Loan Application Processes 16 Philippines That Are Simple

Loan Application Processes

Loan Application Processes: Given all the restrictions, it is obvious that asking for a loan involves a lot of labor. Fortunately, if you don’t have enough income documentation or if you need cash right away, there are still several possibilities to think about.

Where in the Philippines is the easiest place to apply for a loan? View this list of reputable lenders in the Philippines that provide a simple loan application process.

Also Read: What Are DSCR Mortgage Loans For New York?

16 Loans In The Philippines With Simple Loan Application

Here are some loans to think about if you’re searching for a personal loan with low prerequisites, a simple online application process, quick approval, large loanable amounts, or flexible payback terms:

Obtaining a UnionBank Personal Loan is simple if you own a primary credit card. You don’t need any collateral or guarantors to apply for a loan quickly with UnionBank, whether you’re financing schooling or home improvements.

Important Details Of A Personal UnionBank From Loan Application

Maximum loan amount: ₱2 million (approval required)

Rate of addition for each month: 1.29% (contractual yearly rate: 26.9%)

Duration of loan: 1 to 5 years

Time of approval: Up to five minutes 

For Whom Is A UnionBank Personal Loan Available?

The following people in the Philippines are eligible to apply for this low-interest personal loan:

• Aged 21 to 65, either as a resident of the Philippines or as a Filipino citizen with a current Philippine billing address
• Using a TIN, or taxpayer identification number
• primary credit cardholder
• Having a ₱250,000 gross annual income is a minimum 

Requirements For UnionBank Personal Loan Application

• completed the online application
• valid ID from the government, complete with signature and photo
• If you are employed: your most recent pay stub, COE, or ITR with a BIR stamp.
• If you work for yourself: your most recent income tax return (BIR Form 1701) and audited financial statements (AFS) that include balance sheets, tax receipts, and an independent auditor’s report
• If a foreign national ACR or valid passport together with documentation of Philippines residency 

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Digital bank Through its mobile app, UNOBank provides a relatively simple loan application process. Furthermore, you can apply without having to provide proof of an active credit card or bank account. No more assets to forfeit as collateral!

You can use this all-purpose loan to pay for home renovation projects, travel bills, business necessities, and more. 

Important Elements Of A Personal Loan from UNO Digital Bank Loan Application

• Amount of loan: ₱10,000–₱500,000
• Interest rate per month: 2%
• Terms of loan: 6, 12, 18, 24, or 36 months
• Processing period: up to seven business days 

Who May Apply For A Personal Loan from UNO Digital Bank?

• The following people are eligible to apply for this loan:
• 21 to 65 years old, citizen or national of the Philippines
• Possesses a minimum yearly gross income of ₱420,000 and resides or works in any of the following Metro Manila regions: Rizal, Laguna, Bulacan, Pampanga, Cavite, Cebu, Batangas, and Davao del Sur.
•  If employed, a minimum of six months of employment is required.
•  Self-employed individuals must have operated their firm for a minimum of two years.                  

Conditions For Personal Loans From UNO Digital Bank

• a legitimate ID from the government
• Details of contact

For individuals looking for a simple loan application process, Metrobank’s personal loan product, which was introduced in 2022, appears promising. Just fill out the online application, wait for the email confirmation from the bank, then take a call from the loan officer to discuss your application.

Crucial Elements Of A Personal Loan Application From Metrobank

Amount of loan: ₱20,000–₱2 million

Interest rates vary from 1.25 percent to 1.75% per month (annual contractual rate: 25.976% to 36.742%).

Duration of loan: 12 to 36 months

Processing period: up to seven business days 

For Whom Is A Metrobank Personal Loan Available?

The following people are eligible to apply for this loan:

• Filipino nationals who are 65 years of age when the loan matures and at least 21 years old when they apply for the loan
• Credit card required
• A minimum gross yearly income of ₱350,000, or approximately ₱29,166 per month
• If working: must have worked regularly for their present job for a minimum of a year.
• If you work for yourself: must have been in their current business for at least two years. 

Requirements For Metrobank Personal Loan Application

Why is it that applying for this Metrobank loan is among the simplest in the Philippines? There are just two documents that the bank needs from borrowers:

• a legitimate ID from the government
• signed Disclosure Statement and Promissory Note (PNDS)

📌 Personal Loan from BPI

Take a look at the BPI Personal Loan if you’re searching for a simple bank loan in the Philippines. It doesn’t need collateral and offers reasonable payment conditions.

