Choose a country
Philippines
Select a city
Select a city
Additional Information
English (PH)
Select country
Choose a country
Philippines
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия
Україна

Quick loans for October 2022 in the Philippines

Quick
Apply for a quick loan from companies verified by our specialists. On 03.10.2022 you have access to 11 loans with the rate starting from 0% per day. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 11

Updated:
31.08.2022
11:42
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.

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

Effective interest rate on the product

11,9% per month
Term
i

Loan term for the financial product

3 - 6 months
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
500 - 20000
Rate
i

Effective interest rate on the product

11,9% per month
Term
i

Loan term for the financial product

3 - 6 months
UnionBank
Quick 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
₱1,000 - ₱1,000,000
Term
i

Loan term for the financial product

1 - 12 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.

Recommended FinScore™
0
300
650
1000
₱1,000 - ₱15,000
Rate
i

Effective interest rate on the product

up to 0.5% per day
Term
i

Loan term for the financial product

up to 61 days
Malayan Bank
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
30 000 - 300 000 ₱
Rate
i

Effective interest rate on the product

1.30% per month
Term
i

Loan term for the financial product

12 - 36 months
LoanLoad
LoanLoad Microloan
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
5 000 - 50 000 ₱
Rate
i

Effective interest rate on the product

up to 0.99% per day
Term
i

Loan term for the financial product

61 - 365 days
EasyCash
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
3000 - 10000
Rate
i

Effective interest rate on the product

up to 10%
Term
i

Loan term for the financial product

30 - 90 days
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.

Recommended FinScore™
0
300
650
1000
3000 - 30000
Rate
i

Effective interest rate on the product

0.0571% per day
Term
i

Loan term for the financial product

due date every 7 days
Cashalo
Cashloan
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 - 10000
Rate
i

Effective interest rate on the product

0.3% - 0.5% per day
Term
i

Loan term for the financial product

1 - 90 days
TendoPay
Installment 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
2000 - 30000
Rate
i

Effective interest rate on the product

from 0%
Term
i

Loan term for the financial product

1 - 24 months

Calculate the quick loan payment in the Philippines

Your ideal loan with a free credit check in the Philippines, just a few clicks away.

Best loan calculator
Loan amount
i

Enter the desired loan amount

PHP
PHP
10000 ₱
200000 ₱
Loan term
i

Specify the loan term for the calculation

months
days
1
60
Interest rate
i

Choose the interest rate on the loan

1 %
100 %
Type of payments
i

Specify the type of payment for calculating

Interest rates on loans in Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

Online loan application in the Philippines

Loan amount
i

Enter the desired loan amount

1000 ₱
50000 ₱
Loan term
i

Specify the loan term for the calculation

5
60 days

You are able to pick a loan for free. You can receive money in: 15m

Online loan application
Your data is securely protected
Loan amount
0 ₱
Loan term
0 month
Loan commission
i

Here is the average overpayment on a loan based on data from lenders in the Philippines.

202

By clicking on "Apply" button I give my consent to the processing of my personal data and agree with 404 Projects LP's Privacy Policy and Terms of Use, also familiar with all the documents posted on Finanso®.

More

Other types of loans

How to get a quick loan

Fill out your application
Fill out your application
On our website you can fill out a short application form for a loan.
Pass a credit check
Pass a credit check
We will offer you to check your credit score online for free.
Send your application online to the suggested companies
Send your application online to the suggested companies
After checking your credit rate, you will be able to send your loan application to the appropriate companies.
Wait for a response from the lender
Wait for a response from the lender
If necessary, the lender will contact you to clarify the details.
Get your loan!
Get your loan!
Get the money to a bank account or digital wallet.
Apply for a loan Your data is securely protected
Quick loans for October 2022

Quick or fast loans, also known as emergency loans, are lending products usually processed sooner than other loans. Non-bank financial institutions (NBFIs) offer the bulk of fast loans in the Philippines; most of these loans have higher interest rates, shorter repayment terms, and lower collateral requirements because they are instant cash loans in the Philippines.

