Personal Loans in the Philippines

Personal Loans in The Philippines

In today’s fast-paced world, financial needs can arise unexpectedly. Whether it’s for covering medical expenses, funding a small business, or consolidating debt, personal loans offer a versatile solution. In the Philippines, the landscape of personal lending is diverse, catering to various financial requirements without collateral. This article provides a comprehensive guide on selecting the best personal loan in the Philippines, tailored to your unique financial situation.

From understanding the nuances between secured and unsecured loans to comparing top lenders in the country, we delve deep into personal financing. Our goal is to equip you with the knowledge and tools to make an informed decision. Whether you’re a first-time borrower or looking to refinance, join us as we explore the essentials of personal loans in the Philippines.

Comparing Top Personal Loan Providers in the Philippines

The personal loan market in the Philippines is divided into two main categories: traditional banks and non-bank lenders. Each category has its advantages, catering to different borrower needs. Let’s compare these two categories, focusing on banks such as BPI, Security Bank, and BDO, and popular non-bank lenders like Digido, Moneycat, and Cashmart.


Non-Bank Lenders for Personal Loans in the Philippines

Company Loan Amount (PHP) Interest Rate Loan Term
Digido 1,000 – 25,000 From 0% to 11.9% Up to 30 days
MoneyCat 500 – 20,000 Up to 11.9% per month Up to 180 days
CashMart 3,000 – 150,000 From 0,8% to 3,5% Up to 6 months for new loan
EasyCash 5,000 – 25,000 0,33%-1% From 1 to 300 days
Crezu 1,000 – 25,000 From 1.5% per month to 30% per year From 3 to 12 months
CashMe 2,000 – 20,000 0,08% per day Up to 3 months
Blend 50000 – 2 million From 1,5% to 3% monthly Up to 36 months
Binixo 2000 – 30000 1% per day From 7 days to 30 days
Asteria Lending Inc 2000 – 50000 0.2% per day From 30 days to 120 days
Loanmoto 1,000 – 12,000 4% – 6% per month
Finbro 1,000 – 50,000 0.5% – 1.25% per day Up to 12 months
Kviku 500 – 25,000 1.2% per month Up to 180 days
Binixo 2000 – 30000 1% per day From 7 days to 30 days
PesoQ 5,000 – 20,000 4% – 6% per month 91 – 365 days
GCash 5,000 – 25,000 From 3% to 15% From 15 to 90 days
CashBee 2,000 – 20,000 0,3% daily From 30 to 120 days
Revi Credit Philippines 1000 – 250,000 1% – 5% From 6 to 36 months
Tala 1,000 – 25,000 15% – 15.7% From 15 to 61 days
Acom Up to 500,000 3.315% – 4.563% From 6 to 10 months
Vamo 1,000 – 30,000 From 1,3% From 10 to 3000 days
Flexi Finance Up to 25,000 From 365 to 1460 days
JuanHand Up to 50,000 14.7% per month From 14 to 90 days
Moca Moca 2,000 – 35,000 0.83% per month From 180 to 365 days
RoboCash 1,000 – 25,000 From 0% to 11.9% Up to 30 days



Digido is particularly suitable for individuals seeking quick, hassle-free access to funds with minimal documentation and an entirely online application process. Digido offers competitive interest rates, particularly for short-term loans. The rates are designed to be affordable, especially for quick cash needs. However, they can be higher than traditional banks, reflecting the increased risk and convenience of unsecured, fast-disbursing loans.

Unique Selling Points:



Moneycat is an ideal choice for borrowers needing quick financial assistance, who prefer an easy and fast online loan application process, and who may not have access to traditional banking services. Moneycat offers interest rates that are relatively higher than traditional bank loans, reflecting the convenience and accessibility of their services. These rates are typical for digital lending platforms that cater to quick and easy loan disbursements.

Unique Selling Points:


Cash Mart

CashMart is particularly suitable for individuals who need fast access to cash with flexible repayment options and minimal documentation requirements. CashMart offers competitive interest rates, typically higher than traditional banks but reasonable within the non-bank lending sector. They balance accessibility and cost, making them an appealing choice for borrowers who need quick loans.

