Comparing personal loan options is easy!
All it takes is four simple steps:
Tell us what you're looking for
Share details that will help us show you the best personal loans in the Philippines that you might be eligible for. Don't worry, we take data privacy seriously.
Identify the loan that best fits your needs
Discover your personalized results and sort them according to interest rates, payment terms, and loan requirements.
Submit your loan application online
Enter your contact details to help us assess your online personal loan application.
Our partners will be in touch
The bank and lenders will contact you if you're eligible for the loan.
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- Medical emergencies
- Home improvement
- Debt consolidation
- Business opening or expansion
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
- 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
|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 Tonik Quick Loan:
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.
Loan Amount Range
Loan Amount per Provider
|₱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.
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
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 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
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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