After the end of the covid-19 quarantine lockdown, many people in the Philippines were faced with the need to obtain secured or unsecured loans. Looking through the offers of lending institutions, you are likely to be faced with a choice between Secured and Unsecured loans. As a rule, Loans without collateral are available in the amount of 50000 to 2000000 pesos. You will find that Unsecured loans come with higher percentage than Secured loans.
The presence of collateral – real estate, car, land – gives you the right to get a loan at much lower rates than in the absence of collateral. However, not everyone can afford a secured loan. The reasons can be different – from the fear of losing the only property in which a person lives, to the banal lack of property that can be mortgaged.
Unsecured personal loans are available in the amount from 50000 to 2000000 and loan terms from one to four years. You find that Unsecured loans go at higher rates than Secured loans. To check them before you apply.
The best offers of Unsecured loans
First, it should be noted that there are many more offers for issuing Unsecured credits than for credits with collateral. As a rule, this is due to the fact that only banks and pawnshops provide Secured loans. Also Unsecured credits are issued by all financial organizations with the exception of pawnshops: banks, Payday lenders, MFIs, non-profit organizations.
Secondly, loan without collateral can be issued in a couple of hours, which sometimes plays a decisive role.
So, let’s take a look at the best offers for Unsecured loans:
- Maybank offers Personal loans for any purpose at 1.3% per month, with a maximum amount of up to 1 million pesos and a maturity of up to 3 years.
- Security Bank provides loan at 1.89% p.m. with a maximum loan amount of up to 2 million pesos and for a period of up to 3 years.
- BDO offers Unsecured loan at 2% per month and for up to 3 years. The maximum credit amount is calculated based on the borrower’s income.
- BPI – Unsecured loans to borrowers at 2.14% per month and for a loan term of up to 3 years.
- RCBC issues loans for any needs at 2.3% per month for up to 3 years.
- PSBank issues unsecured loans at 2.5% per month for up to 3 years.
- P2P platform Blend.ph – loans without collateral with an interest rate of 3.5% p. m.
From the above proposals, the maximum possible credit term for any purpose without collateral is clearly traced – up to 3 years, and interest rates in the range of 1.3% – 3% per month.
Microfinance institutions that provide loans through mobile applications have higher interest rates. This fact may suit some borrowers who do not have a permanent income, since mobile loans have the most loyal requirements for borrowers.
UpFinance service is the best assistant in finding loans
To quickly find the loan you need, use the UpFinance service. Here you can use the menu to select the desired type of loan and familiarize yourself with all the conditions for granting loans. Here you will also find links to websites of financial organizations and their contact details.
If you do not have time to travel to bank offices, try the type «Loan Online». In this category, there are loan offers, for which you can send an application via the Internet without leaving home. This type of credit is usually an Unsecured loan.