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  • Time saver - Widest personal loan options you will not find anywhere else
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What are personal loans?


Personal loans are a line of credit provided by banks and lending companies in the Philippines to help the borrower ease into investments, consolidate debt, pay for car repair, home renovation and more.


Get a detailed GoBear Guide on the basics of personal loans to help you understand details before applying.

Types of personal loans


In the Philippines, there are two types of personal loans. Unsecured loans are considered as one of the easy loans to apply for because it does not involve a collateral, meaning that you don’t have to either secure a guarantee or put up a possession of yours as collateral for the debt you’ll incur. However, some personal loans are designated as secured, especially to people who have poor credit history but still need to secure fast cash loans. Through secured personal loans, a borrower can pledge his bank accounts or other valuable belongings as collateral in case he fails to pay.


Here is a detailed GoBear Guide on the different types of personal loans.



What are the approved uses of personal loans?


Some banks require that you show proof of where you will use the loan, some have a limited list of where you can use the money while others are more accommodating. More importantly, there are benefits and disadvantages of using personal loans for the following:

Here is a detailed GoBear Guide on the different uses of personal loans.



Personal loan features and benefits


As one of fast loans that banks and other financial institutions can offer, personal loans give borrowers a quick way to get cash. But the borrower can also take advantage of the following extra features:



  •   Flexible payment terms that allow you to pay above the required amount for your cash loans, as well as to change the terms of your personal loans, therefore helping you settle your debt faster.

  •   A revolving credit line, which is a finance service that allows you to get a certain amount of cash advance for when you need the money, in exchange for paying a commitment fee.

Here is a more detailed GoBear Guide on the basics of personal loans.



Are you eligible for personal loans?


You can get personal loans in the Philippines if you are a Filipino citizen, typically between 21 and 70 years old. Some institutions also allow foreigners from certain countries to apply for bank personal loans. An applicant also needs to file documents that prove his residence and identity, or government-issued IDs and clearances. In addition, proof of employment and income are needed, these details determine the maximum amount of money you can borrow. Banks also want their personal loan clients to have landline phones at home or in the office.



Personal loan interest rates and other fees


Once you sign up for a personal loan, you need to be aware of the interest rates that come with that debt. Most banks in the Philippines peg the monthly add-on interest rate at 1% to 3%. That percentage changes depending on the amount you borrow and the time it takes you to pay the borrowed money back.


Aside from personal loan interest rates, there are other loan-related fees you need to look out for. These fees include the disbursement fee (applies for every time you cash out money on your loan), the pre-payment and late payment fees (applies when you pay your debt before or past the due date scheduled on your loan terms), and the loan modification fee (applies when you want to change some details of your loan).


Let GoBear help you find the best loans


Here at GoBear, we strive to give you updated information on the terms of each personal loan product offered in the Philippines. GoBear’s main feature is a comparison tool that generates the most favourable loan product for you, depending on your needs. We also provide tips on how to be a wise borrower, by disclosing important information about personal loan lenders and their products, as well as by alerting you about tips and other useful information via our blog.


Start comparing personal loans from the most trusted banks in the Philippines, including:


•  Citibank personal loans


•  Maybank personal loans


•  Security Bank personal loans


•  See more personal loan companies


*We compare personal loans with tenure of 1 to 4 years depending on the loan purpose. The E.I.R depends on your personal circumstances and will be between 17.17% and 46.68%. This is an example of what it may cost: A loan of ₱50,000 for at E.I.R. 19.56% for 2 years will have a monthly payment of ₱12,367, and total payments of ₱60.560 including the processing fee of ₱1,200.


Do you want to see which personal loan is the best for your needs? Compare personal loans with GoBear using the loan calculator today!



Compare and apply for Personal Loans from the most trusted banks on GoBear Philippines:

Find the best and most extensive range of personal loans with quick cash, lowest interest rates and flexible instalments.

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  • 1.What Are Some Personal Loan Features and Benefits?
    There are a few extra advantage a borrower can get:

    - Flexible payment terms that allow you to pay above the required amount for your cash loans, as well as to change the terms of your personal loans, therefore helping you settle your debt faster.

    - A revolving credit line, which is a finance service that allows you to get a certain amount of cash advance for when you need the money, in exchange for paying a commitment fee.
  • 2.Where Can I Get a Loan?
    There are a lot of banks where you can get loans. You can check out the list of banks that are in close partnership with GoBear to see the wide range of loans they offer.
  • 3.What Are Personal Loans?
    Personal loan is a line of credit provided by banks and lending companies in the Philippines to help the borrower ease into investments, consolidate debt, pay for car repair, home renovation and more.
  • 4.What Are the Types of Personal Loans
    There are two main types of personal loan:

    Secured Loans – The borrower can only loan while putting a property valuable as the cash you are loaning as collateral and if unabled to pay, you can lose your property.