Applying online with BPI is simple, and you may email your income documentation in. You can obtain your money through your BPI account promptly after your application for a BPI Personal Loan is accepted.

Essential Elements Of A BPI Personal Loan Application

• Amount of loan: ₱20,000–₱3 million
• Add-on rate each month: 1.2%
• Duration of loan: 12 to 36 months
• Processing time: five to seven business days 

For whom is a BPI personal loan available?

The following people are eligible to apply for this loan:

• 21 years of age or older, but no older than 60 when the debt matures
• Currently residing in the Philippines is a Filipino citizen.

The requirements for a BPI Personal Loan Application

In addition to completing the online application form, the candidate needs to send in the following documents:

• If working:
• One genuine ID from the government, complete with signature and photo
• the most recent ITR or BIR Form 2316, or the most recent three full-month paystubs
• If you work for yourself:

One legitimate ID provided by the government that has a photo and signature The most recent three-year AFS, or the most recent ITR DTI or SEC business registration certificate

• One genuine ID from the government, complete with signature and photo
• the most recent three-year AFS or ITR
• Certificate of DTI or SEC Business Registration

📌 Personal Loan from CIMB Bank

Are you trying to find a simple online loan application? In the Philippines, a fast, all-digital loan is available from CIMB Bank[1]. It simply takes ten minutes to apply, and neither collateral nor guarantors are required.

Are you wondering how to apply for a personal loan from CIMB? It’s simple: to continue with your application, just download the CIMB Bank mobile app and log in.

Main Elements of a Personal Loan Application from CIMB

• Amount of loan: ₱30,000 to ₱1,000,000
• The interest rate for the month is 0.83% (contractual annual rate is 18%).
• Duration of loan: 12 to 60 months
• Ten minutes for processing through the CIMB Bank mobile app
• Time of approval: up to two business days 

For whom is a CIMB Personal Loan available?

The following people are eligible to apply for this loan:

• Filipino citizens or non-US citizens who are at least 21 years old and have a Philippine mailing address and active mobile number
• A minimum of ₱15,000 in gross monthly income
• If employed: Tenured for a minimum of six months or a full year of employment, unless hired by one of the top fifteen thousand corporations
• If self-employed, a minimum of one year of business operation 

CIMB Personal Loan Qualifications

• One genuine ID from the government
• Evidence of income

📌 Personal Loan from SB Finance 

SB Finance is a joint venture between Security Bank and Krungsri Thailand that offers personal loans. If you need to borrow a large sum and have a long repayment time, this could be an excellent option for you.

In the Philippines, applying for a loan is simple because the Zuki mobile app facilitates a fully digital approach. To qualify, you don’t need a credit card.

Important Details about a Personal Loan from SB Finance

• Amount of loan: ₱30,000–₱2 million
• Add-on rate every month: 2% (APR: 39.43%)
• Duration of loan: 12 to 36 months
• Processing time: Five banking days or more 

For whom is an SB Finance personal loan available?

The following people are eligible to apply for this loan:

• 21 years of age or older, but no older than 65 when the debt matures
• citizen of the Philippines
• Using a landline for a business or home

Conditions for Personal Loans from SB Finance

In addition to a completed application, the candidate needs to send in the following materials, depending on the type of employment:

If working:

•  A recent income tax return (ITR), a payslip from the previous month, or a certificate of           employment issued within the previous six months

If you work for yourself:

• Most recent one-year AFS with comparable financials from at least the prior year
• Business registration certificate from the SEC or DTI, or a mayor’s permit
• most recent three-month bank statements
• Three trade references minimum, along with contact information
• Up-to-date GIS (if a business) 

📌 Flexi Personal Loan from PSBank

Try the PSBank Flexi Personal Loan with Prime Rebate, a collateral-free loan option, for another simple bank loan in the Philippines. If your application is accepted, you’ll get an ATM card that functions similarly to a credit card but without the hefty interest rate.

With the loan rebate program, you can earn discounts or rebates for making early payments, which makes paying your bills every month even more satisfying.

The PSBank Flexi Personal Loan’s Principal Elements

• Amount of loan: ₱20,000–₱250,000
• 1.75% or 2.5% per month, depending on the type of loan
• Duration of loan: 24 or 36 months
• Processing time: five to nine business days. 

