Whether you're aiming to grow your business, further your education, or embark on your dream vacation, an UNO Bank Personal Loan can assist you in reaching your life's aspirations.
Applicants must be within the age range of 21 to 65 years to meet the eligibility criteria for a personal loan application.
Meeting the specific income requirement is crucial. The minimum gross annual income is ₱350,000
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If employed: be of regular status with current employer for at least 1 year.
If self-employed: be at least 2 years in the current business
Eligible applicants should either be Filipino residents or local resident foreigners with a valid Philippine billing address
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Must be a credit card holder with government-issued ID
Hold a valid TIN, SSS, GSIS, or UMID number. These identification codes are essential for verifying your identity and financial status.
Get a personal loan with flexible payment terms. Enjoy rates as low as 1.25% monthly add-on with payment terms of up to 36 months.
Apply online in just a few minutes. Just fill out the online application form and wait for a call regarding your loan application.
Easy-approved personal loan lets you receive the cash you need as quickly as possible. Loans are processed in as fast as 7 business days.
There’s no limit to the use of online personal loans. Use your loan for a variety of purposes such as for travel, purchases of big ticket items, weddings, or unexpected expenses.
Simplify your personal loan search by using Finmerkado to compare various loan options from different providers and products.
Review the eligibility criteria for a personal loan. Select the loan that aligns with your preferences and needs.
Complete the personal loan application form provided by your chosen lender. Make sure to provide accurate and up-to-date information.
Provide essential information such as your age, income, employment, and desired loan amount.
If your application is approved, expect notification, and wait for your disbursement. Remember to repay on time.
Your feedback is valuable! By sharing your thoughts, you'll not only help us improve but also assist others in making informed decisions.
It will take just a few minutes of your time.
During times of economic uncertainty, in addition to monthly income from salary and work, many people often seek for additional avenues to increase their income. One of them is term deposit, a type of savings that many Fillippinos trust and choose. Term deposits have higher interest rates compared to standard savings accounts, helping depositors optimize profits on their idle money. Let's learn about this type of savings, as well as which banks have the best interest rates for savings deposits for people to choose from.
Savings deposits, also known as term deposits, are a type of finance offered by banks that caters to savers and investors alike. This is a type of savings where you deposit a fixed amount of money into a bank account for a specified duration, ranging from several months to a year or more. During the deposit period, the bank will pay you based on the fixed interest rate of the deposit.
Term deposits are considered as low-risk savings and investment options. Compared to stocks and investment funds, term deposits guarantee you will receive interest upon completion of the deposit period. Additionally, in the Philippines, term deposits enjoy an added layer of security as being guaranteed by the Philippine Deposit Insurance Corporation (PDIC) that their savings are insured up to PHP 500,000, giving depositors peace of mind about their savings.
To discover a secure haven for your term deposit in the Philippines, you need to consider the interest rate factor. Each bank will have a different interest rate, depending on the deposit time as well as changes in the financial market. Below, we've curated a compilation of banks offering the most enticing deposit interest rates in the Philippines.
Security Bank: 3.69%
PBCom: 3.875%
EastWest: 4.2%
PSBank: 4.5%
Metrobank: 4.25%
To be called the top-tier bank bank for term deposits, a financial institution needs to meet criteria such as offering competitive interest rates, providing a diverse range of deposit term options and maintaining flexibility in terms of minimum deposit requirements. Below is a list of the best banks for you to consider when it comes to term deposits.
BPI
Term: 35, 63, 91, 182 and 365 days
Interest rate: 0.25% - 0.75%
Minimum placement amount: PHP 50,000
Metrobank
Term: One to 12 months
Interest rate: Up to 4.25% for online time deposit
Minimum placement amount: PHP 10,000
PBCom
Term: 30, 60, 90, 120, 180 and 360 days
Interest rate: 3% to 3.875%
Minimum placement amount: PHP 1,000 for regular time deposit; PHP 50,000 for sure earner time deposit
PSBank
Term: Below 30 days, 30, 60, 90, 180, 365 days to 5 years
Interest rate: 2.125% to 3.75%, or 4.5%
Minimum placement amount: PHP 10,000 for Peso time deposit; PHP 50,000 for Peso prime time deposit
RCBC
Term: 30 days to 5 years
Interest rate: 0.5% to 2.5%
Minimum placement amount: PHP 5,000 - PHP 100,000
Security Bank
Term: 30 days to 7 years
Interest rate: 2.92% to 4.19%
Minimum placement amount: PHP 100,000
Productive loan is a form of loan tailored for individuals who want to start a business and begin their entrepreneurs journey. This type of loan can be used to purchase equipment, hire employees, invest in marketing, advertising, or cover other business expenses in terms of electricity bills or internet. Unlike traditional loans that focus on the borrower's credit history, productive loans are often based on the potential profitability of the business. Lenders will evaluate the business plan and financial projections to determine whether the loan is likely to be productive or profitable for both the borrower and the lender.
