All available organizations issuing personal loans are collected on this page.
If you have short-term money needs, a personal loan can be the answer. With no collateral needed, you can easily apply for a personal loan at any bank in the Philippines. To learn more about the basics of personal loans, we’ve compiled this FAQ for your convenience.
There are two types of personal loans available: secured and unsecured. A secured personal loan requires collateral, such as a house or car, to back the loan. For unsecured personal loans, you don’t need to put up any kind of collateral. Unsecured personal loans are much more common in the Philippines, though secured loans are also available.
To repay your personal loan, you make monthly payments for the loan tenure until you’ve fully repaid both the principal of the loan and the interest. During the early years of the loan, the majority of your monthly payments will be used to repay interest, however, as time passes, a larger proportion of your payments will go into paying down the principal.
Rates vary from bank to bank. For example, a BPI Personal loan has interest rate of 2.14% per month, Security Bank – 3,3%per month, while a BDO personal loan has an interest rate of 3.5% per month. For the latest rates, use our personal loan calculator.
If you wish to sign for a personal loan you will then click on the Apply button.
This refers to the asset the borrower pledges to a given lender in order to secure a loan and this will be impounded by the lender in case of default in payment of the loan. The case in Malaysia particularly for the islamic personal loans don’t require the need for a collateral.
Early settlement penalties:
The fees that the borrower will have to pay in the event that he/she settle the loan at an earlier date from the one specified on the loan agreement. This is usually estimated as a percentage of the initial loan amount.
This is a person who agrees to be liable for the payment of a loan in the event that the borrower will not be in a position to pay it in time.
Late Payment Charges:
This is the fee which the bank will charge you in the event of you not paying your loan in the agreed time schedule. For example, for BPI personal loans, late payments are charged 5% a month.
This refers to the period for a certain loan. At the end of the loan tenure the borrower is supposed to have cleared the loan taken.