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 get a loan from 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 is the Best Personal Loan in the Philippines? 10 Options for Different Needs
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 online loan for emergencies
- Loan amount: ₱10,000 to ₱3,000,000
- Minimum annual income: ₱216,000
- Monthly interest rate: 4%
- Loan terms: Up to 36 months
The EasyRFC Multi-Purpose Loan is an online loan that can be very beneficial these days. Because you can apply for an RFC loan online, it’s a very safe, quick, and convenient way of borrowing money.
You can borrow up to ₱3,000,000 and enjoy flexible payment terms of up to 36 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.
☑️ Citibank Personal Loan
📌 Best personal loan for Filipinos and foreign residents in the Philippines
- Loan amount: ₱100,000 to ₱2 million
- Minimum annual income: ₱250,000
- Monthly add-on interest rate: 1.29%
- Loan terms: 12 to 60 months
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 them and help you make your plans a reality.
Go for this option if you're looking for a 150K loan or a 300K personal loan in the Philippines in particular. If you’re earning at least ₱20,830 per month and meet the rest of the eligibility criteria, you can apply for a Citi Personal Loan and get approved for this loan with no collateral or guarantor in as fast as 24 hours.
Note: This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.
Fund Your Goals with a Citi Personal Loan
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Achieve your financial goal—whether it's a new business, vacation, home improvement, car purchase, or tuition payment—with a personal loan from Citibank.
Borrow up to ₱2 million, enjoy a low interest rate, and pay for your loan for up to five years. If you apply for a Citi Personal Loan through Moneymax until March 31, 2023 (and get approved subsequently), you'll get rewards worth up to ₱10,990! Promo terms and conditions apply.
Note: This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.
☑️ BPI Personal Loan
📌 Best bank personal loan in the Philippines with low interest rates
- Loan amount: ₱20,000 up to ₱2 million
- Minimum annual income: ₱240,000
- Monthly interest rate: 1.20%
- Loan terms: 12 to 36 months
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 ₱20,000, you can check this guide on how to apply for a BPI Personal Loan and get that quick cash fix.
☑️ SB Finance Personal Loan
📌 Best personal loan in the Philippines with no collateral or credit card requirement
- Loan amount: ₱30,000 to ₱2 million
- Minimum annual income: ₱180,000
- Monthly interest rate: 1.89%
- Loan terms: 12 to 36 months
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.
This is the perfect choice if you're looking for a 30k personal loan. You can also enjoy a repayment period of up to 36 months, with an add-on interest rate of just 1.89%. The great thing about this personal loan is that you don’t need to be a credit cardholder or provide collateral to get approved.
Read more: Why and How to Get a Security Bank Personal Loan in the Philippines
☑️ Tala Personal Loan
📌 Best personal loan in the Philippines for people with no or bad credit
- Loan amount: ₱1,000 to ₱15,000
- Minimum annual income: None
- Interest rate: Starts at 9%
- Loan terms: Up to 60 days
You spend an inordinate amount of time on your phone. Wouldn’t it be nice to apply for a personal loan straight from your phone, too? Here's how to apply for a 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 ₱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.
☑️ EastWest Personal Loan
📌 Best personal loan in the Philippines for home improvement
- Loan amount: ₱25,000 to ₱2 million
- Minimum annual income: ₱180,000
- Monthly interest rate: 1.49% to 1.89%
- Loan terms: 12 to 36 months
The EastWest Personal Loan is another great option for funding different purposes. You can borrow up to ₱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 ₱15,000, you already meet one of this loan’s requirements. Loan approval and processing usually take five to seven banking days. Check this guide on how to apply for an EastWest Personal Loan.
☑️ CIMB Personal Loan
📌 Best online loan with quick approval
- Loan amount: ₱30,000 to ₱1 million
- Minimum annual income: ₱180,000
- Monthly interest rate: 1.12% to 1.95%
- Loan terms: 12 to 60 months
This fully digital personal loan from CIMB Bank allows you to borrow up to ₱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.
☑️ RCBC Personal Loan
📌Best personal loan for debt consolidation
- Loan amount: ₱50,000 to ₱1 million
- Minimum annual income: ₱360,000
- Monthly interest rate: 1.3%
- Loan terms: 6 to 36 months
With a generous loan amount and a low monthly amortization, the RCBC Personal Loan is a great option for consolidating your debts. Pay off your other loans or credit cards with this personal loan in as short as six months, depending on your monthly budget. Or you can stretch it to as long as 36 months for more affordable monthly payments.
☑️ PSBank Flexi Personal Loan
📌 Best loan in the Philippines with rebates
- Loan amount: ₱20,000 to ₱250,000
- Minimum annual income: ₱180,000 for employed; ₱360,000 for self-employed
- Monthly interest rate: 1.75% for Term Loan, 2.5% for Revolving Loan
- Loan terms: 24 or 36 months
The PSBank Flexi Personal Loan is a collateral-free loan that you can use for any cash needs, like paying your children's tuition, home or car repairs, travel, or any other expense or short-term financial goal.
What's great about this personal loan is that you can choose from a fixed term or a revolving credit line. If you opt for the revolving credit line, you can pay the minimum amount due, any amount higher than the minimum amount due, or the total amount due. As for the fixed term, you'll pay a fixed amount for the duration of the loan, whether that's 24 or 36 months.
It also has a loan rebate program where you can receive rebates every time you pay in advance or make excess payments on your PSBank Flexi Loan.
☑️ Tonik Quick Loan
📌 Best emergency/instant loan in the Philippines
- Loan amount: ₱5,000 to ₱50,000
- Minimum annual income: None
- Monthly interest rate: 7%
- Loan terms: 6, 9, 12, 18, and 24 months
Sometimes there are expenses that just can't wait, so you need to get an emergency loan of some kind. The sooner you can get the cash, the better.
And that's what you can expect from Tonik. Borrow ₱5,000 to as much as ₱50,000 in minutes with a Tonik Quick Loan. Apply directly on the Tonik app and expect your cash in your Tonik Savings Account on the same day. You can even choose your desired due date so you can better manage your loan payments.
It's fast and easy, and it only takes 15 minutes for the loan approval. Make sure to complete the post-approval questionnaire and sign the loan documents. There's no minimum income requirement, but you need to be employed because you'll submit your latest pay slip.
At a Glance: 10 Best Personal Loans in the Philippines
For your easy reference, here's a table of the personal loans listed above with their features.
5 Things to Consider When Choosing the Best Personal Loan for You
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 loan 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 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.
Read more: Fund Your Next Big Purchase with the CBS Easi-Funds Personal Loan
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 the Moneymax online comparison tool to find the best personal loan in the Philippines that matches your needs, requirements, and budget.
Compare different personal loans on Moneymax today. Get the best rates and save time when you apply through Moneymax!
Sources:
- [1] Interest Rates and How They Work (The Balance)
- [2] Understand loan options (Consumer Financial Protection Bureau)
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