To apply for a productive loan, borrowers may need to provide a detailed business plan, financial statements and other documents that demonstrate their ability to repay the loan. The terms of the loan, including interest rate and repayment schedule, will depend on the lender and even the borrower's creditworthiness. If the borrower has a good credit score, the likelihood of a productive loan will be higher.
Before borrowing a productive loan, borrowers need to consider the following factors:
Business plan: A good business plan that includes target customers, marketing strategy and financial forecast. It will help the business to have growth potential and a high chance of receiving a loan.
Cash flow: A business's cash flow needs in the short and long term, including revenue and expense forecasting and budget development will help keep the business on track.
Loan terms: Loan terms, including interest rate, repayment schedule and any fees associated with the loan, should be carefully evaluated before deciding to borrow.
An e-wallet, also known as a digital wallet, is an online account used to pay for online transactions. The e-wallet account can store all of the user's personal information, and is linked to a bank account to conduct quick transactions. As long as you own a smartphone or laptop, wifi network and a bank account, you can perform transactions such as online shopping, booking airline tickets or going to the supermarket quickly.
Why do many people use e-wallets?
E-wallets have two components: software and information. The wallet's software will store personal information, providing security and data encryption. As for information, this is a detailed database provided by users, including personal information, contact, address, payment method, credit card details or debit card.
To set up an e-wallet account, users need to install the application on their device and enter information in terms of name, identification, phone number, address, as well as establish a link with a bank card. To activate an e-wallet, users need to confirm their identity. Once the wallet is confirmed, users can pay online immediately as the information will be stored in the database and updated automatically.
GCash
GCash is one of the biggest e-wallets in the Philippines, which is well-known by many people. You can make both domestic and international transactions online thanks to GCash's association with American Express Virtual Pay. Besides, GCash allows users to earn GScore points to increase their credit limit with GCredit.
Maya
Maya is an e-wallet under PLDT. When using Maya wallet, in addition to scanning the QR code to pay, users can immediately receive a virtual Mastercard for online shopping when activating their e-wallet.
Coins PH
The huge advantage of the Coins PH wallet is that it allows users to own an electronic wallet for shopping even without a bank account or credit card. Coins PH wallet users are allowed to exchange digital currencies. Besides, users can withdraw money in many different ways, even without withdrawing money through a bank's ATM.
Owning a home is the driving force and goal of many Filipinos. However, buying or renovating a house is not that simple. While some people are fortunate to enjoy the support of their families, there are a lot of Filippinos faces considerable challenges to make money to buy a house, due to rising real estate prices in the Philippines as well as construction or repair costs. Understanding this, many people have sought the solution of taking out a home loan. These loans are tailored for those who want to buy a new home or focus on home improvement, offering good terms and conditions, along with interest rates that align with their financial situations. Let's find out specifically what a home loan is, and which banks offer the best home loans in the Philippines.
Home loan is a loan that serves as a financial welfare to help individuals and families buy or improve a house. These loans facilitate the acquisition of a new residence, building a new one or renovating an existing property. The basic principle behind a home loan is simple: a financial institution extends the necessary funds, and you repay the loan over a specified period of time. Of course, this often goes with interest rates.
To consider home loan, you need to take into account these following factors:
General conditions for home loans
Financial capacity requirements for home loan
Each bank in the Philippines will have different requirements for borrowers to apply for a home loan. Documents may include proof of financial ability (payroll, payslip, bank statement, monthly income), collateral, good credit score. In addition, most banks require borrowers to pay a down payment of the house value, so you need to prepare carefully before deciding to borrow to buy a house.
Interest rates and repayment terms
Home loan interest rates in the Philippines are influenced by a multitude of factors and may not be fixed. If the borrower has a good credit score, or the bank is applying cyclical incentives, or perhaps the prevailing market condition, the interest rate may be more favorable than usual. In addition, due to the nature of a home loan, the loan terms often span a significant duration, typically ranging from 5 to 30 years.
In order to serve the needs of Filippinos, many banks in the Philippines have offered home loans with attractive interest rates, loan terms and benefits. Among them, there are a few typical names that are highly appreciated by Filipinos.
RCBC
Security Bank
Metrobank
All objects will depreciate over time, and so will the house. Recognizing this inevitable truth, many banks in the Philippines have introduced home improvement loans with the purpose of allowing borrowers to secure funds for repairing, improving or renovating homes affected by natural disasters. Similar to home loans, home improvement loans require an application, identification documents and the demonstration of financial capability for repayment, however, it has a shorter loan term of up to 5 years and the interest rate does not fluctuate too much.
Prepaid insurance refers to payments made in advance by individuals and businesses to insurers. Typically, the cost of prepaid insurance is paid a full year or even longer. When these coverages are not used up or expire, these payments show up on the insurance company's balance sheet as a form of asset.
