Looking for the best personal loans in the Philippines for 2024? Whether you need funds for emergencies, education, or a dream vacation, we’ve got you covered. Compare and apply for a personal loan online with low-interest rates, fast approval, and no collateral required. Start your journey to financial freedom today at CashExpress PH – your trusted partner in personal loan comparison!
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in December 2024
| Rank | Lender Name & Application Link | Loan Amount | Loan Term | Interest Rate | Repayment | ID Required | Age Range | Special Feature |
|---|---|---|---|---|---|---|---|---|
| #1 |
SOSCREDIT |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 70 | Receive money in 15 mins |
| #2 |
CREDIFY |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only National ID required | 20 – 70 | Receive money in 15 mins |
| #3 |
CREZU |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #4 |
FINBRO |
₱1,000 – ₱50,000 | 1 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 65 | Receive money in 10 mins |
| #5 | CREDITIFY Apply Now |
₱1,000 – ₱25,000 | 1 – 180 days | 0.1% | Monthly or End of term | Only ID Card required | All accepted | Approve Bad credit |
| #6 | CASHSPACE Apply Now |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #7 | DIGIDO Apply Now |
₱1,000 – ₱25,000 | 3 – 6 months | 0% for 7 days | Monthly or End of term | Only ID Card required | 21 – 70 | Receive money in 4 mins |
| #8 | KVIKU Apply Now |
₱500 – ₱25,000 | 60 – 180 days | 1.2% per month | Monthly or End of term | Only ID Card required | 18 – 65 | Receive money in 5 mins |
| #9 | CASHEXPRESS Apply Now |
₱1,000 – ₱20,000 | 7 – 30 days | 0% for first loan | End of term | Only ID Card required | 21 – 70 | Receive money in 5 mins |
| #10 | MONEYCAT Apply Now |
₱500 – ₱20,000 | 7 – 180 days | 0% for first loan | End of term | Only ID Card required | 22 – 65 | Easy loan approval |
Top Personal Loans in the Philippines for 2024
Here’s a detailed comparison of the best personal loan options in the country. Review the monthly repayments, interest rates, and total loan costs to find the right one for you.
1. Finbro Personal Loan
- Monthly Repayment: ₱5,667
- Monthly Interest Rate: 6.00%
- Total Repayment: ₱34,000
- Total Interest: ₱9,000
Finbro offers quick cash loans with easy online application. Ideal for short-term needs, though the interest rate is higher compared to traditional banks.
2. UnionBank Personal Loan
- Monthly Repayment: ₱4,489
- Monthly Interest Rate: 1.29%
- Total Repayment: ₱26,935
- Total Interest: ₱1,935
UnionBank stands out with competitive rates and fast processing times, making it a popular choice among borrowers.
3. Metrobank Personal Loan
- Monthly Repayment: ₱4,604
- Monthly Interest Rate: 1.75%
- Total Repayment: ₱27,625
- Total Interest: ₱2,625
Metrobank offers flexible loan terms and a reliable service, perfect for those seeking moderate loan amounts.
4. BPI Personal Loan
- Monthly Repayment: ₱4,467
- Monthly Interest Rate: 1.20%
- Total Repayment: ₱26,800
- Total Interest: ₱1,800
BPI offers one of the lowest interest rates in the market, ideal for borrowers prioritizing cost efficiency.
5. PSBank Personal Loan
- Monthly Repayment: ₱4,604
- Monthly Interest Rate: 1.75%
- Total Repayment: ₱27,625
- Total Interest: ₱2,625
Known for its straightforward application process, PSBank ensures quick access to funds when you need them.
6. EasyRFC Multi-Purpose Loan
- Monthly Repayment: ₱5,167
- Monthly Interest Rate: 4.00%
- Total Repayment: ₱31,000
- Total Interest: ₱6,000
If you need a loan with minimal requirements, EasyRFC offers accessible financing with moderate interest rates.
7. CTBC Bank Personal Loan
- Monthly Repayment: ₱4,514
- Monthly Interest Rate: 1.39%
- Total Repayment: ₱27,085
- Total Interest: ₱2,085
CTBC Bank offers a balance of low interest rates and straightforward repayment terms, suitable for mid-sized loans.
8. Equicom Personal Loan
- Monthly Repayment: ₱4,554
- Monthly Interest Rate: 1.55%
- Total Repayment: ₱27,325
- Total Interest: ₱2,325
Equicom delivers reliable personal loan options with competitive rates and manageable monthly payments.
9. Tonik Quick Loan
- Monthly Repayment: ₱5,244
- Monthly Interest Rate: 4.31%
- Total Repayment: ₱31,465
- Total Interest: ₱6,465
Tonik Bank’s Quick Loan provides digital-first solutions for fast and hassle-free funding.
