Utang is so strongly embedded in Filipino culture that almost half of Filipino adults have outstanding loans, according to the latest Bangko Sentral ng Pilipinas (BSP) Financial Inclusion Survey.[1] There are many options for pautang in the country, the most common of which are emergency loans and personal loans. Emergency loans in the Philippines come in useful when you need immediate cash, especially during financial crises or natural disasters. However, it’s important to understand both the benefits and risks of each loan option before getting one for funding an emergency. Do you have an emergency and need cash urgently? Don’t panic. There are ways to borrow money quickly and easily. Here are some types of emergency loans in the Philippines: If you need a big amount, apply for a personal loan. It's a safe, legitimate, and affordable way to borrow money in the Philippines, thanks to low interest rates and long repayment terms. Note, however, that banks have strict loan requirements and credit investigation processes for borrowers who need cash for emergencies. Compared to other lenders, providers also take longer to process applications—typically three to seven days—to assess a borrower's ability to repay a loan. 👍 Advantages of Personal Loans 👎 Disadvantages of Personal Loans Wondering where to loan money in the Philippines? To get started, use an online comparison platform such as Moneymax. Below, compare trusted personal loan companies and apply through Moneymax: Provider Loan Amount Monthly Add-on Rate Minimum Annual Income Approval Time UnionBank Personal Loan Up to ₱2 million 1.29% ₱250,000 As fast as 5 minutes UNO Digital Bank Personal Loan ₱10,000 to ₱500,000 2% ₱420,000 7 banking days Metrobank Personal Loan ₱20,000 to ₱2 million 1.25% to 1.75% ₱350,000 7 banking days BPI Personal Loan ₱20,000 to ₱3 million 1.2% ₱180,000 5 to 7 banking days Tonik Credit Builder Up to ₱20,000 Up to 4.84% Inquire with Tonik 2 banking days Tala Loan ₱1,000 to ₱25,000 0.43% to 0.5% daily None 24 hours HSBC Personal Loan ₱30,000 to ₱500,000 0.65% ₱168,000 5 to 7 banking days CIMB Personal Loan ₱30,000 to ₱1 million As low as 0.83% ₱180,000 2 banking days Maybank Personal Loan ₱50,000 to ₱1 million 1.3% ₱300,000 5 to 10 banking days RCBC Bank Personal Loan Up to ₱2 million 0.90% ₱360,000 5 to 7 banking days SB Finance Personal Loan ₱30,000 to ₱2 million 2% ₱180,000 5 banking days CTBC Bank Personal Loan ₱500,000 to ₱2 million 1.39% to 1.79% ₱180,000 1 to 5 banking days PSBank Personal Loan ₱20,000 to ₱250,000 1.75% or 2.5% ₱180,000 5 to 9 banking days With a high loan amount, low interest rates, and quick loan approval and disbursem*nt process, it’s easy to see why a UnionBank Personal Loan makes a great emergency cash loan in the Philippines. Plus, there’s no need for collateral—you won't have to worry about losing your car or home. With a reasonable minimum income requirement, plenty of working Filipinos can qualify and apply for this loan: Promo period: Until June 30, 2024 Need funds? Avail of a UnionBank Personal Loan via Moneymax—and, until June 30, 2024, get a welcome gift worth up to ₱10,990! If your disbursed amount is below ₱250,000, choose between a Dolce Gusto Piccolo XS worth ₱5,199 or Giftaway cash credits worth ₱5,000. If it's ₱250,000 and above, choose between Apple AirPods 3 worth ₱10,990 or Giftaway cash credits worth ₱10,000. Click the banner to apply now! This Moneymax UnionBank Personal Loan promo runs until June 30, 2024. Per DTI Fair Trade Permit No. FTEB 190926 Series of 2024. Terms and conditions apply. Looking for an urgent bank loan? Consider borrowing from UNO Digital Bank. Easily apply for an #UNOnow Loan through the UNO Mobile App. No collateral or co-maker is required. The UNO Digital Bank Loan is one of the best options for financing an emergency because of its straightforward approval process and instant disbursem*nt to the borrower's assigned UNO savings account. With a Metrobank Personal Loan, you can borrow cash ranging from ₱20,000 to ₱1 million. You can use the amount to fund a business venture, educational goals, or a vacation. You can apply easily online. You also don't have to worry about securing a lot of requirements. To apply for a personal loan from Metrobank, you just need to submit a copy of your valid government-issued ID and a signed Promissory Note and Disclosure Statement (PNDS). Looking for an accessible online loan in the Philippines? With BPI's Personal Loan, you can apply either online or at any BPI branch. Since this multi-purpose loan is unsecured, you don't need to declare any asset as collateral. Tonik's Credit Builder, previously called the Quick Loan, approves applications in as fast as two days. You also don’t need a credit history or collateral to apply. No need to gather a mountain of documents, either. Just prepare a valid ID and create a Tonik account. Since this is a fully digital personal loan, you can quickly and easily finish your CIMB loan applicationin just a few minutes. Loan disbursem*nt to your CIMB account takes as quick as one day, and up to two days if to other bank accounts. As such, the CIMB Personal Loan offers one of the fastest loan processing times in the country, perfect for funding your emergency expenses. See other Personal Loan guides: What is an emergency loan? An emergency loan is a loan that