Your Guide to Hassle-Free Personal Loans: Top Picks for Filipino Parents

Hey there, awesome parents! We totally get it – life can be full of surprises, and sometimes you just need a little financial help. Luckily, we’ve rounded up a list of banks in the Philippines where getting a personal loan is a breeze. Let’s break down the requirements and qualifications so you can get through the process without any stress. Here’s a list of bank that gives personal loans easily.

Bank that gives personal loans easily

1. BPI Personal Loan: Where Your Dreams Take Flight

Bank personal loan requirements:

• Valid government-issued ID 
• Proof of income (think pay slips, income tax return)
• Completely filled-out application form 

BPI Personal Loan Qualifications:

• Age: 21 to 60 years old 
• Minimum monthly income: PHP 15,000

2. Metrobank Easy Loan: Personal loan Philippines

Requirements for Metrobank personal loan:

• Government-issued ID 
• Proof of billing 
• Latest payslip 

Metrobank personal loan qualifications:

• Age: 21 to 65 years old 
• Minimum monthly income: PHP 10,000 

3. Bank that gives personal loans easily: Security Bank Personal Loan

Requirements:

• Completely Filled Out and Signed Application Form

For Employed:

• One (1) valid government-issued photo ID
• Income Documents (any of the following):
  – Certificate of Employment and Compensation issued within the last six (6) months
  – Latest ITR
  – Latest one (1) month payslip

For Self-Employed:

• One (1) valid government-issued photo ID
• Latest 1-year Audited Financial Statement (AFS) with at least the previous year’s comparative financials
• SEC Registration / DTI Certificate
• Business Permit / Mayor’s Permit
• Three (3) months bank statements
• Latest GIS (if corporation)
• List of 3 trade references (at least 1 supplier and 1 customer) with contact details

Qualifications: 

• At least 21 years old at the time of application but not more than 65 years old upon loan maturity
• A Filipino Citizen
• Must have an office or residence landline

For Employed:

• Minimum gross monthly income:
  – Metro Manila: PHP 15,000
  – Outside Metro Manila: PHP 12,000

For Self-Employed:

• Must be the owner or a majority owner with at least 40% stake in the business
• Business must have been operating profitably for at least 2 years with at least 1 trade reference
• Minimum gross monthly income: PHP 100,000

4. EastWest Bank Personal LoanPhilippines

Requirements:

• Completely filled-out EastWest Online Personal Loan Application Form
• Photocopy of at least one (1) valid photo-bearing and signature-bearing ID issued in the Philippines
• Company IDs issued by private entities registered with or regulated by BSP, SEC, or IC are also accepted
• For Foreign Nationals: Proof of Residence (Alien Certificate of Registration, Immigrant Certificate of Registration, or Resident Visa stamp on Passport)

Proof of Income:

If Employed, submit ANY of the following:

• Photocopy of latest ITR/BIR Form 2316
• Photocopy of latest three months pay slips
• Certificate of Employment stating Salary, Position, and Date Employed
• Valid Credit Card reference or latest Credit Card Statement of Account

If Self-Employed, submit ANY of the following:

• Photocopy of latest ITR/BIR Form 1701 and Audited Financial Statements
• DTI Registration Certificate (for Sole Proprietorship) or SEC Registration Certificate with page stating shares owned by the applicant (for Partnerships or Corporations)
• Business Permit
• Valid Credit Card reference or latest Credit Card Statement of Account
• Other documents like a Mayor’s Permit may be required for further verification

Qualifications:

• Filipino citizen or a Foreign National permanently residing in the Philippines
• At least 21 years old during application and not more than 65 years old upon loan maturity
• Have at least one fixed landline number (either home or business) and a mobile number (mobile number alone won’t cut it)
• Have a gross monthly income (GMI) of at least PHP 15,000 or an annual income of at least PHP 180,000

5. PNB Personal Loan: Unlocking Financial Freedom

Requirements:

• Valid ID 
• Proof of income 
• Completely filled-out application form 
• Proof of billing/ proof of residence

Qualifications:

• Age: 21 to 65 years old 
• Professionals, employed or self-employed
• Minimum monthly income: PHP 10,000 

6. Bank that gives personal loans easily: UnionBank’s Quick Cash Loan

Requirements:

• Proof of identity (valid ID), proof of income (such as pay slips or income tax returns), and other documents that may be required by the bank.

Qualifications: 

• Open to a wide range of applicants, including employed and self-employed individuals.
• Age: Typically, applicants should be within a certain age range, often between 23 to 65 years old. This range can vary, so it’s important to check the bank’s latest guidelines.
• Minimum monthly income: UnionBank usually sets a minimum monthly income requirement for loan applicants. This amount can vary based on the type of employment (salaried or self-employed). It’s common for banks to require a steady and verifiable income source.

7. RCBC personal loan: Simple Steps to Get Financial Help

Requirements for RCBC personal loan:

• Signed application form with complete mandatory information
• One (1) valid government-issued ID
• A copy of any proof of income

For Employed Applicants:

• Latest Income Tax Return (ITR) 2316
• Certificate of Employment (COE)
• Latest 1-Month Payslip

For Self-Employed Applicants:

• Latest ITR and Financial Statement (FS) received by BIR
• Sole Proprietorship: DTI or Mayor’s Permit
• For Partnership: Articles of Partnership, SEC, GIS
• Corporations: Articles of Incorporation, SEC, GIS
• Credit Card Statement of Account or Promissory Note
• 3 months latest bank statement

RCBC personal loan qualifications:

• Age: 18 to 65 years old
• Employment Status:
  For Locally Employed Applicants: Permanent employment status
  For Self-Employed Applicants: Business profitably operating for at least 2 years, not under “High Risk” category
• Income:
  Employed Applicants: Gross monthly income of at least ₱15,000 (with Credit History) or ₱25,000 (New-to-Credit)
  Self-Employed Applicants:** Should be carded or have Credit History

Tips for an effortless bank personal loan application

1. Be Prepared: Gather necessary documents such as valid IDs, proof of income, and other required paperwork before starting the application process.
2. Check Eligibility: Ensure you meet the age and income criteria set by the bank of your choice. Knowing your eligibility beforehand saves time.
3. Explore Online Options: Many banks now offer online application platforms, allowing you to apply for a loan from the comfort of your home.
4. Compare Interest Rates: Take a moment to compare interest rates and repayment terms to find the most favorable option for your financial situation.
5. Seek Professional Advice: If you’re unsure about the process or which loan type suits you best, don’t hesitate to seek advice from banking professionals.

Wrapping it up!

So, there you have it, super parents! These banks are like your financial sidekicks, ready to swoop in and make your personal loan dreams come true. Remember, life is an adventure, and a personal loan can be the perfect tool to make it even more exciting.

Before you embark on this financial journey, do check out the latest interest rates and terms. And hey, if you’ve got all the necessary documents in place, you’re practically halfway there. Now go ahead, apply for that personal loan, and make those dreams – whether it’s a family vacation or upgrading your home – a reality. You’ve got this!

As parents, we understand the importance of having access to quick and hassle-free financial solutions. These banks in the Philippines are here to make your life a bit easier by offering personal loans that are easily accessible. Remember to carefully review the requirements and qualifications to find the best fit for your financial needs. Here’s to a stress-free journey towards achieving your family’s goals!