Personal loans in the Philippines

Compare, select and apply for a personal loan with sure approval – 24 hour payday loan!

In the Philippines, consumer loans are very popular. They are a special type of credit that is often used to obtain emergency cash for necessary purchases, utility bills, or current expenses. Taking out a consumer loan without having to provide collateral is much easier than asking friends, relatives or acquaintances for a loan.

As its name suggests, a personal loan is designed to cover any personal expenses. Unlike a mortgage or car loan, a personal cash loan can be used for any purpose, whether it’s to pay for education, travel or other needs.

There are two types of personal loans available on the market: secured and unsecured. A secured personal loan requires collateral, such as real estate or a car, to secure the loan. With an unsecured personal loan, you will not need to provide any collateral. Unsecured personal loans are much more common in the Philippines, but secured loans are also available

Maanimo.ph compares offers from various payday loan lenders and thus helps website users save their money and time to choose a personal loan with a reliable approval in the Philippines. This website is a comparison and selection service that offers a free service to connect consumers with financial institutions that can meet their request. However, approval of your personal loan application is not guaranteed. You will need to contact your personal loan lender directly to learn more about the status of your request, reasons for rejection, or any other financial service related issues.

Although financial products, services and companies are independently selected, we want to let you know that Maanimo.ph may receive a small commission from the payday lender whose site you have chosen to place your online application and obtain your personal loan within 30 days of clicking on one of the links we provide.

Loan terms and conditions are gathered from the official websites of the lending companies or obtained from their representatives. They do not include possible penalties and fines for late repayment according to the commitment

⚡️ Comparison and choice of financial offers at Maanimo.ph is absolutely free for the users, there are no fees and hidden fees.

Legal information

Maanimo.ph works only with trusted financial companies that have a Registration number and Certificate of Authority number, the Securities and Exchange Commission of the Philippines (SEC).

The list of legitimate financial companies can be found at the SEC official website sec.gov.ph

• List of Financing Companies with Certificate of Authority (CA)
• List of Lending Companies Registered with the SEC

☝ Before signing the personal loan agreement, we recommend you to read attentively its content in order to be aware of all your rights and obligations.

Are interest-free loans legal?

A low-interest personal loan is perfectly legal in the Philippines. Even when the interest rate on the first loan is free.

The first free loan is a well-defined amount that the lender gives to the borrower for personal use without interest rate and additional fees if repaid on time according to the loan agreement concluded between them.

In most cases, the amount of such a consumer loan does not exceed 6,000 ₱ and the maximum term is not more than 30 days.

In this way, various lending companies in the Philippines seek to attract new customers. This really benefits both parties – the lender manages to attract a new borrower, thereby increasing their customer base, and the borrower gets to get a personal loan for free.

All payday loan lenders listed on maanimo.ph operate under the current laws of the Philippines and they are fully legal.

Basic requirements for personal loans

FAQ: FREQUENTLY ASKED QUESTIONS

What is a Personal Loan?

Personal loan online is a short-term payday loan for a small amount of money, which is issued at high interest rates to the borrower’s bank card or personal account, usually through the Internet online without cash collateral or guarantors.

In this case, the interest for the use of the loan accrued from day to day, and the borrower may repay the personal loan at any time without any penalties and restrictions.

This type of credit does not require any form of prepayment and requires a minimum number of documents. The entire process is automated, from applying for a loan online to receiving the money.

The scoring system (credit rating) of most lenders allows for a multi-parameter analysis of the borrower within minutes. The exchange of information between the borrower and the lender is fully automated, so after filling out a loan application and creating a personal account on the financial company’s website, all you have to do is wait for the application to be processed and approved.

Who can get a personal loan in the Philippines?

The basic requirements for obtaining a consumer loan are:

• Available only to PH citizens;
• Have a valid government-issued identification card;
• Be between the ages of 20 and 70, generally, but there are exceptions;
• The borrower is currently employed or has a steady income;
• Have your bank account details;
• Have their own cell phone number and email.

In some cases, you may need supporting documents such as a pay slip or bank statements for three months, COE (certificate of employment), ITR (income tax return), company identification number, utility bill for the last month as proof of your address, DTI (Department of Trade and Industry) data, etc.

How to apply for a personal loan using Maanimo.ph?

The table shows a list of proven and reliable lenders that provide the service “Online Personal Loan”. In order to apply for a loan, follow few simple steps:

1. study thoroughly the terms of the loan from each lender, such as the interest rate, the amount of first (repeat) loan and the term;
2. You can click “more info” to find out more about the lending company;
3. sort out the lenders according to the amount of needed sum of money and the term of the loan using a calculator;
4. select a Lender and click “Apply Now”;
5. after going to the Lender’s website, enter the necessary loan amount and the term in the calculator and fill in the required fields for creating a personal account;
6. wait for a confirmation using a phone call or SMS;
7. after the successful confirmation, get a peso loan to your bank account.

What are the types of personal loans?

1. Cash loan.
2. Bank long term loan.
3. Online loans.
4. Student loan.
5. Salary loan.
6. Business loan.
7. Loan app.

What is the amount of the first loan?

10,000 pesos is the maximum loan amount for new borrowers. To increase loyalty, some lending companies provide first loan absolutely free (0% per day). The lowest interest personal loan is available on this web page. Carefully see the conditions of the first loan in the table above.

Are interest free loans legit?

Personal loan with low interest rate in the Philippines is absolutely legit. Even when the interest rate on the first loan is free.

The first loan free is a clearly defined amount that the lender provides to the borrower for personal use without interest rate and additional fees in case of timely repayment in due time according to the loan agreement concluded between them.