Many insurance companies, in terms of auto insurers to or health insurance providers operate on a pre-insurance basis. When clients purchase the insurance, they will pay the full premium for a period of 12 months (or more) before the coverage actually begins.
From an accounting standpoint, prepaid insurance is intriguing. The insurance cost or payment is recognized in one accounting period, but the contract does not take effect until a future accounting period. Prepaid expenses are recorded on the insurance company's balance sheet as a current asset until it is consumed. That's because most prepaid assets are consumed within months of being recorded.
When insurance becomes effective, it is transferred from an asset and charged to the expense section of the company's balance sheet. However, insurance is often used for many periods. In this case, the company's balance sheet may show the corresponding fees recorded as expenses.
Unless an insurance claim is filed, prepaid insurance is typically renewed by the policyholder immediately before the expiration date with the same terms and conditions as the original insurance policy. However, premiums may be slightly higher to account for inflation and other operating factors.
To illustrate how prepaid insurance works, let's assume that an individual pays a premium of PHP 100,000 on October 20 for 6 months of coverage from January 1 to June 30. The payment was made on October 20 with a debit of PHP 100,000 for prepaid insurance and a credit of PHP 100,000. As of October 31, none of the PHP 100,000 will have expired and the entire PHP 100,000 amount will be reported as prepaid insurance. But that will change when coverage begins.
On January 31, the adjusting entry will show a debit insurance expense of PHP 16,667, representing the expired amount or one-sixth of PHP 100,000, and credit prepaid insurance of PHP 16,668. This means that the outstanding balance in prepaid insurance on January 31 will be PHP 83,333. This means five months of unexpired coverage for the monthly amount of PHP 16,667 or 5/6 of the PHP 100,000 insurance cost.
Why should we choose prepaid insurance?
Paying for insurance in advance allows businesses and individuals to better manage their finances. By knowing the insurance expenses upfront, they can allocate funds more efficiently and avoid unexpected costs in the future. Also, insurance providers might offer attractive discounts to those who purchase prepaid insurance. This can result in cost savings in the long term.
Another advantage of prepaid insurance is well managing cash flow. Individuals and companies can plan for large expenses and ensure they have sufficient funds when the premium is due.
A lot of people wonder whether prepaid insurance is debit or credit. Prepaid insurance is generally considered a debit on a short-term asset because it will be converted into cash or used for a minimum period of 1 year. However, if the prepaid expense is not spent in the year after payment, it becomes a long-term asset.
Today, everyone owns at least one type of health insurance, whether it's provided by the government or from private insurers. Having insurance is nearly essential to safeguard the well-being of oneself and loved ones. Let's find out what health insurance is, understand its importance, and explore the concept of deductibles within it.
Health insurance is a type of protection that provides financial help during health-related crises, like injury, illness or accident, facilitated by the insurer. This insurance contract will help users save on medical examination and treatment costs, or paying only a minimal portion, with the majority being borne by the insurance provider.
Insurance providers typically offer two methods to cover your healthcare bills:
Direct payment: In this case, beneficiaries will not have to pay anything to the hospital among the insurance network, since the insurance company has paid directly to the hospital.
Claim-based: Under this, the patient will pay the medical expenses first and then claim a refund from the insurance company.
In the Philippines, there are three popular types of health insurance: PhilHealth, Health Maintenance Organizations and private insurance companies.
PhilHealth, established in 1995, is a public insurance system tailored to an individual's age and earnings. This insurance allows participants to pay membership fees through recurring premiums or a one-time payment for a lifelong coverage. It offers a wide range of medical benefits, including hospital stays, outpatient care, disaster insurance surgery, maternity, and other ancillary services such as tests and medications.
HMOs are like private providers, except they give you access to a specific group of doctors within their network. HMOs manage programs such as: Inpatient/outpatient services, surgery, tests and medications.
Private health insurance gives insured people access to a private healthcare network with many benefits and features as well as facilities of high international standards. Benefits of private insurance include hospital stays, outpatient care, hospitalization and surgery assistance, cash assistance for loss of income due to accident/illness.
The health insurance deductible is the amount you must pay before your insurer starts covering your healthcare costs.
To illustrate: Your medical bill has a deductible amount of PHP 1,000, which means you have to pay this amount yourself before the insurance program covers the remaining fees. This deductible will be handed over to the hospital or clinic. After meeting your deductible threshold, your insurance provider will begin paying for medical expenses covered under your plan. Once the policy period begins, the deductible is reset to its initial value.
Owning health insurance is necessary and important for every person. Health insurance helps cover risk costs due to illness or accident, helping patients save large sums of money. Drivers are still advised to purchase a health insurance policy when possible to benefit from tax deductions on premiums paid. In addition, health insurance also helps people treat serious diseases, pay for medical examinations at the hospital, can reimburse medical expenses, and protect the health of themselves and their families.