    Unsecured Loans – The borrower can apply for easily because you don’t nsdeed a property.
  • 5.What banks offer personal loans in the Philippines?
  • 6.How much can I borrow for personal loan?
    The amount you want to borrow for your personal loan will depend on your ability to pay for the loan, your proof of employment and income determines the amount you can borrow.
  • 7.I am from the BPO industry. Can I apply for a loan?
    Yes, you can. Just visit https://www.gobear.com/ph, fill out the form for personal loans and GoBear will show all the offers based on your needs. The next step is to click "Edit" and change the employment status to "BPO Employee." The page will automatically reload to show the loans applicable for you!
  • 8.Who can get a Personal Loan?
    To qualify for a Personal Loan you need to be:
    - A Filipino/Permanent Resident (PR) or Foreigner.
    - Aged between 21–70.

    Also, you will need to earn at least
    - ₱10,000 per year if you are a Filipino or PR.
    - ₱10,000 per year if you are a foreigner.
  • 9.What can I use Personal Loan for?
    A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing on. There are more specialised loan products available if you need to finance your home renovation or education.
  • 10.What is Loan Tenure or Term of Loan?
    The "Loan Tenure" or "Term of Loan" for personal loans can range from 1 to 5 years. Renovation loans are limited to five years and education loans can be up to 10 years. The length of the loan, or tenure, is an important determinant. The longer the tenure, the more interest you will pay.
  • 11.What is the lowest personal loan interest rate?
    Banks revise their personal loan rates from time to time. The lowest personal loan add-on rate is 13.2% (without collateral) and 9.48% (with collateral) per year. This is the flat interest rate – more importantly, is the effective interest rate, which shows the actual cost of borrowing. Add-on is the flat rate, which is placed on top of the principal amount you borrowed.
  • 12.Why does GoBear not include the Effective Interest Rate?
    The Effective Interest rate is introduced by moneysense to provide a clearer overview of the cost of borrowing. However, banks have some liberty in definition of effective interest rate and include or exclude certain factors to lower these rates. It is mandated by law for banks to notify you on the Effective Interest Rate.

    When comparing loans of the same tenure, it is easier to look at the total payment you will be making on a loan. At GoBear we include all costs associated with the loan and break it down for you in easy categories so you can see what you are paying at a glance.
  • 13.How does GoBear break down the costs on loans?
    When getting a loan, transparency about costs and repayments is often lacking. To provide you with a better overview, we have broken down all the costs that are associated with your loan:

    Monthly payment: your monthly payment for the total duration of the loan (this includes interest payments and principal repayment.

    Total Payment: Includes all interest paid, all principal repaid and loan servicing costs.

    Interest Payments: All interest that you will pay during the duration of the loan

    Servicing costs: All non-interest payments such as processing fee, servicing costs or annual fees.

    The total payment includes all costs that you will pay when taking the loan plus the repayment of the loan.

  • 14.Are there additional bank fees with personal loans?
    Some banks charge a fixed processing fee. In addition, you can also incur 3% to 5% late payment fees or early repayment fees.
  • 15.What documents are required for a personal loan application?
    These are the most common documents required when applying for a personal loan. You can use the GoBear search to learn the necessary documents needed per loan offer. It differs for each bank.

    1. Proof of Identification: Valid government IDs with a photo and signature

    2. Proof of Income

    a. Employee: latest BIR Form 2316 or W2 signed by employer's authorized representative, Certificate of Employment and Income or last full month payslip



    b. Self-employed: latest ITR with BIR stamp, Latest two years Audited Financial Statements, SEC Registration or DTI Certificate, Business Permit or Mayor’s Permit, Latest six months bank statements, List of 3 suppliers and 3 customers with contact details & Latest GIS (if corporation)



    3. Additional documents for Permanent Resident (PR): Employment Contract or Certificate of Employment, Letter from the Embassy (if Embassy Official) & Valid passport with Resident Visa or Work Permit and valid Visa or Special Investor's Resident Visa and Visas Philippine Economic Authority or Visa with Eo226 or ACR or ICR or ACR1.

    4. Other documents: Latest utility billing statement with residence address & latest credit card billing statement

If you find these answers helpful? Check out our FAQs for other products to learn more.