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

The Benefits of a Personal Loan

The Benefits of a Personal Loan

It’s very easy to find information about personal loans that warn you to steer clear of them at all costs because of the interest rate or you’ll sink too far into debt etc, etc, etc...

Taking out a personal loan can be quite helpful in some situations. Here are some benefits of getting a personal loan.

No Collateral Required
For anyone who isn’t too keen on putting up an asset as security against a loan, personal loans are a good choice. With loans like home equity loans or car title loans, you are putting up your property or assets as collateral for the loan - failure to pay means you lose your asset, simple.

And while these kinds of loan products work well for some people, others can feel anxiety knowing what they stand to lose if things go awry. For personal loans, you just have to meet the requirements set out by the lender, and the money is yours.

Personal loan is all about 'you'. If you are a first-timer, you just have to prove you have the capacity to repay. Keep a good record and you can apply for your next loan faster.

Speed
Once you meet the lender’s requirements, you usually don’t have to wait very long to get the money you need. Personal loans are processed quickly, so you can have your money and start using it.

Control
With a personal loan, you are receiving cash and you are in complete control of how you spend it. While it’s wise to formulate a plan ahead of time, you’re still not restricted as to where you can spend your money like with some credit cards. Some people even use personal loans to help make a large purchase. Let’s say you want to buy an expensive item but don’t have the immediate funds. With a personal loan, you can get what you need and spread out the payments so it’s affordable for you.

Debt Consolidation
While it’s true that taking a personal loan is actually adding to your debt, you can still use it to reduce your overall debt faster. If you have other debts and choose to consolidate with the help of a personal loan, it will simplify the whole process for you. Creditors will stop calling you, you’ll be paying less interest and you’ll only be making one or two payments per month.

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