In some countries that use motorbikes as the main means of transportation, the risk of accidents resulting in injury is five times higher than that of people participating in traffic by vehicle. Unlike cars, motorbikes lack safety features like seat belts and airbags that can protect the rider from injury. Therefore, owning motorbike insurance is essential. In the Philippines, according to the law, when participating in traffic, the vehicle owners must have mandatory third-party liability insurance (CTPL). Additionally, motor insurance also covers the driver's and third party's medical bills, and covers the cost of repairing or replacing damaged motor vehicles.
In the Philippines, motorbike insurance rates can vary among insurance providers, but typically, prices usually start from 250 PHP. The cost of motorbike insurance will depend on the value of the vehicle, the age of the rider, riding history and location.
Motorcycle insurance is categorized into various types:
Third-Party liability coverage: A type of insurance that safeguards the insured person's finances against the legal liability for bodily injury or death of a third party related to an accident caused by the insured vehicle.
Personal accident coverage: This is a type of insurance that pays expenses after the insured person dies, becomes disabled or loses income due to an accident.
Comprehensive coverage: Insurance that protects the insured against financial liability arising from collisions, theft, vandalism and malicious acts of third parties.
Acts of nature coverage: Insurance protects against the effects of natural disasters such as earthquakes, floods, and fires.
To reduce motorbike insurance costs, you can consider the following ways:
Compare and consider many parties before deciding: You can take time to check information about insurance companies before deciding to buy. Always remember to choose parties with complete information and transparent costs.
There are many insurance companies that offer motorbike insurance in the Philippines, and here are a few options when you want to find the best motorbike insurance provider:
Mapfre: Mapfre provides road assistance, alternative transport, legal Assistance and customer benefits such as security glass etching, cost of bail bond up to PHP 10,000 and increased towing expense
Mercantile: Mercantile provides road assistance, teleconsultation and emergency access via app (roadside, ambulance, fire, and police)
For each person, a house is a happy home, a valuable asset and the result of the labor that you and your family have worked hard to build. However, life always has many potential uncertainties and risks that can happen to your home at any time. Therefore, each family needs to prepare their own private home insurance. Private home insurance is a type of insurance for risks to property that is a personally owned house.
For many people, a home symbolizes cherished memories and a valuable treasure built over time with the efforts of family members. However, life always has many potential uncertainties and unforeseen risks that can happen to your home at any time. Therefore, each family needs to prepare their own private home insurance. Personal home insurance is tailored to safeguard privately-owned residences from potential risks.
Home insurance will also protect assets inside your home such as money, property, manuscripts, gold, silver, gems, etc.
The scope of home insurance may depend on the value of the insurance package and the individual preferential services of each insurer’s responsibility for compensating for unexpected physical losses to property. Insured property is caused by specified risks such as: fire, lightning, explosion, aircraft and other aerial vehicles or their equipment falling into them, thunderstorms, floods, loss or overflow of water from tanks, water storage equipment or pipelines, natural disasters, earthquakes or theft.
Home insurance costs vary widely, however, the minimum amount will range from PHP 700 to PHP 3,000 per year for a basic coverage of PHP 1 million.
The cost of home insurance in the Philippines is not fixed and varies based on many factors, including: type of house, current condition and age of the house and location. For example, old houses that are not well maintained and made of flammable materials will have higher insurance premiums; or homes in areas prone to natural disasters and high crime rates have higher insurance premiums because of the high likelihood of damage.
Home insurance often covers incidents such as natural disasters, property damage, and theft. For example, the insurance company has a claim for damages due to damage to the inside of the house. The cost to repair the property is estimated at PHP 80,000. If the claim is approved, the homeowner will be notified of their deductible amount, such as PHP 20,000 according to the signed agreement. The insurance company will pay the excess cost, in this case PHP 60,000. The higher the deductible in an insurance policy, the lower the monthly or annual premium for a home insurance policy.
A motorbike loan is a loan that helps borrowers buy their dream motorbike. This loan may come in the form of a secured or unsecured option, depending on the loan provider. Borrowers can use the motorbike itself as collateral for the motorbike loan, which leads to a typically more favorable interest rate compared to an unsecured loan. The interest rate often remains relatively stable, alleviating concerns about fluctuations caused by market impacts.
Benefits of motorbike loans
Compared to an upfront car purchase, a motorbike loan is much more beneficial. Motorcycle loans have a streamlined application process, not requiring many procedures when registering. Borrowers can even use the bike itself as collateral for the loan, a savvy move that not only optimizes your expenses but eliminates the need for a hefty upfront payment. You can break down the loan into smaller parts and pay it off in installments.
