What You Need to Know about PAG-IBIG’s Multi-Purpose Loan

You’ll never know what would happen tomorrow, next week, by the end of the month, or three years from now. That is why it is important to prepare for what could possibly happen to make sure you could get back up.

We know. You have responsibilities, tons of expenses to pay, and mouths to feed. In fact, you barely have nothing left every month that you can set aside for savings. In case you need immediate funds, you turn to relatives and friends, hoping that they could lend you some, no matter how small the amount is.

What if they can’t lend you money? In that case, you might want to turn to PAG-IBIG through its Multi-Purpose Loan or MPL. This facility is offered by PAG-IBIG to all its active and qualified members to help augment financial needs.

The best part is you are given two months grace period, which means you will only start paying on the third month from the time of your loan application. For instance, you applied for and was approved on January. Payment will only start on March.

In case you are interested, here’s what you need to know about it:

Multi-Purpose Loan Features:

  • Loan Amount: Your desired loan amount OR 80 percent of Total Accumulated Value (TAV), whichever is LOWER. Your capacity to pay will likewise be considered on the approved loan amount to ensure that your net take home pay will not be below the minimum requirements prescribed by the General Appropriations Act (GAA).
  • Interest Rate: 10.5 percent per annum, with the rate equalized over the duration of the loan.
  • Loan Term:  Maximum of 24 months with grace period of two months
  • Loan Renewal: MPL may be renewed after payment of at least six monthly amortizations.
  • Loan Release: Loan proceeds may be credited to your disbursement card, OR bank account through Land Bank, OR check under your name, OR any other legitimate modes of disbursement.
  • Loan Repayment: The MPL will be paid in equal monthly payments, which covers both principal and interest, and to be deducted on your monthly salary. If you contribute voluntarily or an OFW, payment must be done over-the-counter and every 15th of the month starting on the third month. You can check this guide on PAG-IBIG Payment Facilities.
  • Penalty Fee: 1/20 of one percent of the unpaid amount per day.
  • Early termination of MPL is loan with no pre-termination fee.
  • Failure to pay monthly amortization or monthly contributions for three consecutive months constitutes default. As a result, the loan obligation becomes due and demandable.

Purpose/s of MPL:

  • Health and wellness
  • Minor home improvement, upgrades, or renovation
  • Educational expenses
  • Livelihood or additional working capital for business
  • Car repair
  • Special events
  • Purchase of appliances or gadgets
  • Payment of bills
  • Additional funds for vacation or travel
  • Medical

In other words, you can use PAG-IBIG’s Multi-Purpose Loan for whatever purpose it might serve you. If you are thinking of buying a new house or to finance your business, then there is a separate loan facility for that.

Who are eligible to apply for MPL? 

  • Member who has made at least 24 monthly membership savings or MS. If you have withdrawn or stop contributing to PAG-IBIG, then you can still apply for MPL provided that you will pay an equivalent of 24 monthly contributions.
  • Has made at least one month contribution for the last six months prior to the date of the loan application.
  • Has sufficient proof of income.

In case you have existing Housing Loan, MPL, or Calamity Loan, you can still apply for Multi-Purpose Loan provided that the account/s must NOT be in default at the time of the loan application.

How to Apply for PAG-IBIG’s Multi-Purpose Loan:

  1. Fill out the application for Multi-Purpose Loan. You can get a copy at any PAG-IBIG branches or get a copy here.
  2. Submit your loan application to the nearest PAG-IBIG branch.
  3. Submit other documents such as valid government-issued ID and photocopy of payroll account, disbursement card, or bank account for disbursement.
  4. Wait for the PAG-IBIG representative to give you a feedback regarding the status of your loan application.

Are you ready to apply?

Need Cash? You Might Want to Try SSS Salary Loan

Who do you run to when you need cash? Family and friends will always be your first options because:

  1. they can be found easily, which means borrowing money is easy as well;
  2. there is no interest rate imposed; and
  3. you can pay when able (although this shouldn’t always be the case).

