Loans are a common financial product that people use to help them achieve their goals, whether it’s buying a car, starting a business, or paying for college. However, one of the biggest challenges of taking out a loan is finding one with a low interest rate. In the Philippines, there are several options available for borrowers looking for affordable financing. In this article, we’ll explore some of the best loans with low interest rates in the Philippines and discuss how you can qualify for them.
Best loans with low interest rates in the Philippines
Personal Loans
Personal loans are a type of unsecured loan that you can use for any purpose, such as consolidating debt, financing a wedding, or paying for medical expenses. They are often more affordable than credit cards and other forms of financing, making them a popular choice for borrowers who need a short-term loan.
One of the best personal loans with low interest rates in the Philippines is the BDO Personal Loan. This loan offers fixed monthly payments, flexible repayment terms, and competitive interest rates starting at 5.99%. To qualify for a BDO Personal Loan, you must be a Filipino citizen between the ages of 21 and 70 with a minimum monthly income of ₱10,000. You must also have a landline or mobile phone number and a valid email address.
Another good option is the Security Bank Personal Loan, which offers interest rates as low as 5.21%. This loan is available to Filipino citizens and foreign residents with a minimum monthly income of ₱15,000. To qualify, you must be between the ages of 21 and 65 and have a valid ID, proof of income, and proof of residence.
Business Loans
Starting a business in the Philippines can be a challenging but rewarding experience. However, many entrepreneurs struggle to find affordable financing to get their business off the ground. Fortunately, there are several business loans with low interest rates available in the Philippines.
One of the best business loans with low interest rates is the BPI Business Loan. This loan offers competitive interest rates starting at 5.5% and flexible repayment terms of up to 36 months. To qualify, you must be a Filipino citizen with a minimum annual income of ₱1 million and have a valid ID, proof of income, and proof of residence.
Another good option is the RCBC SME Loan, which is designed specifically for small and medium-sized enterprises. This loan offers interest rates as low as 5.5% and repayment terms of up to 36 months. To qualify, you must be a Filipino citizen with a minimum annual income of ₱1 million and have a valid ID, proof of income, and proof of residence.
Home Loans
Buying a home is one of the biggest financial decisions you’ll ever make. However, many people struggle to find affordable financing to make their dream of homeownership a reality. Fortunately, there are several home loans with low interest rates available in the Philippines.
One of the best home loans with low interest rates is the BPI Housing Loan. This loan offers competitive interest rates starting at 5.5% and flexible repayment terms of up to 20 years. To qualify, you must be a Filipino citizen with a minimum annual income of ₱360,000 and have a valid ID, proof of income, and proof of residence.
Another good option is the Security Bank Home Loan, which offers interest rates as low as 5.25%. This loan is available to Filipino citizens and foreign residents with a minimum annual income of ₱500,000. To qualify, you must be between the ages of 21 and 65 and have a valid ID, proof of income, and proof of residence.
Credit Cards
Credit cards can be a convenient way to finance purchases and manage your finances. However, they can also come with high interest rates and fees that can make it difficult to pay off your balance. Fortunately, there are several credit cards with low interest rates available in the Philippines.
One of the best credit cards with low interest rates is the BPI Family Credit Card. This card offers an interest rate of 2.5% per month, making it one of the most affordable credit cards on the market. To qualify, you must be a Filipino citizen or foreign resident with a minimum annual income of ₱180,000.
Another good option is the Security Bank Complete Cashback Credit Card, which offers an interest rate of 3.5% per month. This card also offers cashback rewards on every purchase, making it a great choice for people who want to earn rewards while saving money on interest.
How to Qualify for Loans with Low Interest Rates
To qualify for loans with low interest rates in the Philippines, you must meet certain eligibility requirements set by the lender. These requirements may include your income, credit score, employment history, and other factors that determine your ability to repay the loan.
To increase your chances of qualifying for a loan with a low interest rate, you should start by improving your credit score. Your credit score is a numerical representation of your creditworthiness, and it plays a crucial role in determining the interest rate you’ll receive on a loan. To improve your credit score, you should pay your bills on time, keep your credit card balances low, and avoid applying for too much credit at once.
You should also shop around for loans and compare interest rates from multiple lenders. This will give you a better idea of what rates are available and help you find the best loan for your needs.
Top 10+ Online Loans with Low Interest Rates
Loan type
Short termFor a period of
180 daysRate ()
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PHP 25,000Approval in
5 minutesFirst loan free
no
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180 daysRate ()
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no
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728 daysRate ()
365.00% / yearLoan amount
PHP 25,000Approval in
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no
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Long termFor a period of
4 monthsRate (PSK)
0.00% / monthLoan amount
PHP 25,000Approval in
5 minutesFirst loan free
no
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Short termFor a period of
180 daysRate ()
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PHP 25,000Approval in
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no
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180 daysRate ()
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PHP 25,000Approval in
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no
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365 daysRate ()
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PHP 20,000Approval in
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no
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90 daysRate ()
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PHP 25,000Approval in
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no
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61 daysRate ()
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PHP 25,000Approval in
15 minutesFirst loan free
no
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365 daysRate ()
0.00% / dayLoan amount
PHP 50,000Approval in
15 minutesFirst loan free
no
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Short termFor a period of
90 daysRate ()
0.00% / dayLoan amount
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no
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30 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
30 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
30 daysRate ()
0.00% / dayLoan amount
PHP 20,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
365 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
730 daysRate ()
0.00% / dayLoan amount
PHP 50,000Approval in
15 minutesService Fee
₱500
Loan type
Short termFor a period of
365 daysRate ()
0.00% / dayLoan amount
₱ 25,000Approval in
15 minutesFirst loan free
yesConclusion
Finding loans with low interest rates in the Philippines can be a challenge, but it’s not impossible. By exploring the options available and taking steps to improve your credit score, you can increase your chances of qualifying for affordable financing. Whether you’re looking for a personal loan, business loan, home loan, or credit card, there are several options available with competitive interest rates and flexible repayment terms.
Remember to compare rates from multiple lenders and read the terms and conditions carefully before signing up for a loan. With the right loan and a solid financial plan, you can achieve your goals and build a brighter financial future for yourself and your family.
