Looking for the Best Personal Loan in the Philippines? Check Out These 7 Great Options

Published: September 10, 2021 | Updated: September 15, 2021 | Posted by: Rouselle Isla | Personal Loan


best personal loan in the Philippines l Moneymax

When times are hard and the future is uncertain, a personal loan can be very beneficial in expanding our source of income and managing our cash flow. It’s a quick and easy financial solution for our many money woes. 

But with so many top loan providers in the Philippines, choosing which one to apply for can be time-consuming. That’s why we came up with this list to help you find the best personal loan in the Philippines for your needs. Learn more about each loan product’s features and benefits and what loan purposes they’re ideal for. 

What’s the Best Personal Loan in the Philippines?

How do you choose a personal loan that’s right for your needs and your budget? Here’s a rundown of where to borrow money in the Philippines that can help you with your cash emergency. 

☑️ EasyRFC Multi-Purpose Loan

best personal loan in the Philippines - RFC

📌 Best online loan for emergencies

The EasyRFC Multi-Purpose Loan is an online loan that can be very beneficial these days. Because you can apply for RFC online, it’s a very safe, quick, and convenient way of borrowing money. 

You can borrow up to PHP 150,000 and enjoy flexible payment terms of up to 12 months. It also offers a 4% monthly interest rate. 

So whether it’s for renovating or repairing your home, paying for your child’s tuition and other school expenses, or settling your medical bills and other emergency expenses, the RFC personal loan is one of your best options.   

  • Loan amount: PHP 10,000 to PHP 150,000
  • Minimum annual income: PHP 120,000
  • Monthly interest rate: 4%
  • Loan terms: 3 to 12 months
Apply Now

☑️ Citibank Personal Loan 

best personal loan in the Philippines - Citibank

📌 Best personal loan for foreign residents in the Philippines 

Are you looking for a foreigner loan in the Philippines? Do you have a major home renovation lined up soon? What about an online course you can’t wait to enroll in or a small business you can’t wait to get started? 

Whatever big plans you have for yourself, for the family, or for your business, the Citibank Personal Loan can fund it and help you make your plans a reality. 

The Citibank Personal Loan is one of the best personal loans in the Philippines with a high loan amount and a long repayment period. You can borrow up to PHP 2 million with a loan term of up to 60 months. It’s also one of a few personal loan options for foreigners in the Philippines. 

If you’re earning at least PHP 20,830 per month and meet the rest of the eligibility criteria, you can apply for a Citi Personal Loan and get approved for a loan with no collateral or guarantor in as fast as 24 hours. 

  • Loan amount: PHP 20,000 to PHP 2 million
  • Minimum annual income: PHP 250,000
  • Monthly interest rate: 1.26%
  • Loan terms: 12 to 60 months 
Apply Now

☑️ BPI Personal Loan 

best personal loan in the Philippines - BPI

📌 Best personal loan with low interest rate in the Philippines

The BPI Personal Loan is one of the most flexible loan products available in the Philippines. Whether you’re borrowing to fund your business needs or your personal milestones, you’ll find the monthly installments flexible and affordable. You don’t need to worry about collateral or guarantors―the BPI Personal Loan doesn’t require any. 

It has a low monthly add-on rate of 1.2%, and you can borrow up to three times your gross monthly income. What’s more, you can get approved within five to seven days and receive the loan proceeds directly in your BPI bank account. Now isn’t that convenient? 

If you have a minimum monthly income of PHP 25,000, you can check this guide on how to apply for a BPI Personal Loan and get that quick cash fix. 

  • Loan amount: PHP 20,000 up to PHP 2 million
  • Minimum annual income: PHP 300,000
  • Monthly interest rate: 1.20%
  • Loan terms: 12 to 36 months
Apply Now

☑️ SB Finance Personal Loan

best personal loan in the Philippines - SB Finance

📌 Best personal loan in the Philippines with no collateral or credit card requirement 

A good personal loan should be something that you can use to fund any kind of financial need, and the SB Finance Personal Loan is just that. 

Fund your essential expenses, your business needs, or even expenses you’re not anticipating. The SB Finance Personal Loan can be your easy and convenient financial buffer during these times of uncertainty. 

You can borrow as much as PHP 2 million and enjoy a repayment period of up to 36 months, with an add-on interest rate of just 1.39%. The great thing about this personal loan is that you don’t need to be a credit cardholder or provide a collateral to get approved. 

  • Loan amount: PHP 30,000 to PHP 2 million
  • Minimum annual income: PHP 360,000
  • Monthly interest rate: 1.39%
  • Loan terms: 12 to 36 months
Apply Now

Read more: Why and How to Get a Security Bank Personal Loan in the Philippines

☑️ Tala Personal Loan

best personal loan in the Philippines - Tala

📌 Best personal loan in the Philippines for people with no or bad credit 

You spend an inordinate amount of time on your phone. Wouldn’t it be nice to apply for personal loan straight from your phone, too? Here’s how to apply for Tala loan.

Well, with the Tala Personal Loan, you can! Just download the Tala app on your Android phone, fill out the application form, and submit it. You can borrow up to PHP 15,000 and get approved within 24 hours. This online short-term loan is a great option to fund an emergency cash need with no collateral and no minimum income requirement. 

