Personal Loan in the Philippines: Definitions, Terms and List of Companies

A personal loan can be a useful tool when you decide to put your financial situation back on a positive track. When you permanently float in one or several large interest rates on a loan, it is very expensive. This situation can last months or years. To get out of the debt trap, oddly enough, you need to take out a loan again. The main thing is to assess their capabilities.

In addition, a personal loan can help you improve your credit history and increase your credit limit in case you use it to really get rid of debts, rather than increase new ones. Before you start wondering where to get a loan of this kind and how to apply, the first thing you need to understand for yourself is whether this particular banking service will help you.

First of all, ask yourself whether a personal loan will help you get out of debt faster or the difference in payments will make you even closer to the bottom of the debt trap. Personal loan should be used to close current debts. When contacting the lender, you should describe the reason for taking the loan. So use it and, therefore, calculate your abilities so as not to worsen your well-being.

Personal Loan Sure Approval Philippines: the Best Options

Most people in the Philippines want a guaranteed loan. Not everyone is ready to waste their time. Here are the top 5 best online services that will help you in 1 hour:

Company Name Interest ratesTime For Approval Min. Loan Max. LoanMin termsMax terms
Binixo 1 – 30% per day 24 hours or less2000 PHP20.000 PHP1 day30 days
Robocash 1,65% per day Less than 24 hours1000 PHP25.000 PHP7 days30 days
Borrow.ph 2-4% per day24 hours or less1000 PHP15.000 PHP5 days25 days
QuickCash123 2% per day24 hours2000 PHP25.000 PHP2 days30 days
Monily 1-3% per day12-24 hours1000 PHP15.000 PHP1 day35 days

These organizations guarantee fast approval. A convenient online calculator allows you to calculate the required loan terms, loan amount and interest rate. This is very convenient because users do not need to carry out their own calculations. Technically, each of the presented companies can offer clients a minimum of 5000 PHP for a period of 1 to 30 (65) days. The loan format is online. No need to be present at the office personally.

Best Private Lenders for Personal Loan Philippines

Binixo and Robocash are among the most popular private lenders. Direct comparison shows their equal opportunities. Customers can count on quick loans in 1 hour. Companies require a minimum amount of personal user data and no collateral. This is very important for many borrowers.

More Detailed

For employed:

  • Application form should be completed carefully;
  • Photo size 2×2;
  • Valid Employment Certificate ;
  • Taxes Document;
  • Utility bill statements for the last month;
  • Any Company Document;
  • Government-issued Identification.

For self-employed:

  • Application form the same, you should complete it well;
  • Valid Document of Business Registration;
  • Photo 2×2 size;
  • DTI for singles;
  • SEC Documents for partnerships;
  • Audited Financial Statements (for the last 2 Years);
  • Taxes Document;
  • Bank Statements;

Other requirements:

  • Marriage document, if possible;
  • As many bank statements as you can;
  • Billing statement to verify the address.

Personal Loan Lenders Philippines: Main Requirements

All users must have Philippine citizenship and reside in the country. Clients will have to provide their personal data, upload copies of documents to the site, specify a bank card number and a mobile phone. Also, most companies have an age limit. You must be over 21 to get a loan. No requirements needed else.

Personal Loan With Low Interest Rate in the Philippines

Robocash has the lowest interest rate. Only 3% per month and you can use credit funds. This is one of the most profitable indicators. It is no secret that most customers choose a company precisely for this criterion. Due to its low interest rate, Robocash is very popular in the Philippines.

  • Who can apply for a personal loan?
    • 21 years old or older ;
    • Should be a citizen of the country;
    • Should be employed or self-employed.
  • Can I get money with bad credit history?
    • The advantage of such companies is that you can borrow money even with bad history.