No-collateral loans, otherwise known as unsecured loans, signature loans, or personal loans, are an attractive financial option for Filipinos seeking funds without risking assets like homes or vehicles. Unlike secured loans, they don’t require property as collateral, making them accessible for those with a good credit standing, though approval often hinges on a borrower’s credit score and financial history.
These no collateral or unsecured loans have both advantages and drawbacks. While they generally offer quick access to funds and require minimal paperwork, the interest rates are often significantly higher so as to offset the risk for the offering banks. This article can help you find the best options available, ensuring you choose a loan that meets your financial needs without any hidden challenges.
Types of No Collateral Loans Offered by Philippine Banks
Unsecured loans offered by Philippine banks provide borrowers with a variety of financing options without requiring collateral, making them accessible for different personal or financial needs. These loans range from quick-access options and high-amount personal loans to debt consolidation and credit-building solutions, catering to the diverse demands of borrowers.
Here are the different types of unsecured loans offered by Philippine banks:
- General Personal Loans: These loans are designed for a wide range of personal expenses, from home improvements to medical bills. They offer flexibility in loan amounts and repayment terms, generally without the need for collateral, making them accessible for a variety of financial needs.
- Quick Access Loans: Loans in this category prioritize speed and convenience, offering fast approvals and minimal requirements, often ideal for those needing immediate funds with a straightforward application process.
- Debt Consolidation Loans: These loans focus on helping borrowers manage multiple high-interest debts by consolidating them into one payment. They are best for individuals looking to streamline finances and potentially reduce overall interest costs.
- Credit-Building Loans: Credit-builder loans are specifically aimed at helping individuals establish or improve their credit history. By making regular payments, borrowers can strengthen their credit profile, which can support future loan approvals.
- High-Amount, Salary-Based Loans: These loans base the loanable amount on the borrower’s monthly salary, often providing larger credit limits proportionate to income. They are suitable for salaried employees who need high-value, multi-purpose financing.
Each category offers unique benefits, tailored to specific financial situations and borrowing needs, from immediate cash access to long-term credit building and debt management solutions.
For a specific list of unsecured loans you can check out, please see the list below:
1. SB Finance Personal Loan
Provider: Security Bank Corporation / SB Finance Company, Inc.
Best for: Individuals needing quick, no-collateral financing up to PHP 2 million.
This personal loan allows borrowers to access funds up to PHP 2 million without any need for collateral. It offers flexible repayment terms and rapid approval within 5–7 banking days.
Features:
- Loan amount: PHP 30,000 to PHP 2,000,000
- Repayment terms: Up to 36 months
- Approval time: 5–7 banking days
- Monthly add-on rate: 1.89% (APR begins at 39.53%)
- Processing fee: PHP 2,000
- Notarial fee: PHP 125–150 (based on loan amount)
- Penalty fee: 3% of past-due amount
2. Easi-Funds Personal Loan
Provider: China Bank Savings
Best for: Quick cash access without collateral
Easi-Funds Personal Loan offers a no-collateral cash loan for borrowers seeking fast financial support. This loan provides up to PHP 1 million and is designed for convenience and minimal paperwork.
Features:
- Loan amount up to PHP 1 million
- Simple requirements, including a filled-out Customer Information Sheet and a valid ID
- Loan terms available for up to 12 months
- Monthly income requirement: PHP 12,000 minimum
3. EastWest Personal Loan
Provider: EastWest Bank
Best for: Multi-purpose financing with flexible repayment terms
The EastWest Personal Loan offers up to seven times your monthly salary, with a maximum loanable amount of Php 3 million, and repayment terms of up to 60 months. This loan requires no collateral, making it accessible and easy to apply for.
Features:
- Loanable amounts from Php 25,000 to Php 3 million
- Repayment terms of 12, 18, 24, 36, 48, or 60 months
- Competitive interest rates
- No collateral or co-maker required
- 24-hour customer service hotline and loan calculator available
4. BDO Personal Loan
Provider: BDO Unibank, Inc.
Best for: Individuals seeking flexible, unsecured financing with easy repayment terms.
BDO Personal Loans provide up to PHP 2 million without collateral, offering flexible terms and competitive interest rates. This loan is ideal for covering personal expenses, such as home improvements, tuition, or medical costs.
