The easiest and fastest way to apply for a personal loan in the Philippines

The easiest and fastest way to apply for a personal loan in the Philippines

What is a Personal Loan?

What is a Personal Loan?

Personal Loans (also called Signature Loans, Character Loan, etc) is a type of unsecured loan that are often used by borrowers for small purchases such as computers, home improvements, vacations or unexpected expenses.

An unsecured loan does not require a collateral and that means the lender relies on your promise to pay it back. They're taking a bigger risk than with a secured loan, so that is why interest rates for unsecured loans tend to be a little bit higher.

You normally have set payments over an agreed period and penalties may apply if you want to repay the loan early. Unsecured loans are often more expensive and less flexible than secured loans, but is suitable if you want a short-term loan (one to five years).

BDO Personal Loan Assistance Philippines

Personal Loan Philippines
Application Assistance Services

Requirements & Documents:
The requirements for Personal Loan Application varies from one bank to another. You will be informed.

Loan Amount:
From P10,000 up to P2,000,000 depending on your salary and/or Credit Card limit. Approximately the maximum approvable monthly loan re-payment is 30% of your gross monthly salary.

Available Loan Terms:
From 6 months, 12 months, 36 months and up to 48 months depending on the bank.

Basic Qualification:
- Must be 21 to 65 years old (end of loan term should be before your 65th birthday).
- Must have good credit standing. No historical defaults.
- If self-employed, business should be operational for at least 2 years.

Requirements for Employed/Salaried Individuals:
- Checking Account
- Latest Certificate of Employment (should not be more than 30 days old). Basic monthly salary, position and length of service must be indicated.
- 2 months latest payslips
- Latest ITR
- 2 Government issued ID (Passport, SSS, PRC, Driver's License, Voter's ID)
- 1 Company issued ID (front and back) with 3 specimen signatures beside the front copy of the ID
- Copy of recent Credit Card statement, if any

Requirements for Self-Employed Individuals:
- DTI/Business Permits
- 6 months bank statements
- Latest Audited Financial Statements with ITR
- Trade References