Currently in the Philippines, several banks offer competitive motorbike loan options with appealing terms and attractive interest rates. Among them is SB Finance MotorsikLOAN of SB Finance bank. SB Finance is a cooperative bank between Security Bank and Thai Bank Krungsri, allowing borrowers to apply for motorbike loans with a loan limit of up to PHP 2 million. The loan has a flexible repayment term of 12 to 48 months, and interest rates from 1.2% to 2.47% per month. SB Bank is also a partner with many famous vehicle brands in terms of Star Honda, MotoXPress PH or KServico, ensuring that borrowers will be driving away in a precise and dependable vehicle.
Filipinos have a penchant for car loans when they set their sights on a new vehicle. This is the type of loan offered by bank và financial companies with many diverse forms of lending, in terms of installment loans and mortgage loans, depending on the needs and financial abilities of the borrower. Join us as we delve into the world of car loans in the Philippines, where we'll discover the top banks for these loans, find out the car loan application process, and unveil the secrets of loan approval timelines.
In the Philippines, there are many banks that offer car loans with preferential interest rates and many benefits for borrowers. Based on the reviews of many users, there are 3 typical banks including BPI, Metrobank and PSBank.
BPI
Metrobank
PSBank
To apply for a car loan in the Philippines, you need to follow these steps:
1. Check if you qualify for a car loan:
2. Research and compare before applying for car loan
The amount you plan to borrow depends on your ability to pay monthly. Deliberate thought is required as this will be a long-term loan, spanning from a minimum of 6 months to a maximum of 6 years for repayment. If you cannot repay the loan, the bank will likely keep your car. A few things you need to keep in mind are as follows:
After careful consideration, you need to compare loans before choosing. Using reputable loan comparison platforms helps you save time and effort to find the right and cheapest car loan in the Philippines. You can compare car loans with Finmerkado, we have many loan options for every need, along with attractive interest rates from reputable loan partners.
Upon thorough reflection, you should conduct a diligent loan comparison before making a decision. Using trusted loan comparison platforms helps you save time and effort to find the best car loans. When it comes to comparing car finance loans, look no further than Finmerkado, where we offer many loan options tailored to your unique needs, along with attractive interest rates from reputable loan partners.
3. Apply for a car loan and wait for approval
Besides the traditional form of loan registration, many banks now allow people to register online. You just need to fill out the application and wait for a response from the bank. If your application meets the conditions, the bank will contact you as soon as possible to disburse the loan.
Currently, banks in the Philippines often appraise and approve applications very quickly. For well-prepared documents, the bank can approve them in just 1 working day.
When considering car loans in the Philippines, several banks offer competitive interest rates. Based on available information, here are three banks known for their attractive rates:
EastWest Bank: Offers interest rates starting at 5.10% per annum for brand-new cars, with loan terms up to 60 months and a minimum down payment of 20%.
Metrobank: Provides interest rates beginning at 4.63% per annum for brand-new vehicles, with repayment terms ranging from 12 to 60 months and down payments starting at 20%.
Security Bank: Offers interest rates starting at 6.77% per annum for both brand-new and secondhand cars, with flexible loan terms up to 60 months and a minimum down payment of 20%.
The 21th century, an era of digital transformation where several countries have witnessed a surge in the availability of online financial services, especially in the developing nations. The Philippines, of course, is no exception to this rule, significantly focusing on personal loans with fast approval. In the lending area, this paradigm has empowered Filipinos to get greater access to speedy and convenient financial resources. What makes them stand out; what is the difference between personal and online loans; or, have you ever been curious about the banks which have the lowest interest, and the key players in the market offering fast approvals? Let's discover the world of personal loan in the Philippines!
A personal loan is a versatile financial instrument tailored for the needs of borrowers, often provided by banks or online financial institutions. This type of loan does not require the pledging of collateral and allows borrowers to comfortably handle personal financial issues, in terms of billing, housing, tuition, healthcare service, home repair costs, travel and many more.
Distinctive traits of personal loans
No collateral required: Almost all personal loans are unsecured, or, negating the necessity for borrowers to furnish collateral, such as real estate or vehicles.
Tailored loan terms: Personal loans terms can be varied during a period of time, depending on the agreement negotiated between the borrower and the lending institution. This flexibility empowers borrowers to select terms that align with their financial goals, whether it's expedited debt repayment or prolonged repayment horizons.
Fast approval: Many banks and financial institutions in the Philippines offer quick approval processes for personal loans. This can be especially advantageous when borrowers need funds urgently, in terms of medical emergencies or unexpected expenses.
Potential for lower interest rates: Personal loans offer borrowers to choose between fixed and variable interest rates. Fixed rates afford predictability and ease of budgeting, while variable rates fluctuate in response to market dynamics, potentially introducing variability to the loan's cost over time.
Streamlined application process: To apply for personal loan in the Philippines, borrowers only need to meet some basic requirements, in terms of age criteria, income requirements, Government-issued ID, residency and a mobile phone number.
Opportunity for credit repair: Successfully managing personal loans can help borrowers improve their credit scores over time. By making on-time payments and meeting the loan's terms, borrowers can demonstrate responsible financial behavior and work toward rebuilding their credit.
