EastWest Bank is one of the fastest-growing bank nowadays. To keep up with the growth and trend, the bank continuously offers products fit for every member of the society. This includes personal loan, a multi-purpose loan that is designed to suit your financial needs. This is open to everyone (as long as it is within the age limit), which you can use to pay off bills, renovate your home, investment, or for your child’s education.
Here’s what you need to know about EastWest Bank’s Personal Loan facility plus tips on how to apply and boost chances of approval:
Features of EastWest Bank Personal Loan
- Loan Amount: minimum of P25,000 to maximum of P2 million
- Loan Term: 12, 18, 24, and 36 months
- Monthly Interest Rate: 1.89 percent if borrower has either no credit card or with credit card less than one year; 1.49 percent for 12 months, 1.59 percent for 18 and 24 months, and 1.69 percent for 36 months
- No collateral and co-maker required
- Loan proceeds will be released via Manager’s Check, which you must pick up at EastWest Bank Head Office
- Loan payment through Post-Dated Checks, which will be picked up by EastWest Bank’s authorized messenger. You can also request for Credit to Account option
- Processing fee of P1,900, which will be deducted from the loan proceeds
- Late payment fee of P500 per month or 8 percent per month of the past due amount, whichever is higher
- Early Payoff Fee of P500 per month or 8 percent per month of the outstanding balance, whichever is higher
- Filipino citizen
- At least 21 years old at the time of loan application and not more than 65 years old by the time the loan matures
- Have landline number AND mobile number available
- With gross monthly income of at least P15,000 or basic annual income is not less than P180,000
- Photocopy of at least one valid government-issued ID. You can also check out the list of acceptable IDs here.
- If employed, photocopy of latest ITR or BIR Form 2316; OR latest payslip for the past three months; OR latest credit card Statement of Account
- If self-employed, photocopy of ITR or BIR Form 1701, audited Financial Statements, DTI or SEC registration certificate, latest credit card Statement of Account, AND other documents for further verification such as Business Permit or Mayor’s Permit
How to Apply for EastWest Bank Personal Loan Online:
- Fill out the online application form. You can access it here.
- Accept the Terms and Conditions.
- Enter the Verification Code and click Submit.
- Attach scanned copies of the required documents for reference.
Loan processing will take some time. You will also be contacted by the bank’s representative for additional instructions, so make sure to check your email regularly.
Tips in Applying for EastWest Bank Personal Loan:
- Submit all necessary requirements, especially proof of income, to facilitate faster processing and approval.
- Own a credit card or at least consider getting one if you plan to apply for the bank’s Personal Loan facility. Having one (and making sure you pay on time) gives EastWest Bank an impression that you are a responsible borrower.
Are you ready to apply?
One of the popular loan facilities offered by banks is the personal loan facility. In a previous post, we shared about how to apply for BDO Personal Loan plus other tips to help you increase chances of approval. Apparently, it was for employed, self-employed, and professionals who reside, work/do business in the Philippines. It turns out that BDO offers another type of personal loan facility specifically for OFWs.
There are two types of BDO Kabayan Program:
- Secured Loan: This is often offered against on Individual or Joint BDO saving account or time deposit deposit, which will be used as a security
- Unsecured Loan: This non-collateral loan is a multi-purpose loan for OFWs with fixed income.
Aside from this, here’s what you need to know about BDO Kabayan Program:
Features of BDO Kabayan Program
- Loan Amount: minimum of P10,000 to maximum of 90 percent and 80 percent of the deposit account balance for Peso and Dollar account, respectively.
