Fast Personal Loan in the Philippines
Last updated: July 29, 2022
- Fast loans are needed to help those who urgently need money to pay in an emergency.
- Loans are divided into secured and unsecured.
- Secured loans are more advantageous, but unsecured loans are easier to get.
- Digido provides some of the best unsecured loans in the Philippines
A fast personal loan is a special kind of loan intended to help those who are in a bind and need a quick source of cash to pay off an emergency. (1) The process of obtaining the said loan can take only a few minutes. In the Philippines, such loans are very common and many people turn to them. Most often they are people who urgently need money, but the bank has refused them a loan.
So what kinds of emergencies are fast loans usually great for? Fast money loans can be used for any of the following:
1. Medical Emergencies
Health problems always come at the wrong time, and it’s impossible to prepare for them. If you don’t have savings, a medical loan can cover your hospital bills. For example, buy expensive medicines.
2. Paying Bills
If you’re having temporary difficulties paying your bills, an online personal loan Philippines can help. You can pay Meralco bills, Internet bills, and more.
A wedding is one of the most important events in a person’s life! But it is also one of the most expensive. (2) You can have your dream prenup photoshoot, clothes, wedding reception and even your honeymoon with a wedding loan.
4. Vacation Expenses
Make your dream vacation come true! Choose a beautiful place and relax in a luxury hotel. A vacation loan will allow you to relax and start work with fresh energy.
5. Payment for Education
Not all families can provide their children with a decent education, because it takes a lot of money. There is a way out – an education loan. Your children will thank you!
6. Home renovation
Make improvements, and renovate your home, because you can use a loan to do so.
7. Appliance purchases
Allow yourself the appliances you’ve always dreamed of! You can get a phone loan or a TV loan, buy the best refrigerator, air conditioner, or tablet. Upgrade your gadgets and devices!
When you realize that you don’t have the money to repay the loan. In this case, you need to take the amount here, which you can exactly repay on time.
How do I get a loan from Digido?
One of the companies that give fast loans in the Philippines is Digido. Let’s talk about it and find out why people choose this company.
Digido Loan Requirements
You can get up to 25,000 pesos. You need to register on the site and create an account. Once you have created your account, you will be able to access an online section where you can download a valid ID and contact phone number. You can then choose the amount you intend to borrow. The loan period varies from 7 to 30 days. Remember that the first time you borrow, you can only borrow up to 10,000 pesos for up to 7 days. But for the first loan you will not be charged any interest, and you will return exactly as much as you borrowed.
Requirements for Digido Borrower
Almost everyone in the Philippines can get a loan from Digido. To do it, you have to fulfil some simple requirements.
You can get a loan if:
- You are Filipino citizen
- You are Resident of the Philippines
- You are between between 21 – 70 years old
- You have an active mobile phone number
- You have registered on the Digido website
- You have a steady income
- You are officially employed or have Freelancers / call center employees status
- You have a valid government ID
What is the best place to get a easy cash loan in the Philippines?
The answer is no other than DIGIDO!
Why do people choose Digido?
Here are the most praised features by Digido borrowers from their reviews.
- Fast application process
Digido is a money lending service that processes a personal loan fast approval in Philippines which can prevent any networking-related issues, the money being loaned should be sent in minutes if not seconds. You can find a sample of personal loan agreement on the official Digido website.
- No collateral required
There is no bail needed when applying for a personal loan Philippines no collateral from Digido. There’s also no need to provide a guarantor. This increases the availability of credit because not everyone has such an opportunity.
- Fast credit approval
The approval on the easy personal loan is very quick, you do not need to stand in line and wait for 5-7 days, unlike loans thru banks. Here you will get easy approval for personal loan in 1 day. This makes Digido a perfect fit for electronic financial transactions. Time is money and thus issuing loans as quickly as possible is a must for both parties. Since Digido transactions are electronic, it is only natural that red tape is eliminated. You can even get a personal loan without credit card in the Philippines.