Who Is Eligible to Apply for a Personal Loan from PSBank?

Those who fit the following requirements may apply online or in-branch for a PSBank Flexi Loan:

• 22 to 54 years old when applying for a loan
• Currently residing in the Philippines is a Filipino citizen.
• Along with a business landline, email address, and residential contact number (landline or mobile).
• Having a gross monthly income of at least ₱15,000 if working for pay or ₱30,000 if working for themselves 
• If employed, with a minimum of two years of continuous employment and a year of service with the current employer
• If self-employed, a business must have been profitable for the previous three years.
• Ideally, a current credit cardholder

Conditions for PSBank Flexi Personal Loan Application

In addition to completing the PSBank Flexi Personal Loan Application Form, the applicant needs to send in the necessary documentation.

If working:

• A copy of one legitimate ID from the government
• A duplicate of BIR Form 2316
• An original copy of the most recent credit card billing statement, if the applicant is the primary cardholder if they have one

If you work for yourself:

• A copy of one legitimate ID from the government
• AFS and BIR Form 1701 photocopies, both having a BIR stamp for the last two years
• An original copy of the most recent credit card billing statement, if the applicant is the primary cardholder if they have a credit card 

📌 Personal Loan at RCBC

Want a loan to help you reach your big goals? You can take out an RCBC Personal Loan for a maximum of ₱2 million. Only a few documents need to be obtained, and you can also receive a low interest rate!

Important Details about a Personal Loan from RCBC

• Maximum loan amount of ₱2 million
• Interest rate per month: 0.90%
• Duration of loan: 6 to 36 months
• Five to seven banking days for processing 

For whom is an RCBC personal loan available?

The following Filipinos are eligible to apply for this loan:

• At least 21 years old when applying for a loan and no older than 65 when the loan matures
• If working, a minimum monthly salary of ₱15,000 (for those with a credit history) or ₱25,000 (for those who are new to credit)
• If self-employed, have a credit history, and have run a profitable business for the previous two years

Requirements For an RCBC Personal Loan Application

• Completed Application for RCBC Personal Loan
• a legitimate ID from the government
• If working: most recent ITR, latest payslip for one month, or Certificate of Employment (COE).
• If self-employed, provide the most recent three-month bank statement, credit card statement, and ITR or audited financial statements. 

📌 Credit Builder from Tonik

The Tonik Credit Builder is a simple loan in the Philippines that ensures prompt approval and application processing.[3] The Tonik loan application process is entirely digital and accessible via the bank’s mobile app, which makes it simple and convenient.

As implied by the name, it’s an excellent choice if all you want to do is start developing your credit history and don’t need a large loan amount. 

Crucial Elements of a Tonik Credit Developer

Maximum loan: amount of ₱20,000

Add-on interest rate each month: As little as 4.84%

Maximum loan: term of 12 months

Two days: for processing 

For whom is a Tonik Quick Loan available?

• The following people are eligible to apply for this loan:
• ages 23 to 58
• resident Filipino national in the Philippines
• Currently working 

Tonik Fast Loan Conditions

• One legitimate ID
• Tonik savings account

📌 Tala Online Loan

You may currently apply online for a Tala loan with just an Android phone and a legitimate ID.[4] To get a speedy loan application, simply download this easy loan mobile app. Since the conditions of payment are variable, you are free to select the date of payment.

Crucial Elements of an Online Tala Loan

• Borrowing limit: ₱1,000 to ₱25,000
• Daily interest rate: 0.43% to 0.5%
• Maximum loan term of 61 days
• Processing time: 5 minutes for the application, an immediate decision, and a 24-hour loan disbursement   

Who May Apply for an Online Loan from Tala?

The following people are eligible to apply for this loan:

• Filipino nationals who are at least eighteen
• possessing a working cellphone number in the Philippines

Qualifications for Tala Online Loans

• Android mobile device running OS 4.1 or later
• One genuine ID from the government

📌 Personal Loan from EastWest Bank

Check out the EastWest Bank Personal Loan if you require money right away. Only a few documents are required, some of which you may already have on hand. There are simply three simple steps to the online application process: complete the form, upload your scanned papers, and submit both.

