Special personal loans you didn't think existed
Almost every major bank in the Philippines offers personal loans. Some banks offer an assortment of specialized loan products for certain people. Not that those people are special snowflakes or something, but it’s nice that some of these banks go the extra mile to craft a financial product customized to those with specific needs.
BDO Asenso Kabayan Personal Loans
BDO offers this special personal loan program as part of its push to cater to more overseas Filipino workers (OFWs). These OFW-centric cash loans are available in two types: unsecured and secured. The former does not involve collateral assets but has higher interest rates. The latter has interest rates lower than those on its unsecured counterpart, or even on regular personal loans, but is linked to joint or individual account deposits maintained with BDO. That way, BDO is able to say that it is OFW-friendly, while encouraging OFWs to maintain an account with the bank. Wais.
PSBank Flexi Personal Loan with Prime Rebate
Among personal loan lenders, PSBank prides itself in having the only collateral-free personal loan product with a revolving credit line and a fixed term loan. In addition, the so-called Flexi Personal Loan even offers rebates to its debtors. All a person has to do to get rebates on the loan is to make either advance payment or an excess payment on his monthly due. Doesn’t it seem pleasantly odd to receive extra money from the bank you owe cash from?
CTBC Bank Back-to-Back Loan
Want to get easy loans but can’t get money out of your savings or time deposit accounts yet? If those accounts are with CTBC Bank, you can take a special standby loan that allows you to borrow against your savings and time deposit accounts. We don’t necessarily recommend risking your savings accounts for a loan, but it’s nice to have that option in case of emergencies. (Nope, an “emergency” trip to Boracay to cure you of your wanderlust disease doesn’t count.)
LANDBANK’s Mobile Loan Saver and DepEd Livelihood Loans
You can actually get personal loans from the convenience of your cellphone while playing Pokemon Go (whenever it comes to the Philippines). LANDBANK’s Mobile LoanSaver allows qualified employees of companies with agreements with the bank to apply for loans via text message. After the loan process is completed online, approved loans will be deposited in the applicant’s ATM payroll account.
As a state-owned bank, LANDBANK also offers low-interest livelihood loans to teachers and employees of the Department of Education. The loans, launched in 2014, work like cash advance schemes, in which monthly dues can be paid via salary deduction. These loans, which can reach up to ₱500,000 for teachers and ₱1 million for DepEd officials, have a fixed interest rate of 10.5% per year, making it easier for a teacher to jumpstart her longganisa business (hopefully not in-campus).
DBP EC Credit Salary Loan
Working in the government may involve lots of headaches, but at least state employees have one more personal loan option than their counterparts in the private sector. DBP, another state-owned bank, has an exclusive personal loan offering for government employees, allowing these workers to borrow cash between ₱15,000 and ₱500,000, while having up to four years to pay up.
Personal Loans from A-Almanah Islamic Investment Bank of the Philippines
Let’s face it: some of the commonly available financial products in the country may violate a number of Islamic laws, which prohibit Muslims from selling financial products with too much uncertainty. Hence, Muslims favor loans and arrangements with fixed rates and features that comply with their faith. Fortunately, Al-Almanah Islamic Investment Bank of the Philippines caters to the country’s Muslim population. While most of the bank’s cash loans involve business arrangements, a loan called the Al-Qard al-Hasan (or benevolence loan) is an interest-free but secured loan given to borrowers who are in dire need of money to be paid within a specified period of time, either with money or the agreed collateral asset.
Are you interested in getting one of these personal loans? Compare personal loans with GoBear Philippines to get the best loan with the lowest interest rates.