A loan is a money or other material goods given to an individual or party in exchange for future repayment of the loan topped with interest. Having a loan is not new in the Philippines since Filipino people tend to borrow money from different entities, their family, and friends to provide enough money for their needs.
Philippine loans are widely used as a reinforcement of financial needs. Filipinos also use loans to achieve their goals. Some use a loan to fund their business, some use it to buy a house, car, gadget, home appliance, and others. Some even use credit cards to pay for their expenses.
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Where to loan money in the Philippines
Philippines loans are easy and accessible for all. There is non collateral loan Philippines that can help you out. Bank loans in the Philippines are also one of the choices you can explore when looking for a place to help you with your finances. Aside from that, since the technology has made itself more prominent these days, different apps can assist you with finding the best loan Philippines.
Here are some of the institutions that you can go to when looking for easy loan Philippines.
Citibank
Citibank is a consumer division of financial services multinational Citigroup. Citibank offers financial help through bank loans in the Philippines. They also have a 24-hour loan approval for personal loans. You can also use their Philippine loan calculator to easily manage and oversee how much will you be repaying them. Aside from the personal loans that they offer, they also have a home renovation loan and business expansion loan that is perfect for both your family and your career.
Radiowealth Finance Co. Inc.
Radiowealth Finance Co. Inc. aims to help underserved Filipinos optimize their full potential and achieve great heights through alternative sources of funding. They offer bank loan in the Philippines such as multi-purpose cash loans, and business loans.
Security Bank
Security Bank Corporation is known as the universal bank in the Philippines. They are known for their different Philippines loan such as home loans, home equity loans, all-in financing, and no requirements loans. They credit their clients with the amount of 30 thousand Philippine pesos, with a minimum interest rate of 29% when clients look for a loan Philippines no requirements.
M Lhuillier
M Lhuillier offers financial services such as remittance, pawnshop, insurance, and of course loans. M Lhuillier offers micro loans Philippines through their quick cash loans making it one of the most preferred loan types when looking for the best loans Philippines.
Their quick cash loans provide you with ways for your immediate financial needs. It is also one of the go-to places when finding low interest loans Philippines. Aside from that, your financial transactions with them are safe and secure. You can also renew your loan anywhere.
Department of Trade and Industry
Aside from the banks that offer numerous loan programs, the Philippine Department of Trade and Industry offers a no collateral loan Philippines called “Go Lokal”. The Go Lokal program is a non collateral business loan Philippines, that serves as a helping hand to our MSME owners to enter the mainstream market through DTI’s free services.
Where can I loan money in the Philippines?
There are different requirements that you should provide when looking for loan Philippines. These requirements depend on the institution you are lending from and the type of loan you are applying to. Here are some of the requirements that you must prepare when applying for a Philippine loan.
Security Bank
When applying for a loan with Security Bank, you’ll have to prepare the documents that will certify your identity and income such as an ID, and Income Tax Return. Aside from the documents, you are eligible to apply for a Security Bank loan if:
You are at least 21 years old at the time of your application but not more than 65 upon the date of loan maturity
- A Filipino Citizen
- Must have an office and/or residence landline
- If employed, you must have a minimum gross salary income of 15,000 Php in you are employed within Metro Manila, and 12,000 Php if you are employed outside Metro Manila.
For self-employed, you must be the owner or a majority owner of the business with a 40% stake. The business should be operating profitably for at least 2 years with at least 1 trade reference with a minimum monthly gross income of 100,000 Php.
For further information about the requirements and loan details, you can visit the official website of Security Bank or visit the nearest branch in your area.
Upfinance
Upfinance is a website that combines all current loan Philippines offers. Upfinance will help you find the perfect institution that will provide you with the loan that you are looking for. They offer instant approval, no collateral with approval that is almost always guaranteed, a Philippine loan calculator, and a wide selection of loan partners.
To apply for a loan with Upfinance all you must do is follow these 3 easy steps.
- Hit the apply button
- Complete the application form for the lender’s approval
- Upload the needed documents
For documentary requirements Upfinance will ask you to provide the following:
- 2 valid IDs
- A bank account under the your name
- Utility bill
- Employment document
- Income Tax Return for self-employed
- 3-month pay slip for employed.
Fast search for loans in the Philippines
Upfinance is a website where you can find all institutions, banks, cooperatives, pawnshops, and other financial services that offer loans. Since Upfinance combined all the current loans in the Philippines, you can easily compare various financial products such as collateral, unsecured loans, credit cards, and deposit.
With this, the users can quickly find the perfect lender for their needs. Upfinance collected all financial information in one place for it to be accessible to everyone. Upfinance also provides a wide range of loans with the possibility of a loan in the Philippines without collateral.
They are in partnership with different financial entities that work in the legal field such as Bank of the Philippine Islands, RCBC, EastWest, and Security Bank Philippine. They are also in partnership with different popular companies such as DigiDo, Robocash, and Money Cat. Together with the insurance companies like Sun Life, Manulife, AXA, Philam Life, and many more!
Author Maria Torres from Upfinance.