What are quick loans?

Quick loans are short-term loans that are frequently granted without much screening or approval, and they are frequently offered to people with bad credit or who need money fast. These loans are often in the form of personal loans with modest loan amounts.

Blend, for example, is a typical short-term loan provider in the Philippines that offers a personal loan of up to ₱40,000 to someone who needs money quickly. A fast cash loan can range from a few thousand to a million pesos.

What are the major types of quick loans?

Sometimes, a fast loan requires security measures when taken offline since bankers are exposed to risk. There are various forms of quick online loans in the Philippines. A fast loan generally doesn't have many types, but people can differentiate them based on their terms, amount, and interest rates.

Fixed-term loans. Many financial institutions request monthly payments for a year, a year and a half, two, or three years. A shorter loan time requires you to pay the largest sum, but the interest rate is lower than with a longer lending period. People who want loans to complete a certain transaction and are okay to pay higher interest rates if they get longer loan terms find this option very useful.

Fixed-amount loans. If you approve the loan application, you can take a fast loan depending on your income and credit history. The lender will consider the most significant amount possible if they are permissible. These loans are beneficial for people who have an urgent requirement of funds and can repay them in the shortest duration.

Fixed-interest rate loans. Some fast loans have fixed interest rates that do not change throughout the lending period, with a few exceptions. These loans are usable for people who want to pay the least interest rate and are okay to compromise with other aspects of their loans.

Some financial institutions that offer quick loans in the Philippines

Opting for a quick loan is great if you present the supporting documents and the loan product looks suitable to your requirements. Many lenders in the Philippines provide fast loans, which will be discussed below. Please, note that there are also companies that provide fast loans only if the borrowers pre-qualify.

Online

Online fast loan lenders are mainly not banks; they are online-based financial firms that offer rapid processing loans ranging from ₱1,000 to ₱20,000 with daily interest rates ranging from 0% to 2%.

The loan application is submitted through the company's app or website. Loan processing and payment are typically completed within 24 hours of the loan application. They are also free of collateral. Fast cash lenders in the Philippines include:

Union Bank of Philippines

Union Bank provides its consumers with rapid personal loans. UnionBank of the Philippines ("UnionBank" or the "Bank") provides a wholly digital rapid cash lending program and a non-cash loan program to clients with savings, deposit, and payroll accounts who fulfill strict qualifying conditions (for buying items by monthly installment from merchant partners).

UBP clients pre-qualified for short-term additional cash loans can apply for the extra cash loan program. Those who take out a loan will have their money in their accounts in less than 60 seconds. Pre-qualified UBP clients can use the non-cash lending scheme to pay for certain things in monthly installments without using their credit cards.

Clients can apply for a rapid loan by visiting the fast loan microsite. Clients will be alerted whether they are qualified to borrow from certain merchant partners on specific goods. The loan proceeds will be determined by the cost of the item borrowed.

Moneycat Financing, Inc.

Moneycat Financing Inc. is one of the major financial institutions in the Philippines that may assist you with your financial needs. You may get thorough information and tips on applying for a loan on their website.

A Moneycat fast loan might help you find quick and easy financial answers to your challenges. Begin by completing an online registration form; your information will be checked, and the funds will be sent into your bank account within one business day.

The loan amount is from ₱1,000 to ₱20,000, with a duration of 90 to 180 days and an interest rate of 0.54% each day. To be eligible for a loan, you must be a Filipino between the ages of 20 and 60 who lives and works in the Philippines.

Digido Financial Corporation

Digital is a loan platform headquartered in the Philippines that provides free, no-collateral online rapid cash lending to help people address their financial difficulties. It was first introduced in the Philippines in 2013.

