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A personal loan is any amount of money borrowed from banks and lenders to use for any purpose. Personal loans in the Philippines typically don’t require collateral. A borrower needs to have a good credit history and a stable source of income to increase the chance of approval.
You can apply for a personal loan to fund almost anything that requires a huge amount of money. For example, you can get a loan online to start your own business or send your children (or even yourself) to school. Here are other purposes Filipinos typically use to get a personal loan:

  • Medical emergencies
  • Home improvement
  • Debt consolidation
  • Business opening or expansion
  • Wedding
  • Travel/vacation
  • Furniture/appliances/gadgets

Before you start your personal loan online application in the Philippines, you must meet the provider’s eligibility criteria. Here are the common eligibility requirements personal providers ask for:

  • At least 21 to 64 years of age
  • Filipino resident or a local resident foreigner with a valid Philippine billing address
  • Required minimum gross annual income (varies per provider)
  • Must be employed or running a profitable business for self-employed individuals
  • A mobile number, landline, and/or email address

The requirements for each bank or lender may vary, but here are the most common bank loan requirements you’ll need for a successful loan application:

  • Completed personal loan application form
  • Valid government-issued ID with photo and signature
  • Latest full payslip
  • For employed: Latest income tax return (ITR), BIR Form 2316
  • For self-employed: Latest ITR or BIR Form 1701, audited financial statements with independent auditor’s report and balance sheets and tax receipt
  • For foreigners: Alien Certificate of Registration (ACR), valid passport, and any valid proof of residency

Different banks have varied processing time frames but it usually takes 3 to 7 business days upon receiving your documents. Once your application is reviewed, the bank may call you, send you a text message, or email you about your loan approval. If needed, you may call the bank and ask for an update regarding your personal loan application.

You can get a personal loan from banks and private lenders in the Philippines. To make it easier, you can apply for a personal loan online in just a few clicks via Moneymax. Here are just some of the best loan providers you can find:

Loan Provider Comparison

Ideal for:


Highlighted Feature

High maximum loan amount Citibank and SB Finance ₱2 million for both
Low minimum loan amount RFC ₱10,000
Short term loan RFC 3 months as shortest loan term
Long term loan Citibank 60 months
Low interest rate Metrobank 1.25%
Fast approval time Citibank and RFC As fast as 24 hours for both
Low minimum annual income RFC ₱120,000
No credit card needed SB Finance and RFC Credit card not required for both
Minimal requirements Metrobank
  • Valid government-issued ID with your photo and signature
  • Signed Promissory Note and Disclosure Statement (PNDS)
  • To apply for a personal loan online, you can head to your loan provider of choice’s website for more details. Alternatively, you can apply online via Moneymax. Just follow these steps:

      1. Scroll back to the top of the page and choose a loan provider.

      2. Once you click your choice, click Apply Now.

      3. Provide the necessary information and attach the required documents.

      4. Wait for your loan application to be reviewed by the lender.

    Make sure to prepare digital copies of your loan requirements before you apply so you can easily attach or email them to your chosen loan provider.

    One way to compare loans online is to visit each lender’s website. This method requires opening multiple tabs that you’ll probably lose track of in an instant. Make the process easier by comparing personal loans via Moneymax. Just follow these steps:

      1. Scroll up to the top of this page and click Compare Personal Loans.

      2. Complete the online form by providing details like employment status, loan amount you want to borrow, and monthly income. Once you’re done, click Get Results.

      3. Compare the results that are tailored to your information.

    First time to visit Moneymax? Our online platform allows you to check and apply for different personal loans in the Philippines based on partners, interest rates, fees, and other features.

    Moneymax compares personal loans that can be paid back over terms of between 6 months and 60 months. The effective interest rate (EIR) you will be charged depends on your personal circumstances and will be between 1.39% and 32.05%.

    This is a representative sample of what it may cost: a loan of ₱50,000 over 24 months at 1.59% EIR would equate to monthly repayments of ₱3,030. The total cost of the loan that you would pay back is ₱72,720.

    Such fees depend on the amount you want to borrow so make sure to check with the bank or loan partner you’re applying for.

    Take note that in order to start your personal loan online application in the Philippines, you must determine the minimum and maximum amount you can borrow.

    The minimum amount can be as low as ₱10,000 or as high as ₱2 million and the final amount will depend on the loan terms set by the loan provider. Just remember: don’t borrow more than you can afford to pay back.

    Here’s a snapshot of the minimum and maximum loan amounts offered by some of the best personal loans in the Philippines.

    Loan Provider

    Loan Amount

    Loan Terms

    Monthly Interest Rate

    Citibank ₱20,000 to ₱2 million 12, 24, 36, 48, and 60 months 2.42%
    RFC ₱10,000 to ₱150,000 3, 6, 9, and 12 months 4%
    SB Finance ₱30,000 to ₱2 million 12, 18, 24, and 36 months 1.89%
    Metrobank ₱20,000 to ₱1 million 12, 18, 24, and 36 months 1.25%

    When you apply for a loan in the Philippines, you will be asked to choose a loan term, typically ranging from as short as six months or as long as 60 months. When choosing a loan term, consider your budget and source of income.

    Don’t get a short loan term if you don’t have the means to pay it back the soonest. On the flip side, don’t lock yourself in a long term loan when you have the means to quickly pay it back.