Among thousands of different banks and lending partners on the market, borrowers need to consider carefully before deciding to borrow from any financial institutions. There are many significant factors to decide whether the lending unit is precise, as below are some factors that help borrowers evaluate the overall reliability of financial institutions.
To find a financial resource to get a fund or just for an emergency situation, the first and foremost question that borrowers consider would be "Is this bank/financial institution easy to lend?". In addition to the basic requirements set when applying for personal loans in the Philippines, in terms of age, identification documents, phone number, several banks and financial companies need to know more about employment situations and income of the borrower to consider whether to approve the loan. Below are the top banks that would be easier to lend in the Philippines:
Metrobank: Metrobank has an uncomplicated loan process. For Metrobank personal loan requirements, borrowers just need to submit a signed promissory note and disclosure statement and valid government ID. Metrobank's loan limit is up to PHP 1 million with an extremely preferential interest rate of 1.25%. The Metrobank personal loan approval time can take as fast as three to five business days.
BPI: Compared to many other banks, BPI has a much simpler loan process. For employed borrowers, to apply for a personal loan, borrowers need to provide identification documents and the most recent 3-month salary statement. For unemployed ones, in addition to identification documents, they should submit a 3-year audited financial statement, or an income tax return and DTI/SEC business registration certificate.
For identification documents, BPI allows borrowers to use a passport, driver's license and health insurance card to register.
Whenever needed for any financial purpose, including consumption, travel, home improvement, shopping, or healthcare, borrowers have a tendency to give thought to personal loans and online loans, owing to several convenient features, as well as an uncomplicated approval process.
Personal loans are loans for one's own purposes, regarding face to face application at the bank or finance company's branch, or borrowers can thoroughly register online. Both of these methods have no call for collateral; borrowers have the opportunity to experience low interest rates and quick disbursement. The contrast between these two modalities is that applying directly at the branch may require plenty of verification documents, as well as take a lot of time for loan approval.
Meanwhile, online loan is a great choice for tech-savvy borrowers, exclusively accessible via digital platforms, thanks to the uncomplicated registration process, fewer documents, or even movement. You can get your loan with just one click.
In order to save time and cut down on cumbersome procedures, currently, a growing number of Philippine banks have implemented online personal loans. Borrowers easily initiate their loan application through online registration, submit necessary documents and wait for loan approval. Some typical banks pioneering this form can be stated as:
Robinsons Bank: Robinsons Bank is one of the spearhead banks in online personal lending. Robinsons Bank offers personal loans, including Go! Housing Loan, Go! Auto Loan, and Go! Motorsiklo Loan. Borrowers can apply for a loan that suits their needs, fill out the loan application, provide required documents such as valid government-issued IDs, proof of billing address or income, submit the application and wait for approval from Robinsons Bank.
Sterling Bank of Asia: Sterling Bank of Asia's personal loans page has a straightforward but contemporary interface, allowing borrowers to find all the information they need, from loan limit, interest rate or loan term. In addition, borrowers can use the loan calculation tool to calculate the monthly repayment.
UNO Bank: UNO Bank is a wise choice for tech-savvy borrowers. With a modern, active and functional interface, UNO Bank allows users to apply for personal loans online. After selecting a fitted loan, borrowers only need to enter personal information, selfie images, set up an account and wait for approval from UNO Bank.
BPI: BPI can be said to be one of the "national banks” in the hearts of borrowers, or, providing the best personal loan in the Philippines, withfast disbursement and preferential interest rates. With only 5 to 10 minutes of registration through an online loan application, you might complete a process to get a personal loan with PBI.
Every borrower dreams of securing a loan with a low interest rate. The financial market is vibrant with numerous banks announcing competitive interest rates, providing borrowers with a multitude of choices. Among the financial institutions in the Philippines that provide personal loans with favorable interest rates, a few noteworthy names include:
BPI: BPI provides the best loan in the Philippines with competitive interest rates. The maximum Annual Contractual Rate (ACR) of this bank is 25.60%. Borrowers can borrow from 12 to 36 months, with a small one-time processing fee deducted of PHP 1,500. For example, if you borrow PHP 25,000 for 12 months, you will have to pay PHP 2,383.33 monthly.
EastWest Bank: EastWest Bank allows a personal loan limit of up to PHP 2 million. Borrowers can apply for a maximum of 36 months, with a monthly interest rate of about 1.79%. If you want to borrow PHP 25,000 for 12 months, you will have to pay PHP 2,530.83 per month.
An initial factor to consider when seeking a personal loan can be stated as ease of approval. Although the evaluation timelines may vary for particular cases, hereby well-known banks in the Philippines can be mentioned having straightforward approval processes:
PS Bank: Fast like the wind, PS Bank provides a quick application process, allowing borrowers to get approval and disbursement from 1 to 3 banking days, depending on their credit history.