Of course, you need to understand that family and friends can’t come to your rescue when you need help. As a result, you turn to banks for personal loan.

Did you know that government agencies like SSS also offers this type of facility to its members? It is called Salary Loan and the main purpose of this cash loan facility is to offer short-term credit needs to ALL its members.

Here’s what you should know about SSS Salary Loan: 

Loan Features 

  • Loan Term: One or two months
  • Loan Amount: For one-month loan, amount is the borrower’s average latest posted 12 Monthly Salary Credit (MSC) OR amount applied for, whichever is lower. For two-month loan, the amount is twice the average of the latest posted 12 MSC, rounded to the next higher monthly salary credit OR amount applied for, whichever is lower.
  • Interest Rate: 10 percent per annum
  • Loan Repayment: Payable within two years in 24 equal monthly installments at any SSS branch with tellering facility or SSS-accredited bank or payment center. Take note that the monthly amortization will start on the second month following the date of the loan.
  • Penalty Rate: One percent per month
  • One percent service fee, which will be deducted on the proceeds of the loan.
  • Loan renewal is allowed as long as at least 50 percent of the principal amount has been paid and at least 50 percent of the loan term has lapsed.

Who can apply? 

  • SSS members who are currently employed, contributing self-employed, or voluntary member.
  • S/he must be under sixty-five (65) years of age at the time of application.
  • SSS members with continuous and updated monthly contributions. Member-borrower must also post at least 36 and 72 monthly contributions for one-month and two-month loan, respectively, six of which must be made within the last 12 months prior to the application.
  • SSS member-borrower who has not been granted final benefit like retirement, total permanent disability, or death benefits.
  • S/he must not be disqualified due to fraud committed against SSS.

How to Apply for SSS Salary Loan:

  1. Fill out the application form.
  2. Present your SSS digitized ID or E-6 (Acknowledgement Stub) together with two valid IDs, preferably with photo. For a complete list of acceptable ID, you can check out this post.
  3. Submit the application form and IDs at the SSS branch nearest your office or place of residence.
  4. In case you have an online account with SSS, you can also submit your application form by logging in at your My.SSS account. If you are employed and you opted for online application, take note that your application form will be directed to your employer’s My.SSS account, which means your employer must also be registered online with SSS.

For OFW Applicants

You should submit the following at the SSS branch nearest your place of residence:

  • Duly accomplished application form of the borrower
  • Two (2) valid ID with photo OR SSS card of the OFW’s authorized representative AND OFW member-borrower
  • Letter of Authority (LOA) signed by both OFW member-borrower and authorized representative

Take note that documents issued overseas must be duly authenticated or certified by the Philippine Embassy or Consulate.

If applicable, you can also submit your loan application at SSS Foreign Representatives stationed in Hong Kong, Singapore, Malaysia, Taiwan, Brunei, Qatar, UAE, Saudi Arabia, Bahrain, Italy, and UK.

If filed by Employer or Company Representative

  • Duly accomplished application form of the borrower
  • Member-borrower’s SS card OR SS Form E-6 acknowledgement stub and two valid IDs with photo and signature
  • Authorized Company Representative (ACR) card issued by SSS
  • Letter of Authority from employer and two valid IDs with photo and signature
  • Updated Specimen Signature Card (SS Form L-501)

Sounds tempting, don’t you think? Plus, this is a good way to take advantage of your membership as well.

Home Credit’s Cash Loan: Are You Qualified or Not?

Home Credit is among the popular lenders because of the consumer loans they offer. Even if you are short in cash, you can still buy items like gadgets, household furniture, and hardware, and pay for it in installment basis. Application is easy as well since Home Credit partnered with various stores around Metro Manila and nearby provinces where you can easily find them. This means instead of going to them, they go to you.

Did you know that they offer cash loans as well?

