If you’re in need of financial assistance, personal loans can be an excellent option, offering borrowers the chance to obtain quick funds for various purposes, such as debt consolidation, home renovation, or unexpected expenses. However, personal loans also come with their own risks and challenges, such as high interest rates and strict application requirements. As such, it’s crucial to understand the different personal loan providers in the Philippines, their offered terms and conditions, and which one best suits your financial needs.
One option is Metrobank Personal Loan, which offers a minimum loan amount of ₱20,000 and a maximum loan amount of ₱1 million. The loan’s minimum annual income requirement is ₱350,000, and approval typically takes 7 days. This lender is ideal for those seeking amounts between these values and access to funding quickly.
Another option is Citibank Personal Loan, offered by Union Bank of the Philippines, which allows borrowers to obtain between ₱100,000 and ₱2 million, with a minimum annual income requirement of ₱250,000. Approval can take as fast as 24 hours, making it a perfect choice for those who need funds urgently.
EasyRFC Multi-Purpose Loan offers borrowers between ₱10,000 and ₱150,000, with a minimum annual income requirement of ₱120,000. The application approval is also notably faster, only taking as fast as 24 hours. This provider is an ideal choice if you need a smaller amount of money, are under a strict timetable, and have a lower annual salary.
Maybank Personal Loan allows for online applications in just a few clicks, with a minimum loan amount of ₱50,000 and a maximum loan amount of ₱1 million. The required minimum annual income requirement is ₱300,000, though approval time varies depending on the application submitted.
RCBC Personal Loan, with a minimum loan amount of ₱50,000 and maximum of ₱1 million, requires a minimum annual income of ₱360,000, which is higher than other providers on this list. However, RCBC can give borrowers additional benefits, such as lower interest rates and longer payment periods. Approval typically takes five to seven banking days.
SB Finance Personal Loan provides borrowers ₱30,000 to ₱2 million, with a minimum income requirement of ₱180,000. From this list, SB’s maximum loan amount and the income requirement are both higher than the others. However, an advantage of using SB Finance is that the approval process tends to be quicker, with a standard approval time of five banking days.
CIMB Personal Loan offers between ₱30,000 and ₱1 million, with a minimum annual income requirement of ₱180,000. The approval time is quite fast, at only twenty-four hours, but conditions including interest rates and payment terms may not be as favorable as other personal loan providers.
HSBC Personal Loan borrowers can take out between ₱30,000 and ₱500,000 or up to 3x the borrower’s gross monthly salary, with a minimum annual income requirement of ₱168,000. Here, HSBC’s maximum loan amount is notably lower than the other providers, but the allowed amount for those with a higher gross monthly salary will yield more significant funds standard loan amounts won’t cover. The approval time is from five to seven banking days.
EastWest Personal Loan offers a minimum loan amount of ₱25,000 and a maximum of ₱2 million, with a minimum annual income requirement of ₱180,000. EastWest’s maximum loan amount is the highest on this list, and their offered payment terms range from six months to three years, making it an excellent option for those who need a more extended payment period.
BPI Personal Loan has a minimum loan amount of ₱20,000 and a maximum of ₱300,000 with a typical approval time of five to seven banking days. BPI’s loan requirements are lenient, making it an ideal option for borrowers who do not meet some of the other personal loan providers’ financial standard requirements.
Finally, CTBC Bank Personal Loan offers a minimum loan amount of ₱20,000 and a maximum of ₱180,000, with a typical approval time of three to five banking days. CTBC’s personal loan applications are also available online, making it a more convenient option for those who prefer to skip long lines and face-to-face appointments.
In conclusion, understanding the different personal loan providers in the Philippines, their eligibility criteria, and respective terms and conditions is essential to make informed financial decisions. It is beneficial to consult with several providers to weigh their benefits and disadvantages and select a plan that suits your financial goals, budget, and repayment strategy.