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See all the best personal loans in the Philippines

Compare and choose the best loans online from different banks and lenders.
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Default Repayment ₱50000 to be repaid in 12 months
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100,000
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36 mth
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UnionBank Personal Loan

UnionBank Personal Loan
Monthly repayment
Monthly add-on interest rate
 %
Total repayment
Total interest

Offer Available

Get a welcome gift worth up to ₱10,990!
Digital Gift (₱5,000 or ₱10,000 eGift)
Digital Gift (₱5,000 or ₱10,000 eGift)

+ 1 other gift options

Valid until

30 June 2024

Metrobank Personal Loan

Metrobank Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

BPI Personal Loan

BPI Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

PSBank Personal Loan

PSBank Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

EasyRFC Multi-Purpose Loan

EasyRFC Multi-Purpose Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

CIMB Personal Loan

CIMB Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

Maybank Personal Loan

Maybank Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

HSBC Personal Loan

HSBC Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

CTBC Bank Personal Loan

CTBC Bank Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

Equicom Personal Loan

Equicom Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

Sterling Bank of Asia Personal Loan

Sterling Bank of Asia Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

RCBC Personal Loan

RCBC Personal Loan
Monthly repayment
Monthly add-on interest rate
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Total repayment
Total interest

TALA Personal Loan

TALA Personal Loan
Monthly repayment
Monthly add-on interest rate
 %
Total repayment
Total interest

UnionBank Personal Loan

UnionBank Personal Loan
Monthly repayment
Monthly add-on interest rate
 %
Total repayment
Total interest

Offer Available

Get a welcome gift worth up to ₱10,990!
Digital Gift (₱5,000 or ₱10,000 eGift)
Digital Gift (₱5,000 or ₱10,000 eGift)

+ 1 other gift options

Valid until

30 June 2024

Tonik Quick Loan

Tonik Quick Loan
Monthly repayment
Monthly add-on interest rate
 %
Total repayment
Total interest

UnionBank Personal Loan

UnionBank Personal Loan
Monthly repayment
Monthly add-on interest rate
 %
Total repayment
Total interest

Offer Available

Get a welcome gift worth up to ₱10,990!
Digital Gift (₱5,000 or ₱10,000 eGift)
Digital Gift (₱5,000 or ₱10,000 eGift)

+ 1 other gift options

Valid until

30 June 2024

What is a personal loan?

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A personal loan is any amount of money borrowed from banks and lenders to use for any purpose. Personal loans in the Philippines typically don’t require collateral. A borrower needs to have a good credit history and a stable source of income to increase the chance of approval.

Where can I use my personal loan?

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You can apply for a personal loan to fund almost anything that requires a huge amount of money. For example, you can get a loan online to travel abroad or send your children (or even yourself) to school. Here are other purposes Filipinos typically use to get a personal loan:

  • Medical emergencies
  • Home improvement
  • Debt consolidation
  • Wedding
  • Travel/vacation
  • Furniture/appliances/gadgets

How do I qualify for a personal loan in the Philippines?

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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

What are the loan application requirements?

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The requirements for each bank or lender may vary, but here are the most common bank loan requirements you’ll need for a successful loan application in the Philippines:

  • 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

How do I compare and apply for a personal loan online?

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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.

Why should I use Moneymax to compare personal loans?

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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 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.

How long will it take me to pay back my loan?

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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.

How high are the personal loan interest rates in the Philippines?

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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

How do personal loan interest rates work?

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Personal loan providers charge interest on the amount borrowed that must be paid every month. Personal loans have lower interest rates than credit cards, making them a great choice for those who need quick cash for emergencies. Personal loan online applications in the Philippines are generally unsecured loans (meaning they are collateral-free) which makes its rates higher than secured loans such as auto loans and housing loans.

What is the difference between effective rate and add-on rate?

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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.

What other personal loan fees should I know about?

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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

What are the basic personal loan terms and conditions?

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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

What are the common features of personal loans in the Philippines?

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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.

I'm unemployed. Can I still get a loan?

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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 as high as 1% to 1.5% per day. It also comes with very short payment terms, usually 30 days, giving you limited time to pay for the amount you borrowed. Last updated: February 28, 2024