In case you are interested, here’s what we know so far about this facility they offer:

Features

  • Loan Amount: Per Home Credit representative, the amount to be borrowed will depend on the “offer” of the client. The amount may be system-generated as well. This means Home Credit looks into your history with them, including the frequency of borrowings and whether or not payments were made on time and in full. Sadly, they could not provide us with a specific amount that one can borrow.
  • Interest Rate: Not disclosed
  • Payout Option: Depends on your assigned payout channel. You can pick up the loan amount OR through bank deposit. Home Credit will also send instructions on how to claim the cash to the contact details you provided when you registered with Home Credit.
  • Loan Term: Not disclosed
  • Loan Repayment: Monthly installments through Home Credit’s accredited payment channels.
  • Early repayment is allowed as long as it is equivalent to one monthly installment. In case of early full repayment, you must inform Home Credit representatives about your intention to pay in full so they can make necessary adjustment.

Who can apply? 

Unfortunately, Home Credit’s cash loan is not available for everyone. The lender only offers this facility to those who have existing accounts with them. If you are interested in getting a cash loan from Home Credit, we suggest that you apply for their consumer loan first.

In case you are an existing customer, you will get SMS or email notification if you are qualified to avail of cash loan. You can also check your status through the Home Credit app to see if you are eligible for this facility.

If qualified, you will be informed by Home Credit representatives on how to avail of it and where you can get your money.

Unfortunately, Home Credit representatives are wary of sharing more information about their Cash Loan facility. They refused to disclose specific minimum to maximum amount a borrower can borrow as well as the interest rate and loan term UNLESS you are a client; hence the lack of information.

If you are thinking of getting a cash loan from Home Credit, you may call their hotline at (02) 753-5711 or email them at [email protected]

Review: What Customers are Saying about Akulaku

There are days when you need a new phone, laptop, or small appliances because the old one (that’s been with you for years) broke down. Apparently, you don’t have enough funds to get yourself a new one.

What do you do?

Borrowing money from family might be your first choice, but what if even your family cannot lend you some? Getting a personal loan from banks is out of the question as well because of the requirements needed. In that case, you turn to online cash lenders like Akulaku. 

Is it worth it? Is it legitimate? How about the processing and payment? Don’t worry. These questions will be answered based on the reviews shared by Akulaku customers.

On Loan Application

Applying for a loan is easy. Simply download the Akulaku app, which is available in both Apple and Android devices, create an account to register, and apply for a credit limit. Most Akulaku customers are in unison in saying that applying for a loan is easy since all they needed was their smartphone. The requirements are easy to comply with as well, although some say they weren’t able to push through with their application because they don’t have government-issued ID.

On the other hand, there are customers who are not happy when it comes to their credit limit. One of the customers interviewed said that she’s been a loyal customer of Akulaku but was not granted an increase despite using the app repeatedly and paying on time and in full. When she asked for an increase, Akulaku wasn’t that helpful, saying that the credit limit was system-generated.

On Delivery of Items Ordered

Aside from cash loan, Akulaku also offers sale of items, which will be paid on installment basis. Most customers say that it took a while for Akulaku to deliver the items they ordered. Although the delivery time is three to five days, some didn’t get their items until on the seventh day from the time they applied  or even longer. Some were even complaining that they are due to pay their loan on this particular day but haven’t received the item they ordered.

On Loan Repayment 

Despite being new in the market, Akulaku is commendable for its variety of loan repayment options such as GCash, DragonPay, ECPay, or over-the-counter payments in banks like PNB. Payment can also be done online, which is a big plus for customers.

Unfortunately, payment made will not reflect on Akulaku system immediately. Some customers said that they have to repeatedly send proof of payment because they were being charged for late payment fee despite paying in full and on time.

On Customer Service

This was one of the common complaints of Akulaku users. Despite the ease in applying for a loan and a lot of potential, most of them say that they need to improve on their customer service. Akulaku representatives don’t often reply in messages sent on Facebook despite repeated messages made by customers.

