16 Options for Easy Loan Application in the Philippines (2024)

With all the requirements you need to submit, getting a loan is understandably a meticulous process. Fortunately, there are still plenty of options to consider if you need cash ASAP or don't have enough income documents.

So where to apply for a loan easily in the Philippines? Check out this list of legit lenders that offer an easy loan application process in the Philippines.

16 Loans with Easy Application in the Philippines

Whether you’re looking for a personal loan with few requirements, an easy online application process, fast approval, big loanable amounts, or flexible repayment terms, here are some loans to consider:

Learn more about these loans below:

📌 UnionBank Personal Loan

If you’re a principal credit cardholder, it’s easy to apply for a UnionBank Personal Loan. Whether you're funding a home improvement or education, you can submit a quick loan application at UnionBank, with no collateral or guarantor needed.

Key Features of a UnionBank Personal Loan

• Loan amount: Up to ₱2 million (subject to approval)
• Monthly add-on rate: 1.29% (annual contractual rate: 26.9%)
• Loan tenure: 1 to 5 years
• Approval time: As fast as 5 minutes

Who Can Apply for a UnionBank Personal Loan?

Individuals who meet the following criteria can apply for this personal loan with low interest rates in the Philippines:

• Aged 21 to 65 years old
• Filipino resident or local resident foreigner with a valid Philippine billing address
• With a taxpayer identification number (TIN)
• Principal credit cardholder
• With a minimum gross annual income of ₱250,000

UnionBank Personal Loan Requirements

• Accomplished online application form
• Valid government-issued ID with photo and signature
• If employed: Latest one-month pay slip, COE, or ITR with BIR stamp
• If self-employed: Latest Income Tax Return (BIR Form 1701) and Audited Financial Statements (AFS) with independent auditor's report, balance sheets, and tax receipt
• If a foreign national: Valid passport or ACR and proof of residency in the Philippines

📌 UNO Digital Bank Personal Loan

Digital bank UNOBank offers a very easy loan application process via its mobile app. Plus, you don't need to present an existing credit card or a bank account to apply. No need to give up any asset as collateral as well!

Use this multi-purpose loan to fund your business needs, travel expenses, home improvement projects, and more.

Key Features of a UNO Digital Bank Personal Loan

• Loan amount: ₱10,000 to ₱500,000
• Monthly interest rate: 2%
• Loan tenure: 6, 12, 18, 24, or 36 months
• Processing time: Up to 7 working days

Who Can Apply for a UNO Digital Bank Personal Loan?

Individuals who meet the following criteria can apply for this loan:

• 21 to 65 years old
• Filipino national or citizen
• Resides and/or works within Metro Manila, Rizal, Laguna, Bulacan, Pampanga, Cavite, Cebu, Batangas, and Davao del Sur
• Annual minimum gross income of ₱420,000
  • If employed, must be tenured for at least six months
  • If self-employed, business must be in operation for at least two years

UNO Digital Bank Personal Loan Requirements

• Valid government-issued ID
• Contact details

📌 Metrobank Personal Loan

Metrobank launched its personal loan product in 2022, and it looks promising for those who want an easy loan application process. Simply complete an online application form, wait for the bank's email confirmation, and answer the call from the loan officer regarding your application.

Key Features of a Metrobank Personal Loan

• Loan amount: ₱20,000 to ₱2 million
• Monthly interest rate: 1.25% to 1.75% (annual contractual rate: 25.976% to 36.742%)
• Loan tenure: 12 to 36 months
• Processing time: Up to 7 working days

Who Can Apply for a Metrobank Personal Loan?

Individuals who meet the following criteria can apply for this loan:

• Filipino citizens at least 21 years old at the time of the loan application and 65 years old upon the maturity of the loan
• Must have a credit card
• Gross annual income of at least ₱350,000 (around ₱29,166 per month)
  • If employed: Must be regular employees with their current employer for at least a year
  • If self-employed: Must be at least two years in their current business

Metrobank Personal Loan Requirements

What makes this loan from Metrobank one of the easiest to apply for in the Philippines? The bank requires only two documents from borrowers:

• Valid government-issued ID
• Signed Promissory Note and Disclosure Statement (PNDS)

📌 BPI Personal Loan

If you're looking for an easy bank loan in the Philippines, check out the BPI Personal Loan. It has affordable payment terms and doesn't require any collateral.

