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Comparing Personal Loans: Where to Find the Best Rates This July
Explore personal loans with APRs from 26.74% to 33.6%. Discover which lenders offer the best rates and terms for your financial needs.
Quick Picks
Best for Large Amounts: RCBC Pasado Loan.
Lowest APR: UnionBank Personal Loan.
Best for Credit Builders: Tonik Quick Loan.
APR Range
Large Loan Options
For those needing significant funds, these loans cater to high-value borrowing.
RCBC Pasado Loan
RCBC Pasado Loan is ideal for borrowers needing up to ₱5 million. It offers the highest loan ceiling among Philippine personal loans, with terms stretching up to 60 months. While the starting monthly add-on rate is competitive, ranging from 1.30% to 2.83%, the wide EIR range from 19% to 34% reflects variations based on credit profiles. This loan is best for those who require a high loan amount and are comfortable with potential variations in effective interest rate.
BPI Personal Loan
BPI Personal Loan stands out with its competitive add-on rate starting at 1.20% monthly, making it attractive for those seeking up to ₱3 million without collateral. It offers fast-track options for existing BPI credit card holders, which speeds up the application process. However, the one-time processing fee and limited term options (12-36 months) might be a drawback for some.
SB Finance Personal Loan
SB Finance Personal Loan provides an option for freelancers and self-employed individuals who may face challenges qualifying for major bank loans. The monthly add-on rate is higher at 2%, reflecting an APR of approximately 39.43%, but the loan is accessible up to ₱3 million without a guarantor. It's a viable choice for those with non-traditional income sources.
If you're focusing on securing the best rates, the next batch of loans offers lower APRs, though they may require strong credit scores to qualify.
Competitive Rate Loans
These options are for borrowers who prioritize low interest rates.
UnionBank Personal Loan
UnionBank Personal Loan offers the lowest monthly add-on rate at 1.26%, translating to an ACR of 26.9% for a ₱200K loan. Its fully digital application process is convenient, with up to 60-month terms. However, the effective interest rate, including fees, reaches 31.98%, which is higher than some competitors.
BDO Personal Loan
BDO Personal Loan is a stable choice from the largest bank in the Philippines. It offers a predictable ACR range of 25.98% to 26.76% for loans up to ₱2 million. The extensive branch and ATM network provides accessibility, though the lower maximum loan amount compared to other lenders might be a limitation.
Metrobank Personal Loan
Metrobank Personal Loan is suitable for those who prefer borrowing from an established bank with a branch network. It offers lower add-on rates of 1.25% for longer terms (24-36 months) but comes with various fees, such as a ₱1,500 disbursement fee and a higher ACR of 36.74% for shorter terms.
For those building or repairing credit, the final options offer unique solutions, though often at a higher cost.
Credit Builder Loans
These loans provide opportunities for borrowers looking to establish or improve their credit.
Tonik Quick Loan
Tonik Quick Loan is designed for first-time borrowers and those looking to build credit, offering loans up to ₱50,000 entirely in-app. With no existing credit history required, this option is accessible, though the monthly add-on rate is higher at 4.20%.
CTBC Bank Salary Stretch Personal Loan
CTBC Bank Salary Stretch Personal Loan caters to salaried individuals and self-employed borrowers, offering competitive rates from 1.39% to 1.79% monthly. While it's a compelling choice for those seeking no separate processing fees, the handling fee deducted from loan proceeds and limited branch network are considerations.
In conclusion, choosing the right personal loan depends greatly on your individual financial needs, credit profile, and borrowing goals. If you're interested in exploring more options tailored for freelancers, check out our article on Best Personal Loans for Freelancers: Top Options This July.