- Loan Term: 6, 12, 18, 24, and 36 months; if secured and contract based employees, the maturity of the Time Deposit and the loan tenor, respectively, must be co-terminous with the loan
- Fixed monthly payment
- Interest Rate for Unsecured Loan: Fixed at 2 percent, regardless of the loan term
- Interest Rate for Secured Loan: 0.84 % (6 months), 0.79% (12 and 36 months), and 0.78% (18 and 24 months)
- Loan processing fee of P1,200
- At least one valid government-issued ID
- Between 25 and 65 years old (at the time of loan maturity)
- At least three years continuous employment or employment contract
- At least one landline at residence or employment
- Gross monthly income of at least P10,000 or its US dollar equivalent
- Beneficiary of the loan must be within BDO serviceable area or 30km radius from any BDO branch
- Signed Automatic Debit Arrangement form
- Authorization letter for beneficiary and signed by OFW-applicant
- Beneficiary Information form, if funds will be released to anyone and not the OFW-applicant
- Special Power of Attorney, if OFW-applicant is abroad and cannot personally process the loan application
How to Apply for BDO Kabayan Program
- Completely fill out an application form and submit it at any BDO branch near you. You can download a copy of the application form here.
- Submit the required documents together with the completed application form.
- Wait for a call from BDO representative regarding the status of your loan application within one to two weeks from the time loan application was submitted. If approved, the proceeds will be credited to your BDO account.
Tips in Applying for BDO Kabayan Personal Loan
- Submit all the required documents to lessen the processing time.
- Make sure that there is no bad credit or adverse findings in your Credit History. If there is, make payments as soon as you can to minimize negative feedback on your credit score.
- Only transact with BDO branches near your area.
Most banks will simply recognize your status as OFW and that’s it. This is how BDO Kabayan Program can set itself apart from the other personal loan facilities offered by other banks. The facility is specifically designed for OFWs to make availment easier and more convenient. This way, BDO can extend credit to those who are in need of immediate funds.
There are several reasons why you need to borrow money. It could be to pay off emergency expenses, finance your travel with the family, make improvements in your home, and the list goes on. Whatever your reason is, one thing’s for sure: Security Bank’s Personal Loan facility can help you.
Here’s what you need to know about this facility:
Features of Security Bank’s Personal Loan
- Loan Amount: P30,000 to maximum of P1 million
- Loan Term with Corresponding Interest Rate: 12 (1.39%), 18 (1.49%), 24 (1.59%), and 36 (1.69%) months
- Processing fee of P2,000 to be deducted from loan amount
- Payment of Documentary Stamp Tax for loan above P250,000
- Payment of Notarial Fee for Loan above P100,000
- Payment of 5% from the remaining balance in case of Early Termination of Loan
- Late payment fee of 3% of the amount due or P500, whichever is higher
- Age of the applicant must be between 21 and 65 years old
- At least one valid government-issued ID with photo and signature
- Proof of billing
- Minimum monthly gross income of P15,000 and P12,000, respectively
- Photocopy of company-issued ID
- Any income documents such as latest one-month payslip with Certificate of Employment, OR latest one-month payslip with ITR, OR latest three-months payslip
- At least two years in business on the same line and minimum monthly gross income of P30,000 and P25,000, respectively
- Latest two years Audited Financial Statement
- Business Permit
- Mayor’s Permit
- SEC registration or DTI Certificate
- Latest three months bank statement
- Latest GIS, if corporation
- List of three suppliers and customers with contact numbers
How to Apply for Personal Loan with Security Bank Online:
- Fill out the online application form, which you can access here.
- Once you completed the application form, attached a scanned copy of the required documents.
- Click “I Agree” to the Terms and Conditions, and click “Next.”
- Wait for a confirmation that your application was received through SMS.
- If approved, a Security Bank representative will notify you of the status of your loan application. You can also make a follow-up by calling the SBC Customer Service Hotline at 02-8879188 or send an email at [email protected]
- Loan proceeds will be released through Manager’s Check (MC) or to be credited in your Security Bank deposit account.
Online application is convenient, but you can also apply directly in any Security Bank branches near you.
Tips in Applying for Security Bank’s Personal Loan
- Complete all the required documents before applying for a Personal Loan.
- Make sure you don’t have any past due accounts or bad credit. This will adversely affect your loan application.
- Availing two personal loans at the same time is not recommended UNLESS you paid at least half of the existing loan and there is no record of missed payment.