You can easily apply through the BPI website and submit your income documents via email. Once your BPI Personal Loan application is approved, you can get your cash quickly through your BPI account.

Key Features of a BPI Personal Loan

• Loan amount: ₱20,000 to ₱3 million
• Monthly add-on rate: 1.2%
• Loan tenure: 12 to 36 months
• Processing time: 5 to 7 working days

Who Can Apply for a BPI Personal Loan?

Individuals who meet the following criteria can apply for this loan:

• Aged 21 and above but not older than 60 upon loan maturity
• Filipino citizen currently residing in the Philippines

BPI Personal Loan Requirements

Apart from a filled-out online application form, the applicant must submit the following requirements:

• If employed:
  • One valid government-issued ID with photo and signature
  • Latest three full-month payslips, or the latest ITR or BIR Form 2316
• If self-employed:
  • One valid government-issued ID with photo and signature
  • Latest three-year AFS, or latest ITR
  • DTI or SEC business registration certificate

📌 CIMB Bank Personal Loan

Are you looking for an easy loan you can apply for online? CIMB Bank^[1] offers an all-digital, quick loan in the Philippines. Application takes only ten minutes, with no collateral and no guarantor needed.

Want to know how to apply for a CIMB Personal Loan? It's easy—just download the CIMB Bank mobile app and log in to proceed with your application.

Key Features of a CIMB Personal Loan

• Loan amount: ₱30,000 to ₱1 million
• Monthly interest rate: 0.83% (Annual contractual rate of 18%)
• Loan tenure: 12 to 60 months
• Processing time: 10 minutes via the CIMB Bank mobile app
• Approval time: Up to 2 banking days

Who Can Apply for a CIMB Personal Loan?

Individuals who meet the following criteria can apply for this loan:

• Aged 21 and above
• Filipino citizen or non-US person with a mailing address and active mobile number in the Philippines
• Minimum gross monthly income of ₱15,000
  • If employed: Tenured for at least six months or one year of continuous employment, unless working in the top 15,000 corporations
  • If self-employed: Business in operation for at least one year

CIMB Personal Loan Requirements

• One valid government-issued ID
• Proof of income

📌 SB Finance Personal Loan

If you have to borrow a big amount and need a long repayment period, a personal loan from SB Finance,^[2] which is a partnership between Security Bank and Krungsri Thailand, may be a good fit for you.

You can file an easy loan application in the Philippines, as the process via the Zuki mobile app is purely digital. No credit card is needed to qualify.

Key Features of an SB Finance Personal Loan

• Loan amount: ₱30,000 to ₱2 million
• Monthly add-on rate: 2% (APR: 39.43%)
• Loan tenure: 12 to 36 months
• Processing time: Up to 5 banking days

Who Can Apply for an SB Finance Personal Loan?

Individuals who meet the following criteria can apply for this loan:

• Aged 21 and above but not older than 65 upon loan maturity
• Filipino citizen
• With an office or residence landline

SB Finance Personal Loan Requirements

Apart from a filled-out application form, the applicant must submit the following requirements based on employment type:

• If employed:
  • Certificate of Employment issued within the last six months, latest one-month payslip, or latest Income Tax Return (ITR)
• If self-employed:
  • Latest one-year AFS with at least the previous year’s comparative financials
  • DTI or SEC business registration certificate
  • Business or Mayor’s Permit
  • Latest three-month bank statements
  • At least three trade references with contact details
  • Latest GIS (if corporation)

📌 PSBank Flexi Personal Loan

For another easy bank loan in the Philippines, try out the collateral-free PSBank Flexi Personal Loan with Prime Rebate. If you get approved, you’ll receive an ATM card that works like a credit card minus the high interest rate.

Paying your monthly dues also becomes more gratifying with the loan rebate program, which allows you to receive rebates or gain savings when you make advance payments.

Key Features of a PSBank Flexi Personal Loan

• Loan amount: ₱20,000 to ₱250,000
• Monthly interest rate: 1.75% or 2.5% depending on the loan type
• Loan tenure: 24 or 36 months
• Processing time: 5 to 9 working days

Who Can Apply for a PSBank Flexi Personal Loan?

