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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.
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 start your own business 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
  • Business opening or expansion
  • Wedding
  • Travel/vacation
  • Furniture/appliances/gadgets

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
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
Different banks have varied processing time frames but it usually takes 3 to 7 business days upon receiving your loan documents. Once your application is reviewed, the bank may call you, send you a text message, or email you to let you know if your loan application has been granted or rejected. If needed, you may call the bank and ask for an update regarding your personal loan application.
You can get a personal loan from banks and private lenders in the Philippines. To make it easier, you can apply for a personal loan online in just a few clicks via Moneymax. Here are just some of the best loan providers you can find: Loan Provider Comparison

Ideal for:


Highlighted Feature

High maximum loan amount Tonik Big Loan ₱5 million
Low minimum loan amount Tonik Quick Loan ₱5,000
Short term loan Tonik Flex Loan and Tonik Quick Loan 6 months
Long term loan Tonik Big Loan 60 months
Low interest rate Tonik Big Loan 0.5825%
Fast approval time Tonik Quick Loan As fast as 1 hour
Low minimum annual income Tonik Big Loan No minimum annual income requirement
No credit card needed Tonik Big Loan, Tonik Flex Loan, Tonik Quick Loan Credit card not required
Minimal requirements Metrobank and Tonik Quick Loan

For Metrobank:

  • Valid government-issued ID with your photo and signature
  • Signed Promissory Note and Disclosure Statement (PNDS)

For Tonik Quick Loan:

  • Valid government-issued ID with your photo and signature
  • Tonik account through the Tonik app

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.

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.

Take note that in order to start your personal loan online application in the Philippines, you must determine the minimum and maximum amount you can borrow. The minimum amount can be as low as ₱20,000 or as high as ₱5 million and the final amount will depend on the loan terms set by the loan provider. Just remember: don’t borrow more than you can afford to pay back. Here’s a snapshot of the minimum and maximum loan amounts offered by some of the best personal loans in the Philippines.  

Loan Amount Range

Loan Provider

Loan Amount per Provider

Loan Terms

Monthly Add-On/

Contractual Rate

₱5,000 to ₱50,000 Tonik Quick Loan Metrobank Tonik Flex Loan Tonik Quick Loan: ₱5,000 to ₱50,000 Metrobank: ₱20,000 to  ₱50,000 Tonik Flex Loan: ₱20,000 to  ₱50,000 Tonik Quick Loan: 6, 9, 12, 18, and 24 months Metrobank: 12, 18, 24, and 36 months Tonik Flex Loan: 6, 9, 12, 18, and 24 months Tonik Quick Loan: 7% Metrobank: 1.25%, 1.5%, or 1.75%, depending on the loan term Tonik Flex Loan: 2.49%
₱50,000 to ₱250,000 Metrobank Tonik Flex Loan Metrobank: ₱50,000 to  ₱250,000 Tonik Flex Loan: ₱50,000 to  ₱250,000 Metrobank: 12, 18, 24, and 36 months Tonik Flex Loan: 6, 9, 12, 18, and 24 months Metrobank: 1.25%, 1.5%, or 1.75%, depending on the loan term Tonik Flex Loan: 2.49%
₱250,000 to ₱1 million Metrobank Tonik Big Loan Metrobank: ₱250,000 to ₱1 million Tonik Big Loan: ₱250,000 to ₱1 million Metrobank: 12, 18, 24, and 36 months Tonik Big Loan: 12, 24, 36, 48, and 60 months Metrobank: 1.25%, 1.5%, or 1.75%, depending on the loan term Tonik Big Loan: 0.5825%
₱1 million to ₱2 million Tonik Big Loan Tonik Big Loan: ₱1 million to  ₱2 million Tonik Big Loan: 12, 24, 36, 48, and 60 months Tonik Big Loan: 0.5825%
₱2 million to ₱5 million Tonik Big Loan Tonik Big Loan: ₱2 million to  ₱5 million Tonik Big Loan: 12, 24, 36, 48, and 60 months Tonik Big Loan: 0.5825%

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.

Non-bank companies that offer personal loans are called private lenders. These companies have short term loans ideal for small to medium enterprises (SMEs) and individuals who are having difficulty getting loan approval from banks or need cash ASAP. In a nutshell, private lenders’ main attraction is convenience. Below is a more detailed look into its benefits: Fewer requirements - private lenders only ask for a few documents, with some companies only requiring one document, usually a valid government ID Shorter processing and approval time - processing time can take as fast as 30 minutes and approval time will only take as fast as 5 to 7 banking days Convenient application process - the loan application process for non-bank companies is usually done online. While online bank loan applications in the Philippines are also done by some banks, a few private lenders have its own phone app where the whole personal loan application process will take place.   The disadvantages of getting a personal loan from private lenders are the advantages of getting a cash loan in the Philippines from banks. Here are the benefits of borrowing money from banks and the best banks associated with it: Longer loan term payment - if you want to pay off your loan a few years from now, getting a cash loan from a bank is the best course of action. Most banks offer a 24-month (2 year) loan term while others have a loan term that’s as long as 60 months (5 years). Banks with the longest loan term: Metrobank - 60 days Higher loan amount - banks have longer loan terms because they offer higher loan amounts compared to private lenders. This is good for those who wish to borrow millions. Bank with the highest loan amount: Tonik Big Loan - ₱5 million Lower add-on rates - low interest rates are perhaps what loaners would consider the biggest advantage of borrowing from banks. Personal loans from banks offer low add-on/contractual rates to make loan repayments easy. Add-on rates for bank personal loans are usually 2% or lower. Bank with the lowest add-on/contractual rate: Tonik Big Loan - 0.5825%

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

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.

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.

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

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

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.

To calculate your monthly loan payments, you can check if your loan provider has a personal loan calculator on its website. From there, you can get an idea of the amount you need to pay every month to pay back your loan. You will also see how other personal loan fees add up to your total monthly payment.

To use a personal loan calculator online, go to your loan provider’s website and follow these steps:

    1. Enter your preferred loan amount. Be sure that it’s within the loan amount range offered by the bank.

    2. Choose a loan payment term (the number of months you can pay off your personal loan)

    3. Click “Submit”, “Compute” or “Calculate” to generate the monthly installment or amortization

Claiming your loan will depend on the bank or lender’s process. If you have a savings account with the bank you loaned from, your loan will be credited there. You can also choose to receive it via check or cash. Make sure to check with your loan provider so you’ll know what to expect.

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 between 1% to 1.5% per day. It also comes with very short terms, usually 30 days, giving you limited time to pay the amount you borrowed.

Last updated: April 4, 2023

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