PBCom: Another “God of Speed" calls out PBCom bank when borrowers who apply for personal loans can get a chance to receive approval within 3 banking days.
EastWest Bank: Prompt processing at EastWest Bank empowers borrowers to receive an approval in 5 to 7 banking days when applying for a personal loan, whether looking to seize an opportunity or address an urgent financial need.
Among numerous banks and financial institutions on the lending market, one pivotal step prior to making your application is to research and compare loans. Is this loan your perfect match, tailored to your specific needs? Can you manage to repay this loan; is this interest rate the optimal choice, or could this a precise lending partner?
A few features you need to consider before deciding on a personal loan in the Philippines:
Loan limit: How much money do you need to borrow and for what occasion? Are you looking to fund home improvements, cover everyday expenses or address healthcare bills? Each bank will have different loan limits, so it's essential to align your choice with your specific financial requirements.
Interest rates: Loan with low interest rates mean you will be charged less throughout the loan process. You should take a look at loan comparison tools and stay informed by perusing the latest financial news to know which banks and financial institutions have competitive interest rates. Also, take into account the annual percentage rate (APR), which includes both interest and fees.
Additional fee: Does this bank charge any extra fees, or could it be waived for the borrower? Most banks will offer zero or interest-free incentives for the first year to encourage people to borrow, and start charging fees in subsequent years. Scrutinize these terms carefully.
Loan term: How long you plan to borrow is relying on your loan purpose. substantial investments like a house or car tend to be long-term, while those for consumer expenses or travel plans are typically short-term.
Disbursement time: This is one of the crucial factors when people choose to apply for a loan. Opt for banks with easy loan application processes, quick approval mechanisms and disbursement to cater to your immediate financial needs.
Credit cards offer adults the convenience of cashless transactions, enhanced security, and attractive perks. While debit cards remain more popular in the Philippines, credit card usage continues to grow. With regards to finding the best credit card, the Philippines right now has a lot to offer, as a result choosing the right card can be challenging. This guide covers the types of credit cards, how they work, payment calculations, key application requirements, and a comparison of loans versus credit cards. It also highlights banks that simplify the application process, helping both first-time applicants and those seeking better options make informed decisions.
Getting a credit card can be a straightforward process if you follow these steps:
Remember, responsible credit card usage includes paying your balance on time and staying within your credit limit to maintain a healthy credit score.
Different credit card kinds in the Philippines serve a range of lifestyles and financial requirements. Here is a list of credit card types you can own:
Conventional credit cards
Simple cards with basic features including flexible payment arrangements and cashless transactions.
Rewards Credit Card
With each purchase, earn points that may be exchanged for savings, gifts, or vacation benefits.
Cashback Credit Card
Give back a portion of your purchases as a refund; this is best for regular expenses.
Travel Credit Cards
Designed with travelers in mind, providing access to airport lounges, travel insurance, and airline points. A good example of this is the Cebu Pacific Platinum credit card.
Secured Credit Cards
Are ideal for people who are repairing their credit or have no credit history, but they do require a security deposit.
Credit Cards for Students
Designed specifically for students, with less prerequisites and lower credit limitations.
Business credit cards
Offer benefits like rebates on travel or office supplies, as well as assistance for controlling business costs.
Premium credit cards (Gold, Platinum, and Elite)
Provide special benefits such increased credit limits, concierge services, and entry to VIP lounges like the Eastwest Platinum Mastercard lounge access. Cards like the Amore Platinum also offer similar benefits.
Co-Branded Credit Cards
Partnered with particular businesses or brands, providing benefits and discounts to those partners. An example of this would be the RCBC JCB Classic or the RCBC Gold JCB credit card.
Selecting the appropriate card relies on your spending patterns and objectives because each type caters to distinct needs.
Credit cards play a pivotal role in the modern shopping area, whether it's online shopping or brick-and-mortar stores. Let's find out how credit cards work in the Philippines, demystifying the intricacies of this financial tool!
In-store transactions
Credit cards can replace cash when purchasing in-store. Many card issuers now work with merchants to provide card swipe machines, making shopping easier. Select your payment method and the cashier will swipe your credit card, input the amount, and complete the payment.
Credit cards are preferred over cash for in-store purchases. Many card issuers now cooperate with businesses to streamline shopping. They have checkout swiping devices, making shopping easy. Select your payment method and the cashier will swipe your credit card, input the amount, and complete the payment.
Online shopping
Similar to purchasing at a brick-and-mortar store by presenting your payment method, when shopping online or on e-commerce platforms, users can set up their payment using a credit card. Once you've picked out your desired item, all you need is to go to the payment step and choose to pay by credit card.
Post-purchase convenience
This is a very popular feature of credit cards: installment conversion. When a transaction meets the requirements, users can directly convert that transaction into installments with 0% interest for a term of 3 to 12 months. This form is suitable when you do not have enough financial resources to pay all the payments at once and divide the amount to pay over several months.