Individuals who meet the following criteria can file a PSBank Flexi Loan application online or in-branch:

• Aged 22 to 54 upon loan application
• Filipino citizen currently residing in the Philippines
• With residential contact number (landline or mobile), business landline, and email address
• With a minimum gross monthly income of ₱15,000 if employed or ₱30,000 if self-employed
  • If employed, with at least two years of permanent work status and one year of tenure in the current employer
  • If self-employed, must have profitable operations for the last three years
• Preferably an active credit cardholder

PSBank Flexi Personal Loan Requirements

Apart from a filled-out PSBank Flexi Personal Loan Application Form, the applicant must submit the following requirements:

• If employed:
  • Photocopy of one valid government-issued ID
  • Photocopy of BIR Form 2316
  • If a credit cardholder, an original copy of the latest credit card billing statement (with the applicant as principal cardholder)
• If self-employed:
  • Photocopy of one valid government-issued ID
  • Photocopy of BIR Form 1701 and AFS with a BIR stamp for the past two years
  • If a credit cardholder, an original copy of the latest credit card billing statement (with the applicant as the principal cardholder)

📌 RCBC Personal Loan

Looking for a loan to fund big goals? With the RCBC Personal Loan, you can borrow up to ₱2 million. You have to secure only a few documents—plus, you can get a low interest rate!

Key Features of an RCBC Personal Loan

• Loan amount: Up to ₱2 million
• Monthly interest rate: 0.90%
• Loan tenure: 6 to 36 months
• Processing time:5 to 7 banking days

Who Can Apply for an RCBC Personal Loan?

Filipinos who meet the following criteria can apply for this loan:

• At least 21 years old upon loan application and at most 65 years old upon loan maturity
• If employed, with a minimum monthly income of ₱15,000 (with credit history) or ₱25,000 (new-to-credit)
• If self-employed, with a business profitable for the past two years and a credit history

RCBC Personal LoanRequirements

• Accomplished RCBC Personal Loan Application Form
• Valid government-issued ID
• If employed: Certificate of Employment (COE), latest one-month payslip, or latest ITR
• If self-employed: Latest ITR or audited financial statements, credit card statement, and latest three-month bank statement

📌 Tonik Credit Builder

An easy loan in the Philippines that guarantees fast approval and a quick application is the Tonik Credit Builder.^[3] Tonik loan applicationis 100% digital through the bank's mobile app, making the process convenient and hassle-free.

True to its name, it's a great option if you don't need a big loan amount and just want to start building your credit history.

Key Features of a Tonik Credit Builder

• Loan amount: Up to ₱20,000
• Monthly add-on interest rate: As low as 4.84%
• Loan tenure: Up to 12 months
• Processing time: 2 days

Who Can Apply for a Tonik Quick Loan?

Individuals who meet the following criteria can apply for this loan:

• 23 to 58 years old
• Filipino citizen residing in the Philippines
• Currently employed

Tonik Quick Loan Requirements

• One valid ID
• Tonik savings account

📌 Tala Online Loan

With just an Android phone and a valid ID, you can already apply for a Tala loan online.^[4] Just download this easy loan mobile app to enjoy a quick loan application. The payment terms are flexible, allowing you to choose your due date.

Key Features of a Tala Online Loan

• Loan amount: ₱1,000 to ₱25,000
• Interest rate: 0.43% to 0.5% daily
• Loan tenure: Up to 61 days
• Processing time: 5-minute application process, instant decision, and loan disbursem*nt within 24 hours

Who Can Apply for a Tala Online Loan?

Individuals who meet the following criteria can apply for this loan:

• Filipinos aged 18 years and above
• With an active mobile number in the Philippines

Tala Online Loan Requirements

• Android smartphone with OS 4.1 or higher
• One valid government-issued ID

📌 EastWest Bank Personal Loan

If you need cash ASAP, check out the EastWest Bank Personal Loan. You just need a handful of documents, some of which you may already have lying around. The easy online application process takes only three steps—fill out the form, upload your scanned documents, and submit both.

Key Features of an EastWest Bank Personal Loan

• Loan amount: ₱25,000 to ₱2 million
• Monthly add-on interest rate: 1.79% to 1.99%
• Loan tenure: 12 to 36 months
• Processing time: 5 to 7 banking days

Who Can Apply for an EastWest Bank Personal Loan?