They do hope that Akulaku will improve on their customer service, especially the Chat Support so they could address their customers faster, more effectively, and not just give them a generic reply when raising their concerns.

Given this feedback from customers, do you want to give Akulaku a try?

Review: Find Out What People are Saying about Cashalo

Fact: there are many online cash lenders available in the market. Tala Philippines, Moola Lending, and Loan Ranger may be dominating the market, but there is a newcomer these days and people are also raving about it.

Who is this newcomer? It’s Cashalo.

Is it safe? Is it worth applying for? Does it charge high interest rate? How’s the customer service?

Don’t worry. These questions will be answered, so make sure to stick around and find out what customers have to say about Cashalo.

Interest Rate

Most customers who borrowed from Cashalo are in unison in saying that Cashalo has low, affordable interest rate at 3.95 percent. In fact, Cashalo’s interest rate are commended by its customers as compared to the rates offered by other online cash lenders. This is the reason why the customers interviewed took a risk and tried Cashalo.

Loan Processing

Customers have different experiences. Some say that their loan application was approved within 24 hours from the time they submitted their loan application. They got a call from Cashalo representatives for an interview to verify the details indicated in their loan application. After a few hours, the loan amount was credited to their account.

On the other hand, there are customers who experienced delay in the processing of their loan application. One customer shared that it took two days before the amount was credited to her bank account while another said that her loan application was approved after 24 hours.

Nonetheless, some of the customers interviewed said that while others experienced fast approval, there are many others who got rejected instantly. One app user said that her loan application was rejected less than a minute after she submitted her application.

Loan Repayment

According to the customers interviewed, Cashalo’s loan repayment scheme is easy and straightforward compared to other online cash lenders they tried. Most of them paid over-the-counter through DragonPay.

Nonetheless, many of them said that they hoped Cashalo will introduce other payment schemes to make loan repayment easier and more convenient.

On Applying for a Succeeding Loan

This is another concern for most of the customers interviewed. According to them, although they paid for their first loan on time (some in advance), they had a problem applying for a second one. They echoed that paying on time and in full won’t automatically guarantee approval for succeeding loan applications.

Customer Service

This is another aspect that is commended by many customers interviewed. Most of them had good experience when it comes to Customer Service, saying that the staff who contacted them are nice and respectful.

Unfortunately, there were others who didn’t have a pleasant experience dealing with Cashalo’s customer service. They said that when making inquiries, follow-up, or clarifications regarding their loan, they rarely get a reply from Cashalo despite repeated messages. When it comes to following up payments, Cashalo representatives are so quick in sending them messages nonstop.

Overall, Cashalo’s low interest rate compared to other online cash lenders is its main selling point. Fast approval is also among its strongest feature, but it is best to lower your expectations since processing time varies per borrower. Still, try downloading the Cashalo app now to give it a try and see for yourself.

Persona Personal Loan: Sterling Bank of Asia’s Loan Offering to the Filipinos

“Because, life is never about waiting. It’s about making it happen.” 

That’s the slogan that Sterling Bank of Asia is championing. Whether you need funds to start your business, additional funds for capital, making your home renovation happen, money for your upcoming family vacation, payment for your child’s tuition fee, or simply to pay off credit card bills that never seem to end, Sterling Bank’s Persona Personal Loan can be your financial partner.

Features of Sterling Bank of Asia’s Persona Personal Loan

  • Loan Amount: minimum of P50,000 to maximum of P1 million
  • Loan Term: 12, 18, 24, and 36 months
  • Loan Repayment: issuance of post-dated checks
  • Interest Rate: not disclosed in the website, but you can check Sterling Bank’s website’s Loan Calculator to give you an idea on how much to pay based on your desired amount and loan term. You can access the loan calculator here.