Important Details of a Personal Loan from EastWest Bank

• Amount of loan: ₱25,000–₱2 million
• Interest rate for monthly add-ons: 1.79% to 1.99%
• Duration of loan: 12 to 36 months
• Five to seven banking days for processing 

Who May Apply for a Personal Loan from EastWest Bank?

The following people are eligible to apply for this loan:

• Foreign nationals or Filipino citizens who live permanently in the Philippines
• 21 years old at the time of application and no older than 65 when the loan matures
• Having a minimum monthly income of ₱15,000. 

EastWest Bank Requirements for Personal Loans

• completed application
• Authentic government identification
• Both a landline and a mobile number
• If employed: a copy of the most recent ITR/BIR Form 2316, the most recent three months’ worth of pay stubs, a certificate of employment, a legitimate credit card reference, or an account statement
• If you work for yourself: A copy of the most recent ITR/BIR Form 1701 and Audited Financial Statements, a valid credit card reference or statement of accounts, a DTI or SEC registration certificate
• Proof of residency if the person is foreign 

📌UnionBank Fast Loan

The only requirement for fortunate qualified UnionBank account customers to apply for this loan is to get an invitation notification. They can also receive approval in just sixty seconds! 

Important Details of a UnionBank Fast Loan

• Loan amount: Determined by creditworthiness
• Interest rate: Determined daily by using the loan’s decreasing balance.
• Loan terms: two, three, six, and twelve months
• Time spent processing: 60 seconds 

Who May Apply for a Fast Loan from UnionBank?

Those who have qualified UnionBank deposit accounts and got an invitation via email or SMS are eligible to apply for this loan.

UnionBank Fast Loan Qualifications

• Invite code
• Unionbank account
• Email address
• Mobile number

Want money now? You can obtain some in a matter of minutes using GLoan’s simple loan application procedure.

Use the GCash app to instantly access GLoan. You won’t need any more paperwork or collateral if your score is high enough to get you authorized! 

Crucial Elements of a GLoan

• Amount of loan: ₱125,000
• Interest rate per month: 1.59%
• Maximum loan term of 24 months
• Approved immediately 

For Whom Is a GLoan Applicable?

Those with a high GScore who are pre-qualified users

GLoan Conditions

• GCash virtual money account
• To unlock GLoan, have a high GScore.

📌 Maya Individual Loan

Searching for more loans that you may obtain quickly with an app? Examine the Personal Loan from Maya.

All you require is an updated Maya account. The whole application procedure can also be finished in-app. However, take note that at this time, only a limited number of Maya users can access it. 

Important Maya Personal Loan Characteristics

• Maximum loan amount of ₱250,000
• Rate of interest: 0.83%
• Maximum loan term of 24 months
• Time of processing: instantaneous  

For whom is a Maya Personal Loan available?

• Age range: 21 to 65
• Resident Filipino national in the Philippines
• Current user of Maya

Needs for Maya Personal Loans

Improved account for Maya

📌 ACOM Cash Advance Loan Application

You can easily apply for a loan with ACOM[5] online, through the ACOM app, or in person at any ACOM branch or booth nearby. This revolving credit line has simple conditions; collateral or a co-maker are not required. Your REVOMAX loan may potentially be authorized on the same day that you apply, depending on your evaluation.

Important Specifics of an ACOM Cash Loan

Maximum loan: amount of ₱500,000

Interest rate per month: 4.988%

Processing time: Depending on credit evaluation, as little as one day, up to three to five days, or longer.

Who Is Eligible to Apply for an ACOM Cash Loan Application?

The following people are eligible to apply for this loan:

• Filipino nationals between the ages of 21 and 65
• Living on Luzon
• employed for a minimum of three months
• A minimum of ₱10,000 per month in gross income
• with a personal cellphone number and an active business landline

Conditions for an ACOM Cash Loan

• One genuine ID from the government
• Evidence of employment Employment certificate or business identification
• Evidence of TIN/SSS: payslip, firm ID, latest BIR 2316, or TIN card

📌 Cash Loan Application for Home Credit 

Do you need money to start a side project, make a large purchase, or cover unforeseen costs? Look into the Cash Loan for Home Credit. You can receive approval for this loan product in as little as one minute!

Important Details of a Cash Loan Application for Home Credit

• Amount of loan: ₱3,000–₱150,000
• Interest rate per month: 2.32%
• Duration of loan: 6 to 60 months
• Processing time: Up to 60 seconds 

For whom is a Home Credit Cash Loan Application available?