can cover the costs of unexpected expenses. It's a quick and easy way for cash-strapped Filipinos to fund unplanned expenses. It's particularly helpful when you need money to rebuild your home or repair your car after flooding, fire, earthquake, or any disaster. Most emergency loans in the Philippinescome from three sources: private lenders, government agencies, and employers. Of the three common providers of emergency loans in the Philippines, private lenders offer the simplest application process, as well as the fastest approval and fund release. This is because they usually don't require a bank account. Emergency loan applications can be filed online nowadays, after which you'll know if you're approved within 5 to 10 minutes. With online emergency loans, you can also receive funds on the same day or even in a matter of minutes. Plus, online lenders don't usually require as many income documents as banks do—usually just a valid ID. They offerurgent cash loans for unemployed Filipinos and those with low income or poor credit history. Ideal as they seem, however, emergency loans are a notoriously expensive way to borrow money in the Philippines. Interest rates can go as high as 1.5% per day, which translates to an annual percentage rate[2] of around 500% to as much as 3,000%. Moreover, loan amounts are small. The highest amount you can borrow is typically ₱20,000. Emergency loans in the Philippines also come with short terms—usually 30 days—so you've got a very limited time to return the amount you borrowed, including interest. 👍Advantages of Emergency Loans from Private Lenders 👎Disadvantages of Emergency Loans from Private Lenders Wondering, "Where can I borrow money ASAP in the Philippines?" If you need to loan 50K in the Philippines, for instance, check out the loan providers below. They require a few documents only and disburse loans quickly: Thinking of where to loan 20K in the Philippines quickly and easily? Get additional cash for emergency expenses like house repairs and school fees with a Maya Personal Loan. Easily apply via the Maya app. Once approved, you get the proceeds in your Maya Wallet instantly. As long as you have a fully verified GCash account and meet the GScore requirement, you can qualify for the GLoan. If you're a pre-qualified GCash user, you can see GLoan on your dashboard and apply right away. Once done, you’ll receive the GLoan proceeds in your GCash instantly. There’s no need to prepare and submit more loan requirements—it's a quick and convenient option for an emergency loan in the Philippines. If you’re not yet eligible for a loan from GCash, keep using GCash to raise your GScore and unlock GLoan. Need cash for an unexpected expense? Check out Home Credit's multi-purpose cash loans. Home Credit approves applications in as fast as one minute! Plus, you need only one valid ID to apply for a Home Credit Cash Loan. However, keep in mind that Home Credit offers its Cash Loan only to existing Home Credit customers with a good record. Read more: Home Credit Cash Loan: How it Works and How to Apply You can finish the entire Finbro loan application process through its all-digital platform. To qualify, you need to be at least 20 years old with a regular source of income. Need money urgently? Good news: Finbro approves applications in as fast as 10 minutes during working hours. JuanHand is currently one of the most popular mobile lending platforms. Simply download the app and complete your application from there. You'll have to start small with your first loan amount, but if you repay on time, you can get a higher amount the next time you borrow. Take note that you'll need a stable source of income and at least one government-issued ID to qualify. The maximum loan amount for first-time borrowers at Online Loans Pilipinas is ₱7,000. You can only apply for bigger amounts up to ₱30,000 if you’re a repeat borrower with good standing. To apply, you need to be employed with a valid government-issued ID and bank or e-wallet account. When you need a small amount for medical reasons, Digido has got you covered. This Securities and Exchange Commission (SEC)-registered online lender offers a quick emergency loan with an easy, hassle-free transaction through its website. You just need to provide a valid ID. Upon approval (which is sent through email or SMS), the loan proceeds will be deposited to your nominated bank account. Looking for government loans? The SSS, GSIS, and Pag-IBIG Fund all assist survivors of natural disasters in the Philippines through their respective emergency loans or calamity loans. If you live in an area officially declared under a state of calamity, you can apply for an emergency loan from one of these government offices. Compared to private lenders, the SSS, GSIS, and Pag-IBIG Fund offer longer repayment terms and significantly lower interest rates. However, you must be an active member of these agencies with consistent contributions to qualify. The table below shows key features of each government agency's emergency loan. For more details on how to apply for these emergency loans from Philippine government agencies, check out this primer.