- In case you have a cancelled credit card, get the necessary clearance from the issuing bank signifying that such credit card was cancelled. This will ensure smooth processing of your loan application.
Are you ready to apply for a personal loan with Security Bank? Make sure to remember all of these pointers to make loan processing easier for you.
“We find ways,” according to BDO, one of the biggest banks in the Philippines. True to its word, BDO offers various facilities to help every Filipino in case financial difficulties or simply for additional funds. One of the loan facilities offered by the bank is Personal Loan.
The facility can be used for variety of reasons like medical emergencies, travel, home upgrade or renovation, purchase of appliance or gadgets, health and wellness, debt consolidation, payment for tuition fee, and other personal expenses but you fell short of cash.
Features of BDO Personal Loan
- Loan Amount: minimum of P10,000 to a maximum of P999,999.00
- Loan Term: Payable in 3 (unsecured), 6, 12, 18, 24, and 36 months
- Interest Rate: varies, depending on the loan term. If payable within six months, interest rate is at 1.3 percent. For 12, 18, 24, and 36 month-loan term, the interest rate is 1.25 percent.
- Cashout Method: Credited to your BDO account
- Payment Method: Auto-debit arrangement, issuance of post-dated checks, over-the-counter payment, SM Bills payment, and BDO online and phone banking
- Late Payment Penalty: 7 percent of overdue amount
- Early repayment is allowed with corresponding Early Termination fee
- No loan processing fee
- At least 21 to 70 years old
- Minimum Gross Annual Income of P120,000 for salaried employees and P400,000 for professionals and self-employed individuals
- Residence or office must be within BDO serviceable area
- With mobile phone and at least one landline in the office or residence
- Photocopy of at least two valid IDs with photo
- For salaried employee, must be staying with the present employer for at least one year
- For self-employed, must be a sole proprietor or majority part-owner of the company that is operating for at least two years
- For professionals, must be in private practice for at least one year
Proof of Income
- For salaried employees, photocopy of the latest BIR Form 2316 signed by employer’s representative AND photocopy of latest payslip OR original Certificate of Employment showing length of service, status, and a breakdown of compensation
- For professionals and self-employed, photocopy of registration of business name, DTI (sole proprietorship) or SEC (partnership or corporation) registration, photocopy of latest ITR, audited financial statements for the past two years, and photocopy of bank statements for the last six months (optional)
How to Apply for BDO Personal Loan
- Fill out BDO Personal Loan application form. You can download it through BDO website or request a copy from any BDO branch.
- Submit the application form together with the requirements listed above.
- Wait for seven to 10 working days loan processing. If approved, you will immediately be informed of the status of your loan application and proceeds will be credited to your BDO account.
Tips in Applying for BDO Personal Loan
- Submit all requirements needed by BDO. This will make loan processing faster if the documents needed by the bank is complete.
- Make sure you don’t have existing bad credit or unpaid loans. Existing loans are fine as long as it is being paid regularly. On the other hand, loans that are unpaid or past due is a big no-no for BDO and could cause rejection of your loan application. Pay bad credit to increase your chances of approval.
- Your proof of income is vital. Make sure you can prove to BDO that you are capable of paying the loan despite existence of other expenses.
Take note that the post discussed BDO Personal Loan only, which is DIFFERENT from BDO Kabayan Program, a loan facility that specifically targets OFWs. The BDO Kabayan Program will be discussed in a separate post.
First of all, congratulations. You’re doing a good job in your work in order to provide a better and comfortable life for your family. Apparently, it’s not easy to make ends meet and ensure that every bill that comes to your doorstep will be paid while mouths are well-fed. In some cases, your supply of cash will fall short – and that’s okay.
In case you need cash to pay for your child’s tuition fee or medical bills in the hospital, BPI is there to help. One of the oldest and most stable banks in the country, BPI offers a type of loan facility that will help fulfill your financial needs while offering a competitive rate. The BPI Personal Loan is multipurpose loan designed to fit your personal needs such as home improvement, medical, education, purchase of appliance, travel, or anything business-related.