Individuals who meet the following criteria can apply for this loan:

• Filipino citizen or foreign national permanently residing in the Philippines
• 21 years old during application and not more than 65 years old upon loan maturity
• With a monthly income of at least ₱15,000

EastWest Bank Personal Loan Requirements

• Filled-out application form
• Valid government ID
• Landline and mobile number
• If employed: Photocopy of latest ITR/BIR Form 2316, latest three-month pay slips, Certificate of Employment, or valid credit card reference or statement of account
• If self-employed: Photocopy of latest ITR/BIR Form 1701 and Audited Financial Statements, DTI Registration Certificate or SEC Registration Certificate, valid credit card reference or statement of account
• If foreign national: Proof of residence

📌 UnionBank Quick Loan

Lucky qualified UnionBank account holders need only to receive an invitation notification to apply for this loan. They can also get approved within 60 seconds!

Key Features of a UnionBank Quick Loan

• Loan amount: Depends on credit score
• Interest rate: Calculated on a daily basis based on the diminishing balance of the loan
• Loan tenure: 1, 2, 3, 6, and 12 months
• Processing time:Within 60seconds

Who Can Apply for a UnionBank Quick Loan?

Qualified UnionBank deposit account holders who received an SMS or email invitation can apply for this loan.

UnionBank Quick Loan Requirements

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

📌 GLoan

Need funds fast? With GLoan's easy loan application process, you can get some in a matter of minutes.

Avail of GLoaninstantly via the GCash app. As long as you have a high GScore, you'll get approved—no additional documents and collateral needed!

Key Features of a GLoan

• Loan amount: ₱125,000
• Monthly interest rate: 1.59%
• Loan tenure: Up to 24 months
• Approval time: Instantly

Who Can Apply for a GLoan?

Individuals who are pre-qualified users with a high GScore

GLoan Requirements

• GCash account
• High GScore to unlock GLoan

📌 Maya Personal Loan

Looking for more loans you can easily get via an app? Check out the Maya Personal Loan.

You only need an upgraded Maya account. You can also complete the entire application process in-app. Note, however, that it's available only to select Maya users at the moment.

Key Features of a Maya Personal Loan

• Loan amount: Up to ₱250,000
• Interest rate: 0.83%
• Loan tenure: Up to 24 months
• Processing time: Instantly

Who Can Apply for a MayaPersonal Loan?

• 21 to 65 years old
• Filipino citizen residing in the Philippines
• Active Maya user

Maya Personal Loan Requirements

Upgraded Maya account

📌 ACOM Cash Loan

With ACOM,^[5] you can quickly apply for an easy loan online through the ACOM app or at any ACOM booth or branch near you. The requirements for this revolving credit line are basic, and there’s no need for a co-maker or collateral. Depending on your evaluation, your REVOMAX loan can also get approved within the day of application.

Key Features of an ACOM Cash Loan

• Loan amount: Up to ₱500,000
• Monthly interest rate: 4.988%
• Processing time: As fast as 1 day; up to 3 to 5 days or longer depending on credit evaluation

Who Can Apply for an ACOM Cash Loan?

Individuals who meet the following criteria can apply for this loan:

• Filipino citizens aged 21 to 65
• Residing within Luzon
• Employed with a tenure of at least three months
• Minimum gross monthly income of ₱10,000
• With an existing company landline phone and personal mobile number

ACOM Cash Loan Requirements

• One valid government-issued ID
• Proof of employment: Certificate of Employment or company ID
• Proof of TIN/SSS: TIN card, recent BIR 2316, company ID, or payslip

📌Home Credit Cash Loan

Need cash to start a personal project, buy big-ticket items, or pay off unexpected expenses? Check out the Home Credit Cash Loan. With this loan product, you can get approved in as fast as one minute!

Key Features of a Home Credit Cash Loan

• Loan amount: ₱3,000 to ₱150,000
• Monthly interest rate: 2.32%
• Loan tenure: 6 to 60 months
• Processing time: As fast as 1 minute

Who Can Apply for a Home Credit Cash Loan?