It is a rapid cash loan lending network in the Philippines that provides consumers with peso loans securely, inexpensively, and fast. You may use our personal loan app to borrow money and acquire fast cash loans to satisfy your lending demands.

Their lowest loan amount is ₱1,000, and their maximum loan amount is ₱10,000; the loan term is 7 to 180 days with a daily interest rate of 1%. You must be a Filipino between the ages of 21 and 70 to be eligible for a loan. Between the loan application and the receipt of funds, it normally takes one business day.

OneclickMoney

OneClickMoney is an officially licensed finance firm and a new online financial platform that provides Filipinos with rapid financial solutions. Within 24 hours of submission, the organization will validate your quick personal loan application and send the funds to your bank account.

The loan amount ranges from ₱1,000 to ₱20,000, with a duration of 90 to 180 days and an interest rate of 0.03% per day. To be eligible for a loan, you must be a Filipino between the ages of 20 and 60 who lives and works in the Philippines.

Unacash

UnaCash is an all-digital quick cash loan application that offers a simple, seamless, and quick lending procedure with low-interest rates, no bank visits, no hidden fees, and certainly no problems.

Their lowest loan amount is ₱2,000, and their maximum loan amount is ₱30,000; the loan term is 61 to 180 days with a daily interest rate of 0.3%. To be eligible for a loan, you must be a Filipino between 18 and 65 living and working in the Philippines. It typically takes one working day to apply for and get funds.

Offline

Banks often provide offline rapid personal loans. It would be preferable if you applied at the bank's location. It usually comes with some sort of collateral, unlike its online equivalent. You can borrow up to ₱1,000,000. Please, note that the final amount is subject to the lender you chose. The general loan term might be up to 64 months. Some of the financial firms that provide quick personal loans include:

Home Credit cash loan

Home Credit Bank is a 2013-founded Filipino banking company. Regular clients who are creditworthy are provided cash loans through Home Credit. Their home credit history determines this with the bank. New customers who meet the criteria may also be eligible for an additional cash loan, which is more extensive, lasts longer, and has higher interest rates than POS credits.

The annual interest rate on cash loans for current clients ranges from 7% to 77%. The lowest loan amount is ₱10,000, with a maximum loan amount of ₱150,000 available. Payment terms range from three to sixty months, and loan acceptance might take up to five days.

To be eligible, applicants must be at least 21 years old at the time of loan application and no more than 65 years old at the time of loan maturity. They must also be Filipino citizens and have a stable income, such as being employed (for at least three months), self-employed, a businessman, or a pensioner receiving regular remittances. A quick personal loan application may be submitted both online and in person.

Security Bank fast personal loan

The Philippines' Security Bank, originally known as the Security Bank and Trust Company, was established in 1951 as the country's first private bank following World War II. It provides speedy personal loans for various objectives, including educational, disaster, and emergency loans.

The APR ranges from 37.53% to 39.53%. The minimum loan amount is ₱30,000, and candidates can borrow up to ₱200,000 based on their qualifications. Payment terms of up to 36 months are possible, with a processing charge of 3% of the loanable amount. A pre-termination processing fee of ₱2,500 is also charged, and loans might take up to 5 banking days to be authorized.

CIMB Bank

The bank has been around for a while. Nonetheless, its name was modified in 1986, when Commerce Bank bought Pertanian Baring Sanwa Multinational Bank and renamed it to Commerce International Merchant Bankers Berhad (CIMB). The CIMB Universal Banking Group was formed in September 2006 due to a trilateral merger of partners. The Bangko Sentral NG Pilipinas is in charge of it. The bank offers three types of rapid cash loans:

  • The credit loan. The interest rate on this loan ranges from 1% to 5% every month. The lowest and maximum borrowing amounts are ₱1,000 and ₱10,000, respectively. Payment terms of up to 12 months are available, and approval takes about 10 minutes.

