A selection of financial institutions to choose for personal loans

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Personal Loans

A personal loan is an excellent way to get access to funds to meet your immediate monetary needs. Getting approved for one is relatively easy and Philippine banks don't usually require collaterals for personal loans. A personal loan can help you supplement any important or emergency expense such as school tuition fees, home renovation projects, or starting a business.

Paying off a personal loan is straightforward and affordable so that it's easy to stay on top of your finances. Personal loans may feature:

  • Fixed interest rates for the entire loan duration, which means that the amount of your monthly payments is not subject to change until you have repaid your loan
  • Fixed terms, which means you know exactly how many payments you need to make and exactly when you'll be able to complete your loan payments
  • Extended payment periods, which allows you to schedule payments and manage your household/personal budget more effectively
  • Required monthly principal payments, which ensure that interest rates do not bury you deep in debt over a period of time

Banks in the Philippines have made it so much easier to get a personal loan, not only in terms of requirements, but with the whole application process as well. Generally, the personal loans requirements that you need to be qualified for is that you would have to be a Filipino citizen, at least 21 years old, and have a permanent residence or place of business in the city where you reside or operate a business.

For your personal loan application to be approved, you would also need to meet a minimum income requirement, which varies according to different lending companies. Usually, loan providers would also look at how long you have been with your current employer to determine if you are capable of paying off a personal loan. This is a common area that people fail to comply to which results to why their personal loan are rejected.

You can visit the bank of your choice to submit your application for a personal loan. If you prefer, most banking institutions in the Philippines now have online banking facilities that allow customers to file loan applications directly online. Just make sure you have all the required documents ready, including proof of income and employment, before you file your personal loan application.

When shopping around for the best personal loan package, one thing you need to look at, of course, is the loan interest rate. This figure, as well as the personal loan interest deductible, varies according to each credit provider. According to Philippine banking laws, borrowers are not allowed to take on loans that would require them to pay more than 30% of their gross monthly income for loan instalments. So in theory, the higher your income, the higher the loan amount you can get approval for. If you are looking to borrow a huge sum, you can ask your loan officer if they have secured loans available. These are loans that require a collateral against your loan.

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