Get Quick Cash with the Help of Personal Loan (And Find Out What Banks Have to Offer)

It can be home renovation, purchase of big appliances, payment for tuition fee, or medical emergencies. Regardless of the purpose, there will come a time when you need to finance certain expenses and unfortunately, funds are not enough as of the moment. What will you do?

You can ask help from friends or family, but there is no guarantee that they are willing to extend extra hand (and cash). There are tons of private lenders everywhere, but the challenge is finding not just the right but also the legitimate ones. In that case, you turn to banks for help.

Below is a list of banks that offer personal loan for OFWs:

BDO Asenso Kabayan Personal Loan 

This loan facility can either be:

  • Unsecured – OFW must have fixed income
  • Secured – This is guaranteed by your peso/dollar savings account or time deposit account with at least P15,000 (or dollar equivalent) deposit.

Benefits of BDO Personal Loan 

  • Minimum amount is P10,000 while maximum amount is P1Mn
  • Fixed monthly payment with flexible payment term for up to 36 months
  • Loan proceeds will be credited to your BDO account
  • Can be subject to Top Up Loan Feature where you can get a higher amount than your previous loan, but subject to submission of additional income documents
  • Convenient application and submission of requirements at the BDO branch near you

BPI Personal Loan

Loan Features:

  • Loan amount between P20,000 and P1Mn
  • Choose a loan term more convenient for you – 12, 18, 24, 30, and 36 months
  • Easy payment method through automatic debit on your BPI account
  • Loan monitoring through BPI Express Online or BPI Express Phone

Benefits of BPI Personal Loan 

  • Fixed interest rate, which also means fixed monthly installment for the duration of the loan
  • Fixed term throughout the loan
  • Big discounts on products and services if you pay in cash

PSBank Flexi Personal Loan with Prime Rebate

Loan Features:

  • Choose between revolving credit line and fixed term loan for your loan option
  • Loan amount between P25,000 and P250,000
  • Loan payment option is dependent on your chosen loan option
  • Choose between 24 or 36 months (for fixed term loan)
  • Competitive interest rate
  • Various modes available for loan payment
  • Comes with PSBank Flexi ATM card
  • Five to nine working days processing of loan application

Benefits of PSBank Flexi Personal Loan

  • Lower interest rate than credit card
  • Interest is applied on the amount used and not the entire credit line
  • Allows you to earn rebates or savings when you make advance payment on your loan

Chinabank Easi-Funds Personal Loan

Loan Features:

  • Non-collateral multi-purpose loan facility
  • Payable in equal monthly amortization
  • Loan amount starting at P20,000 to P1Mn
  • Fixed term repayment for 12, 18, 24, 36, or 48 months
  • Repayment via post-dated checks
  • Can apply at any Chinabank branches nationwide

Benefits of Chinabank Easi-Funds Personal Loan

  • Minimal documentation
  • No collateral needed
  • Flexible purpose
  • Quick disbursal of funds
  • Loan application process within five working days

EastWest Personal Loan 

Loan Features

  • Versatile loan facility to suit your specific needs
  • Available in 12, 18, 24, and 36 months
  • Borrow with minimum amount of P25,000 to P2Mn
  • Competitive interest rate
  • Gross monthly income of at least P15,000

Benefits of EastWest Personal Loan

  • No co-maker and no-collateral requirement
  • Convenient and fast processing, allowing you to apply while you’re in your office or at the comfort of your home
  • Three to five working days loan application processing

Security Bank Personal Loan

Loan Features

  • Minimum loan amount of P30,000 to a maximum of P1Mn
  • Choose among 12, 18, 24, and 36 months loan term
  • Payment via post-dated checks
  • Must have at least P15,000 gross monthly income

Benefits of Security Bank Personal Loan 

  • Re-availment of loan is allowed as long as you paid at least half of your original loan amount
  • Processing of loan application is up to five working days

AUB Seafarer’s Loan

Loan Features

  • Must have completed at least one employment contract at the time of loan application
  • Existing account with Asia United Bank (AUB)
  • Minimum gross salary of USD 1,000
  • Borrow up to P500,000

Benefits of AUB Seafarer’s Loan

  • Specifically designed for seafarers

Regardless of where you plan to borrow money, make sure you prepare at least one government-issued ID with your picture, and any of the following documents required by your lender: POEA contract, Employment contract with boarding date, POEA Overseas Employment Certificate, Work Contract, POEA OFW Information Sheet, or proof of remittance.

Further, some banks may require you to pay fees such as processing fee, notarial fee, and documentary stamp tax. Make sure to ask about these fees and other charges to help you prepare for your loan application.

One thought on “Get Quick Cash with the Help of Personal Loan (And Find Out What Banks Have to Offer)”

  1. Great post! This is something that we really need to know well. I have traveled different places in Asia from last year til now. It’s all because of my Personal Loan. Right now, I am still paying it off. Good financial loan sense is definitely something to consider.

Leave a Reply

Your email address will not be published. Required fields are marked *