More often than not, getting a loan is a very meticulous process. But there are easy to apply for loans in the Philippines with easy requirements and quick loan approval processes.
If you’re currently shopping for a loan, here are some lenders in the Philippines with easy loan applications.
Easy to Apply for Loans in the Philippines
Whether you’re looking for a loan with fewer requirements, a faster approval process, bigger loanable amounts, or longer repayment periods, here are some loans you can easily apply for.
1. CIMB Bank Personal Loan
Are you looking for an easy loan you can apply for online? CIMB Bank offers an all-digital loan application that you can finish in minutes. Just download and log in to the CIMB Bank mobile app.
Loanable amount: PHP 30,000 to PHP 1,000,000
Interest rate: 1.12% to 1.95% per month
Loan tenure: 12 to 60 months
Processing time: 10 minutes via the CIMB Bank mobile app
Who Can Apply for a CIMB Loan?
21 years old but not older than 65 years old upon loan maturity
Filipino citizen with mailing address and active Philippine mobile number
Gross monthly income of PHP 15,000
Employees with a tenure of at least six months or one year if working in the top 15,000 corporations
Self-employed operating a business for at least one year
CIMB Personal Loan Requirement
Only a valid government-issued ID is needed to apply for a loan from CIMB Bank.
2. ACOM Revomax Personal Loan
With ACOM, you can quickly and easily apply for a loan online. It has easy requirements, and you don’t need collateral. Your loan can also get approved in just 24 hours.
Loanable amount: PHP 5,000 to PHP 500,000
Interest rate: 3.315% to 4.563% per month
Loan tenure: 6 months
Processing time: Within 24 hours
Who Can Apply for an ACOM Loan?
21 years old but not older than 65 years old
Employees with a tenure of at least six months
Monthly income of at least PHP 7,000
With an existing workplace landline phone and personal mobile number
ACOM Loan Requirements
Valid government-issued ID
Original copy of payslip issued within the last 15 days, Certificate of Employment, or employee ID
TIN ID or recent BIR 2316
3. RFC Loan
You can get a loan from Radiowealth Finance Corporation (RFC) in just three easy steps. Fill out the online application form and submit your requirements. Once your loan application is verified and approved, you’ll receive your loan proceeds in your preferred disbursement method.
Loanable amount: PHP 10,000 to PHP 250,000
Interest rate: 3.5% to 4% per month
Loan tenure: Three to 12 months
Processing time: Within 24 hours
Who Can Apply for an RFC Loan?
At least 18 years old
Employees with a tenure of at least 2 years
Monthly income of at least PHP 18,000
Self-employed applicants with an operational business for at least 2 years
Residing in current address for at least 2 years
RFC Loan Requirements
Two valid IDs (at least one government-issued ID)
Proof of billing
Latest three payslips
Certificate of Employment
Residential, Business, or Employer address map
4. Citi Personal Loan
If you’re an existing Citi credit cardholder, it’s easy to apply for a Citi Personal Loan. Whether it’s to fund a business expansion, home improvement, travel, personal growth, or debt consolidation, you can enjoy Citi’s low interest rates.
Loanable amount: Up to PHP 2,000,000
Interest rate: 26.9% to 30.9% (for new Citi customers)
Loan tenure: One to five years
Processing time: Within 24 hours
Who Can Apply for a Citi Personal Loan?
21 to 65 years old
Filipino resident or local resident foreigner with a valid Philippine address
With a TIN
Principal Citi credit cardholder
Gross annual income of at least PHP 250,000
Citi Personal Loan Requirements
Valid photo-bearing ID with signature
Latest 1 month payslip for employed applicants
Latest ITR (BIR Form 1701) and Audited Financial Statements for self-employed applicants
Accomplished Citi Online or Downloadable Personal Loan Application Form
5. Tala Online Cash Loan
Do you have an Android phone and a valid ID? Then you can get an easy loan and apply online using the Tala mobile app.
Loanable amount: Up to PHP 15,000
Interest rate: 11.4% to 17.1%, depending on the loan term
Loan tenure: 21 days and 30 days
Processing time: 5-minute approval, loan disbursement within 24 hours
Tala Loan Requirements
Android smartphone with OS 4.1 or higher
6. SB Finance Personal Loan
If you have to borrow a bigger amount and need a longer repayment period, SB Finance Personal Loan may be a good fit for you. Unlike the Citi Personal Loan, you don’t need to be a Security Bank credit cardholder to apply. Furthermore, there’s no collateral needed.
Loanable amount: PHP 30,000 to PHP 2,000,000
Interest rate: From 29.48% annual percentage rate (APR)
Loan tenure: Up to 36 months
Processing time: 5 banking days
Who Can Apply for an SB Finance Loan?
