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First time to visit Moneymax? Our online platform allows you to check and apply for different personal loans in the Philippines based on partner, 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 P50,000 over 24 months at 1.59% EIR would equate to monthly repayments of P3,030. The total cost of the loan that you would pay back is P72,720.
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.
Borrowing money is not always bad, as long as it is done responsibly and for the right reason. Case in point: getting a personal loan to generate long-term income, like starting or expanding a business. Personal loans are also helpful in financing life milestones like weddings and immediate needs like medical bills and tuition fees. Are you thinking of getting a personal loan? It’s best to consider your options and know the maximum and minimum repayment period, which typically range from 6 to 48 months. Get to know what it is exactly and the important details to remember before you apply online. Read more here.
Lenders in the Philippines offer different types of personal loans to potential borrowers who need immediate cash to fund an important expense. These loans cater to different needs and financial capabilities, and also have various APRs or Annual Percentage Rates. For Citibank, for example, the APR is 26.9% for a loan of PHP 50,000 payable in 12 months. Never make the mistake of applying for a personal loan online without researching and understanding the various choices available for consumers. Find out what personal loans will work for you and eliminate the ones that do not fit your needs. Read more about this here.
Not all debt is bad. When used for the right reasons and managed responsibly, a personal loan can help you meet your short-term goals such as renovating your home, having your dream wedding, or funding your children’s education. On the other hand, failure to make timely loan payments will get you into serious financial woes, like getting buried in debt. Worse, it can hurt your credit history and make it hard for you to qualify for loans in the future. Read more about this here.