10. Kviku Cash Loan
- Monthly Repayment: ₱5,367
- Monthly Interest Rate: 4.80%
- Total Repayment: ₱32,200
- Total Interest: ₱7,200
Kviku specializes in small to medium-sized loans with rapid disbursement, perfect for urgent needs.
11. Digido Cash Loan
- Monthly Repayment: ₱7,147
- Monthly Interest Rate: 11.92%
- Total Repayment: ₱42,880
- Total Interest: ₱17,880
Digido caters to borrowers with quick approval, though its interest rates are higher than average.
What is a Personal Loan?
A personal loan is a type of financing you can borrow from banks or lending institutions to use for almost any purpose. Unlike secured loans, most personal loans in the Philippines don’t require collateral. Borrowers must typically demonstrate good credit history and a stable income to increase their chances of approval.
Where Can You Use a Personal Loan?
Personal loans offer incredible flexibility, enabling you to fund a wide range of needs. Here are the most common uses for personal loans in the Philippines:
- Medical emergencies: Cover urgent hospital bills and medical treatments.
- Education: Pay tuition fees for yourself or your loved ones.
- Home improvements: Renovate or upgrade your living space.
- Debt consolidation: Simplify multiple debts into one manageable loan.
- Weddings: Celebrate your big day without financial stress.
- Travel: Fund your dream vacation abroad or locally.
- Gadgets and appliances: Purchase the latest technology or essential household items.
How to Qualify for a Personal Loan in the Philippines
Before applying for a loan, ensure you meet the eligibility requirements. Common criteria include:
- Age: Between 21 and 64 years old.
- Residency: Filipino citizens or foreign residents with valid Philippine billing addresses.
- Income: Meet the lender’s required minimum gross annual income.
- Employment: Be employed or running a profitable business (for self-employed applicants).
- Contact Information: Have a working mobile number, landline, and/or email address.
Requirements for a Successful Personal Loan Application
Lenders may have slightly different requirements, but here are the common documents needed:
- Personal loan application form: Fully completed and signed.
- Valid ID: A government-issued ID with your photo and signature.
- Proof of income: Latest payslips, income tax return (ITR), or audited financial statements for self-employed individuals.
- Proof of residency: Utility bills or official documents with your address (for foreigners, include Alien Certificate of Registration and passport).
How to Compare and Apply for Personal Loans Online
Comparing loans manually by visiting individual lender websites can be time-consuming and confusing. At CashExpress PH, we simplify the process for you:
- Visit the Personal Loan Comparison Tool: Scroll up and click “Compare Personal Loans.”
- Fill in Your Details: Enter your employment status, desired loan amount, and monthly income.
- Compare Offers: Get tailored results based on your information.
Once you’ve chosen the best loan, head to the provider’s website and prepare digital copies of your documents for a seamless application process.
Why Choose CashExpress PH?
Here’s why thousands of Filipinos trust CashExpress PH:
- Comprehensive Loan Comparison: Compare personal loans based on terms, interest rates, and fees.
- Tailored Results: We provide recommendations customized to your financial situation.
- Transparent Costs: Know what you’ll pay upfront.
For example: A loan of ₱50,000 over 24 months with a 1.59% effective interest rate (EIR) results in monthly payments of ₱3,030. Over the loan term, you’ll repay ₱72,720.
Understanding Personal Loan Interest Rates
The effective interest rate (EIR) of personal loans in the Philippines typically ranges from 10% to 15% annually. Key components of the EIR include:
- Monthly interest: 1.2% to 2%.
- Processing fees: ₱1,500 to ₱3,500.
- Documentary stamp tax: ₱1.50 per ₱200 for loans exceeding ₱250,000.
- Disbursement fees: ₱1,500 to ₱2,500.
Tips for Choosing the Right Loan Term
Personal loan terms range from 6 to 60 months.
- Short-term loans: Lower total interest costs but higher monthly payments.
- Long-term loans: Lower monthly payments but higher overall interest.
Choose a term that aligns with your budget and repayment capacity.
Can Unemployed Individuals Apply for a Loan?
While traditional personal loans may require proof of income, unemployed individuals can explore alternative options like emergency loans. Be cautious, as these loans often come with high daily interest rates (1%–1.5%) and short repayment periods (30 days).
Final Thoughts: Why Personal Loans are a Smart Choice
A personal loan can be a great financial tool for achieving your goals or managing emergencies. Use CashExpress PH to find and compare the best options in 2024, ensuring you secure a loan that fits your needs and budget. Apply online today and take the first step toward financial empowerment!