[3] Some companies in the Philippines offer emergency loans to employees affected by calamities. Others provide these loans as part of their employee benefits package, which workers can avail of any time they need cash for emergencies. Emergency loans from employers are cheaper compared to those of other lenders, as they don't typically charge interest. Repayments are also convenient and flexible since they're deducted from an employee's succeeding paychecks or their 13th-month pay. The company you're currently working for may offer an emergency loan program. Check with your HR department and take advantage of it. Another form of emergency loan in the Philippines is the salary loan. It’s similar to emergency loans from private lenders as it also provides quick and easy access to cash online. However, salary loans have slightly higher loan amounts and stricter application requirements, including income documents such as payslips and bank statements. 👍Advantages of Salary Loans 👎 Disadvantages of Salary Loans You can apply for a salary loan online through providers such as the following: With a Tala Loan, borrow as much as ₱25,000. You can get approved within minutes! Choose your repayment date from 15 to 61 days so you’re always on top of your finances. Download the Tala app from the Google Play Store to get yourapplication started. It’s a trusted and secure app, so you don’t have to worry about your data falling into the wrong hands. When it’s petsa de peligro and something urgent comes up, there’s no choice but to look for an emergency cash loan in the Philippines. Salary loan providers like Cash Mart can provide instant cash. But since it’s a salary loan, the due date is every 7 days, 14 days, or 28 days. This means it’s for people who want to borrow money and plan to pay it off right away. When times are hard, you probably ask yourself, “Where can I borrow money?” daily. Well, wonder no more because you can always borrow from Vidalia Lending Corp. The company has provided salary loans, personal loans, and business loans since 2008. Vidalia's Salary Loan offers flexible installment payments for your urgent financial needs. More importantly, you don’t need a guarantor to take out and get approved for a loan. Like the 5-6 pautang, pawn loans or sangla is a popular way to get quick cash in the Philippines. This is especially true in rural areas where pawnshops outnumber banks and ATMs. If you need a source of quick cash for emergencies, all you have to do is provide collateral, such as jewelry or gadgets. No need for credit checks and income documents—just make sure your collateral is authentic and valuable. Pawnshops charge interest rates as low as 1% over a one-month term. Note that pawning valuable items can be risky. You might not get it back if you fail to pay the amount you borrowed within the loan term. 👍Advantages of Pawning 👎 Disadvantages of Pawning "Pautang naman. Bayaran kita sa sweldo." It's that easy to borrow money from your loved ones. Your ever-reliable tita, brother, BFF, or office teammate is just a phone call or text message away. With this kind of emergency loan in the Philippines, there are no documents required, no collateral needed, no interest to pay, and no payment due dates to worry about. Just pay back what you owe when you can. Of course, this type of emergency loanin the Philippines comes at a cost. Break your promise to return the amount you borrowed, and you'll easily lose their trust and the chance to borrow from them again. As much as you can, avoid being too dependent on your loved ones. Making them your go-to pautangan isn't worth all the conflict, drama, and stress that ruin relationships. Advantages of Emergency Loansfrom Family and Friends Disadvantages of Emergency Loans from Family and Friends Have you tried any of these options for an emergency loan in the Philippines? There's no shame in asking for financial aid when the going gets tough. As long as you hold up your end of the bargain and pay back what you owe, you'll come out of these hard times unscathed. Before you start applying for emergency loans and personal loans, make sure you can be a responsible borrower. Sources:Emergency Loans in the Philippines: 5 Ways to Borrow for Urgent Cash Needs
Option 1:Personal Loans
📌 UnionBank Personal Loan
🎁 Get a Welcome Gift Worth up to ₱10,990 via Moneymax
📌#UNOnow Loan
📌 Metrobank Personal Loan
📌 BPI Personal Loan
📌 Tonik Credit Builder
📌 CIMB Personal Loan
Option 2:Emergency Loans
👉 Emergency Loans from Private Lenders
📌 Maya Personal Loan
📌 GLoan
📌 Home Credit Cash Loan
📌 Finbro Loan
📌 JuanHand Loan
📌 Online Loans Pilipinas Loan
📌 Digido Emergency Loan
👉 Calamity Loans from Government Agencies
Feature GSIS Emergency Loan Pag-IBIG Calamity Loan SSS Calamity Loan Loan Amount ₱20,000 Up to 80% of the member's total Regular Savings One monthly salary credit (MSC) up to ₱20,000 Loan Term 36 months 24 to 36 months 24 months Annual Interest Rate 6% 5.95% 10% 👉 Emergency Loans from Employers
Option 3: Salary Loans
📌 Tala Loan
📌 Cash Mart Salary Loan
📌 Vidalia Salary Loan
Option 4: Pawning or Sangla
Option 5:Emergency Loansfrom Family and Friends
Final Thoughts
FAQs
Which of the following is the best option for housing your emergency fund and other short-term savings? ›
You should keep your emergency fund somewhere that you can earn interest on your savings without sacrificing easy access to your money in an emergency. The best options include high-yield savings accounts, money market accounts and certificates of deposit (CDs).