Features of BPI Personal Loan:
- Loan amount: minimum of P20,000 to maximum of P1 million
- Loan Term: Payable within 12, 18, 24, 30, and 36 months
- Interest Rate: 1.20% (fixed for the entire duration of the loan)
- Cashout method: Credit to your BPI-nominated account
- Payment method: Automatic debit from your BPI account on the designated schedule
- No pre-termination penalty and fees
- P1,500 one-time processing fee, which will be deducted from loan proceeds
For Employee / Professional
- Government-issued ID with photo (check out this list of acceptable IDs)
- At least three-months worth of payslip and/or latest ITR (BIR Form 2316) with BIR or bank stamp
- Government-issued ID with photo
- Latest Income Tax Return (BIR Form 1700 / 1701)
- Audited Financial Statements for the last three years
- SEC Registration or DTI Business Permit
Overseas Filipino Workers
- Government-issued ID with photo
- If agency-hired, Employment Contract with boarding date OR POEA contract
- If direct hire, latest and three months-worth of remittance; latest and unexpired POEA validated OR latest POEA Overseas Employment Contract (OEC) and latest employment contract OR consularized OEC if remitter is permanent resident in the country
- If direct hire allotee, latest and three months-worth of remittance; latest & Unexpired POEA Validated Information Sheet OR Latest Employment Contract OR Consularized COE if remitter is permanent resident in the country
How to Apply for BPI Personal Loan Online:
- Fill out the online application form. You can access it here.
- After completing and submitting the online application form, scan and email your income documents to [email protected]
- An email notification will be sent to your provided email address to verify that your Personal Loan application was received.
- Wait for five to seven banking days for the status of your loan application.
- If approved, the proceeds of the loan will be credited to your BPI account within one to three banking days from the signing of loan documents.
Tips in Applying for BPI Personal Loan
- Completely fill out the online application form. Incomplete data will result to delay in the processing of your loan application.
- Make sure you have an existing BPI account.
- If a question does not apply to you, then write NA instead of leaving it blank.
- You must be able to provide at least two personal references, preferably someone who can attest to your financial responsibility.
- Be honest about your existing loan/s and credit card/s.
- For foreign applicants, make sure you provide your ACR number.
- Make sure to submit your loan application anytime between 8:30 am and 5:30 pm from Monday to Friday. Any application submitted beyond the scheduled banking hours or on weekends will be processed on the following day or the following Monday, respectively.
- Submit the required income documents. This is imperative because bank representatives will determine your credit-worthiness based on your proof of income.
Do you need a new TV or ref just because the old one decided to give up on you after 10 years? As much as you want to buy a new one, you’re short in cash and there are bills waiting to get paid.
This is where Home Credit gets in the picture. A part of Home Credit group, Home Credit Philippines offers financing services through non-cash and no-collateral in-store financing. If you happen to have little or no credit history, Home Credit can still extend credit to you to help you boost your rating.
Despite the promise of easier loan application, we noticed that not everyone who applies get approved. Some even claim that they have higher income yet they don’t get the result they were hoping for. To help you in this dilemma, we listed several tips to help you get approval from Home Credit.
Tip No. 1: Pay off overdue or unpaid loans from other creditors.
Just like any other lenders, Home Credit uses the information from the SEC’s Credit Information Corporation. This means they can see who you owe money to, how much, and how frequent you pay your creditors. Any signs of unpaid loan/s is a red flag for them, thereby affecting your loan application.
“But I have other loans from other lenders,” you might say. That’s fine, as long as you pay on time.
Tip No. 2: Disclose existing financial obligations.
You might be scared to tell Home Credit that you have existing personal loan from Bank A and a housing loan from Bank B. You badly need to credit, so you want to make your record to look as clean as possible.
Don’t do that. Again, Home Credit uses the CIC, which means they can see your credit history. Even if you don’t disclose, they will most likely find out about it and take it against you; hence the rejection of your loan application.