  • Loan amount: PHP 1,000 to PHP 15,000
  • Minimum annual income: none
  • Interest rate: 11.4% or 15.2% (depending on the chosen term)
  • Loan terms: 21 or 30 days 
Apply Now

☑️ EastWest Personal Loan 

best personal loan in the Philippines - eastwest bank

📌 Best personal loan in the Philippines for home improvement 

The EastWest Personal Loan is another great option for funding different purposes. You can borrow up to PHP 2 million and pay for it in flexible monthly installments. 

There’s no need for a co-maker or collateral, either. All you need to do is fill out the online application form and submit the required documents. If your monthly income is at least PHP 15,000, you already meet one of this loan’s requirements. Loan approval and processing usually takes five to seven banking days. Check this guide on how to apply for Eastwest Personal Loan

  • Loan amount: PHP 25,000 to PHP 2 million
  • Minimum annual income: PHP 180,000
  • Monthly interest rate: 1.49% to 1.89%
  • Loan terms: 12 to 36 months
Apply Now

☑️ CIMB Personal Loan

best personal loan in the Philippines - CIMB

📌 Best online loan with quick approval 

This fully digital personal loan from CIMB Bank allows you to borrow up to PHP 1 million in just a matter of minutes. CIMB Loan approval is also quick, and you can get approved within 24 hours if you meet all eligibility requirements and submit all required documents. 

  • Loan amount: PHP 30,000 to PHP 1 million
  • Minimum annual income: PHP 180,000
  • Monthly interest rate: 1.12% to 1.95%
  • Loan terms: 12 to 60 months
Apply Now

For your easy reference, here’s a table of the personal loans listed above with their features.

Personal LoanLoan AmountMinimum Annual IncomeAdd-On InterestLoan Terms
EasyRFC Multi-Purpose LoanPHP 10,000 to PHP 150,000PHP 120,0004%3 to 12 months
Citibank Personal Loan PHP 20,000 to PHP 2 millionPHP 250,0001.26%12 to 60 months
BPI Personal Loan PHP 20,000 up to PHP 2 millionPHP 300,0001.20%12 to 36 months
SB Finance Personal LoanPHP 30,000 to PHP 2 millionPHP 360,0001.39%12 to 36 months
Tala Personal LoanPHP 1,000 to PHP 15,000None11.4% or 15.2%21 or 30 days
EastWest Personal Loan PHP 25,000 to PHP 2 millionPHP 180,0001.49% to 1.89%12 to 36 months
CIMB Personal LoanPHP 30,000 to PHP 1 millionPHP 180,000 1.12% to 1.95%12 to 60 months

5 Things to Consider When Choosing the Best Personal Loan

Yes, you need the money right now. But there are things about a personal loan that you should know and consider before you submit your application. Here are the most important ones. 

1. Eligibility Requirements

Just because a loan is offered to you doesn’t mean that you automatically qualify for it. Before you make any major financial decisions, make sure that you’re eligible for the loan. This means you should meet the lender’s age, annual income, and other eligibility requirements.

2. Loan Purpose

What’s the loan for? Do you really need to borrow money for it, or can you scrounge up the funds? If you have other resources that can pay for it, then a personal loan should be one of your last options. 

3. Interest Rates and Other Fees

Different loan products have different interest rates and fees. A bank will charge higher interest rates if it thinks there’s a lower chance the debt will get repaid.[1] Aside from the interest rate, some of the fees you should also look out for include the servicing, early repayment, and withdrawal fees.

4. Loan Term

The longer your repayment term, the more interest you’ll pay. Loans with shorter terms usually have lower interest costs but higher monthly payments than loans with longer terms.[2]

5. Loan Repayment Plan

How do you plan to pay off your personal loan? Do you want to settle it as soon as possible even if you have to adjust your monthly budget? Or do you prefer to stretch out the payments over several years for more affordable monthly payments? It’s best to decide on a repayment plan before applying for a loan so you can financially prepare for it.

Final Thoughts 

Whether you’re preparing for a major expense or experiencing a financial emergency, there’s a personal loan that’s right for you. Use Moneymax’s online comparison tool to find the right personal loan in the Philippines that matches your needs, requirements, and budget. 

Compare different personal loans today. Get the best rates and save time when you apply through Moneymax!

Personal Loan ProviderFeatures
Citibank Personal Loan
Get a Citibank Personal Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • Loan amount of up to P2 million
  • Flexible payment terms of up to five (5) years
EasyRFC Multi-Purpose Loan
Get EasyRFC Multi-Purpose Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • High loan amount of up to P150,000
  • Payment term of up to 12 months
SB Finance Personal Loan
Get SB Finance Personal Loan with Moneymax
  • Get approved within five banking days
  • High loan amount of up to P2 million
  • Flexible payment terms of up to 36 months
TALA Personal Loan
Get TALA Personal Loan with Moneymax


  • Fast approval time in as fast as 24 hours
  • Quick cash loan up to P15,000
  • 24/7 application using an Android phone

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