In most cases, the amount of such a personal loan does not exceed ₱6,000, and the maximum term is no more than 30 days.

In this way, various lending companies in the Philippines seek to attract new customers. This is really beneficial for both parties – the lender manages to attract a new borrower, thereby increasing its customer base, and the borrower gets the opportunity to get a personal loan free.

Who can get a personal loan in the Philippines?

The basic requirements for obtaining a consumer loan are:

• Available only to PH citizens;
• Have a valid government-issued identification card;
• Be between the ages of 20 and 70, generally, but there are exceptions;
• The borrower is currently employed or has a steady income;
• Have your bank account details;
• Have their own cell phone number and email.

In some cases, you may need supporting documents such as a pay slip or bank statements for three months, COE (certificate of employment), ITR (income tax return), company identification number, utility bill for the last month as proof of your address, DTI (Department of Trade and Industry) data, etc.

Loan Application Requirements

The criteria and requirements for applying for a loan may vary from one bank or lender to another. However, here are the most common requirements that are usually necessary to successfully obtain a loan in the Philippines:

1. A completed consumer loan application form.
2. A valid government-issued identification card with a photo and signature.
3. Last complete pay slip.
4. For working people: last tax return (ITR), form BIR 2316.
5. For self-employed: last tax return (ITR) or BIR 1701, audited financial statements with independent auditor’s report, balance sheets and tax receipts.
6. For foreigners: alien registration certificate (ACR), valid passport and any valid proof of residency.

It is important to note that these requirements are subject to change or amendment by each individual bank or lender, and it is recommended that you contact your chosen financial institution for exact information on loan application requirements.

Benefits and disadvantages of personal loans

Among the advantages of personal loans are many points:

• Online –  without visiting an office or bank branch, from the comfort of your home;
• Simplicity – the procedure requires a minimum amount of data; you do not need extra documents and there is no paperwork;
• Instantly – the money will come into your bank account within a few minutes on the same day after confirming the application form for a consumer loan;
• Transparent and honest – no hidden fees and payments, online calculator shows the minimum interest rate and the amount to be paid;
• Convenient – repayment is possible in different ways, prolongation service is available;
• Profitable – affordable interest rates, you can use the money at your own discretion without any records;
• Payday loans 24 hours – you can apply for a loan even at night, at any time – weekends or holidays. Lenders accept online personal loan applications 24 hours a day, seven days a week.

However, there are a few things that can be attributed to the disadvantages of personal loans:

• The interest rate on consumer loans is higher compared to bank loans;
• Small loan amount. For your first loan, you can get an amount between 1,000 and 10,000 pesos PH.
• Short terms. Generally, the term of the loan is limited to a period of 2 to 30 days, which is often not enough for the borrower.

How to apply for a personal loan using Maanimo.ph?

The table shows a list of proven and reliable lenders that provide the service “Online Personal Loan”. In order to apply for a loan, follow few simple steps:

1. study thoroughly the terms of the loan from each lender, such as the interest rate, the amount of first (repeat) loan and the term;
2. You can click “more info” to find out more about the lending company;
3. sort out the lenders according to the amount of needed sum of money and the term of the loan using a calculator;
4. select a Lender and click “Apply Now”;
5. after going to the Lender’s website, enter the necessary loan amount and the term in the calculator and fill in the required fields for creating a personal account;
6. wait for a confirmation using a phone call or SMS;
7. after the successful confirmation, get a peso loan to your bank account.

How to calculate the Loan Interest Rate?

Personal loan interest rate is accrued from day to day. There is a loan calculator on the official websites of the lenders that allows you to calculate the total amount of repayment at the end of the term. For example, the term may be 30 days. In this case, these are personal loans no collateral with monthly payments in the Philippines.

You can calculate the amount and the interest on the loan yourself. For example, if the loan amount is 10,000 pesos with a lowest interest rate of 1% per day, then:

10,000 x 1% + 10,000 = 10,100 PHP

Under the conditions, as in this example, 100 pesos will be charged daily as a percentage of the personal loan service. Accordingly, if the payday loan is issued for 30 days, then at the end of the term the amount to be paid will be:

10,000 x 1% x 30 + 10,000 = 13,000 PHP

APR (Annual Percentage Rate) will be equal to 365 x 1% = 365%

How much can I expect to borrow?

10,000 pesos is the maximum loan amount for new borrowers. To increase loyalty, some lending companies provide the first loan absolutely free (0% per day). A personal loan with a low interest rate is available on this web page. Read the first loan terms in the table above carefully.

Up to 25,000 Philippine pesos can be obtained when you apply again. The exact amount of the repeat loan depends on when the previous personal loan was repaid. It is very important that you repay your payday loan on time, without delays or penalties.

By filling out multiple applications to different loan companies at the same time, you greatly increase your chances of getting a consumer loan online from the comfort of your home or office, and save yourself a lot of time.

How to repay a Personal Loan?

Lenders offer various ways to repay the loan and a borrower can repay it in any way convenient for him.

1. Cash payment like off-line DragonPay Payment Partners;
2. Bank transfer;
3. The card of any bank.

Returning the borrowed funds, you need to use your Personal Loan Agreement or Contract Number. Before you pay the loan debt, make sure that the specified repayment methods are available in the lender in which you have issued a personal loan.

What is a prolongation meaning?

Personal loan prolongation is an increase in the term of use of credit funds.

Basically, all credit companies provide extension services for the same period for which the loan was issued. As a rule, this service is free, but it is necessary that the interest rate on your active loan be paid in full for the entire period of use.

You can order the extension service in the “My Account” or with the help of the operator by calling the hotline number.

FAQ