Unique Selling Points:

Tala Philippines

Tala Philippines is particularly beneficial for individuals needing quick, short-term loans and those looking to build or improve their credit scores. Tala Philippines is known for its relatively high interest rates, reflecting the accessibility and convenience it provides, especially to those with limited credit history.

Unique Selling Points:

Asteria Lending

asteria lending inc

Asteria Lending is particularly suited for borrowers looking for a quick, hassle-free loan application process and those needing versatile loan options. Asteria Lending offers competitive interest rates for its personal loan products, but these rates can be on the higher side, reflecting the convenience and accessibility of their services.

Unique Selling Points:

Esquire Financing

Esquire Financing is ideal for SME owners looking for flexible, business-centric loan options with a swift approval process. Esquire Financing offers interest rates that are competitive within the non-bank lending sector. However, these rates might be higher than those offered by traditional banks.

Unique Selling Points:

Vidalia Lending

Vidalia Lending is well-suited for individuals and businesses looking for a range of loan options with transparent terms and a focus on customer experience. Vidalia Lending offers competitive interest rates, especially compared to other non-bank lenders. However, these rates are typically higher than those offered by banks.

Unique Selling Points:

First Circle

First Circle is an ideal option for SMEs in the Philippines looking for accessible, quick, and tailored financial solutions to support their growth and operational needs. First Circle offers competitive interest rates for small and medium-sized enterprises (SMEs). The rates are designed to be affordable for businesses looking to grow.

Unique Selling Points:


Blend Ph Review stands out for its comprehensive range of loan products and its commitment to providing accessible and convenient lending solutions to various segments of the Filipino population. Blend offers a range of interest rates depending on the type of loan. Their rates are competitive within the online lending market, designed to cater to various borrower needs.

Unique Selling Points:

Global Dominion

Global Dominion is notable for its specialized loan products, particularly for OFWs and medical purposes, catering to specific borrower needs with competitive interest rates and an efficient application process. Global Dominion offers competitive interest rates, particularly for their salary and OFW loans. Their rates are designed to be manageable for a wide range of borrowers.

Unique Selling Points:

Banks Offering Personal Loans in the Philippines

Bank Loan Amount (PHP) Interest Rate Loan Term
Bank of the Philippine Islands (BPI) 20,000 – 2,000,000 1.20% per month From 12 to 36 months
Security Bank 30,000 – 2,000,000 Start at 1.39% per month From 12 to 36 months
Banco de Oro (BDO) 10,000 – 1,000,000 Start at approximately 1.25% per month From 6 to 36 months
Metrobank 30,000 – 2,000,000 Start at around 1.5% per month From 12 to 60 months
EastWest Bank 25,000 – 2,000,000 Starting from around 1.89% per month From 12 to 36 months
RCBC Up to PHP 1,000,000 Starting at around 1.3% per month From 6 to 36 months
PSBank 20,000 – 250,000 From 1.2% to 1.75% From 12 to 36 months
China Bank 50,000 – 1 million From 1.2% to 1.5% From 12 to 48 months
UnionBank 50,000 – 1 million From 1.3% to 1.5% From 12 to 36 months
Landbank of the Philippines Up to ₱2,000,000 7-10% per annum (varies) Up to 5 years (60 months)

Bank of the Philippine Islands (BPI)

BPI’s personal loan facility suits individuals seeking reliable financing with a straightforward application process and competitive interest rates. The rates can vary, but they are typically 1.20% per month, making it an affordable option for many borrowers.

Unique Selling Points:

Security Bank

Security Bank’s personal loan product is ideal for individuals looking for a quick, accessible, and versatile loan option with competitive interest rates. Interest rates start at 1.39% per month. This competitive rate makes it a viable option for those seeking cost-effective borrowing solutions.

Unique Selling Points:

Banco de Oro (BDO)

BDO is a strong choice for those who prefer banking with a large, established institution offering a range of financial products alongside personal loans. Interest rates start at approximately 1.25% per month. This rate is appealing to those looking for lower-cost borrowing options.