  • Personal loan. The annual interest rate on a CIMB personal loan ranges from 10% to 30%. The lowest loan amount is ₱30,000, with a maximum loan amount of ₱1,000,000 available. Payment periods range from 12 to 60 months, with approval times ranging from one to three business days.

  • Revi credit. It has a monthly interest rate of 1%. The smallest loan amount is ₱1,000, with a maximum loan amount of ₱250,000 available. The payment period is from 6 to 36 months, and approval takes about 10 minutes.

1st Valley Bank

1st Valley Bank, one of the Philippines' fastest-growing banks, provides two types of rapid cash loans that are authorized and regulated by the Bangko; these are jewelry loans and microfinance loans. The jewelry loan has interest rates of 1.5% per month (1 year) and 2% per month (2 years). Payment terms of up to six months are also available. The loan is approved on one banking day, and the collateral is gold and jewels.

On the other hand, the microfinance loan has interest rates starting at 3% per month. The loan approval process takes only 24 hours. Borrowers must be at least 21 years old at the time of loan application and no older than 65 years old at the time of loan maturity to be eligible. You must be a Filipino citizen and have a landline at your business or home.

If employed, you must have a minimum gross monthly salary of ₱15,000 in Metro Manila or ₱12,000 outside of Manila. If self-employed, you must have at least two years of profitable operations in the same line of business and a minimum gross monthly income of ₱30,000 in Metro Manila and ₱ 25,000 outside of Manila.

How to apply for a quick loan

Borrowers must complete a registration form, which may be filled on-site or online before they can apply for a quick cash loan. Borrowers must provide proof of identity, a recent pay stub, and a bank account number, among other documentation.

If the application is granted, the cash is usually sent within one to twenty-four hours, depending on the lender, or it is credited to the loan borrowers' accounts within one or two days. Depending on the lender, loans might vary from ₱1,000 to ₱1,000,000.

Important! It is similar to a payday loan, but with one crucial distinction: a quick loan has loan lengths ranging from a month to five years, depending on the lender, while a payday loan is paid back on your next payday, which is usually two to four weeks after the loan was received. For every ₱1,000 borrowed, fast loan providers charge a rate of ₱150 to ₱250.

The chosen bank or credit union computes the interest rate based on the annual percentage rate (APR) for other credit products such as mortgages, credit cards, personal loans, vehicle loans, and so on. People avoid rapid loans since the APRs range from 300% to over 500%, which is unreasonable.

Steps for online application through a quick loan company's app

Many credit unions include a separate application that members may use to apply for a loan and track all their transactions and payment information. The procedure may vary according to the lender you pick, but the essential phases are as follows:

  1. Get the app from the App Store, App Gallery, or Google Playstore.

  2. Register an account with the firm by giving your email address and selecting a strong password, or if you already have an account, log in with the necessary information.

  3. Go to the loan section and click Apply.

  4. Include your contact information (like your name, address, date of birth, personal identification, etc.).

  5. Choose if this is a first or subsequent loan.

  6. Choose the amount you wish to borrow. Then input your payment terms and your monthly gross income; this will be used to determine your eligibility.

  7. Provide your job details, including the name of your employer.

  8. Next, submit required papers, such as your pay stubs, income statements, etc.

  9. Provide your payment account information.

  10. Click on Submit to complete your application.

If your application is approved, you will instantly get your cash disbursement into your preferred bank account.

Steps for online application through a company's website

The applicant must meet the lender's standards to apply for a rapid loan. The following are the typical processes involved in applying for a fast loan on the lender's website:

  1. Navigate to the lender's website.

  2. Scroll down to Apply, or go to the company's rapid loan page and click on Apply.

  3. Open an account with the firm by supplying your email address and selecting a strong password, or if you already have an account, log in with the necessary information.

  4. Fill up your data (such as your name, address, date of birth, a valid ID card, etc.).

  5. Choose if this is your first or second loan.

  6. Choose the loan proceeds you want. Then, select your chosen payment term and your monthly gross revenue.

  7. Provide your job information, including your employer's information.

  8. Next, submit required papers, such as your pay stubs, income statements, etc.

  9. Provide your payment account information.

  10. Lastly, click on Submit to complete your application.

You will get funds in your selected bank account immediately if your application is granted.

In-branch loan application

This is a faster way to receive a loan, but it has certain drawbacks, such as waiting in a big queue. You must go to the lender's corporate office and speak with an authorized representative. You can request a loan by explaining your reason for visiting, obtaining an application form, and following their instructions.

What are the main requirements for getting a quick loan?

There are some general requirements to pre-qualify for a loan, but bear in mind that the actual requirements will vary depending on the company you choose. However, the general criteria are as follows:

  • You must be a citizen of the Philippines.

  • You must be at least 21 years old and no older than 70 when the loan matures.

  • You must be a working person.

  • It would be advantageous if you worked actively and had a minimum monthly gross income (the criteria vary based on your chosen company).

  • All necessary supporting documentation must be provided.

Reasons to get a quick loan.

A quick personal loan can be used for many purposes, some of which are discussed below.

For emergencies. For example, if a family member has recently been hospitalized or the car you rely on for your income is inaccessible, you can always access a quick personal loan. Remember, a quick personal loan is intended to be multi-purpose, and you can use the loan proceeds in any way you choose. The cash is advised to be used with extreme caution, not in shady transactions or illegal affairs.

For small business expansions. If you plan to start a business and require substantial capital, a quick personal loan may be a practical option, or you may avail the funds to increase your inventory if you already operate a business.

For home renovation. Suppose you are considering expanding your home because your family is growing, or you need to increase your resale value, or maybe following a natural disaster. In that case, your house may need to be repaired, and the funds you collect from a quick personal loan may be large enough to help you do so.

For personal growth. You may be a returning college student or considering enrolling in a baking class for your future patisserie; the quick personal loan can be used to pay your tuition or fund other personal development activities.

For educational purposes. Suppose your payment channels are not on-time with your children's tuition payments. In that case, you can take out a short-term loan from any institution offering this service to cover such expenses, and the excesses of your loan can be used to buy your children's school supplies, books, and learning materials.

For decreasing debt consolidation. There's a widespread belief that you should not repay your debt with another, but with a quick personal loan, this option becomes more pragmatic. You can then use the proceeds to pay off existing high-interest loans in total, so the only loan you will be required to repay is the one from the fast cash loan institution you borrowed from. Since this credit may have low-interest rates, you can save a great deal of money on interest.

For weddings. A wedding can be costly to prepare for, so if you need to boost your finances, a short-term credit may be the right solution. However, this will be subject to the financial institution.

How to repay a quick loan debt?

Before getting a quick loan, you must either produce a personal check to the lender or complete an ACH (Automated Clearing House) form, which authorizes the firm to take funds from your bank, credit union electronically, or prepaid card account.

Even though you must submit a payback check before applying for a loan, some fast personal loan organizations allow clients to make payments when the loan is due physically. Some fast lenders also allow borrowers to cash the check out with a lump sum payment on the due date, while others allow consumers to prolong their loan in exchange for a significant fee.

When a borrower cannot make a repayment, they must contact the loan firm before or after the due date to choose the rollover option, which is comparable to reborrowing. This option is only available if the Consumer Financial Protection Bureau does not prohibit the borrower from applying for loans during the cooling-off period. Borrowers may also create payment reminders in the lender's app to guarantee they receive timely notifications.

Please, remember that if you wish to select a rollover, you must go to the bank or institution before the due date. If you do not pay your lender on time, they may be required to deposit the check or remove cash electronically from your account. This is significant because if you obtained a quick loan, you agreed to the terms and conditions. This means you've allowed the lender to electronically debit your checking account on the loan's due date.