- High approval rate
The faster loans are approved the higher the approval rate and more people can get the necessary help in their time of need. Digido gives a chance to get money even for those who were denied by the bank. The percentage of approved applications is over 90%. It’s one of the highest rates in the Philippines.
What is a good percentage for a personal loan?
Most borrowers in the Philippines take interest rates into account when applying for a loan. The interest rate is important for 50% of Filipino borrowers. A good interest rate for a personal loan is this rate, which is lower than most competitors. Compare all offers and choose the best one. Please note that Digido offers a loan for new clients with 0% rate. This is a very advantageous offer!
Who Can Get а Fast Personal Loan
Despite the availability of personal loans with fast approval in the Philippines, there are still certain requirements needed to obtain a quick online loan. The beauty of these requirements is that the borrower may already possess 1 or a few of these and are thus ready to be presented when applying for a personal loan in the Philippines with no requirements.
– Company ID – If the borrower is already employed, there’s a huge chance he or she already has a company-issued ID. The reason for needing this is that personal loan lenders in the Philippines also need to assess if the borrower is capable of paying the loan back.
– Government-issued ID – This ID is given whether the borrower works in government or not or whether the person is employed or not, chances are the borrower already possesses some kind of ID under this category. Examples of IDs: Voter’s ID, TIN ID, Postal, Passport, Driver’s ID, and others. When used for applying for a loan, at least 2 IDs may be required along with another document.
– Payment Slip – Going back again to employed borrowers, payment slip are automatically given when salaries are given out either in physical paper or email so these can be used also to prove a person’s employment history.
– Proof of Billing – Statement of accounts or receipts when paying for utilities are useful so never throw them away. When applying for a loan these are going to be asked for.
So far, the requirements above are typically asked from people who are employed but what about for business owners? Here is a list of what may be asked from business owners if they want to apply for a loan.
– Business Permit / DTI Registration – Business owners are expected to have these documents along with others like sanitation and fire permits so these also come as a given.
– Income Tax Reform – When paying taxes, these forms are filled up and copies should be kept safe in a cabinet somewhere at all times.
– Financial Statement – These are important documents that detail the daily activities of the business and how money is spent. This is typically reviewed by government agencies, accountants, firms, and others. On the part of a money lender service like Digido, this can be used to assess if the borrower can pay back any amount loaned.Apply now
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Benefits of Quick Personal Loans
1. Minimum Documents Needed
Usually you only need 1 document to get a quick loan. It is a Government-issued ID. These IDs are universal and almost every citizen has some form of ID. There are many kinds of IDs under this category so at least this part is already covered for most Filipinos. But if you provide an additional document, you are more likely to get approved. Either of these documents or both will do:
– Proof of billing – any document issued by utility companies like power, water, and internet service providers. These are just as universal as Government issued IDs if not more so.
– Company ID and pay slip – For Filipinos who are underemployed these documents are given.
Such a loan is often called a loan with no requirements in the Philippines, because it can get by almost any Filipino.
2. Easy loan application
All you need to get a loan is to fill out a simple questionnaire, specify your name, address, income amount and bank account number. This is enough to get a loan.
3. Many ways to get a loan
You can get an online loan with no requirements at a company branch or in your bank account, whichever is more convenient for you.
4. Fast approval
Loans of this nature are great for people who are in a bind and need the money quick. The best part of fast approval loans are the minimal requirements that are likely to be in the borrower’s possession already. Fast approval loans also are done electronically so money is sent rather quickly, almost instantly.
5. Available for freelancers
Not all banks are willing to lend to people who have no official place to work. It’s hard for freelancers in the Philippines to get a loan. But fast credit companies very often give loans to freelancers. All you have to do is specify the amount of your steady income, even if it is not official. Digido is an example site where freelancers can borrow cash for everything they need.
Types of Personal Loans
All personal loans are divided into 2 large groups: collateral and non collateral. (3) Let’s see how they differ from each other.