The following people are eligible to apply for this loan:

• Filipino nationals between the ages of 18 and 68
• Must be a current Home Credit client who got an SMS offer
• With earnings from a job, a business, pensions, or remittances 

Requirements for Home Credit Cash Loan Application

• Authentic identification with full address
• Any documentation that you have that demonstrates your financial capability

Ten Tricks to Help Your Simple Loan Application in the Philippines Be Accepted

You now understand how easy it is to obtain a loan from banks and other lenders in the modern day! Here are some useful pointers for a simple loan application and approval process before you apply for that loan, though.

✔️Choose the Type of Loan Application You Require.

Why is getting a loan necessary for you? Which lender and what kind of loan to acquire will depend on the response.

You can apply for an online or payday loan if you merely need a few thousand pesos to get by. However, a multipurpose loan is the best option if you need money for a wedding, a small business, or home renovations.

✔️ Examine Your Ratio of Debt to Income

How much money must you borrow to pay back your loan? More importantly, what is the monthly payback amount that you can afford?

An applicant’s debt-to-income ratio—the proportion of their gross monthly income that is allocated to debt payments each month—is one of the factors that banks and loan providers consider.[6]

✔️Pick the Shortest Loan Term

You can be presented with several loan term options when you take out a loan. However, bear in mind that lengthier loan terms result in greater interest rates over time as well as additional fees. It will take longer for you to settle your debt and pay off the loan.

A shorter loan period, however, may increase your chances of being accepted. Because there is less risk that your financial condition will change over the loan time, lenders favor shorter payback periods. 

✔️ Amount Reasonable Loan Application

Before submitting your loan application, make sure you have reviewed the loan qualifications. It is not a given that you will be granted the maximum loan amount because banks and other financial organizations have minimum and maximum lending amounts. Your credit history and income will continue to be factors in this. 

✔️ Raise Your Credit Rating 

Check your credit score if you hope to apply for and be approved for a loan. When deciding whether to approve or reject a loan application, this is one of the main factors that lenders take into account.

Ideally, you should take the required actions to improve your credit score before you still require a loan. Pay off any outstanding debts or past-due credit card balances. Obtain a copy of the bank clearance letter and verify the accuracy and timeliness of your information by contacting credit reporting bureaus.

✔️ Compare prices and shop around

Examine loan products offered by several providers to evaluate terms and rates. Ask questions concerning the loan application procedure, prerequisites, repayment plans, fees, and charges if you get the opportunity to talk with a loan officer.

In this manner, you can select the ideal credit product and obtain all the information you require. You’ll be able to assess your ability to make timely loan repayments.

✔️ Loan Application Prepare your paperwork

If you want your loan application to be processed quickly, get all of your income documentation ready, especially if you need the loan granted right away. Verify that all of the information is accurate and up to date.

✔️Examine the Costs and Fees Loan Application

Examine the personal loan costs and terms and conditions. What is the cost of the origination or application fees? Are the penalties for early payments and late payments excessively high? By analyzing the overall cost of the loans—including fees—you can determine which one is the least expensive.

✔️Avoid Making Too Many Loan Applications

An excessive number of loan applications indicates a significant credit risk. This will let lenders know that you’re in a serious financial situation. It can have a bad effect on your loan application.

Before filing your loan application, educate yourself on your various loan options to determine which one is the best fit. Use a comparison tool such as Moneymax to compare your online loan possibilities and learn about the requirements for eligibility, repayment options, and associated costs. 

✔️ Don’t Miss Any Payments

Not only will missing payments result in late fees, but they will also harm your credit rating and your rapport with your lender. It will therefore be more difficult for you to submit a fresh loan application.

Establish an automatic debit plan on your savings account or schedule a recurring reminder on your computer or phone a few days before your loan’s due date to ensure you don’t forget to make payments.

Last Words

When selecting a personal loan, take into account various aspects in addition to a simple loan application procedure.

Verify that you can make the monthly payments. Select a loan, whether it be long-term or short-term, based on your repayment schedule and existing financial status. In this manner, applying for a loan in the future, should you need one, will be simple for you.

In the meantime, you can apply quickly and conveniently for personal loans through Moneymax by looking at the options below: