Personal Loans in Davao City

Personal
Seeking a personal loan in Davao City? Our curated selection offers a variety of personal loan options, tailored to fit different financial situations. From loans for those with bad credit to finding the most competitive rates, our platform assists you in comparing and choosing the right personal loan.
Offers: 8
Updated:
04.05.2024
20:41
Mazilla
Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱500 - ₱25000
Rate
i

Effective interest rate on the product

30% - 365% APR
Term
i

Loan term for the financial product

91 - 720 days
MoneyCat
Instant cash loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱20000
Rate
i

Effective interest rate on the product

11,9% per month
Term
i

Loan term for the financial product

6 months
DIGIDO
Instant online loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4
Recommended FinScore™
0
300
650
1000
10500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

from 11.90 %
Term
i

Loan term for the financial product

3 days – 6 days
Finbro
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

5
Recommended FinScore™
0
300
650
1000
to 50000.00 ₱
Term
i

Loan term for the financial product

to 1 years
Kviku
Online Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

to 0.16 %
Term
i

Loan term for the financial product

2 months – 6 months
TALA
Tala Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.95
Recommended FinScore™
0
300
650
1000
1000.00 – 15000.00 ₱
Rate
i

Effective interest rate on the product

to 0.50 %
Term
i

Loan term for the financial product

21 days – 1 months
CashMart
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.4
Recommended FinScore™
0
300
650
1000
3000.00 – 30000.00 ₱
Rate
i

Effective interest rate on the product

from 0.06 %
Term
i

Loan term for the financial product

7 days – 28 days
AEON
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
6000.00 – 150000.00 ₱
Rate
i

Effective interest rate on the product

to 2.95 %
Term
i

Loan term for the financial product

6 days – 12 days
How to apply for a personal loan in Davao City? Step-by-Step
Reviews
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review

Personal loans in Davao City are financial products offered by various lending institutions to individuals for a wide range of personal needs. These loans provide borrowers with a lump sum amount that can be used for various purposes, such as debt consolidation, home improvement, education expenses, medical bills, travel, or other unforeseen expenses. Personal loans are characterized by their flexibility, allowing borrowers to use the funds based on their unique financial requirements.

In Davao City, personal loans can be either secured or unsecured. Secured personal loans require collateral, such as a vehicle or savings account, to reduce the lender's risk and potentially offer lower interest rates. On the other hand, unsecured personal loans do not require collateral but may have higher interest rates, as they are based on the borrower's creditworthiness.

Features

  1. Loan Amount. Borrowers can typically apply for a loan ranging from 50,000 to 2,000,000 pesos.

  2. Credit Score Consideration. Loan terms are influenced by creditworthiness, encouraging borrowers to work on improving their credit scores.

  3. Online Application. Personal loans can be conveniently applied for online, reducing the need for extensive documentation.

  4. No Collateral Required. Personal loans typically do not require collateral, making them more accessible to a broader range of borrowers.

  5. Quick Approval Process. Many personal loans offer a streamlined approval process, providing funds to borrowers in a timely manner.

  6. Monthly Installments. Repayments are structured in monthly installments, helping borrowers manage their finances effectively.

  7. Purpose Flexibility. Borrowers have the freedom to utilize the loan amount for various personal reasons, such as debt consolidation, emergency expenses, or self-investment.

  8. Self-Employed Options. Personal loans cater to both employed and self-employed individuals, providing financial assistance to a diverse range of borrowers.

How to Get a Loan in Davao City?

Apply for a loan

  1. Evaluate Your Financial Situation. Before applying for a personal loan, assess your financial situation. Determine the amount you need, your ability to repay, and the purpose of the loan.

  2. Check Your Credit Score. Obtain a copy of your credit report and check your credit score. A higher credit score improves your chances of securing favorable loan terms.

  3. Research Lenders. Explore reputable lenders in Davao City and compare their interest rates, fees, and repayment terms to find the most suitable option.

  4. Gather Necessary Documents. Prepare the required documentation, including valid government-issued ID, proof of income, and other documents specified by the lender.

  5. Apply Online or In-Person. Depending on the lender, you can either apply for a personal loan online through the lender's website or visit a physical branch to submit your application.

  6. Complete the Application Form. Fill out the application form accurately and provide all necessary information. Include details about your employment, income, and the purpose of the loan.

  7. Wait for Approval. Once you submit your application, the lender will review your information. Some lenders offer quick approval processes, providing a response within a short period.

  8. Review Loan Terms. If your application is approved, carefully review the loan terms, including the interest rate, repayment schedule, and any additional fees.

  9. Accept the Loan Agreement. If you agree to the terms, accept the loan agreement. This may involve signing a physical document or electronically agreeing to the terms online.

  10. Receive Funds. After accepting the agreement, the lender will disburse the loan amount to your designated bank account. Ensure you have a valid bank account for the transaction.

Requirements and Conditions

Requirements

  1. Valid Government-Issued ID. Lenders require a valid government-issued ID, such as a driver's license, passport, or national ID, to verify the borrower's identity.

  2. Proof of Income. Applicants need to provide proof of income, such as payslips, income tax returns, or business registration documents for self-employed individuals.

  3. Proof of Employment. For employed individuals, a certificate of employment indicating the length of service and position may be necessary.

  4. Proof of Address. Some lenders may ask for proof of residence, which can be in the form of utility bills, lease agreements, or other valid documents.

  5. Credit History. While not always a strict requirement, a good credit history can enhance the chances of loan approval and favorable terms.

  6. Completed Application Form. Applicants must fill out a comprehensive application form, providing details about their personal information, employment, income, and the purpose of the loan.

  7. Bank Statements. Lenders may request recent bank statements to assess the applicant's financial stability and cash flow.

  8. Other Specific Documentation. Depending on the lender and the type of loan, additional documents may be required. It's crucial to check with the lender for specific requirements.

Conditions

  1. Loan Amount. Lenders in the Philippines offer varying loan amounts, allowing borrowers to apply for funds ranging from 50,000 to 2,000,000 pesos or more, depending on the lender.

  2. Interest Rates. Comprised within the calculation of the Effective Interest Rate (EIR) are monthly interest fees, varying between 1.2% and 2%, and accruing on a monthly basis until the entire loan amount is settled.

  3. Repayment Terms. Lenders offer flexible repayment terms, allowing borrowers to choose a schedule that suits their financial capacity. Monthly installments are common.

  4. Online Application. Many lenders facilitate online applications, streamlining the process and making it more convenient for borrowers.

  5. Quick Approval Process. Some lenders provide a quick approval process, with responses delivered within a short period, ensuring timely access to funds.

  6. No Collateral Requirement. Personal loans in the Philippines are typically unsecured, eliminating the need for collateral and making them more accessible to a broader range of individuals.

  7. Options for Self-Employed Individuals. Personal loans cater to both employed and self-employed individuals, offering financial assistance to a diverse range of borrowers.