Individuals who meet the following criteria can apply for this loan:

• Filipino citizens aged 18 to 68 years old
• Must be an existing Home Credit customer who received an offer via SMS
• With income from employment, business, remittances, or pension

Home Credit Cash Loan Requirements

• Valid ID with complete address
• Any available document that proves your financial capabilities

10 Tips to Get Approved for Your Easy Loan Application in the Philippines

Now you know how convenient taking out a loan from banks and other financial institutions can be these days! But before you sign up for that loan, here are some helpful reminders for easy loan application and approval.

✔️ Determine the Kind of Loan You Need

Why do you need to take out a loan? The answer will determine the right kind of loan and which lender to get it from.

If you need just a few thousand pesos to tide you over, you can get a payday loan or an online loan. But if you’re looking for a loan for funding a home renovation, a wedding, or a small business, a multi-purpose loan is the ideal choice.

✔️ Consider Your Debt-to-Income Ratio

How much do you need to borrow to fund your loan purpose? More importantly, how much can you afford in monthly repayments?

One of the things banks and loan providers look at is an applicant’s debt-to-income ratio, which is the percentage of your gross monthly income that goes to paying your monthly debt payments.^[6]

✔️ Choose the Shortest Loan Term

When you take out a loan, you may be offered several loan term options. But keep in mind that longer loan terms mean more interest charges and higher interest rates over time. It’ll take longer for you to pay off the loan and finally become debt-free.

On the other hand, a shorter loan term can improve your chances of getting approved. Loan providers prefer shorter payback periods because of the lower chances that your financial situation will change during the loan period.

✔️ Apply for a Realistic Loan Amount

Make sure to check the loan qualifications before submitting your loan application. Banks and financial institutions offer minimum and maximum loan amounts, so it’s not guaranteed that you’ll be approved for the maximum amount. This will still depend on your income and your credit history.

✔️ Improve Your Credit Score

If you wish to apply for a loan and get approved, check your credit score. This is one of the major considerations of loan providers when approving or rejecting a loan application.

Take the necessary steps to fix a bad credit score, preferably while you still don’t need a loan. Pay off those delinquent credit cards or any unpaid loans. Get a copy of the bank clearance letter and check credit reporting agencies to see if your information is correct and updated.

✔️ Shop Around and Compare Fees

Check different providers' loan products to compare rates and terms. If you can speak to a loan officer, ask questions about the loan application process, the requirements, repayment schedules, fees, and charges.

This way, you can get all the information you need and choose the right loan product. You'll be able to see if you have the financial capacity to pay off the loan promptly.

✔️ Get Your Paperwork Ready

Prepare all your income documents to facilitate a quick loan application process, especially if you need the loan to get approved ASAP. Make sure they are updated and that all information is true and correct.

✔️ Consider the Fees and Charges

Read the terms and conditions and study the personal loan fees. How much are the application or origination fees? Are the late payment fees and prepayment penalty fees too high? You can find the least expensive loan by comparing the loan’s total cost, which includes fees and charges.

✔️ Don’t Apply for Too Many Loans

Applying for too many loans is a sign that you’re a high credit risk. This will alert loan providers that you’re really in a financial bind. It can negatively impact your loan application.

Learn about your available loan options to identify the right fit before submitting your loan application. Compare your loan options online using a comparison website like Moneymax to know the eligibility criteria, repayment options, and applicable fees.

✔️ Never Skip Payments

Missed payments will not just hit you with late payment fees—they'll also negatively impact your credit score and your relationship with your loan provider. As a result, it will be more challenging for you to apply for a new loan.

To make sure you don’t miss a loan payment, set up an automatic debit arrangement on your savings account, or set a recurring reminder on your phone or computer a few days before your due date.

Final Thoughts

Aside from an easy loan application process, consider other factors when choosing a personal loan.

Make sure you can afford the monthly payments. Whether it’s a short-term or long-term loan, pick one that will work with your current financial situation and your repayment timeline. This way, it will be easy for you to apply for a loan again should you need one in the future.

Meanwhile, if you're looking for more personal loan options, check out the options below and apply easily through Moneymax:

Sources:

• ^[1] CIMB Bank Personal Loan
• ^[2] SB Finance Personal Loan
• ^[3] Tonik Credit Builder
• ^[4] Tala Loan
• ^[5] ACOM Cash Loan
• ^[6] Debt-to-Income (DTI) Ratio: What's Good and How To Calculate It (Investopedia, 2024)