.25%
- Ideal for: planning weddings, travel expenses
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Late repayment fee: ₱ 850 Per incidence of late or non-payment
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Documentary Stamp Tax: ₱ 1.50
Regular Employee
- Government-issued ID
- Valid TIN / SSS / GSIS or UMID number
Self-Employed
- Government-issued ID
- Valid TIN / SSS / GSIS or UMID number
BPI Personal Loan
- Borrow funds up to ₱3 million
- Get approved within 5-7 banking days
- Pay in 12, 18, 24, 30, or 36 monthly installments
- Competitive interest rate at 1.2% monthly
- Ideal for: planning vacations, paying for tuition
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Documentary Stamp Tax: ₱ 1.50
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Processing Fee: ₱ 1500
BPI Personal Loan Requirements for Filipinos
- Valid government-issued ID with your photo and signature
- Filled-out and signed application form
- Income documents
- BPI account (once an application is queued for approval)
- Employed:
- your payslip in the last three months or your latest ITR BIR Form 2316
- Self-employed:
- Audited financial statements in the last three years or your latest ITR
- DTI/SEC Business Registration Certificate
- OFWs:
- Via agency: Most recent and unexpired signed POEA contract or employment contract with boarding date
- For direct hire:
- Most recent three months Proof of remittance
- Most recent and unexpired signed POEA Validated Information Sheet or latest POEA Overseas Employment Certificate (OEC), and latest employment contract*
- Consularized COE (if remitter is a permanent resident in the country)
*OEC exemption screenshot with OEC BM online profile is acceptable if OEC print-out is not available
PSBank Personal Loan
- Borrow funds up to ₱250,000
- Get approved within 5 to 9 banking days
- Pay in 24 or 36 monthly installments or choose the revolving credit option with no fixed payment term
- Interest rate at 1.75% monthly for term loan and 2.5% monthly for revolving loan
- Ideal for: debt payments, emergencies
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Late repayment fee: 5 %
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Processing Fee: ₱ 1500
Regular Employee
- Valid TIN / SSS / GSIS or UMID number
Self-Employed
- Valid TIN / SSS / GSIS or UMID number
- Audited Financial Statements
EasyRFC Multi-Purpose Loan
- Fast approval time in as fast as 24 hours
- High loan amount of up to ₱150,000
- 4% monthly interest rate
- Payment term of up to 36 months
- No collateral or guarantor needed
- Ideal for: emergencies, tuition needs, travel funds
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Early repayment fee: ₱ 0
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Late repayment fee: 5 %
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Processing Fee: 6 %
RFC Personal Loan Requirements for Filipinos
- Valid government-issued ID, proof of billing, and proof of income or business registration
- Proof of income; for self-employed - receipts and sales logbooks
- Proof of business registration for business owners - barangay or mayor’s permit
CIMB Personal Loan
- All-digital loan application and processing
- Borrow money online up to ₱1 million
- Apply within 10 minutes and get approved in 24 hours
- No additional or hidden transaction fees
- Ideal for: financial emergencies, personal expenses
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Early repayment fee: 3 %
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Late repayment fee: 5 %
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Documentary Stamp Tax: ₱ 1.50
CIMB Personal Loan Requirements for Filipinos
- Valid government-issued ID
- Proof of income:
Employed
- Latest 1 month payslip
- Certificate of Employment
- BIR Form 2316 (W2)
Self-employed
- DTI registration and SEC registration of your business
Maybank Personal Loan
- Borrow money up to ₱1 million
- Apply for a loan online in just a few clicks
- Pay in 12, 18, 24, or 36 monthly installments
- One of the lowest interest rate at 1.3%
- Ideal for: paying for medical bills, funding vacations
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Documentary Stamp Tax: ₱ 1.50
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Processing Fee: ₱ 2000
Maybank Personal Loan Requirements for Filipinos
- Two valid government-issued IDs with three specimen signatures
- Filled-out and signed application form
- Employed/Professionals:
- Payslip in the last month and original Certificate of Employment with compensation
- Photocopy of your latest ITR or BIR Form 2316
- Photocopy of your latest utility bill with your home address
- Self-employed:
- Audited financial statements in the last 2 years
- DTI/SEC Business Registration Certificate
- Bank statements in the last 6 months with an average monthly deposit of ₱200,000
CTBC Bank Personal Loan
- Borrow money up to ₱1 million
- Get approved within 1 to 5 banking days
- Pay in 12, 18, 24, or 36 monthly installments
- Competitive interest rate at 1.39% to 1.79% monthly
- Ideal for: financial emergencies, funding hobbies
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Processing Fee: ₱ 2000
CTBC Bank Personal Loan Requirements for Filipinos
- Photocopy of valid government-issued ID with your photo and signature (two government-issued IDs for self-employed individuals and not required for self-employed doctors and consultants)
- Company ID with photo and signature for all employees, including doctors (hospital ID applicable) and those in the call center industry
- Filled-out and signed application form
- Photocopy of your latest 1 month payslip (not required for self-employed individuals)
- Photocopy of Proof of Billing with your current address
- Photocopy of latest ITR/BIR Form 2316/1701/1702 (optional for employed and self-employed individuals and not required for doctors/consultants)
- Self-employed:
- Photocopy of unexpired Certificate of Registration from DTI
- Photocopy of your latest credit card statement in the last 2 months
- Any of the following:
- Bank Certificate of at least 6 months' average daily balance (ADB) in PHP or other currencies with a 60 calendar days validity that indicates the account name and number and authorized signatory or issued by the Service Head of Branch Head with contact number
- Bank statements in the last 6 months
- Audited financial statements (optional)
- For employed doctors:
- Photocopy of PRC ID or Proof of Renewal
- If applicable, photocopy of credit card/bank clearance or certification
- For self-employed doctors/consultants:
- Photocopy of PRC ID or Proof of Renewal
- If applicable, photocopy of credit card/bank clearance or certification
- Photocopy of bank statements in the last 3 months
Equicom Personal Loan
- Borrow money up to ₱1 million
- Pay in 12, 18, 24, 36, 48 monthly installments
- Competitive interest rate at 1.85% monthly
- No collateral or guarantor required
- Ideal for: home renovations, family vacations
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Late repayment fee: ₱ 500
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Documentary Stamp Tax: ₱ 1.50
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Processing Fee: ₱ 1500
Equicom Savings Bank Personal Loan Requirements for Filipinos
- Valid government-issued ID with your photo, address, and three specimen signatures
- Filled-out and signed application form
- Latest Statement of Account of your credit card
- Latest 1 month utility bill with residence address or least contract under borrower’s name
- For employed: your original payslip in the last month
- For self-employed:
- DTI/SEC Certificate of Registration
- Bank statements/passbook in the last 6 months
- Authorization to verify bank account/s
Sterling Bank of Asia Personal Loan
- Borrow money up to ₱1 million
- Pay in 3, 6, 12, 18, 24, and 36 monthly installmen
- No collateral or guarantor required
- Apply for a loan online in just a few clicks
- Ideal for: home repairs, family vacations
Sterling Bank of Asia Personal Loan Requirements for Filipinos
- Photocopy of valid government-issued ID with your photo and signature and valid company ID
- Filled-out and signed application form
- For employed:
- A copy of the latest 1 month payslip
- Latest ITR (BIR Form 2316)
- Certificate of Employment for selected companies
- For credit cardholders: credit card statement of account in the last 2 months
- Self-employed:
- Copy of the latest audited financial statements and latest ITR
- Valid DTI/SEC Business Registration Certificate with General Information Sheet
- Copy of the latest bank statements
- For credit cardholders: credit card statement of account in the last 2 months
- Trade references from three customers and three suppliers with contact detailsSterling Bank of Asia Personal Loan Requirements for Filipinos
RCBC Personal Loan
- Borrow money up to ₱1 million
- Get approved within 5 to 7 banking days
- Pay in 6, 12, 24, or 36 monthly installments
- Competitive interest rate at 1.3%
- Ideal for: travel, home improvement, tuition
RCBC Personal Loan Requirements for Filipinos
- 2 valid government-issued IDs with your photo and signature
- Filled-out and signed application form
- Employed:
- Latest ITR or Certificate of Employment (COE)
- TIN
- Utility bill
- Self-employed:
- Latest documents of the following: audited financial statements, ITR, or 3 month bank statements
- DTI/SEC Business Registration Certificate or Mayor’s Permit
- RCBC Personal Loan Calculator
TALA Personal Loan
- Fast approval time in as fast as 24 hours
- Quick cash loan up to ₱25,000 as fast as 24 hours
- 24/7 application using an Android phone
- No collateral or guarantor needed
- Ideal for: groceries, medical needs, quick cash needs
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Early repayment fee: ₱ 0
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Late repayment fee: 5 %
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Processing Fee: One-Time Processing Fee which is 3.99 % of the amount you borrow %
Tala Personal Loan Requirements for Filipinos
- Valid government-issued ID with your photo and signature
- An Android phone
- Tala Loan app
UnionBank Personal Loan
- Fast approval time—as fast as 5 minutes!
- High loan amount of up to ₱2 million
- Flexible payment terms of up to 5 years
- No collateral or guarantor needed
- Ideal for: home renovation or tuition fees
-
Late repayment fee: ₱ 500
-
Documentary Stamp Tax: ₱ 1.50
UnionBank Personal Loan Requirements for Filipinos
- Completed UnionBank personal loan application form
- Valid government-issued ID with photo and signature
- For employed borrowers:
Any of the following:
- Complete 1 month payslip in the past 2 months
- Certificate of Employment (COE) in the past 2 months
- ITR with BIR Stamp issued in 2021 onwards
- For self-employed borrowers:
- Latest ITR or BIR Form 1701
- Audited financial statements with independent auditor’s report and balance sheets and tax receipt (all pages for all documents)
UnionBank Personal Loan Requirements for Foreigners
- Alien Certificate of Registration (ACR) or valid passport
- Any proof of residency in the Philippines:
- Immigrant Certificate of Residency (ICR)
- Visa and work permit or Alien Employment Permit (AEP) with a validity of more than 1 year
- ACR I-Card with a permanent visa status or validity of more than 1 year
- Special Resident Retirement Visa (SRRV)
- Special Resident Investors Visa (SRIV)
- For expats employed in the top 2,000 companies: Employment contract or letter from the company HR printed on company letterhead with name, job title/position, and confirmation of term
Tonik Quick Loan
- Speedy loan approvals—as fast as 1 hour!
- Flexible payment terms up to 12 months
- Flexible due date schedule
- No collateral and credit history required
- Monthly add-on interest rate as low as 4.26%
- Ideal for: emergency travel, tuition fees
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Late repayment fee: ₱ 500
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Documentary Stamp Tax: ₱ 1.50
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Processing Fee: ₱ 500
Regular Employee
- Government-issued ID
- Deposit account (Tonik account)
What is a personal loan?
A personal loan is any amount of money borrowed from banks and lenders to use for any purpose. Personal loans in the Philippines typically don’t require collateral. A borrower needs to have a good credit history and a stable source of income to increase the chance of approval.
Where can I use my personal loan?
You can apply for a personal loan to fund almost anything that requires a huge amount of money. For example, you can get a loan online to travel abroad or send your children (or even yourself) to school. Here are other purposes Filipinos typically use to get a personal loan:
- Medical emergencies
- Home improvement
- Debt consolidation
- Wedding
- Travel/vacation
- Furniture/appliances/gadgets
How do I qualify for a personal loan in the Philippines?
Before you start your personal loan online application in the Philippines, you must meet the provider’s eligibility criteria. Here are the common eligibility requirements personal providers ask for:
- At least 21 to 64 years of age
- Filipino resident or a local resident foreigner with a valid Philippine billing address
- Required minimum gross annual income (varies per provider)
- Must be employed or running a profitable business for self-employed individuals
- A mobile number, landline, and/or email address
What are the loan application requirements?
The requirements for each bank or lender may vary, but here are the most common bank loan requirements you’ll need for a successful loan application in the Philippines:
- Completed personal loan application form
- Valid government-issued ID with photo and signature
- Latest full payslip
- For employed: Latest income tax return (ITR), BIR Form 2316
- For self-employed: Latest ITR or BIR Form 1701, audited financial statements with independent auditor’s report and balance sheets and tax receipt
- For foreigners: Alien Certificate of Registration (ACR), valid passport, and any valid proof of residency
How do I compare and apply for a personal loan online?
One way to compare loans online is to visit each lender’s website. This method requires opening multiple tabs and taking note of each provider's personal loan benefits. It's a hands-on task that can be tedious and you'll probably get confused with your multiple tabs. We've made the process easy enough for you to apply for a personal loan with us today.
1. Scroll up to the top of this page and click Compare Personal Loans.
2. Complete the online form by providing details like employment status, loan amount you want to borrow, and monthly income. Once you’re done, click Get Results.
3. Compare the results that are tailored to your information.
To apply for a personal loan online, you can head to your loan provider of choice’s website for more details. Make sure to prepare digital copies of your loan requirements before you apply so you can easily attach or email them to your chosen loan provider.
Why should I use Moneymax to compare personal loans?
First time to visit Moneymax? Our online platform allows you to check and apply for different personal loans in the Philippines based on partners, interest rates, fees, and other features.
Moneymax compares personal loans that can be paid back over terms of between 6 months and 60 months. The effective interest rate (EIR) you will be charged depends on your personal circumstances and will be between 1.39% and 32.05%.
This is a representative sample of what it may cost: a loan of ₱50,000 over 24 months at 1.59% EIR would equate to monthly repayments of ₱3,030. The total cost of the loan that you would pay back is ₱72,720.
Such fees depend on the amount you want to borrow so make sure to check with the bank or loan partner you’re applying for.
How long will it take me to pay back my loan?
When you apply for a loan in the Philippines, you will be asked to choose a loan term, typically ranging from as short as six months or as long as 60 months. When choosing a loan term, consider your budget and source of income.
Don’t get a short loan term if you don’t have the means to pay it back the soonest. On the flip side, don’t lock yourself in a long term loan when you have the means to quickly pay it back.
How high are the personal loan interest rates in the Philippines?
The effective interest rate (EIR) of personal loans in the Philippines ranges from 10% to 15%. EIR is the rate that measures the actual cost of borrowing your money loan. Your EIR is composed of the following fees and charges:
- Monthly interest charge - ranges from 1.2% to 2%
- Processing fee: ₱1,500 to ₱3,500
- Documentary stamp tax: ₱1.50 for every ₱200 for loans exceeding ₱250,000
- Disbursement fee: ₱1,500 to ₱2,500
- Notarial fee: ₱125 to ₱150
How do personal loan interest rates work?
Personal loan providers charge interest on the amount borrowed that must be paid every month. Personal loans have lower interest rates than credit cards, making them a great choice for those who need quick cash for emergencies. Personal loan online applications in the Philippines are generally unsecured loans (meaning they are collateral-free) which makes its rates higher than secured loans such as auto loans and housing loans.
What is the difference between effective rate and add-on rate?
Banks that provide personal loans charge two sets of interest rates: monthly add-on rates and effective annual interest rates.
Add-on rate is the interest that the lender charges every month on the amount you plan to borrow.
Effective interest rates show the actual cost of borrowing money. It includes the administrative or service fees that the bank charges for processing your loan application. This is why the effective interest rate—the one you’ll need to pay—is typically higher than the add-on rate.
What other personal loan fees should I know about?
When you apply for a loan, consider the following personal loan fees and charges that may add up to the cost of borrowing money:
- Late payment fee - 3% to 8% of overdue amount or ₱500 per month
- Early payment fee - 4% to 8% of outstanding balance
- Returned check fee - ₱1,000 to ₱2,000 per returned check
- Amendment fee - ₱500 per amendment
What are the basic personal loan terms and conditions?
The personal loan terms and conditions document is the fine print that comes with your personal loan. It serves as an agreement between you and the lender that contains the guidelines on the use of your personal loan. The terms and conditions are also essential in helping you manage your personal loan responsibly.
Missing important information about your loan could lead to bad consequences, like paying fees and charges that you could have avoided had you read the terms and conditions carefully.When reading the fine print, look for these crucial details:
- Computation of your monthly installments
- The date when your monthly installments will start and the due date
- Repayment terms
- Any additional interest charges for missed payments and computation
- Fees and charges you will be required to pay
- Whether or not the bank will charge a prepayment fee if you fully repay your loan before it matures
- Situations when a borrower defaults on a loan
What are the common features of personal loans in the Philippines?
All personal loans issued by different commercial banks in the country share three common features:
Fixed loan term
Most banks require monthly repayments of 12, 18, 24, or 36 months. If you choose a shorter loan term, you will pay a higher monthly balance but at a lower interest rate than if you choose a longer loan term.
Fixed loanable amount
You can borrow from ₱5,000 up to ₱5 million, subject to the lender’s approval. The actual amount that the issuing bank may lend you will be based on your income and credit history. A high income and a good credit history can raise your chance of getting approved for a higher loan amount.
Fixed interest rates
Except for a few ones with variable interest rates, most personal loans come with fixed interest rates—they do not change throughout the duration of the loan.
I'm unemployed. Can I still get a loan?
Unemployed applicants can still get a money loan in the Philippines through an emergency loan, but not a personal loan from a bank. However, an emergency loan is an expensive way to borrow money, with interest rates as high as 1% to 1.5% per day. It also comes with very short payment terms, usually 30 days, giving you limited time to pay for the amount you borrowed. Last updated: February 28, 2024