When it comes to consolidating your debts in the Philippines, you have two primary avenues: opting for a debt consolidation loan or transferring your credit card balances to a new card. While the latter might seem straightforward, the former can be a bit daunting for those unfamiliar with the concept of debt consolidation loans.
Debt consolidation is a legitimate means of managing personal finances, and there are numerous lenders in the Philippines that offer this service. However, it’s important to note that not all banks and lending institutions provide personal loans specifically for debt consolidation purposes.
Here’s a breakdown of some of the top debt consolidation loan options available in the Philippines:
- UnionBank Personal Loan
- Loan Amount: Up to ₱2 million
- Monthly Add-on Rate: 1.29%
- Loan Tenure: One to five years
- Approval Time: As fast as five minutes
- Metrobank Personal Loan
- Loan Amount: ₱20,000 to ₱1 million
- Monthly Interest Rate: 1.25%
- Loan Tenure: 12 to 36 months
- Processing Time: Up to seven working days
- BPI Personal Loan
- Loan Amount: ₱20,000 to ₱3 million
- Monthly Add-on Rate: 1.2%
- Loan Tenure: 12 to 36 months
- Processing Time: Five to seven working days
- RCBC Personal Loan
- Loan Amount: ₱50,000 to ₱1 million
- Monthly Add-on Rate: 1.3%
- Loan Tenure: Six to 36 months
- Approval Time: Within five to seven days
- CIMB Personal Loan
- Loan Amount: ₱30,000 to ₱1 million
- Monthly Add-on Rate: 0.83%
- Loan Tenure: 12 to 60 months
- Approval Time: Within 24 hours
- Tonik Big Loan
- Loan Amount: ₱250,000 to ₱5 million
- Monthly Contractual Rate: 0.92% to 0.98%
- Loan Tenure: 12 to 60 months
- Processing Time: Within seven days
- SB Finance Personal Loan
- Loan Amount: ₱30,000 to ₱2 million
- Monthly Add-on Rate: 2%
- Loan Tenure: 12 to 36 months
- Approval Time: Within five banking days
- Vidalia Personal Loan
- Loan Amount: Up to ₱100,000
- Monthly Interest Rate: 6%
- Loan Tenure: Two to 12 months
- Approval Time: Within one to three days
- Asialink Refinancing Loan (Sangla OR/CR)
- Loan Amount: Depends on the appraised value of your asset
- Monthly Interest Rate: As low as 1.5%
- Loan Tenure: Up to 48 months
- Asteria Personal Loan
- Loan Amount: ₱2,000 to ₱20,000
- Daily Interest Rate: 0.9%
- Loan Tenure: 61 days to three months
- Approval Time: Within 24 hours
- Digido Online Loan
- Loan Amount: ₱1,000 to ₱25,000
- Daily Interest Rate: 1.5%
- Loan Tenure: Up to 180 days
- Approval Time: One day
- Blend PH Personal Loan
- Loan Amount: ₱50,000 to ₱2 million
- Monthly Interest Rate: 1.5% to 3%
- Loan Tenure: 12 to 36 months
- Approval Time: Within one to two days
- Pag-IBIG Multi-Purpose Loan
- Loan Amount: Up to 80% of your Pag-IBIG Regular Savings
- Interest Rate: 10.5% per annum
- Loan Tenure: Within two to three years
- Approval Time: Within two days
- GSIS Multi-Purpose Loan
- Loan Amount: Up to 14 months of basic salary
- Interest Rate: Up to 8% per annum
- Loan Tenure: Within two to seven years
These options cater to various needs and preferences, providing individuals with the flexibility to choose the most suitable solution for consolidating their debts effectively.