One widely acclaimed feature of credit cards is the installment conversion option. When a transaction aligns with the specified criteria, users can directly convert that transaction into installments with 0% interest for a term of 3 to 12 months. This is an ideal choice when you do not have enough financial resources to pay all the payments at once, allowing you to comfortably distribute the cost over several manageable months.
Borrowing money or using a credit card both entail borrowing funds from a financial institution to cover your expenses. When faced with the choice between borrowing money and wielding a credit card, it's essential to note the pros and cons of these financial avenues and conduct a thorough comparison before making your financial decision!
Advantages:
Diverse types of cards: Credit cards present many options for consumers, ranging from cashback and reward credit card to co-branded credit card cards, along with the option to explore additional card offerings.
Enjoy a 25-day interest-free window: Currently, most credit cards apply an interest-free policy up to 25 days, offering card holders the freedom to make purchases within this timeframe without the looming concern of interest accrual.
Many accompanying benefits: Cash back rewards, no annual fee for the first year, incentives for accumulating air miles, discounts when shopping, and even the prospect of card upgrades for travel flying are the benefits users enjoy when using credit cards.
Disadvantages
Higher interest rates: Credit cards often have higher interest rates than personal loans. If you don't pay your entire monthly balance, you will have to pay high interest rates on the remaining amount. If you don't manage debt carefully, it can lead to debt accumulating.
Costs and expenses: Credit cards can come with a variety of fees, including annual fees, overage fees, and fees related to international transactions. Failing to handle these costs can create financial pressure if not managed carefully.
Advantages
Streamlined application process: To apply for personal loan in the Philippines, borrowers only need to meet some basic requirements, in terms of age criteria, income requirements, Government-issued ID, residency and a mobile phone number.
No collateral required: Almost all personal loans are unsecured, or, negating the necessity for borrowers to furnish collateral, such as real estate or vehicles.
Fast approval: Many banks and financial institutions in the Philippines offer quick approval processes for personal loans. This can be especially advantageous when borrowers need funds urgently, in terms of medical emergencies or unexpected expenses.
Disadvantages
Lack of flexibility: When you secure a personal loan and receive the lump sum, you cannot borrow more until the loan is paid off.
Interest on the entire amount: With a personal loan, you pay interest on the entire loan amount from the beginning, while with a credit card, you only pay interest on the outstanding balance.
To get a deeper understanding of how credit cards work in the Philippines, let's delve into a practical scenario featuring a credit card with a limit of PHP 100,000. This card has a monthly interest rate of 3.5% and the cardholder must pay a minimum of 5% for outstanding balance each month.
In one month, this cardholder made the following transactions:
Supermarket fee: PHP 7,000
Shopping amount: PHP 4,000
Meals out: PHP 3,500
Travel allowance: PHP 5,000
Total amount incurred during the month: PHP 19,500
Here is how to calculate the minimum amount that this cardholder must pay monthly:
Minimum payment: 5% of PHP 19,500 = PHP 975
Interest charges: (3.5% of PHP 19,500) = PHP 682,5
From there we have the minimum amount to pay (interest included): PHP 975 (minimum payment) + PHP 682.5 (interest charges) = PHP 1,657.5
Take into account that paying only the minimum amount will result in a balance carried forward, causing ongoing interest to accumulate on the remaining amount. To avoid unnecessary interest charges, it's wise counsel to pay the full outstanding balance each month.
When choosing the right credit card provider, the key question most users ask is, "Is the application process straightforward?" In addition to the basic requirements for personal loan applications in the Philippines, such as age, ID, and contact details, many banks also assess employment status, income, and credit history to determine approval. Below are the top banks that offer the best credit card for beginners in the Philippines:
UnionBank: UnionBank is regarded as having a simple credit card application process. Their online application system lets you apply from the convenience of your house, therefore streamlining the procedure. The fundamental criteria include being 18 to 70 years old, having a consistent income, and turning in standard documentation including evidence of address, government-issued ID, and proof of income. UnionBank also provides a range of credit card choices, which helps applicants with varying financial requirements to choose a fit one more easily. A credit card with low interest rates, cashback benefits and such is readily available.
PNB: Applying for a PNB (Philippine National Bank) credit card is easy. PNB provides a streamlined application procedure with few documentation requirements: being 21 years of age or above, having a steady income, and supplying required documentation including a government-issued ID, proof of income (e.g., ITR, payslips), and proof of address. They also offer an online application choice, which lets candidates conveniently send their information from anywhere. Approval, like with any bank, relies on fulfilling eligibility requirements and the bank's view of your financial status.
Security Bank: Credit card applications at Security Bank are simple. They allow applicants to apply online, making it easier to apply from home. You must be 21 years old, have a regular income, and submit basic documentation such as a government-issued ID, proof of income, and proof of address. Many candidates choose Security Bank for its easy credit card application and variety of credit cards.
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