At least 21 years old but not more than 65 years old upon loan maturity
With a residence or office landline
Minimum gross monthly income of PHP 15,000 for employees in Metro Manila and PHP 12,000 for employees outside Metro Manila
Minimum gross monthly income of PHP 100,000 for self-employed applicants and must be operating a profitable business in the last 2 years
SB Finance Personal Loan Requirements
For employed applicants:
Valid government-issued photo-bearing ID
Certificate of Employment, latest one-month payslip, or latest ITR
For self-employed applicants:
Valid government-issued photo-bearing ID
Latest Audited Financial Statements
DTI Certificate/SEC Registration
Latest three-month bank statements
At least three trade references and their contact numbers
Some Things to Consider Before Getting a Loan
Everything is just so convenient these days, even taking out a loan from banks and other financial institutions. But before you sign up for that loan, here are some helpful reminders.
1. Determine the Kind of Loan You Need
Why do you need to take out a loan? The answer will determine the right kind of loan and which lender to get it from.
If you just need a few thousand pesos to tide you over, you can get a payday loan or an online loan. But if you’re looking for a loan for funding a home renovation, a wedding, or a small business, you can get a multi-purpose loan or business loan.
2. Consider Your Debt-to-Income Ratio
How much do you need to borrow to fund your loan purpose? More importantly, how much can you afford in monthly repayments? One of the things that banks and loan providers look at is an applicant’s debt to income ratio, which is the percentage of your gross monthly income that goes to paying your monthly debt payments.
3. Choose the Shortest Loan Term, If Possible
When you take out a loan, you may be offered several loan term options. But keep in mind that longer loan terms mean paying more interest charges and higher interest rates over time. Not to mention, they’ll take you longer to pay off the loan and finally be debt-free.
On the other hand, a shorter loan term can improve your chances of getting approved. Loan providers prefer shorter payback periods because of the lower chances that your financial situation will change during the loan period.
4. Apply for a Realistic Loan Amount
Make sure that you have checked the loan qualifications and that you qualify before submitting your loan application. Banks and financial institutions offer minimum and maximum loan amounts, so it’s not guaranteed that you’ll be approved for the maximum amount. This will still depend on your income and your credit history.
5. Improve Your Credit Score
If you wish to apply for a loan and get approved, check your credit score. This is one of the major considerations of loan providers when approving or rejecting a loan application.
Take the necessary steps to fix a bad credit score, preferably while you still don’t need a loan. Improving your credit score does not happen overnight, but it can be done!
So pay off those delinquent credit cards or any unpaid loans. Get a copy of the bank clearance letter and check credit reporting agencies to see if your information is correct and updated.
6. Shop Around and Compare Fees
Check loan products of different loan providers so you can compare their rates and terms. If you can speak to a loan officer, ask questions about the loan application process, the requirements, as well as the repayment schedules, fees, and charges.
This way, you can get all the information you need and choose the right loan product for you. Also, it will help you understand if you have the financial capacity to promptly pay off the loan.
7. Get Your Paperwork Ready
Prepare all your income documents to facilitate a quicker loan application process, especially if you need the loan to get approved ASAP. Make sure they are the latest or the most updated and that all information is true and correct.
8. Consider the Fees and Charges
Read the terms and conditions of the loan and spend time studying the fees. How much are the application or origination fees? Are the late payment fees and prepayment penalty fees too high? You can find the least expensive loan by comparing the loan’s total cost, which includes fees and charges.
9. Don’t Apply for Too Many Loans
Applying for too many loans is a sign that you’re a high credit risk. This will alert loan providers that you’re really in a financial bind and it can negatively impact your loan application.
It’s best to learn about your available loan options to identify the right fit before submitting your loan application. Compare your loan options online using comparison websites like Moneymax to learn about eligibility criteria, repayment options, and applicable fees.
Read more: Should I Borrow Money from Private Lenders?
10. Never Skip Payments
Missed payments will not just get you hit with a late payment fee, but it will also negatively impact your credit score and your relationship with your loan provider. As a result, it will be more challenging for you to apply for a new loan in the future.
To make sure you don’t miss a loan payment, set up an automatic debit arrangement on your savings account, or set a recurring reminder on your phone or computer a few days before your due date.
A loan can definitely help you out of a financial bind. But it’s a big financial responsibility, too. As much as possible, applying for a loan should be your last resort. Beef up your savings instead so you have money to cover all kinds of financial emergencies.
If this is not possible for now, don’t get the first loan offered to you. Compare loans to get the best rates.
Aside from the convenience that these easy to apply for loans provide, make sure that the monthly payments are something you can afford. Whether it’s a short-term or long-term loan, pick one that will work with your current financial situation and your repayment timeline.
Related reading: Emergency Loans and Other Convenient Ways to Borrow Money
 CIMB Bank
 Citi Online Form
 Tala Philippines
 Debt to Income Ratio, (Investopedia, 2021)
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