Unique Selling Points:


Metrobank is an excellent option for those seeking personal loans from a reputable bank with a broad spectrum of financial products and services. Interest rates start at around 1.5% per month. This rate is subject to change based on the borrower’s profile and the bank’s prevailing rates.

Unique Selling Points:

EastWest Bank

EastWest Bank is a viable choice for individuals looking for a reliable bank that offers personal loans with flexible terms and relatively easy application processes. EastWest Bank’s personal loan interest rates are competitive within the banking industry, generally starting from around 1.89% per month. However, these rates can vary depending on the loan amount, term, and the borrower’s creditworthiness.

Unique Selling Points:

RCBC (Rizal Commercial Banking Corporation)

RCBC’s personal loans are ideal for those seeking a balance between substantial loan amounts and manageable repayment terms, combined with the credibility of an established banking institution. RCBC offers competitive interest rates for personal loans, typically starting at around 1.3% per month. The exact rate can vary based on the loan amount, term, and the applicant’s credit history.

Unique Selling Points:

PSBank (Philippine Savings Bank)

PSBank’s personal loans are suitable for individuals looking for quick processing, moderate loan amounts, and the convenience of managing their loans online. PSBank’s personal loan interest rates are competitive, generally starting from around 1.2% to 1.75% per month. These rates can vary depending on the loan tenure and the borrower’s credit profile.

Unique Selling Points:

China Bank

China Bank’s personal loans are well-suited for individuals looking for reliable and efficient banking services, along with flexible loan terms and substantial loan amounts. China Bank offers competitive interest rates on personal loans, typically ranging from 1.2% to 1.5% per month. The exact rate may vary depending on loan tenure and the borrower’s credit history.

Unique Selling Points:


UnionBank’s personal loans are an excellent option for those seeking a blend of digital convenience, flexible terms, and competitive rates, catering to a broad spectrum of financial needs and borrower profiles. UnionBank’s interest rates for personal loans are competitive, typically ranging between 1.3% to 1.5% per month. The rates may vary based on the loan amount, tenure, and the borrower’s creditworthiness.

Unique Selling Points:

Landbank of the Philippines

Landbank’s personal loans are especially suited for individuals seeking stable and reliable banking services, with a particular focus on those involved in agriculture and rural development, reflecting the bank’s commitment to inclusive growth and national development. Landbank offers personal loans with interest rates that are generally competitive and aligned with industry standards. The exact rate may vary depending on the loan amount, term, and the borrower’s credit history.

Unique Selling Points:

How to Choose the Best Personal Loan

Understanding Your Needs

Understanding your needs is a critical step in selecting the best personal loan. This process involves a deep dive into why you need the loan and how it aligns with your financial situation and future goals.

Firstly, identify the primary reason for the loan. Whether it’s for debt consolidation, emergency expenses, or funding a major purchase, knowing the purpose will guide your decision-making process. It’s essential to ensure that the loan serves your intended purpose effectively without leading you into unnecessary debt.

Determining the exact amount you need is another crucial aspect. Borrowing more than necessary can lead to unmanageable debt, whereas borrowing too little might not fulfill your financial needs. Consider how this loan amount will fit into your monthly budget. Can you comfortably manage the repayments without straining your finances?

Evaluating Your Financial Health

Evaluating your financial health is a vital step in selecting the best personal loan option. This involves assessing your current financial situation to ensure you can manage loan repayments without overextending yourself.

Begin by reviewing your income sources. Consistent and stable income is key to successfully managing loan repayments. If your income fluctuates, like in the case of freelance work, calculate an average based on your earnings over recent months to get a realistic picture of what you can afford.

Next, analyze your current debt obligations. This includes any existing loans, credit card balances, and other monthly commitments. Understanding your debt-to-income ratio, which is the portion of your income that goes towards debt repayment, is crucial. A high ratio might indicate limited financial flexibility, suggesting a need for a smaller loan or reconsidering if taking on more debt is feasible.

It’s also important to assess your credit score and history. Your credit score influences the interest rates you qualify for, and a good credit history can lead to more favorable loan terms. Knowing your credit score beforehand helps set realistic expectations and identifies areas for improvement before applying for a loan.

