Fiora Full is an independent financial comparison platform. We may earn a commission when you click through.
Finding the Best Personal Loans for This September
Explore top personal loans with rates starting at 25.0% and find the right fit for your needs. Discover which loans offer the best terms for freelancers and first-time borrowers.
Quick Picks
Best overall: UnionBank Personal Loan.
Best for freelancers: SB Finance Personal Loan.
Best for low rates: RCBC Pasado Loan.
Best for Low Rates
When seeking a personal loan, the interest rate is often a key deciding factor. Here are options with some of the lowest rates available, ideal for those prioritizing cost over other features.
UnionBank Personal Loan
UnionBank offers the lowest monthly add-on rate among major Philippine banks, making it a strong choice for borrowers seeking minimal interest costs. However, its effective interest rate including fees climbs to 31.98%, which might offset the benefits for some. It's best for those who can leverage the fully digital application process for quick approval.
BDO Personal Loan
BDO Personal Loan stands out with its predictable cost structure due to a narrow ACR range, but it falls short on maximum loan amounts compared to rivals like RCBC. The extensive branch network makes it a reliable choice for those valuing traditional banking support.
RCBC Pasado Loan
RCBC Pasado Loan is unmatched for high loan amounts and flexible terms. Its starting monthly add-on rate of 1.30% is competitive, though it can rise significantly based on creditworthiness. This makes it suitable for those needing larger sums with extended repayment plans.
For those who need more flexible eligibility requirements, the next selections cater to freelancers and those without traditional credit profiles.
Best for Flexible Eligibility
These loans are designed for individuals who might not fit the typical borrower profile, such as freelancers and first-time borrowers.
SB Finance Personal Loan
SB Finance offers a lifeline to freelancers and self-employed individuals with its accessible personal loans. Despite a higher APR of 39.43%, this option is viable for those who struggle to qualify for traditional bank loans. Its low income threshold further enhances accessibility.
Tonik Quick Loan
Tonik Quick Loan is the first neobank offering in the Philippines, providing credit builder loans with no existing credit history required. While the rates are higher than traditional banks, its fully digital application and instant disbursement make it a unique option for credit-building newcomers.
BPI Personal Loan
BPI Personal Loan offers competitive rates starting at 1.20% monthly, appealing to those with existing relationships with the bank. Fast-track processing for BPI credit card holders adds to its appeal, although terms are capped at 36 months.
CTBC Bank Salary Stretch Personal Loan
CTBC Bank's Salary Stretch Loan is attractive for salaried and self-employed individuals seeking no upfront processing fees. Its variable rates and handling fees deducted from loan proceeds might require careful consideration but offer a unique disbursement via Visa Cash Card.
Ultimately, choosing the right personal loan depends on your specific needs and financial situation. Whether you prioritize low rates, flexible eligibility, or digital convenience, each option has its strengths and potential drawbacks.