What is the APR for a loan that charges $25 to borrow $300 for 14 days responses? ›What is the Annual Percentage Rate for a loan that charges $25 to borrow $300 for 14 days? a. 83.3% APR.
Which of the following is a common financial emergency? ›Medical or dental emergencies are a common type of financial emergency. Even if you pay a monthly premium for health care coverage, unexpected health expenses can add up to a significant cost.
What loan type is backed by collateral question 3 options secured cash advance unsecured payday? ›A secured loan is a loan backed by collateral. The most common types of secured loans are mortgages and car loans, and in the case of these loans, the collateral is your home or car. But really, collateral can be any kind of financial asset you own.
What is a big enough emergency fund? ›To prepare for income shocks, many experts suggest keeping enough money in your emergency fund to cover 3 to 6 months' worth of living expenses. So if you spend $5,000 per month, your first emergency fund savings milestone should be $2,500 to cover spending shocks.
What type of savings account is best for an emergency fund? ›Ideally, you should use a high-yield savings account for your emergency fund. High-yield savings accounts offer better-than-average interest rates and allow fast, penalty-free access to cash that you'd need in an emergency.
How much would a $5000 loan cost per month? ›Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
How much is a $10,000 loan for 5 years? ›Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|---|---|
$10,000 | 5 | $207.54 |
$15,000 | 3 | $463.09 |
$15,000 | 5 | $313.13 |
$20,000 | 3 | $617.45 |
Loan duration | Average monthly payments ($6,000 loan) | |
---|---|---|
Poor credit | Good credit | |
13–24 months | $326.41 | $287.46 |
25–36 months | $240.17 | $210.61 |
37–48 months | $210.41 | $172.24 |
We've all experienced unexpected financial emergencies—a fender bender, an unexpected medical bill, a broken appliance, a loss of income, or even a damaged cell phone. Large or small, these unplanned expenses often feel like they hit at the worst times.
What is an example of an unexpected financial hardship? ›
Events like illness, job-loss or pay reduction, and even a divorce which may result in an estate being divided, could wreak havoc on a person's or family's finances.
What is the name of emergency funds? ›An emergency fund, also known as a contingency fund, is a personal budget set aside as a financial safety net for future mishaps or unexpected expenses.
Which bank gives a loan without collateral? ›For example, Axis Bank offers Instant Personal Loans without security. You can use Personal Loan Eligibility Calculator and Personal Loan EMI Calculator to determine your loan eligibility, loan amount, and EMI. Some of the key features are as follows: No security required.
What happens if you can't pay an unsecured loan? ›Defaulting on an unsecured loan
As a result, your credit score will absorb the majority of the impact from any missed payments. Then, once your account goes to collections, the collections agency has the right to sue you for the money you owe.
A Personal Unsecured Installment Loan provides you access to the money you need without using your property as collateral. You receive funds in one lump sum and pay it off through monthly payments over a fixed term of your choosing.
Which of the following is an option for housing your emergency fund? ›A high-yield savings account might be the best place to keep your emergency fund. Not only are your funds accessible in this type of bank account, but you'll also earn interest on your deposits.
Which of the following is an appropriate option for housing your emergency fund? ›Certificate of deposit, money market account, and savings account are all suitable options as they are all bank-related services which provide interest on your deposits and are relatively safe. The inappropriate option is c. Somewhere in your house.
Which of the following is a good way to use your emergency fund? ›Some common examples include car repairs, home repairs, medical bills, or a loss of income. In general, emergency savings can be used for large or small unplanned bills or payments that are not part of your routine monthly expenses and spending.
What is a good emergency fund for a house? ›How much should you save? While the size of your emergency fund will vary depending on your lifestyle, monthly costs, income, and dependents, the rule of thumb is to put away at least three to six months' worth of expenses.