Choosing the Right Type of Loan

Choosing the right type of loan is crucial in ensuring that it aligns with your financial needs and capabilities. There are various types of personal loans, each with its own set of features and purposes. Understanding these differences can help you make an informed decision.

Unsecured Personal Loans

These are the most common types of personal loans. They do not require collateral, which means you don’t have to pledge assets like your home or car. Unsecured loans are often based on your creditworthiness and can be used for a variety of purposes, from consolidating debt to financing a major purchase. However, they typically come with higher interest rates compared to secured loans due to the higher risk for the lender.

Secured Personal Loans

These loans require collateral, such as a savings account, home, or car, which the lender can seize if you fail to repay the loan. Secured loans usually offer lower interest rates and better terms due to the reduced risk for the lender. They’re a good option if you have assets to use as collateral and seek lower rates.

Fixed-Rate Loans

These loans have an interest rate that remains constant throughout the loan term. This means your monthly payments remain the same, making budgeting easier. They’re ideal if you prefer consistency and predictability in your repayments.

Variable-Rate Loans

The interest rates on these loans can fluctuate based on market conditions. While they may start with lower rates compared to fixed-rate loans, there’s a risk that the rates (and your payments) could increase over time. They’re suitable if you’re comfortable with some uncertainty and willing to take advantage of potentially lower rates.

Debt Consolidation Loans

These are designed to consolidate multiple debts into a single loan with a lower interest rate. This can simplify your payments and potentially reduce the amount you pay in interest. It’s an effective option if you manage multiple debt sources and want to streamline your finances.

Payday Loans

These are short-term, high-cost loans intended for emergency use. They are typically due on your next payday. While they provide quick cash, they come with extremely high interest rates and fees, making them a less favorable option for long-term financial health.

Line of Credit

This is a flexible loan where you’re approved for a maximum amount and can borrow as needed. It’s similar to using a credit card, where you only pay interest on the amount you use. This option is ideal if you need ongoing access to funds rather than a lump sum.

The right type of loan for you depends on factors like your need for collateral, desired repayment structure, loan purpose, and tolerance for interest rate fluctuations. Assessing your personal financial situation and understanding the specifics of each loan type will guide you in choosing the most suitable loan for your needs.

Comparing Lenders

When selecting the best personal loan, comparing various lenders is a crucial step. Each lender offers different terms, rates, and benefits, making some more suitable for your specific needs than others. Here’s how to effectively compare lenders:

Preparing Documentation

Preparing and organizing the necessary documentation is a vital step. Proper documentation speeds up the loan approval process and increases your chances of securing the loan. Here’s what you need to focus on:

Personal Identification

Gather valid government-issued identification documents. This can include your passport, driver’s license, or national ID. These documents are used to verify your identity and are mandatory for any loan application.

Proof of Income

Lenders need to assess your ability to repay the loan. For this, prepare recent pay slips, bank statements showing salary deposits, or your income tax return documents. If you’re self-employed, you might need to provide business financial statements or tax filings.

Employment Verification

Some lenders require a proof of employment. This could be an employment letter, a certificate of employment and compensation, or recent pay stubs. For self-employed individuals, business registration documents or client contracts can serve as proof.

Credit History

While you don’t need to submit this, be aware that lenders will check your credit score. It’s a good idea to review your credit report beforehand to ensure there are no errors that could impact your loan approval.

Residential Proof

Utility bills, rental agreements, or bank statements with your address can serve as proof of residence. This confirms your stability and roots in a community, which lenders view favorably.

Collateral Documents

If you’re opting for a secured loan, prepare the necessary documentation for your collateral, like property titles or vehicle registration papers.

Other Financial Obligations

Documentation of other loans, credit card statements, or any financial obligations can be required to assess your debt-to-income ratio.


Some lenders may ask for personal or professional references. Have the contact details of a few individuals who can vouch for your reliability and financial responsibility.

Online Application Forms

If you’re applying online, you might need to fill out digital forms. Ensure you have all the information handy to complete these accurately.