Requirements:

  • Filipino citizen
  • Between 21 and not more than 60 years old at the time of loan maturity
  • Minimum gross salary of P30,000
  • Has valid home and office landline
  • If renting, at least one year residency in the home being rented

If employed – 

  • At least two years employment tenure with current employer
  • If employed in BPO and manufacturing companies, employment tenure must be at least three years
  • Copy of the latest payslip
  • Latest BIR Form 2316 with signature
  • Photocopy of one government-issued ID and company ID
  • Latest two-month credit card statements
  • Certificate of Employment

If self-employed – 

  • Photocopy of two government-issued IDs
  • Credit card billing statement for the last two months
  • Business must be in operation for at least three years and profitable for the last two years
  • Business permit
  • DTI or SEC registration with General Information Sheet (GIS), whichever is applicable
  • Six months-worth of bank statements
  • Last two years Income Tax Return and Audited Financial Statements
  • Trade references (three suppliers and customers each with corresponding contact details)

How to Apply for Sterling Bank’s Persona Personal Loan 

  1. Submit your Persona Personal Loan application form in any of the Sterling Bank branches, preferably the branch nearest your place of residence. You can download the application form here.
  2. Submit the required documents together with the loan application form.
  3. Wait for at least seven working days for the review of your loan application. You will be contacted directly by Sterling Bank representative regarding the status of your loan application.
  4. If approved, the amount will be credited to your Sterling Bank account.

Tips in Applying for Persona Personal Loan 

  • Open an account with Sterling Bank of Asia. This is a must because funds will be credited to your Sterling Bank account.
  • Make sure you own a credit card. This will make it easier for the bank to review your credit standing, which is also one of the important considerations for the approval or denial of your loan application.
  • Complete all the documentary requirements needed. This will make it easier and faster for bank representatives to review your loan application.

For further questions about Sterling Bank’s Persona Personal Loan, you may call the bank directly at (02) 721-6000.

UCPB: Offering SalarEasy / YES Loan for Your Cash Needs

You’ll never know when rainy days will come. This is why you always have to be prepared and make sure you have cash on hand or your Emergency Fund has sufficient amount to cover for sudden cash needs.

What if there’s not enough cash on hand? In that case, you can turn to UCPB and avail of its SalarEasy Loan.

Features of UCPB SalarEasy Loan

  • Loan Amount: minimum of P50,000 and maximum of P1 million
  • Loan Term: 12, 18, 24, and 36 months
  • Loan Repayment: via post-dated check
  • Interest Rate: not specified, but you can use its online calculator to give you an idea on how much to pay
  • Processing fee of P1,500.00
  • Early settlement fee of 5% p.a. on outstanding balance
  • Late payment fee of P300 or 5% p.a. on outstanding balance, whichever is higher

Requirements

  • Completely-filled loan UCPB SalarEasy loan application form. You can get a copy here.
  • Filipino citizen and a permanent resident of the Philippines
  • At least 23 years old but not more than 65 years old at the time of loan maturity
  • Photocopy of two government-issued IDs
  • Must have a checking account and a credit card holder
  • Copy of latest utility bill
  • Copy of the latest credit card bill for two months

If employed –

  • At least two years continuous employment with supervisorial rank
  • Minimum gross monthly income of P30,000
  • Photocopy of company ID
  • Latest ITR or BIR Form 2316

If self-employed

  • Business must be operational for at least three years and profitable for the last two years
  • Latest audited financial statements and ITR
  • Business registration documents (DTI or SEC registration certificate) and permits (Barangay permit, Mayor’s permit, etc)
  • Copy of checking account statement for the last six months

How to Apply for UCPB SalarEasy Loan 

  1. Completely fill out the loan application form.
  2. Submit the completed UCPB SalarEasy loan application and the required documents.
  3. Wait for five to seven days for approval. You will be contacted directly by UCPB representative regarding the status of your loan.
  4. Get a free UCPB eMoney Card as a payout method for the loan.