- A type of loan that requires collateral. If the loan is not paid on time, there’s a chance the borrower can lose the collateral.
- A collateral is any item, e.g. a vehicle, you agree to give away to the lender if you fail to pay what you owed.
- As a collateral you can use the car, apartment, jewelry and other expensive property.
- This loan is a lot easier to get since there is less risk to the lender.
- This loan does not require collateral so there is no risk of losing the property.
- It can be difficult to get, depending on the company.
- It tends to have a higher interest rate.
- Digido offers loans without bail so you don’t have to worry about losing the property.
We can see the great popularity of unsecured loans in the Philippines, because they are easier and more affordable for most citizens.
Fast Loan Approval
A personal easy loan for Filipinos is very useful in many ways as the economic situation of the country has a lot of issues from the lack of jobs to low income. Sometimes, there is a need to boost finances in the short term as emergency expenses can pop up at any time.
Such an easy loan needs to be given fast just as delays in salaries are bad news. Whether there’s an emergency or not, delayed cash is never really good. As the name implies, application for loans through this channel is done electronically and with minimal requirements which leads to loan requests being approved much faster than those requested from traditional banks. Therefore, quick approval and transfer of the required amount to the account is what people love and appreciate in fast loans.Apply now
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How can I get a loan instantly?
Every citizen of the Philippines can apply for and get a quick loan. Here are a few steps to get a quick loan.
- Choose a company
There is a huge number of lending companies online to choose from such as Digido. Make sure to pick legitimate lenders to avoid getting scammed. One way to check that a company is legitimate is to check for its SEC/DTI/BIR permit numbers. At least for services that offer personal loans in the Philippines, some have these numbers posted on its web pages. Digido has its SEC number 202003056 written at the bottom of its pages. Once you’ve picked the lending company, register for an account. You will see that getting an online loan in the Philippines with no requirements is really easy.
- Select a term and amount
Once signed in, start applying for a loan, select the term and amount that you need, and make sure that you are comfortable with the terms of the loan. You can make use of a personal loan calculator to help you, some lending websites have this functionality built into the website for the users’ convenience.
- Fill in the form
Fill in the necessary information as accurately as you can. Make sure to fill in the necessary information accurately and honesty. Before signing up for an account, make sure you cover the requirements such as age and citizenship and that you also have the necessary documents.
- Provide necessary documents
Once you have filled up the form, provide the documents being requested. In the case of Digido, you need one valid ID and supplementary documents like a payslip or proof of billing.
- Wait for a decision
At this point, there isn’t much left to do but wait. The approval can take between 1 and 24 hours.
- Get money
Once your personal loan online application Philippines is approved, it should now be arriving at the bank or financial institution you chose to deposit the money. Now it’s up to them on how fast you can get the money because they may still do a bit of paperwork for validation.
In case you are denied, you can always try to reapply and try to include more documents.
The Best Personal Bank Loans in the Philippines
The best personal bank loan in the Philippines is one that offers the lowest interest rate. But, of course, the bigger the loan, the better.
Today, we will show you the best banks where you can apply for a loan. The factors we considered here are interest rate, amount of money you can loan, and the terms
Which bank is best for personal loan in the Philippines?
|BANK||LOAN AMOUNT||INTEREST||MONTHLY PAYMENT||TERM||TOTAL PAID||TOTAL INTEREST|
As you can see, for a personal loan of ₱200,000, the lowest loan interest is from CIMB. The CIMB personal loan interest rate is at 13.47%. Overall, the CIMB bank personal loan review in the Philippines is excellent
The CIMB personal loan requirements are the following:
• Income tax return
• Proof of address, bank statement
• Utility bills
• Two to three valid IDs
Before you can apply for a loan, you must sign the form and send a photocopy of your ID. You must also send a copy of a payslip that was issued in the last two months
If you are self-employed, you need to provide a copy of the same documents, but they need a copy of your BIR Form 1701.
