Who Provides the Best Cash Loans in The Philippines?

A cash loan or a personal loan is an unparalleled way to meet your immediate monetary requirements, be it your child’s fee deposit or renovation of your old property. In Philippines, getting these loans sanctioned is simple and doesn’t require collateral.

Here is a list of four banks  of Philippines that offer the best cash loans:

1. Barcode Oro (BDO)

BDO offers you loans with the interest rate per annum of 26.27% for 12 months. You can even secure additional cash loans, greater than or equal to the original personal loan (conditions apply).

2. Bank of the Philippine Islands (BPI)

BPI is an unmatched credit union that offers annual Effective Interest rate of 25.60% for 12 months, which goes down to 25.03% for 36 months tenor. The loan amount ranges from P 20,000 to 1,000,000 (conditions apply).

3. Security Bank of Philippines

Security Bank offers you a wide array of personal loans, with the amount ranging from P 30,000 to 1,000,000. The monthly Add on rate is 1.39% for 12 months, going up to 1.69% for 36 months.

4. Citibank

Citibank is hallowed for its agility in loan sanction. With the flexibility terms ranging from 1 to 5 years, it has the potency to loan up to P 2M. Plus, with the bank Online Loan Calculator, you can get a fair idea of your monthly premium.

All in all, the personal loan sector is a cakewalk in Philippines, offering fixed rates for fixed tenures with an additional benefit of extended payment periods.

Tips to Get a Quick Cash Loan in the Philippines

Consumer loan outstanding’s in the Philippines exceeded 55,000 million pesos as on July 2016 as per statistics published by the Bangko Sentral Ng Pilipinas. Personal loans form an important component of such consumer loans. Personal loans are non-collateralized, unsecured cash loans that will help you finance your personal needs. Here are a few tips that will help you get a personal cash loan easily and quickly:

Check your eligibility requirements

Even before you start your loan application, check out whether you meet your selected bank’s personal loan eligibility requirements. In general, you must be between 21 to 60 years old and hHave a minimum annual income of about 100,000 to 250,000 pesos.These requirements may vary widely between banks.

Check your loan affordability

Use the 40% rule of thumb to check whether you can truly afford that loan. The 40% rule states that no more than 40% of your income should go towards servicing debt obligations. As long as you stay within the limit you should be pretty safe (this could, however, change depending upon your personal financial situation). This takes us to our next step – how do you determine your monthly payout for a loan?

Use online calculators

A number of banks provide online calculators through which you can calculate your monthly repayment installment. All you need to provide is the loan amount and the tenure of your loan (in months or years).

Compare Personal Loans

There are a number of third-party websites that enable you to compare personal loans from different banks by interest rate. You can use these to short-list a few personal loan products which suits your needs.

Keep your documents ready

Every personal loan application needs to be accompanied by a set of required documents including identification documents and proof of income documents. These could include a government issued photo-ID with address and the latest ITR or BIR 2316 or 3 to 6 months pay slips. Keep it ready anytime, which helps you to complete your application quickly.
Choose a bank

Choose a bank that provides you with the fastest turnaround time. Citibank, for instance, provides you with personal loan approvals in as fast as 24 hours. Try and reach out to a bank that provides you with such fast loan approval turnaround times.