Tips in Applying for UCPB SalarEasy Loan 

  • Make sure you have a credit card and checking account. The checking account is necessary because this will be the method used to repay the loan.
  • Ensure that all of the required documents are complete.

For further questions about the SalarEasy loan, you can call UCPB Consumer Loans hotline at (02) 811-9100 between 8:30am and 5:00pm or go to the nearest UCPB branch.

What You Need to Know about Asia United Bank’s CasHelp

Who do you turn to in case of financial need? Friends or family will help you save the day, but have you considered your employer as well?

There are companies who offer multi-purpose loan for their employees. On the other hand, some business owners realize that maintaining a lending facility aside from the main line of business can be challenging. What they do is they partner with banks to assist them in providing a loan facility for their employees upon accreditation.

One of the banks that provide this type of facility is Asia United Bank (AUB) through its CasHelp.

Features of AUB CasHelp

  • Loan Amount: minimum of P30,000 to maximum of P250,000
  • Loan Term: 6, 12, 24, and 36 months
  • Repayment Method: Salary deduction with monthly amortization of not more than 25 percent of net income
  • Interest Rate: not disclosed in the AUB website. Nonetheless, this would be subject to bank’s approval.
  • Loan will be released via Manager’s Check
  • Early repayment fee, penalty fee, and processing fee are likewise not disclosed

Requirements

  • Must be between 21 and 60 years of age. One must not be more than 60 years old at the time of loan maturity.
  • Must be a regular or permanent employee of the company with at least one year tenure
  • Minimum basic salary of P10,000 per month or P180,000 per year
  • The company or employer must be accredited by Asia United Bank

How to Apply for AUB CasHelp 

To apply for AUB CasHelp, you can contact Asia United Bank directly at (02) 470-9498 or (02) 687-0724 or (02) 631-3333 loc 885, 836, 837, 180, or 181. You can also send them an email at [email protected] to find out how you can proceed with this loan facility.

Tips to Remember Applying for AUB CasHelp 

Credit card ownership is not required if you want to apply for AUB CasHelp. Linked bank account or an account with AUB  is not required as well. Nonetheless, the biggest consideration should the company accreditation. If you employer is not accredited by AUB, then you cannot avail of this facility.

For business owners or companies, the following requirements must be submitted to avail of this kind of facility for employees:

  • Latest three years Audited Financial Statements
  • Latest General Info Sheet (GIS)
  • SEC Registration Certificate
  • Company / Employee Profile

Confirm with your company’s HR department first if your employer is accredited by Asia United Bank. This way, you will be able to enjoy this type of loan facility and make loan repayment easier and more convenient for you.

A Step-by-Step Guide on How to Apply for Cashalo

In a previous post, we shared about Cashalo as another alternative for online cash loan. As of that posting, Cashalo was still not operational.

The good news is as of this writing, Cashalo is up and about, and ready to offer online cash loans for you. Here’s what you need to know about Cashalo, plus a step-by-step guide on how to apply for an online cash loan.

Who is Cashalo?

Cashalo is an online marketplace that allows Filipinos to collaborate for financial services where you can borrow between P2,000 and P10,000. Unlike other online lenders, Cashalo allows both lenders and borrowers to connect. As long as you are over 18 years old, employed, and with a steady income, you can apply for a loan through Cashalo.

