Low Rate Personal Loan Apps
JuanHand - online cash loan App
With JuanHand, get approved quickly and receive your funds instantly, making borrowing easy and fast.
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MabilisCash - Online Easy Loan
Apply for fast online loans up to PHP 60,000 with MabilisCash, making it easy to access funds quickly.
EasyPeso - Fast Online Cash Loan
Need cash fast? EasyPeso provides secure online loans to get you the money you need, quickly.
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Personal Loan Types: A Complete Guide
Finding the right personal loan can be overwhelming, especially with so many options available. Whether you need quick cash, a long-term bank loan, or a government-backed loan, PersonalLoan.ph helps you navigate the best choices. Below, we break down different types of personal loans available in the Philippines, so you can choose the one that suits your financial needs.
Online Loan Apps (Instant Cash Loan)
Online loan apps are the most accessible type of personal loan. They require minimal documentation, and many platforms approve loans within minutes. These loans are ideal for emergencies or short-term financial gaps. However, they usually come with higher interest rates compared to bank loans.
✅ Best for: Those who need quick and hassle-free cash
✅ Loan Amount: ₱1,000 - ₱50,000
✅ Approval Time: As fast as 15 minutes
✅ Repayment Term: 90 - 180 days
✅ Recommended Apps: Digido, JuanHand
Pros:
✔ No collateral required
✔ Fast approval process
✔ Available 24/7 online
Cons:
❌ Higher interest rates
❌ Lower loan limits compared to bank
Bank Personal Loans
Overview: Bank personal loans offer higher loan amounts with lower interest rates than online loan apps. However, they require more documents, such as proof of income, valid IDs, and credit history. If you’re looking for a large loan with a flexible repayment plan, bank personal loans are a great option.
✅ Best for: Those with stable income and good credit standing
✅ Loan Amount: ₱20,000 - ₱2,000,000
✅ Approval Time: 3 - 7 business days
✅ Repayment Term: 1 - 5 years
✅ Recommended Banks: BPI, Metrobank, UnionBank, Security Bank
Pros:
✔ Lower interest rates than online loans
✔ Higher loan amounts
✔ Longer repayment terms
Cons:
❌ Requires more documents
❌ Longer approval tim
Government Loans
Overview: Government-backed loans are some of the most affordable loan options. They come with low interest rates and long repayment terms. However, they are only available to employees contributing to these government agencies.
✅ Best for: Employees and government workers who need low-interest loans
✅ Loan Amount: ₱5,000 - ₱2,000,000
✅ Approval Time: 5 - 15 business days
✅ Repayment Term: 1 - 30 years
✅ Recommended Programs:
- Pag-IBIG Loan (Housing loan, multi-purpose loan)
- SSS Salary Loan (For private employees)
- GSIS Loan (For government employees)
Pros:
✔ Low interest rates
✔ Long repayment terms
✔ Can be used for housing, business, or emergencies
Cons:
❌ Limited to Pag-IBIG, SSS, or GSIS members
❌ Longer processing tim
Salary Loans (Employee Loans)
Salary loans are personal loans offered to employees where repayments are deducted directly from their salary. Some companies offer in-house salary loans, while others partner with loan providers. This is a convenient option for those with a stable income.
✅ Best for: Employees looking for a loan against their salary
✅ Loan Amount: ₱5,000 - ₱500,000
✅ Approval Time: 1 - 5 business days
✅ Repayment Term: 3 - 24 months
✅ Recommended Lenders: Tala, GCredit, Home Credit
Pros:
✔ Easy to apply for salaried employees
✔ No collateral required
✔ Fixed monthly deductions
Cons:
❌ Limited to employed individuals
❌ The loan amount depends on salar
Car Loans (Auto Loans & Car Pawning Loans)
There are two types of car-related loans:
1️⃣ Auto Loans: Financing to purchase a new or used car.
2️⃣ Car Pawning Loans: Borrowing against the value of an existing car.
Auto loans are provided by banks and dealerships, while car pawning loans are available through financing companies.
✅ Best for: Buying a new or used car, or borrowing against a car
✅ Loan Amount: ₱100,000 - ₱3,000,000
✅ Approval Time: 7 - 10 business days
✅ Repayment Term: 1 - 7 years
✅ Recommended Lenders: BDO, EastWest Bank, RCBC
Pros:
✔ Ideal for vehicle purchase
✔ Competitive interest rates
Cons:
❌ Requires a down payment for new car loans
❌ Risk of car repossession for car pawning loan
Credit Card Cash Loans
If you have a credit card with a high limit, you can convert a portion of your credit limit into instant cash. This is a quick way to get funds without applying for a separate loan. However, it usually comes with high interest rates compared to bank personal loans.
✅ Best for: Credit card holders who need instant cash
✅ Loan Amount: Up to 80% of the credit card limit
✅ Approval Time: Instant or within 24 hours
✅ Repayment Term: 3 - 36 months
✅ Recommended Banks: BPI, CitiBank, HSBC
Pros:
✔ Instant approval
✔ No need for additional documents
Cons:
❌ High interest rates
❌ Limited by the credit card limi
Which Personal Loan is Right for You?
Choosing the right loan depends on your financial situation:
✅ Need quick cash? → Online Loan Apps
✅ Want low interest? → Bank or Government Loans
✅ Need a big loan? → Secured or Auto Loans
✅ Salaried employee? → Salary Loans
✅ Have a credit card? → Credit Card Cash Loans
No matter your situation, PersonalLoan.ph helps you compare and find the best personal loan for your needs!