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• Why and How to Get a Security Bank Personal Loan in the Philippines

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

A lot of Filipinos would prefer to borrow from informal moneylenders for their urgent financial needs. Some even turn to loan sharks like 5-6 lenders when they’re desperate for cash, not minding the risk of getting deeper in debt with the excessively high interest rates.

However, borrowing from banks and other formal lenders is the safer route. Because they’re regulated by the government, these lenders observe fair and ethical practices and offer lower interest rates.

Still, many Filipinos get easily discouraged from getting personal loans from banks because of the usual strict requirements. Add to that the common perception that it’s hard to qualify for a bank loan.

There are a few exceptions, though. Security Bank, for example, has been providing a different, better experience for people seeking personal loans in the Philippines.

Keep reading if you want to know how to apply for a Security Bank personal loan and why it’s worth considering for your financial need. 

7 Reasons a Security Bank Personal Loan Makes a Practical Choice

With a Security Bank loan, you’ll have a safety net when you experience cash flow problems, have a financial emergency, or just need a financial boost.

Here are seven reasons to apply for a Security Bank personal loan in the Philippines. 

1. Easy to Qualify with Simple Security Bank Loan Requirements

If you’re curious to know how to apply for a personal loan in Security Bank, you’ll be pleased to learn that there’s no overly long list of requirements. Security Bank makes it easier for Filipinos to qualify for a personal loan by keeping its requirements simple and minimal. No need to stress yourself because the required documents are easy to complete.

Who Can Apply for a Security Bank Personal Loan?

You may apply for a Security Bank personal loan if you meet these basic requirements:

• Citizenship: Filipino
• Age: Minimum of 21 (but not older than 65 upon loan maturity)
• Means of contact: Office or residence landline number
• Minimum gross monthly income:
  • Employed: At least PHP 15,000 (Metro Manila) / PHP 12,000 (outside Metro Manila)
  • Self-employed with two continuous years of profitable operations: PHP 100,000

Security Bank Personal Loan Requirements for Employed Applicants

• Valid government-issued photo ID
• Company ID
• Latest one-month payslip
• Certificate of Employment and Compensation (issued within the past six months) or latest Income Tax Return (ITR)

Security Bank Personal Loan Requirements for Self-Employed Applicants:

• Valid government-issued photo ID
• Audited Financial Statement for the previous year
• DTI Certificate/SEC Registration
• Business Permit/Mayor’s Permit
• Bank statements for the last three months
• For corporations: Latest General Information Sheet

2. Hassle-Free Online Personal Loan Application

It’s ironic that while almost everything has gone fully digital these days, like ordering fast food deliveries and booking a ride, many banking transactions still haven’t. Personal loan applications, for instance, are still mostly done in-branch.

Thankfully, Security Bank has its own online loan application facility, letting clients apply for a loan wherever they are as long as they have internet access. Within minutes, you can complete your Security Bank loan application online without leaving your home or office.

3. Quick Approval So You Can Get Your Money Immediately

Security Bank takes only up to five working days to approve a personal loan application with complete documents. This is a quick lead time considering that the standard for loan approvals among banks in the Philippines is seven business days or longer.

Fast approval is a huge advantage for borrowers, especially those who need money for emergencies. No need to wait for a long time to get the money you need to pay for hospital bills, tuition, or any immediate financial need.

4. Low Interest Rates

Security Bank is one of the banks that offer personal loans with the lowest interest rates in the Philippines. Its monthly add-on starts at 1.89% for loan terms of 12 to 36 months, and its annual percentage rate (APR) starts at 29.48%.

With Security Bank’s low personal loan interest rates, you can keep the cost of borrowing low. Getting this kind of loan also ensures that loan repayments are easy on your budget and won’t wipe out your finances.

Moreover, being able to pay your monthly loan installments means you avoid accumulating unpaid balances that lead to debt.

5. Loan Amounts of Up to P2 Million

The Security Bank personal loan is flexible in the sense that you can borrow anywhere from PHP 30,000 to PHP 2 million. A large maximum loan amount allows you to fund important expenses such as home improvement, business start-up, college tuition, car purchase, and travel.

Read more:

• Home Improvement Loans: Finding the Best Fit for You
• Should You Get a Personal Loan to Travel?

6. Affordable and Flexible Repayment Terms

When you apply for a Security Bank loan, you have four payment terms to choose from: 12, 18, 24, and 36 months. Choosing the longest loan term lowers your monthly installments, while the shortest term saves you from paying higher interest.

To know how much you can loan and the best payment term based on your capacity to pay, you may use the Security Bank loan calculator.^[2]

7. Financially Stable and Trustworthy Lender

Photo from Security Bank Facebook page

Becoming a Security Bank client means partnering with a company that’s one of the most financially stable in the banking industry. To learn more about Security Bank’s performance, you can check its total assets based on the latest Bangko Sentral ng Pilipinas data.^[3]

In addition, Security Bank is a multi-awarded Bank of the Year for its solid financial performance and adoption of technological innovations. 

Banks with good financial health are those you can rely on not just for borrowing money but also for availing different financial services.

How to Apply for a Security Bank Personal Loan Online

Convinced that a loan from Security Bank is the right choice for you? Here are the easy steps to apply for a personal loan online:

1. Visit Security Bank’s Online Personal Loan Application Facility.^[1]
2. Fill out all the required fields. Make sure to provide complete and correct information.
3. Scan or take photos of the document requirements and upload them to the online facility.
4. Agree to the Terms and Conditions and click “Next.”
5. Wait for a text message that confirms receipt of your personal loan application with Security Bank.

Read more:

• Security Bank Online Banking Guide for Hassle-Free Banking at Home
• Handy Guide to Getting a Citi Personal Loan

How to Check Your Security Bank Personal Loan Status

You’ll know if you get approved for a loan through a notification from the bank’s representative. Alternatively, you can send a Security Bank personal loan status inquiry email to plonlineapp@securitybank.com.ph or call the customer service hotline at (02) 8887-9188. 

How to Receive Your Security Bank Loan Proceeds

You may choose to receive your loan proceeds either through Manager’s Check (MC) or your Security Bank account.

If you prefer to receive a check, you may claim it at the Security Bank branch where the loan was applied or at Security Bank’s Loan Releasing Area in Keyland Building, Arnaiz Avenue, Makati City. 

Make sure to bring two valid IDs. If there are other documents needed for loan availment, these will be relayed to you by the Security Bank representative. 

Final Thoughts

We hope that this Security Bank personal loan review and application guide will be useful to you in your loan application. Security Bank is truly a game-changer when it comes to making loans more accessible to the common Filipino. With its ease of application, quick approval, and other benefits, getting a personal loan from Security Bank is definitely worth a shot. 

Compare Other Personal Loan Options

Looking for a personal loan? Below is a list of trusted personal loan companies and their loan features. Compare your options and apply through Moneymax!

Personal Loan Provider	Features
Citibank Personal Loan	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	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 approved within five banking days High loan amount of up to P2 million Flexible payment terms of up to 36 months
TALA Personal Loan	Fast approval time in as fast as 24 hours Quick cash loan up to P15,000 24/7 application using an Android phone

Sources:

• ^[1] Security Bank Personal Loan Application
• ^[2] Loan Calculator
• ^[3] Security Bank Financial Statement (Bangko Sentral ng Pilipinas, September 2020)

Venus Zoleta

Venus is the Head of Content at Moneymax, with 15+ years of experience in digital marketing, corporate communications, PR, and journalism. She invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Outside of work, she’s crazy about cats and Korean dramas. Follow Venus on LinkedIn.