Tip No. 3: Pay a higher downpayment.
Yes, Home Credit extends a helping hand so you can buy the item/s you need. Still, this doesn’t mean the responsibility lies solely on them.
One of the secrets for getting approved is by paying a higher cash-out. If you can provide the highest downpayment, then there is a higher chance of approval. The good thing about this is that you will have lower instalment every month.
Tip No. 4: Let them know about what you own.
It’s not bragging. It’s about telling a potential creditor that you are capable of paying a loan and that they have nothing to worry. One of the issues mentioned by previous Home Credit clients is that Home Credit asks for referrals and will call them in case of delay in payment. You can prevent this from happening by disclosing your assets.
Tip No. 5: Don’t forget your ID.
Home Credit requires two primary IDs, such as:
- Driver’s license
- SSS ID
- PRC ID
- Voter’s ID
If you are unable to submit two IDs, then you can support it by presenting a secondary ID like utility bills, company ID, credit card, TIN ID, NBI clearance, Philhealth card, salary slip, or barangay clearance.
Tip No. 6: Pay Home Credit earlier and not on the due date itself.
This has been a common practice among Filipinos. Unfortunately, it’s not a good sign for lenders, including Home Credit. If you plan to re-apply, Home Credit will appreciate if you pay BEFORE the scheduled due date. This will speed up loan processing as well.
Still, this doesn’t mean that following these tips will guarantee 100 percent approval. At the end of the day, it will all depend on Home Credit and everything we listed here serve as a guide to increase your chances of getting approved.
Online cash lending is popular these days. It is fast, convenient, and you don’t have to leave the comfort of your home just to submit documents and borrow money. Many people realize the convenience it brings, which is why there are those who take advantage of this online facility.
Apparently, it’s not the same for every online cash lender in the market, at least in terms of loan repayment. There are lenders who are reasonable and don’t charge that much while there are many others who bank on this constant demand for cash and charge higher interest rate plus processing fee.
To guide you better, we compiled a list of online cash lenders in the Philippines and how much they will charge for seven, 21, and 30 days if you borrow P10,000.00 :
|Online Cash Lender||7 days||21 days||30 days|
|Loan Ranger ***||₱10,325.00||₱11,365.00||₱11,950.00|
From the list itself, you can see that Binixo, Cashwagon, Moola, My Cash, Pera247, and Robocash are among the expensive ones in the market. You can save more on fees by going for online cash lenders who charge a more reasonable rate like Cashmart and Loan Ranger.
Take note that the amount is set at P10,000 and the rates already reflect the interest charge plus processing fee, if any. We cannot determine how much exactly is the interest rate charged by every online cash lender. Nonetheless, use this table as a guide to help you determine the best and most affordable online cash lender that will suit your needs.
That being said, where do you plan to borrow?
* P10,525.00 is for 15 days
** P12,000.00 is for 10 days and P13,000.00 is for 20 days
* ** P10,325.00 is for 5 days
**** P11,330.00 is for 10 days
Imagine this: you are in need of cash and you don’t know who to turn to. Banks are out of the question and the online cash lenders you applied to have not yet contacted you, so you don’t know if it’s a go or not. You decided to go for friends and asked for help – but which friend? One by one, you sift through your friends and see who can help you – or more like who will say yes to your request.
This is what Cashalo is about.
Who is Cashalo? Cashalo is a financial marketplace that gives borrowers like you an access to financial products that you can use for personal use or investment with the lowest interest rate.
The aim of Cashalo is to provide “financial inclusion” or collaboration all over the Philippines, sans long lines and hassle documentation. This is because Cashalo follows the format of Peer-to-Peer or P2P Lending wherein your needs are matched to a specific lender to make sure your expectations are met.
How to Apply in Cashalo
- Visit the website and then register. You can also register here.
- Choose the loan amount and loan term.
- Wait for 12 to 24 hours and the amount will be credited to your account.