Bank with lowest interest rate for personal loan
The bank with the lowest interest rate for personal loan is CIMB. This is followed by HSBC and BPI.
Here are the interest rates for these three:
• HSBC – 14.64%
• BPI – 14.40%
• CIMB – 13.47%
The beauty of CIMB is that you can apply for a personal loan online. Some people may suggest Metrobank, but this bank has already stopped the personal loan offer.
Personal banking Metrobank is about savings and checking, and they no longer offer the Metrobank personal loan application. As such, you cannot find the Metrobank personal loan requirements or the Metrobank personal loan calculator from their website.
The same thing goes with PNB or Philippine National Bank. There are no details about the PNB personal loan calculator or PNB personal loan requirements because they no longer offer PNB personal loan in the Philippines.
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What loans will the banks approve in the Philippines?
You can use personal loans in the Philippines in any way you want. Once you apply, you can apply for the following:
• Home repair
• Medical reasons
• Travel expenses
You can also use your loans for buying equipment or for consolidating debts. However, you cannot use personal loans to buy a car.
What banks can I check out?
Here are some banks that you can check for personal loans. Take note that the approval varies from one bank to another.
Chinabank has a high personal loan interest at 18.6%, payable for 12 months. If your term tenure is longer, the China bank personal loan calculator
will indicate that you will pay a higher interest rate.
Take a look at this table sample of Chinabank personal loan:
|LOAN AMOUNT||INTEREST||MONTHLY PAYMENT||TERM||TOTAL PAID||TOTAL INTEREST|
At the outset, Maybank personal loan in the Philippines has an interest of 15.5%. There is no Maybank personal loan calculator available online, but they offer an interest rate as low as 1.3% per month.
Citibank offers flexible terms and up to ₱2,000,000 in personal loans. As you can see in the table below, the interest for Citibank personal loan in the Philippines can reach up to 34% if you pay longer than one year.
|LOAN AMOUNT||INTEREST||MONTHLY PAYMENT||TERM||TOTAL PAID||TOTAL INTEREST|
Although Citibank personal loan review in the Philippines is good, it is only because they have superb customer service. The loan interest is high, so only get this if you were disapproved by other banks.
It is easy to check your Citibank personal loan status as you can call them anytime. If you are interested, you can use the Citibank personal loan calculator on their website.
The last on the list is Security Bank, which offers about 22% interest. Like other banks, they increase the interest for longer terms, as shown in the table below:
|LOAN AMOUNT||INTEREST||MONTHLY PAYMENT||TERM||TOTAL PAID||TOTAL INTEREST|
As you can see, the Security bank personal loan interest rate is now at 45.44% if you pay for two years. Like Citibank, you can call their facilities to check your Security bank personal loan status. If you are interested, the requirements are the same. You can download the Security bank personal loan application form from their website.
→ Read how to get a Digido loan without bank account
Alternative to bank loans in the Philippines
Applying for a loan in the Philippines is cumbersome. There are so many hoops you need to go through, and you may get disapproved. If this happens, there are alternatives you can use.
These alternatives are:
• Online loan – many online facilities can loan you up to ₱20,000. Download their apps and apply.
• Pawnshops – get a loan in exchange for collateral. You can pawn your jewellery to get cash.
• Private Lenders – personal lenders in the Philippines will charge a small interest rate; just beware of loan sharks.
The personal loan with low-interest rate in the Philippines is CIMB. As always, make sure that you pay your loan on time. Follow your personal loan agreement in the Philippines with the bank. It will help you build a good credit score, and you can file for a higher loan amount next time.Apply now
- Loan https://en.wikipedia.org/wiki/Loan
- How Much Money Do I Need to Get Married in the Philippines? https://ph.news.yahoo.com/info…
- Unsecured vs. Secured Debts: What’s the Difference? https://www.investopedia.com/ask/ans…
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