How to Apply for Cashalo

  1. Download the Cashalo app for free. You can get it at Google Play Store for Android devices or App Store for Apple devices.
  2. Once you downloaded the app, you have to Sign Up using your mobile number. A six-digit code will be sent to you to verify your mobile number. Key it in.
  3. Enter your username and create a password. Click “Sign Up.” Make sure you write down your username and password for future reference.
  4. You will be redirected to Cashalo Homepage. Click “Apply Now” to apply for a loan. 
  5. Choose a loan amount between P2,000 and P10,000 and then select the loan term. Loan term is maximum of 33 days. As you navigate, you will see the total amount due on the lower portion. Click “Apply Now” thereafter. 
  6. Take a photo of your ID, preferably government-issued ID, and click “Next.” 
  7. Input your Personal Information such as name, place of birth, and marital status. 
  8. Provide References, specifically at least one friend and one family member. 
  9. Fill out Work Information details, which includes occupation and employer or company. Take note that Cashalo has pre-installed companies. If you can’t find yours, you can add your employer manually. 
  10. Input your bank details. Unlike other online cash lenders, Cashalo will only remit the amount you borrowed by depositing the said amount in your bank account. It is imperative that your bank account MATCHES your user profile in Cashalo, otherwise, you won’t be able to get your money or your loan application might be rejected. 
  11. Complete your loan application with online facial recognition. 

As soon as you completed the steps, Cashalo will redirect you to a page indicating that your loan application was submitted. Cashalo will review your application within 24 hours and if approved, the amount will be deposited to your nominated bank account. 

Are you ready to give Cashalo a try? Make sure you have an ID with you to speed up the loan application process.

RCBC’s Version of Personal Loan: MyCash Loan

“We believe in you,” says the tagline of RCBC or Rizal Commercial Banking Corporation. Despite being caught in a controversy, RCBC is business as usual and constantly providing products fit for every consumer.

One of the financial products offered by RCBC is MyCash Loan, which is their version of personal loan. You can use this loan to pay off bills, school-related expenses, home improvement, purchase of new gadgets or appliances, vacation, and other personal needs. More than this, RCBC also offers counselling services and advice, including best options on how to pay for your monthly amortization.

Here’s everything you need to know about this facility – features, requirements, how to apply, and tips – in case you decided you need one.

Features

  • Loan Amount: minimum of P50,000 to maximum of P1 million
  • Loan Term: 6, 12, 18, 24, 30, and 36 months
  • Interest Rate: Interest is not specified, but you can check RCBC Loan Calculator to give you an idea on monthly amortization
  • Loan Repayment: Automatic Debit Arrangement (ADA) facility or issuance of post-dated checks through RCBC Checking Account
  • Late payment charge of 5 percent p.a.
  • No early settlement charges IF bank is informed at least one month prior to early termination
  • Processing fee of P1,500 for loans below P150 K and one percent of approved loan amount if above P150K

Requirements:

  • Accomplished application form
  • Valid government ID
  • Has Philippine-issued credit card for at least two years
  • Owned (2 years) or rented (3 years) residence
  • At least 21 years of age and not more than 65 years old (if employed) or 70 years old (self-employed) upon maturity of the loan
  • 1 month latest utility bill

If employed – 

  • Regularly employed for at least two years and in middle management
  • Company / employer must be part of 10,000 corporations OR legitimate company operating for at least five years
  • Certificate of Employment and Compensation OR latest payslip for two months OR ITR
  • Tax Identification Number

If self-employed – 

  • Business must be in operation for at least 5 years and operating profitably for the last two years
  • ITR and financial statements for the last two years
  • Business registration certificate from SEC or DTI, whichever is applicable
  • Business permits from barangay or Mayor’s office
  • List of active suppliers and customers

How to Apply for MyCash Loan

  1. Fill out the MyCash Loan Application form.
  2. Submit the application form together with the required documents in any RCBC branch.
  3. Loan processing will take five to seven days. You will be informed of the status of the application thereafter. If approved, you can now withdraw the funds.

Take note that as of this writing, there is no online application available for MyCash Loan. You may go directly to the nearest RCBC branch to request for an application form.

Tips when Applying for MyCash Loan 

  • Make sure you are a credit card holder. This will help RCBC (and any other banks) check how financially responsible you are.
  • Prepare the documents. Make sure it is complete before going to the bank.
  • Checking account is a MUST. RCBC prefers checking account from them, but they will accept PDCs from checking account with other banks.
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