TYPES OF PERSONAL LOANS IN THE PHILIPPINES
Often it’s necessary to take a personal loan without collateral. In case of the absence of real estate and a car, this type of financing carries risks for bankers. There are such loans in the Philippines:
Fixed term lending. Many financial institutions require that debt be extinguished every month within a year, a year and a half, two or three years. If you choose a shorter period, you will have to pay the highest balance, but the interest will be lower than with a larger lending period.
With a fixed amount. You can take from 10 000 to 1 million Php, if you receive the approval of the application. The real amount depends on the income and the state of the credit history. If they are alright, then the lender will consider the largest possible loan.
With a fixed interest rate. With a few exceptions, personal loans have fixed interest rates that do not change throughout the lending period.
Source: https://allthebestloans.com/
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