As of this writing, Cashalo is still in beta testing and currently looking for pre-approved users and partners to join the platform. The platform is not yet available to the public, but you better wait for it.
You’ve heard about Loan Ranger, Moola, and Tala Philippines so many times. Some had good experience while there are others who decided to look for other online cash providers. If you are one of them, you might want to consider Cashwagon. Who is Cashwagon?
Cashwagon is a Philippine-based company that offers financial technology solutions through online consumer financing. They offer online cash loan with no collateral requirements and complex paperwork to help every Filipino address their growing daily needs.
Using cutting edge technology, Cashwagon commits to easy application access and 24-hour fast disbursement process. In relation to this, Cashwagon charges service fee (depends on the tenure of the loan) and processing fee, which is reportedly higher compared to its counterparts.
How to Apply
- Visit Cashwagon website. On the landing page, you will see a loan calculator that you can navigate.
- Choose the amount you want to borrow. Take note that for first time customers, you can only borrow for a maximum of P7,000. If you are a returning borrower, you can get as much as P18,000.
- Set the loan term. You can choose among 10, 20, or 30 days (which is the maximum). You will immediately see your Payment Due Date and Total Repayment.
- Fill in your name and mobile number, and then click “Get Money Now.”
- Cashwagon representative will contact you through email and text message to inform you the status of your loan application. You will also receive instructions on how to get your cash deposited in your bank account. Per website, standard waiting time is 30 minutes from the time the application was submitted.
- If approved, you will receive your money in your bank account within 24 hours. You will also receive a text message informing you about the cash transfer as well as a Loan Contract sent to the email address you indicated.
Tips in Applying for a Cash Loan with Cashwagon
- Make sure you are between 22 and 60 years old, employed, and with steady source of income.
- Prepare personal information details as well as bank details where the money will be credited.
- You may apply for a succeeding loan, as long as you were able to pay your previous loan on time and in good credit standing.
You will need cash at one point in your life. In case friends and family cannot help, you can always turn to online cash loan providers to save the day. One of them is Loan Ranger, a company that offers short-term instant credit to customers like you through safe and convenient money transfer. Unlike other lenders, Loan Ranger welcomes anyone to borrow, regardless of who you are or what you do for a living.
Here comes the biggest concern of all: Is Loan Ranger safe and reliable financial provider?
Check out what past customers have to say about them:
On Loan Application
All of the customers interviewed said that loan application was easy and convenient since you can do it online. Submitting the documents is convenient as well because you simply have to upload it.
Apparently, most clients said that loan application took more than 24 hours from the time the application was sent. Nonetheless, repeat customers are in unison in saying that the succeeding applications are faster. It only took hours for them to find out that their loan application was approved.
On Receiving the Money
Even if the application process took days before they got an approval, crediting of money in their account happened the following day from the time they were informed that the loan was approved. It was hassle-free as well since the amount was credited directly in their assigned bank account.
On Loan Repayment
For most customers, paying their loan with Loan Ranger is easy since it was done online, particularly through Coins.ph. To pay:
- Log in to your Loan Ranger account.
- Click “Pay with Coins.ph”and then input the amount. Make sure that you encode the correct amount to avoid inconvenience.
Once done, the payment made will be automatically deducted from your Coins.ph account. Aside from Coins.ph, some customers also paid through bank deposit.
Nonetheless, one customer noted that Loan Ranger should provide more options when it comes to repaying the loan. Hopefully, the company could add other mediums like Bayad Center, payment in SM malls, or through remittance companies like Cebuana. This will add more convenience to the customers since there are other payment channels available.
On Loan Ranger Customer Service
The customers interviewed mentioned that they communicate with Loan Ranger via e-mail message. In some instances, Loan Ranger representatives take a while to reply, but they noted that they do reply, usually within a few hours. Nonetheless, their customer service agents are respectful and more than willing to assist.
Loan Ranger may not live up to its 24-hour loan processing, but still, this company is among the online cash providers you can trust. In times of sudden financial need, you know who to call.