Most borrowers in the Philippines are concerned about loan interest rates. According to the latest financial inclusion survey by Bangko Sentral ng Pilipinas (BSP), loan interest rate is the top consideration by 37% of Filipinos. This is the reason why online loans at low interest rates have become increasingly popular in the Philippines recently. Let’s learn about online loans interest rates in the Philippines and the best place to get a loan through the article below.
In the Philippines, personal online loans at low interest rates often come from state-owned banking institutions. You may refer to the following 03 loans from 03 reputable banks Citi Bank, CIMB bank and HSBC.
Consider personal loans from banks
Monthly plus interest rate: 0.65% for 24 months
Effective interest rate: 14.29% for 24 months
Loan amount: ₱ 30,000 to ₱ 500,000
Loan term: From 06 to 36 months
Processing time: no later than 05 business days
Loan fee includes:
Processing fee: ₱ 1,500
Late payment fee: 36% per year for overdue payment
Stamp duty: 0.75% of the loan amount
Monthly plus interest rate: 1.12% to 1.95%
Loan amount: PHP 30,000 to PHP 1,000,000
Loan term: From 12 to 60 months
Processing time: Processing loan application in just 10 minutes, approval in 24 hours and disbursement within 01-02 business days of the bank
Loan fees include
Stamp duty
Late payment fee: 5% of the unpaid installment amount due or PHP 300
Monthly interest rate: 2.42%
Loan amount: Up to PHP 2,000,000
Loan term: From 12 to 60 months
Processing time: Within 24 hours
Loan fees include
Disbursement fee: PHP 1.750
Closing processing fee: 4% of the unpaid principal of the prepaid loan
Late payment fee: PHP 500 or 6% of overdue amount, whichever is higher
Besides banks, other online lending institutions are available for you. If you are afraid of complicated banking procedures, online loans applications will be a more suitable choice. In addition, the approval and disbursement time of online loans applications is also faster than that of banks.
Online loan applications also offer low interest rates
You may consider online loans through the MoneyCat application. MoneyCat is a 24/7 online financial solution providing and consulting platform, which is a part of a large financial structure operating in Vietnam, the Philippines and Russia.
Getting online loans in the Philippines with MoneyCat will have the following advantages:
0% interest on the first loan. Publicity and transparency of interest rates and other costs
Large loan limit, up to PHP 20,000
Simple, easy and fast loan procedure
Fast approval and disbursement time, which is less than 24 hours
Flexible payment term from 07 to 28 days
Ensure absolute confidentiality
The process of applying for a loan through MoneyCat is simpler than that of a bank. However, you also need to make sure you meet the following conditions:
Be 22 years old or above
Be a Filipino currently living in the Philippines.
Currently working or have a stable source of income
Have an active personal mobile phone number
Have an active personal bank account
Have any of the following identification papers - SSS, UMID, TIN, Driver’s License, Passport. It should be noted that we need you to provide a photo of at least 1 of the 4 mandatory IDs and a selfie with such ID).
It is easy to successfully apply for a loan at MoneyCat
To get a loan through the MoneyCat app, you just need to follow 4 simple steps as follows:
Step 1: Download the MoneyCat online loan application to your phone or visit the MoneyCat website. Follow the instructions to register an account.
Step 2: Fill in registration information such as full name, date of birth, phone number, email, personal ID, account number, bank name, etc.
Step 3: Upload a photo of your personal ID and the photo you took with your ID to MoneyCat’s system.
Step 4: Wait for the system to review. An OTP code will be sent to your phone number via SMS, enter this confirmation code to complete the registration process. After the application is successfully approved, your requested amount will be immediately disbursed to your bank account within 24 hours.
MoneyCat is a reliable personal loan platform in the Philippines
MoneyCat provides online loans at low interest rates, publicity and transparency of lending costs, simple procedures, fast disbursement, which is a safe and reliable financial solution for getting online loans in the Philippines.
The article mentions the interest rates of online loans in the Philippines applied by reputable local banks and MoneyCat’s interest rates. Hopefully you will find a suitable loan for you. If you are in need of an urgent day loan at low interest, apply for your first loan at MoneyCat. We hope to help you with the safest and most effective financial solutions.
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