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Personal loans

Get your head around personal loans

No tricky financial lingo here. Just simple articles on complex topics.

Frequently asked questions

Q: What is a personal loan?

A 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.

Q: What documents are required for a personal loan application?

Below are the most common documents required when applying for a personal loan. You can use the GoBear search tool to learn about the necessary documents needed per loan offer. Requirements differ for each bank.

  1. Proof of Identification: Valid government ID's with a photo and signature
  2. Proof of Income
    • Employee: latest BIR Form 2316 or W2 signed by employer's authorized representative, Certificate of Employment and Income, and last full month's pay slip
    • 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, and 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, valid Visa or Special Investor's Resident Visa, and Visas Philippine Economic Authority or Visa with EO226, ACR, ICR, or ACR1
  4. Other documents: Latest utility billing statement with residence address and latest credit card billing statement

Q: 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 important, 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.

Q: 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. There are more specialized loan products available if you need to finance your home renovation, business, or education.

Q: How much can I borrow with a personal loan?

The amount you want to borrow will depend on your ability to pay for the personal loan, your proof of employment, and the other documents you presented upon application for the loan.

Q: 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.

Q: What are the types of personal loans?

There are two main types of personal loan:

Secured Loans
You can only get a secured loan if you put up for collateral a piece of property that is as valuable as the cash you are borrowing. If you are unable to pay, your property will be taken by the bank to settle your account.

Unsecured Loans
You can easily apply for this type of loan because it does not require a collateral. This is the loan type preferred by many although it has more stringent requirements.

Q: What are the advantages of a personal loan?

There are a few extra advantage a borrower can get:

Flexible payment terms
This allows you to pay more than the required amount for your cash loans, as well as change the terms of your personal loan, therefore helping you settle your debt faster.

A revolving credit line
This allows you to receive a certain amount of cash advance for when you need the money, in exchange for paying a commitment fee.

Q: What banks offer personal loans in the Philippines?

  • MCC
  • Welcome Finance
  • Citibank
  • EastWest
  • UCPB
  • CBS
  • Chinatrust
  • PSBank
  • Equicom
  • Maybank
  • Sterling
  • Bank of Makati
  • PBCom