How to get a cash loan in the Philippines

Last Updated:
August 14, 2023
Kay Nicole

cash loan in the Philippines

Any resident of the Philippines will find a suitable offer cash loan offer. The range of financial services is quite large as there are many banks and they all offer different lending conditions. So when looking to get a cash loan in the Philippines here are the options for loans that can be issued by banks:

  1. Instant. It is issued in express mode without certificates and guarantors. The program is aimed at citizens who urgently need to borrow money, they are issued on the day of application. The amount rarely exceeds 100,000 pesos, the rate is increased due to urgency.
  2. Standard. A mass product, it is it that citizens most often draw up, and almost all banks in the city offer it. Income certificates are needed. You can get a decent limit up to 30,000 - 500,000 pesos, or even higher. The stakes are low.
  3. With a co-borrower. The borrower invites a person who, together with him, vouches for the repayment of the loan. As a result, the probability of approval increases, rates are reduced, and the limit possible for issuance is increased.
  4. With a collateral. The borrower leaves a collateral to the bank, which allows him to count on the best credit conditions. The rates are the lowest, the amounts are the largest, up to 60-70% of the value of the collateral.

As you can see, a loan in the Philippines can be taken on different conditions. Decide on your needs and choose cash loan Philippines according to them. Use a loan calculator if necessary. It will help you decide on the most convenient issuance options.

Which banks offer the most favorable conditions

Any borrower wants to get a loan with a low-interest rate. This is a perfectly logical desire. But there are many banks, and sometimes it is difficult to unambiguously determine which one gives the most profitable loan. You need to compare and look at the exact rates.

Banks traditionally issue a cash loan at a low-interest rate to salary and regular customers. Therefore, first of all, consider the offers of such lenders. Then you will get the money quickly, and it will be a decent loan with low rates.

When choosing a program, pay attention to the interest rate, and look at the exact rates. Banks often indicate the minimum value in the description, although in fact, the percentage may be higher. Those who immediately indicate the range act more honestly, for example, “10-15% per annum”. New borrowers are advised to focus on the upper limit of the rate.

Best cash loans in the Philippines for citizens include the following offers:

Radiowealth Finance Corporation’s  Cash Loan

If you are facing significant financial difficulties, then cash loans from Radiowealth Finance Corporation may be right for you. This online cash loan in the Philippines can help in critical emergencies

  • Loan amount: 10,000 - 3,000,000₱
  • Interest rate: from 15% per annum
  • Approval time: 24 hours
  • Payment terms: 3 - 36 months

Tonik Flex Loan

Another quick online cash loan. You can get this loan in just one day. The speed at which your application will be processed depends on how quickly and completely you submit your claims.

This is an unsecured loan, so you do not need to provide any collateral. There is also no need to leave your home as the application process is done in the app.

  • Loan amount: 20,000 - 250,000₱
  • Monthly add-on interest rate: 1.7%
  • Approval time: 24 hours
  • Payment terms: 6 - 24 months

CIMB Personal Loan

CIMB has switched to a digital loan application, which is completed through the CIMB Bank PH application. The digital bank offers the most flexible terms and lowest interest rates.

Plus, enjoy instant payouts as your loan funds will be credited to your savings account.

  • Loan amount: 30,000 - 1,000,000₱
  • Monthly add-on rate: 1.12% - 1.95%
  • Approval time: 24 hours
  • Payment terms: 12 - 60 months

UnionBank Quick Loan

UnionBank Quick Loa is another online cash loan option, a fully automated digital loan program for UnionBank deposit holders.

You can apply using UnionBank Online.

  • Loan amount: 1,000 - 1,000,000₱
  • Interest rate: Will be provided in the Quick Loans Promissory Note and Disclosure Statement
  • Approval time: 60 seconds
  • Payment terms: 1 - 12 months

UnionBank Personal Loan

This online cash loan offers a loan amount of up to 2 million pesos, flexible repayment terms and a competitive interest rate, which is beneficial for borrowers.

  • Loan amount: 50,000 - 2,000,000₱
  • Monthly add-on rate: 1.29%
  • Approval time: 24 hours
  • Payment terms: 1 - 5 years

These are not all the profitable offers of Philippine banks. Here you can clearly see which banks set the lowest interest rates. But in any case, look at the exact rates.

Reminders before applying for a cash loan in the Philippines

If you want to get the most profitable loan, then pay attention to the following tips.

✔️ Compare all options

All fast cash loans are different and each of them has its own characteristics, as a result of which it may not suit you. Thus, you will receive a loan that does not fit your budget.

✔️ Borrow as much as you can pay

Avoid situations where the monthly loan payment takes 50% or more precentage of your monthly income. Borrowing more than you need is also unwise because you will have to pay back with interest.

Be specific about how much money you need to avoid high-interest rates. Make preliminary calculations of monthly payments on a loan calculator to accurately calculate your strength.

✔️ Calculate all fees that come with a loan

In addition to the interest rate, you will have to pay other fees that the lender will include in the loan amount, so find out their amount in advance and think about this moment over before applying for a loan.


Fast cash loans will help you in a difficult situation if you have already exhausted your personal finances. But don't go to the first lender you see. Choose the best cash loan in the Philippines for your needs, it will help you save money in the long run.

Analyze all available loan options today.

Learn more about soft loans in the Philippines. You can also get acquainted with other financial assistance options besides a loan - charitable assistance, crowdfunding and more.


Author Maria Torres from Upfinance.

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