Salary Loan

Last update 22.04.2024
PH - Digido
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Loan Amount 10 000 - 25 000 php
Loan period 1 - 6 mo.
Minimum age 21 year
Interest rate 143 %
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  • Don't require guarantors or guarantee deposits

PH - Loanonline
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Loan Amount 500 - 25.000 php
Loan period 3 - 12 mo.
Minimum age 20 year
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PH - Finbro
★★★★

Sponsored

Loan Amount 1.000 - 20.000 php
Loan period 12 - 12 mo.
Minimum age 20 year
  • 0% interest on first loan

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  • No guarantor nor a payslip

Salary Loan; Things You Need to Know

In the Philippines, a salary loan is a type of personal loan that allows individuals to borrow money against their monthly salary. This type of loan is offered by various financial institutions such as banks, credit unions, and online lenders.

To apply for a salary loan Philippines, you typically need to meet certain eligibility criteria such as being a Filipino citizen, at least 21 years old, employed for a minimum of one year, and have a minimum monthly income requirement. The loan amount and interest rate may vary depending on the lender and your creditworthiness.

Some popular salary loan providers in the Philippines include:

  1. BDO Personal Loan
  2. BPI Salary Loan
  3. Security Bank Personal Loan
  4. Citibank Personal Loan
  5. TALA Philippines

It is important to do your research and compare loan offers from multiple lenders before making a decision. Be sure to read the terms and conditions carefully, including any fees and charges associated with the loan.

Salary Loan

Who can Avail Salary Loan?

In the Philippines, individuals who are employed or have a regular source of income can typically avail of a salary loan. However, specific eligibility requirements may vary depending on the lender.

Generally, to be eligible for a salary loan in the Philippines, you must meet the following criteria:

  1. You must be a Filipino citizen or a foreigner with a valid Philippine work visa.
  2. You must be at least 21 years old but not more than 65 years old upon loan maturity.
  3. You must be currently employed with a minimum tenure of one year, or self-employed with a minimum of two years of profitable operation.
  4. You must meet the minimum income requirement set by the lender.
  5. You must have a good credit history and credit score.

Keep in mind that lenders may have additional eligibility requirements, such as a minimum credit score or a specific type of employment. It’s important to check with your chosen lender to see if you meet all of their requirements before applying for a salary loan.

Salary Loan Requirements

The requirements for a salary loan in the Philippines may vary depending on the lender. However, the following are some common documents and information that lenders typically require:

  1. Valid government-issued ID (e.g. passport, driver’s license, or voter’s ID)
  2. Proof of income (e.g. payslips or certificate of employment)
  3. Income tax return (ITR) or certificate of compensation payment
  4. Bank statement or proof of billing address
  5. Employment contract or business permit (for self-employed individuals)
  6. Completed loan application form
  7. Additional requirements such as collateral, co-maker or guarantor (depending on the lender’s policy)

Keep in mind that some lenders may have additional requirements or ask for more detailed information to assess your creditworthiness. It’s important to inquire with your chosen lender about their specific requirements to ensure a smooth application process.

Sample Banks offering Salary Loan

Bank of the Philippine Islands (BPI)

BPI or Bank of the Philippine Islands offers a personal loan called BPI Personal Loan that can be used for various purposes, including salary loans. Here are some of the features of BPI Personal Loan:

  1. Loan amount: BPI offers loan amounts ranging from Php 20,000 to Php 1,000,000, subject to approval.
  2. Loan term: The loan term can be up to 36 months.
  3. Interest rate: The interest rate varies depending on the loan amount and term. As of March 2022, the interest rate ranges from 1.20% to 1.95% per month.
  4. Repayment method: Borrowers can choose to repay their loan via auto-debit arrangement or post-dated checks.
  5. Eligibility: BPI Personal Loan is available to Filipino citizens or foreigners with a valid Philippine work visa, aged between 21 and 60 years old, with a minimum monthly income of Php 25,000.

To apply for Salary loan BPI, borrowers can submit their application online or visit a BPI branch. Requirements may include a valid ID, proof of income, and other supporting documents. Loan approval is subject to the bank’s credit evaluation process.

Banco de Oro (BDO)

BDO or Banco de Oro offers a personal loan called BDO Personal Loan that can be used for various purposes, including salary loans. Here are some of the features of BDO Personal Loan:

  1. Loan amount: BDO offers loan amounts ranging from Php 10,000 to Php 3,000,000, subject to approval.
  2. Loan term: The loan term can be up to 36 months.
  3. Interest rate: The interest rate varies depending on the loan amount and term. As of March 2022, the interest rate ranges from 1.25% to 1.95% per month.
  4. Repayment method: Borrowers can choose to repay their loan via auto-debit arrangement or post-dated checks.
  5. Eligibility: BDO Personal Loan is available to Filipino citizens or foreigners with a valid Philippine work visa, aged between 21 and 70 years old, with a minimum monthly income of Php 10,000.

To apply for BDO Personal Loan, borrowers can submit their application online or visit a BDO branch. Requirements may include a valid ID, proof of income, and other supporting documents. Loan approval is subject to the bank’s credit evaluation process.

Advantages of Salary Loan

Salary loans can offer several advantages to borrowers who need quick access to funds. Firstly, salary loans typically have a quick approval process, which can allow borrowers to access the funds they need in a short amount of time. This can be particularly useful in emergency situations or when borrowers need to make urgent payments.

Secondly, salary loans typically do not require collateral such as a property or a vehicle, which can make the loan application process simpler and more accessible. This means that borrowers who do not have valuable assets to offer as collateral can still qualify for a loan.

Additionally, salary loans often have fixed repayment terms, which means that borrowers can plan and budget their repayments accordingly. This can be helpful for borrowers who want to avoid the uncertainty of variable interest rates or fluctuating repayment terms.

Finally, some lenders may offer flexible repayment options, such as allowing borrowers to choose the repayment term that best fits their financial situation. This can help borrowers to manage their cash flow and avoid defaulting on their loan.

Overall, a salary loan can be a useful financial tool for borrowers who need quick access to funds without the burden of providing collateral. However, it is important to carefully consider the terms and conditions of the loan before applying, and to ensure that the repayment terms are manageable and sustainable.