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Best Personal Loans with Fast Approval 2019

Whether it’s for an unexpected medical emergency, house renovation, or car repair, it’s likely that you don’t want to wait weeks just to get your money.

Several banks in the Philippines are now offering personal loans with fast approval, many of which can approve and provide loans on the same day you apply.

Getting Personal Loan with Formal Lending Companies

Most Filipinos consider getting loans from informal lenderssuch as five-six. While it can be easy to get cash loans from one – where no documentation and collateral are needed, Filipinos face 20% or more interest rates over the agreed period.

Getting a personal loan frominformal fund sourcescan be tempting, but the exuberant interest and unreasonable fees that come with it can lead you to a bigger financial mess than you already are.

Aside from their high-interest rates and fees, they also do not adhere to the rules that formal lending companies and institutions follow since they are not an accredited financial institution.

Theseloan sharksexist to take advantage of Filipinos who are in desperate need of financial aid. They resort to shady practices and tactics to get money from borrowers.

Instead of relying on loan sharks, getting a personal loan from formal lending companies such as banks is much more ideal, especially since they now provide fast approval options.

Formal lending companies are safe and secure since they areregistered with the Commission as a lending company.

The rate of interest on loans is determined on factors such as credit history, monthly income, the amount borrowed, and other aspects depending on the bank institution.

Lending in a formal institution also allows you to build positive payment history by paying the agreed amount each month for the duration of the loan term.

You can choose a flexible loan repayment term from 3 months up to 5 years depending on the bank you’re applying for.

At a glance:

formal lending vs informal lending companies

If you’re in the market for an instant approval personal loan, hang back and let the Bear take you through the 3 best banks which offer these loans, as well as the eligibility and requirements you need to know before you apply.

Bank

Approval Time

Interest Rate (p.a.)

Max. Loan Amount

Loan Term

Processing Fee

Late Penalty Fee

Citi Personal Loan

24 hours

Fixed Interest rate of 26.9% up to 37.9% p.a.

P2,000,000

1-5 years

None

P500 or 6% of the past due amount, whichever is higher

Eastwest Personal Loan

3-5 days

41.67% p.a. up to 53.33% p.a.

P2,000,000

1-3 years

P1,900 Processing Fee

P500 or 8% of the past due amount, whichever is higher

Security Bank Personal Loan

5-7 days

29.48% p.a.

P2,000,000

Up to 3 years

P2,000 to be deducted from loan amount upon loan booking

P500 or 3% of the past due amount, whichever is higher

Citi Personal Loan

Need money as soon as possible? With Citi Personal Loan, you can get your loan as approved in as fast as 24 hours. We also want to highlight that it’s an excellent option for borrowers with no guarantor or collateral. It offers a fixed interest rate of 26.9% up to 37.9% per annum. Also, the maximum loanable amount is up to 2,000,000 payable from 1-5 years.

Approval Time

  • 24 hours

Eligibility

  • Filipino currently residing in the Philippines
  • Applicant must be 23 to 54 years old
  • Minimum salary required: P21,000 gross per month

Documentation Requirement

  • 1 valid government-issued ID with photo and signature
  • For Employed: Latest Income Tax Return (ITR/BIR Form 2316) or latest 1-month full pay slip
  • For Self-Employed: Latest Income Tax Return (BIR Form 1701; Audited Financial Statements (AFS) of the business with independent auditor’s report and balance sheets and tax receipt.

EastWest Personal Loan

EastWest personal loan is an unsecured personal product just like Citi Personal loan, which means you can get a loan without collateral and guarantor. You can immediately get your funds between P25,000 up to P2,000,000 in 3-5 business days, and choose your repayment terms from 1 – 3 years. Eastwest Personal Loan provides competitive interest rates 41.67% p.a. up to 53.33% p.a.

Approval Time

  • 3-5 business days

Eligibility

  • Filipinos residing in the Philippines
  • Foreign National permanently residing in the Philippines
  • Applicant must be 21-65 years old
  • Minimum salary required: P15,000 gross per month
  • Fixed landline number and mobile number

Documentation Requirement

  • Completely filled-out EastWest Personal Loan Application Form
  • Photocopy of at least 1 valid government-issued ID with photo and signature
  • For Foreign Nationals: Proof of Alien Residence: Alien Certificate of Registration,Immigrant Certificate of Registration or Photocopy of Resident Visa stamp on Passport
  • For Employed: Latest Income Tax Return (ITR/BIR Form 2316) or latest 3-months full pay slip
  • For Self-Employed: Latest Income Tax Return (BIR Form 1701; Audited Financial Statements (AFS) of the business with independent auditor’s report and balance sheets and tax receipt, DIT Registration Certificate (Sole Proprietorship) or SEC Registration Certificate with pages stating shares owned by the applicant (for Partnerships of Corporation, Valid Credit Card Reference, or its latest Credit Card Statement of Account and other documents that may be required for further verification

Security Bank Personal Loan

This type of loan will appeal to applicants who want low interest rates and flexible terms. The Security Bank Personal Loan’s interest rate starts at 29.48% with as low as 1.39% monthly add-on interest rate. You can get approved in 5-7 working days and choose a loan tenure from 1-3 years. While the Security Bank Personal Loan does not feature debt consolidation, you can get a loan from P30,000 up to P2,000,000.

Approval Time

  • 5-7 banking days

Eligibility

  • Filipinos currently residing in the Philippines
  • Applicant must be 21-65 years old
  • Fixed landline number and mobile number
  • Employed Minimum salary required: P15,000 gross per month (Manila resident)
    P12,000 gross per month (outside Metro Manila resident)
  • Self Employed: At least 2 continuous years of profitable operation in the same line of business
  • Self Employed minimum gross monthly income: P30,000 per month (Manila resident) P25,000 (outside Metro Manila resident)

Documentation Requirement

  • 1 valid government-issued ID with photo and signature
  • For Employed: Latest Income Tax Return (ITR/BIR Form 2316) or latest 1-month full pay or Certificate of Employment and Compensation (issued within 6 months)
  • For Self-Employed: Latest Income Tax Return (BIR Form 1701; Audited Financial Statements (AFS) of the business with independent auditor’s report and balance sheets and tax receipt, SEC Registration, DTI Certificate, Business Permit / Mayor’s Permit, Latest three (3) months bank statements, Latest GSIS (if corporation)

Getting Fast Approval Personal Loan

There are many loan options available on the market. When you’re in a financial pinch, you don’t have to settle for informal lending options such as loan sharks for quick cash loans.

Instead of having fewer financial problems to worry about, you’ll find yourself in a quicksand of debt when you try to get loan from informal lenders with the high-interest rate and unreasonable fees since you might pay for more than what you borrowed.

When you apply with a formal lending company, you are sure that the money you borrowed is legitimate and risk-free since the institution is regulated by concerned government agencies in the Philippines.

The cost of borrowing is also lesser with reasonable interest rates and payment terms. So, when you need a quick cash loan, you can check out the three best personal loan options we’ve listed if you don’t want to wait several weeks just to get the funding.

If you’re not looking for a fast approval personal loan, you can check our ‘beary’ cool comparison tool to find the personal loan that fits your budget and needs. Start bycomparing the rates and featuresof the personal loans available.

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