    The effective interest rate (EIR) of personal loans in the Philippines ranges from 10% to 15%. EIR is the rate that measures the actual cost of borrowing your money loan. Your EIR is composed of the following fees and charges:

    • Monthly interest charge - ranges from 1.2% to 2%
    • Processing fee: ₱1,500 to ₱3,500
    • Documentary stamp tax: ₱1.50 for every ₱200 for loans exceeding ₱250,000
    • Disbursement fee: ₱1,500 to ₱2,500
    • Notarial fee: ₱125 to ₱150

    Personal loan providers charge interest on the amount borrowed that must be paid every month.

    Personal loans have lower interest rates than credit cards, making them a great choice for those who need quick cash for emergencies. But because personal loan online applications in the Philippines are generally unsecured (meaning they are collateral-free), their rates are higher than secured loans such as auto loans and housing loans.

    Banks that provide personal loans charge two sets of interest rates: monthly add-on rates and effective annual interest rates.

    Add-on rate is the interest that the lender charges every month on the amount you plan to borrow.

    Effective interest rates show the actual cost of borrowing money. It includes the administrative or service fees that the bank charges for processing your loan application. This is why the effective interest rate—the one you’ll need to pay—is typically higher than the add-on rate.

    When you apply for a loan, consider the following personal loan fees and charges that may add up to the cost of borrowing money:

    • Late payment fee - 3% to 8% of overdue amount or ₱500 per month
    • Early payment fee - 4% to 8% of outstanding balance
    • Returned check fee - ₱1,000 to ₱2,000 per returned check
    • Amendment fee - ₱500 per amendment

    The personal loan terms and conditions document is the fine print that comes with your personal loan. It serves as an agreement between you and the lender that contains the guidelines on the use of your personal loan. The terms and conditions are also essential in helping you manage your personal loan responsibly.

    Missing important information about your loan could lead to bad consequences, like paying fees and charges that you could have avoided had you read the terms and conditions carefully.When reading the fine print, look for these crucial details:

    • Computation of your monthly installments
    • The date when your monthly installments will start and the due date
    • Repayment terms
    • Any additional interest charges for missed payments and computation
    • Fees and charges you will be required to pay
    • Whether or not the bank will charge a prepayment fee if you fully repay your loan before it matures
    • Situations when a borrower defaults on a loan

    All personal loans issued by different commercial banks in the country share three common features:

    Fixed loan term

    Most banks require monthly repayments of 12, 18, 24, or 36 months. If you choose a shorter loan term, you will pay a higher monthly balance but at a lower interest rate than if you choose a longer loan term.

    Fixed loanable amount

    You can borrow from ₱10,000 up to ₱2 million, subject to the lender’s approval. The actual amount that the issuing bank may lend you will be based on your income and credit history. A high income and a good credit history can raise your chance of getting approved for a higher loan amount.

    Fixed interest rates

    Except for a few ones with variable interest rates, most personal loans come with fixed interest rates—they do not change throughout the duration of the loan.

    To calculate your monthly loan payments, you can check if your loan provider has a personal loan calculator on its website. From there, you can get an idea of the amount you need to pay every month to pay back your loan. You will also see how other personal loan fees add up to your total monthly payment.

    To use a personal loan calculator online, go to your loan provider’s website and follow these steps:

      1. Enter your preferred loan amount. Be sure that it’s within the loan amount range offered by the bank.

      2. Choose a loan payment term (the number of months you can pay off your personal loan)

      3. Click “Submit”, “Compute” or “Calculate” to generate the monthly installment or amortization

    Claiming your loan will depend on the bank or lender’s process. If you have a savings account with the bank you loaned from, your loan will be credited there. You can also choose to receive it via check or cash. Make sure to check with your loan provider so you’ll know what to expect.
    Unemployed applicants can still get a money loan in the Philippines in the form of an emergency loan, but not a personal loan from a bank. However, an emergency loan is an expensive way to borrow money with interest rates between 1% to 1.5% per day. It also comes with very short terms, usually 30 days, giving you limited time to pay the amount you borrowed.

    Getting rejected for a bank loan in the Philippines can be such a downer especially if you need it for an emergency. Don’t lose hope! These tips can help lead to a successful personal loan application. Learn more

    What is an unsecured loan? How different is it from a secured loan? We answer your questions about unsecured loans—from its advantages and disadvantages to providers that offer this product. Learn more

    A personal loan’s interest rate is crucial in determining how much you’ll borrow and for how long you’ll pay your loan. Just remember this rule of thumb: the lower the interest rate, the lower the amount you’ll have to pay. We’ve listed 15 bank loans in the Philippines with low-interest rates. Learn more

    No bank account but in dire need of a loan? You’re not without options since some loan providers don’t require a bank account for you to apply. The choices are far and few, and riskier, so weigh your options carefully. Learn more

    Discouraged by the requirements and waiting time some bank loans in the Philippines require? There’s no need to walk through fire to get a personal loan with these providers that offer fast loan approval with minimal requirements needed. Learn more

    Choosing the right personal loan can be confusing, especially with the many options available these days. The trick is to know the different features personal loans provide and pick out what you need. We’ve listed the main features to consider in a personal loan and the providers who offer them. Learn more

    An approved personal loan application is a sign to rejoice but paying it back is another mountain you need to conquer. Don’t be surprised with the fees and charges you’ll encounter midway through your loan term by familiarizing yourself with them before starting your personal loan application. Learn more

    Your reasonfor borrowing money can make or break your loan application. Aside from making sure your reason is good enough to get your loan approved, it should also be clear enough for you to really spend it for the intended purpose. Here’s a list of the top reasons for getting a personal loan. Learn more

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