Special Documentation

Depending on the loan purpose, additional documents may be required. For instance, if it’s an education loan, admission letters or fee structures from the educational institution may be needed.

Organizing these documents in advance can streamline your loan application process. Ensure that all documents are current, accurate, and legible. Remember, the more thorough and precise your documentation, the smoother and faster the loan application process will be.

Using a Personal Loan Calculator

This tool is essential for understanding loan dynamics, including monthly payments and interest accumulation. Here’s how you can effectively use one.

Begin by accessing a personal loan calculator, commonly found on banks’ websites or financial platforms. Start your calculation by entering the desired loan amount. This figure should align with your financial requirement and your ability to repay. Following this, input the loan term, which is the duration over which you plan to repay the loan. The term length impacts your monthly payments and the total interest you’ll pay.

Next, enter the annual interest rate of the loan. If you’re unsure of the specific rate, some calculators offer an average rate for estimation. In cases where the calculator allows, include any additional fees associated with the loan, such as origination or processing fees, as these can influence the overall cost of the loan.

Once all the necessary information is entered, hitting the calculate button will reveal your estimated monthly payment. This result is crucial for budgeting and financial planning. It’s important to review whether the calculated monthly payment is manageable within your budget. The total interest paid over the loan’s life and the total amount that will be repaid is also displayed, offering a comprehensive view of the loan’s cost.

For a more tailored understanding, you can adjust variables like loan amount, term, or interest rate. This flexibility helps in finding a loan that fits your financial situation. However, remember that these calculations are estimates and the actual loan terms might vary based on various factors like your credit score and income.

To make an informed decision, it’s advisable to use the calculator with different lenders’ rates and terms. This comparison can help you find the most favorable loan offer. While the calculator provides a numerical understanding of the loan, other factors like loan flexibility, prepayment penalties, and the lender’s reputation should also be considered.

FAQs on Personal Loans in the Philippines

What is a personal loan?

A personal loan is an unsecured loan provided by banks and other financial institutions, used for personal purposes like debt consolidation, medical emergencies, or education.

What are the types of personal loans available in the Philippines?

In the Philippines, there are secured and unsecured personal loans. Secured loans require collateral, while unsecured loans don’t.

Who can apply for a personal loan in the Philippines?

Filipino citizens or local resident foreigners aged 21-64, with a stable source of income, can apply for personal loans.

What documents are needed for a personal loan application?

Common requirements include valid government-issued IDs, proof of income (like payslips or ITR), and proof of residence.

How much can I borrow?

Loan amounts vary by lender, typically from ₱20,000 to ₱2 million, based on your income and credit history.

How do I calculate monthly payments on a personal loan?

Use an online loan calculator where you input the loan amount, interest rate, and tenure to get estimated monthly payments.

What is the usual interest rate for personal loans in the Philippines?

Interest rates vary by lender, typically ranging from 1.2% to 3.5% per month.

Can I apply for a personal loan with a bad credit score?

Yes, but options may be limited, and interest rates could be higher. Some lenders specialize in loans for those with poor credit scores.

How long does it take to get a personal loan approved?

Approval times vary, ranging from a few days to a week, depending on the lender and your documentation.

What happens if I can’t repay my personal loan?

Failure to repay can lead to penalties, increased interest rates, and negative impact on your credit score. Lenders may also pursue legal action for recovery.

Can I pay off my personal loan early?

Yes, but check if your lender charges early settlement fees.

Are there any additional fees with personal loans?

Some lenders charge processing, late payment, and early settlement fees. Always read the fine print.

What’s the difference between a bank loan and a non-bank personal loan?

Bank loans usually offer lower interest rates and longer repayment terms, while non-bank lenders might have higher rates but simpler application processes and faster disbursement.

Can foreigners apply for personal loans in the Philippines?

Yes, resident foreigners can apply, but they might need to meet additional requirements like having a valid visa and proof of residence.

Is it safe to apply for a personal loan online?

Yes, as long as you apply through a reputable bank’s or lender’s official website or app. Always verify the legitimacy of the lender before providing personal information.

Button up
image description