Features:
- Loan amount up to PHP 2 million
- Flexible repayment terms: 6, 12, 18, 24, or 36 months
- Low interest rates
- Minimal documentation required
- Available to salaried employees, self-employed individuals, and OFWs
5. PNB Personal Loan
Provider: Philippine National Bank (PNB)
Best for: Funding personal expenses with flexible terms and no collateral required
The PNB Personal Loan offers financing for various personal needs, allowing borrowers to repay in easy monthly installments. Loan amounts can reach up to Php 2 million, depending on approval, with repayment terms spanning up to five years.
Features:
- Loanable amount up to Php 2 million (subject to approval)
- Flexible repayment terms from 3 to 60 months
- No collateral required
- Low monthly add-on interest rate
- Covers expenses like medical bills, tuition, home improvements, vacations, and other personal needs
6. Personal Loan
Provider: CIMB Bank Philippines
Best for: Quick, hassle-free access to funds with minimal documentation.
Access personal loans up to PHP 1 million in as fast as 10 minutes. This all-digital application process only requires one valid ID and a payslip, making it convenient for those needing immediate financing.
Features:
- All-digital loan application: Complete the process in as fast as 10 minutes with just a valid ID and payslip.
- High loan amount: Borrow between PHP 30,000 and PHP 1,000,000 with flexible terms of 12 to 60 months.
- Fast disbursement: Funds are disbursed instantly to CIMB accounts or within 1-2 banking days to other banks.
- Credit Life Insurance: Get loan coverage for death or total and permanent disability through Pru Life U.K. insurance.
7. Metrobank Personal Loan
Provider: Metrobank
Best for: Quick access to flexible, unsecured funds
The Metrobank Personal Loan offers a reliable option for Filipinos seeking a flexible, no-collateral loan with manageable payment terms. It supports personal needs like education, travel, and emergencies, with approvals possible within seven business days.
Features:
- Loan amount: Php 20,000 to Php 2 million
- Payment terms: Up to 36 months
- Interest rates: Monthly add-on as low as 1.25%
- Quick application process, online application available
- Minimal documentation required (valid ID and signed promissory note)
- Auto-debit payment arrangement
- Loan calculator tool for estimating monthly payments
8. Maybank Personal Loan
Provider: Maybank Philippines
Best for: Individuals seeking a flexible, high-limit personal loan with no collateral requirements
The Maybank Personal Loan offers up to PHP 1 million without needing collateral, with terms reaching up to 36 months. It provides one of the market’s most competitive interest rates, making it suitable for large personal expenses or debt consolidation.
Features:
- Loan amount up to PHP 1 million
- Flexible payment terms up to 36 months
- Competitive interest rate at 1.3% monthly
- Multiple payment channels, including Maybank branches, online banking, GCash, and BancNet Online
- Eligibility for Filipino citizens aged 23-65, with income and employment requirements
9. Credit Builder Loan
Provider: Tonik Digital Bank
Best for: Building credit for future loan eligibility
The Tonik Credit Builder Loan offers a starting amount of PHP 20,000, allowing individuals to build their credit history while making regular payments. This loan helps borrowers enhance their credit profile through consistent use of the Tonik account for payments and savings.
Features:
- Loan amount up to PHP 20,000
- Installment terms up to 12 months
- Interest rate as low as 4.84% monthly add-on
- Minimal requirements: valid ID, TIN, Tonik Savings Account
- Eligibility for Filipino residents aged 23-58
10. BPI Personal Loan
Provider: Bank of the Philippine Islands (BPI)
Best for: Personal and educational expenses, home repairs, and other immediate cash needs
BPI Personal Loan offers quick access to funds for various financial needs without requiring collateral. Loan amounts can be as high as three times your monthly income, with processing in just 5 to 7 days.
Features:
- Loan amounts from Php 20,000 up to Php 3,000,000
- Loan terms ranging from 12 to 36 months
- Processing fee of Php 1,500 deducted from proceeds
- Additional Documentary Stamps Tax for loans above Php 250,000
- Flexible payment terms and automatic monthly debit from BPI account
Video: Secured vs Unsecured Loans
Understand what it means to take no collateral loans and how it differs from a secured loan by watching this video from Scott Allums and learn more about the difference between secured and unsecured loans today.
Summary
Exploring the best no-collateral loans available in the Philippines can help you make an informed decision tailored to your needs. With options for debt consolidation, personal expenses, and flexible financing, each loan offers unique benefits, interest rates, and terms. Take control of your finances and choose the loan that suits you best by reviewing this list, so you can start on your journey toward a financially secure future with a loan that aligns with your goals and needs!