Other payment options include 7-11/ECPAY, Bayad Center, Cebuana Lhuillier, M Lhuillier, TrueMoney, and others.

What happens if one cannot repay a quick loan?

If borrowers cannot return the loan before the due date, they may request that the fast loan lender prolong their loan. In this instance, the borrower must pay the necessary costs, and the loan will be extended. Nonetheless, interest and financing costs rise over time.

Assume the average quick loan amount is ₱3,750. If the borrower chooses to roll over the loan, they will be charged a finance charge of ₱560.25 ( ₱150 per ₱1,000 borrowed). If they choose to roll over the loan, the new loan proceeds will be ₱4,950.94. The loan amount was ₱4,310.25, with a finance charge of ₱640.69 (for the current term), for a total sum payable of ₱4,950.94.

This is how a ₱3,750 debt may grow to almost ₱5,000 in a month. Furthermore, if the borrower fails to make loan payments for an extended period, the Consumer Financial Protection Bureau may initiate legal action against the lender. In the worst-case situation, the borrower might be imprisoned if they do not return the loan.

Pros and cons of a quick loan

If borrowers must take out a loan, they should borrow only as much as they can afford to repay with their next salary while still having enough to live on until the following payday. It's critical to examine all the advantages and drawbacks before deciding whether or not to receive a cash loan.

Pros

  • The loans are simple to obtain.

  • It has relatively minimal prerequisites.

  • The lender is unlikely to examine your credit report.

  • The majority of these loans are collateral-free.

  • Most may be applied for and obtained at the convenience of your own home.

Cons

  • They are expensive because they lack collateral.

  • They have a predatory nature.

  • They have no positive impact on your credit score.

  • You might be caught in a borrowing cycle.

  • Your bank account is accessible to lenders.

  • As the authorized agent, lenders have the authority to sue you for late or nonpayment.

Legal regulation of quick loans in the Philippines

Fast loans are among the Philippines' most popular short-term borrowing options, and many individuals avail them for unforeseen expenses. The Federal Trade Commission and the Consumer Financial Protection Bureau are the two government regulatory agencies that assist in the prevention of fraudulent, deceptive, and unfair business practices. These agencies attempt to regulate loans by warning potential borrowers and encouraging them to seek an alternative first.

In the Philippines, there is no interest rate restriction for rapid loans. Nonetheless, the Securities and Exchange Commission (SEC) has agreed to restrict interest and other consumer expenses to prevent predatory lending. After learning that specific lenders had added % to additional costs, the SEC requested the Bangko Sentral ng Pilipinas (BSP) to impose a maximum rate of interest or interest rate limits in a statement in October 2021.

Under Section 7 of Republic Act 9474, or the Lending Company Regulation Act, these banks are authorized to operate rapid lending firms and are free to make loans in quantities, rates, and charges specified by borrowers. The Monetary Board can also regulate the maximum rate or range of purchase discounts, lease rentals, fees, services, and other costs charged by financing firms under Section 5 of the Financing Company Act (Republic Act No. 8556, the "Financing Company Act"). Google Play prohibits mobile loan apps with annual percentage rates of 36% or above.

The actual cost of a quick loan

Some provinces have rules that limit rapid loans to a set amount of money within a certain length of time, for example, ₱3,000 to ₱30,000, with no rejected check fee or financing costs. The average fast loan interest rate is between 390% and 780%, with a financing fee of up to ₱200 or ₱300, depending on how quickly you need the money.

For example, if you were to borrow ₱1,000, you would be charged a 490% annual interest rate. This results in a monthly interest rate of 40.83 %, which implies you will pay 13.6 cents each day in interest: (₱1000 x 40.83 % = 408.3/30 = 13.6). Also, you will pay a processing fee of ₱200, meaning that the total amount you will pay to apply for a ₱1000 loan will be ₱1608.3 ( ₱1000 + ₱408.3 + ₱200 = ₱1608.3).