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Getting a quick loan online is understandably a tedious process that requires a lot of technicalities to be just right. However, even with the tedious nature of getting a loan, some banks and online lenders have developed ways of giving out personal loans to people in the Philippines at minimum cost and with no collateral. In this article, we’ll explore some of these banks that easily give personal loans.
In our quest to bring you the banks to get easy loans, we considered several factors. These important factors include the processing time for the loan, the repayment period, the maximum amount of funds that can be loaned, and more.
Metrobank introduced the personal online loan system that gives up to ₱1 million to qualified persons. Individuals in the Philippines can access this loan with minimal requirements. Some of these requirements are that you must be above 21 and work with an employer for at least one year.
Self-employed individuals must have stayed in their current business for two years and with a gross annual income of above ₱350,000. You’ll also be required to have a government-issued ID and a Promissory Note and Disclosure Statement (PNDS). The average interest rate for a personal loan at Metrobank is 25.9% per annum.
One of the standout highlights of Citibank’s loan is that it can be approved in less than 24 hours, and individuals can borrow up to ₱2 million. To access the Citibank loan, borrowers must earn at least ₱250,000 gross income per annum.
If employed, you must make available your taxpayer identification number and the latest one-month payslip. A government-issued ID with a photo and your signature attached will be required. Foreigners can also access personal loans at Citibank as long as they have a valid passport and proof of residency in the Philippines.
At CIMB Bank, individuals can get from ₱30,000 to ₱1 million in personal loans at an interest rate of 14-23% per annum. Approval of personal loans at CIMB Bank is processed in a couple of minutes and approved within that same timeframe.
However, to qualify for a CIMB Bank loan, your monthly minimum gross salary should be at least ₱15,000. Also, only people aged between 21-65 years can apply. Moreso, the loan repayment period is between 1-5 years.
With Maybank, you can access up to ₱1 million in personal loans. The loan also comes with a flexible repayment period of up to 36 months. The interest rate on the Maybank loan is at a considerable 1.3% per month.
To access the Maybank loan, you must be a citizen of the Philippines between 23-65 years of age. You must also be within the operational region of Maybank while providing a means of contacts like a phone number or residential landline. You must also earn at least ₱25,000 as an employee to qualify for the Maybank personal loan.
With a flexible repayment period of up to 36 months, you can borrow between ₱30,000 and ₱2 million. The SB Finance loan comes at a 2% monthly interest rate. Your loan application will be processed within three working days with the right requirements.
SB Finance loan is granted to only Filipino citizens with an office or a residential landline. Employed individuals must earn nothing less than ₱12,000 per month.
On the other hand, self-employed individuals will present their business that has been profitably running for at least two years. Also, the minimum gross income of the business should be ₱60,000.
While some banks have made personal loans accessible in the Philippines, you must apply for a realistic loan amount to effectively cover the monthly payment. To increase your chances of getting a loan, consider improving your credit score, get the paperwork ready and try not to skip a payment when your loan is due.
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