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SB Finance Personal Loans

SB Finance
Find out how simple it is to get a personal loan from SB Finance in the Philippines via our online service. Designed to meet your requirements, we offer loans with attractive rates and adaptable payment options. Start your application today for swift approval.
Offers: 1
Updated:
24.01.2024
06:57
SB Finance
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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.

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SB Finance Personal Loans Calculator of February 2024

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

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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
SB Finance Personal Loans

What are SB Finance Loans?

SB Finance offers various loan programs catering to different needs. Whether you're a small business owner looking for funding to expand your operations or an individual seeking a personal loan, SB Finance has options for you. For individuals, SB Finance's personal loan options cover a range of purposes, including education, home improvements, or managing unexpected expenses. These loans can be a valuable resource to help you achieve your financial goals or navigate unforeseen circumstances.

Features

  1. Diverse Loan Programs. SB Finance offers a range of loan programs catering to different needs, including small business loans and personal loans. This diversity allows them to serve a broad spectrum of customers.

  2. Flexible Usage. Whether you're a small business owner looking to expand, protect fixed assets, or manage day-to-day expenses, or an individual with specific financial goals, SB Finance loans are designed to be versatile and flexible in their usage.

  3. Accessible Funding. SB Finance aims to provide accessible funding, ensuring that businesses and individuals can receive the financial support they need to achieve their objectives.

  4. Competitive Interest Rates. SB Finance strives to offer competitive interest rates, making their loans more attractive to borrowers. This can lead to cost-effective financing solutions for both small businesses and individuals.

  5. Online Application Process. SB Finance has embraced modern technology, offering an online application process that streamlines the loan application. This allows individuals and businesses to apply for loans conveniently from the comfort of their homes or offices.

Pros and Cons

Pros

No Collateral Required. SB Finance personal loans often come with the advantage of not requiring collateral. This can be particularly beneficial for individuals and small businesses that may not have significant assets to pledge as security.

No Credit Card Needed. SB Finance understands that not everyone may have a credit card. As a result, their loans are designed to be accessible without the need for a credit card, making them more inclusive for a broader range of applicants.

Easy Application Process. SB Finance offers an easy and streamlined application process. This can save time for borrowers and make the overall experience more user-friendly.

Cons

Interest Rates and Fees. It's essential for borrowers to carefully review the terms, as interest rates and fees can vary. Depending on individual circumstances, some borrowers might find the rates less favorable compared to other financing options.

Eligibility Criteria. As with any lending institution, SB Finance likely has eligibility criteria that borrowers must meet. Some individuals or businesses may find it challenging to qualify for a loan if they don't meet these specific criteria.

Limited Loan Amounts for Partner Channels. While partner channels like CVM Pawnshop and Gaisano Malls offer convenient repayment options, transactions are limited to a certain amount. This might be a limitation for borrowers with higher loan requirements.

How to Get an SB Finance Loan?

Apply for a loan

  1. Go to the Website. Start by visiting the SB Finance website. Navigate to the homepage to explore the various loan options and features they offer.

  2. Choose "Personal Loan" Section. Once on the website, look for the "Personal Loan" section. This section is likely to provide information about the different personal loan programs available.

  3. Click "Apply Na!". Within the "Personal Loan" section, there may be a prominent button or link that says "Apply Na!". Click on this button to initiate the loan application process.

  4. Enter Your Phone Number. As part of the application process, you may be required to enter your phone number. This step is crucial for communication purposes and to keep you informed about the status of your application.

  5. Complete the Online Application. After entering your phone number, you'll likely be directed to an online application form. Complete the form with accurate and necessary information. This may include personal details, financial information, and the purpose of the loan.

Requirements and Conditions

Requirements

  1. Age Requirement. Applicants must be between 21 to 65 years old upon loan maturity.

  2. Citizenship. Applicants must be Filipino citizens.

  3. Contact Information. Applicants should have an office or residence landline for communication purposes.

  4. Employment Criteria. Employed individuals must have a minimum gross monthly income of PHP 15,000 if working in Metro Manila or PHP 12,000 if employed outside Metro Manila.

  5. Self-employed or Self-employed Professionals Criteria. Applicants in this category should own or have at least a 40% stake in their company. The business should be operating profitably for at least 2 years. There should be at least one trade reference for the business. A minimum gross monthly income of PHP 60,000 is required for self-employed or self-employed professionals.

Conditions

  1. Loanable Amount. SB Finance offers loan amounts ranging from PHP 30,000 to PHP 2 Million. This flexibility allows borrowers to choose an amount that aligns with their financial needs.

  2. Payment Terms. Borrowers can select from various payment terms, including 12, 18, 24, or 36 months. This gives borrowers the flexibility to choose a repayment period that suits their financial situation.

  3. Monthly Add-On Rate. The Monthly Add-On Rate for SB Finance loans is 2%. This rate is applied to the outstanding balance each month, determining the monthly interest payment.

  4. Estimated APR at 36 months. The estimated Annual Percentage Rate (APR) for a 36-month loan term is 39.43%. The APR reflects the total cost of borrowing, including interest rates and additional fees, expressed as an annual percentage.

  5. Processing Fee. A Processing Fee of PHP 5,000 is applicable. This fee covers the administrative costs associated with processing the loan application.

  6. Notarial Fee (For P100,000 loan and up). For loans amounting to PHP 100,000 and above, a Notarial Fee of PHP 300 is charged. This fee covers the cost of notarizing legal documents related to the loan.

Products

  1. Car4Cash is a financial product that allows individuals to unlock the value of their vehicles to access immediate cash. By using their car as collateral, customers can leverage the equity in their vehicle to meet short-term financial needs.

  2. Personal Loans. SB Finance's personal loans are versatile financial solutions catering to individuals' diverse needs. Whether it's funding educational expenses, home improvements, or managing unexpected costs, these loans provide individuals with the flexibility to achieve their financial goals.

  3. Hooloogan offers a unique credit line that empowers customers to make purchases at partner establishments. Through the Pay Hooloogan facility, customers can enjoy the convenience of paying for their purchases in easy installment terms. This product aims to enhance the shopping experience while providing flexible payment options.

  4. MotorsikLOAN is a specialized product designed for motorcycle financing. It allows individuals to secure a loan for the purchase of a motorcycle, providing an accessible and convenient solution for those looking to own a two-wheeler.

  5. eSALAD is a digital loan facility tailored for employees, offering the convenience of advancing on their next salary. This product addresses the occasional financial needs of individuals by providing a quick and straightforward way to access funds before the regular payday.

Best Places to Get a Loan Today

Digido

Apply for a loan

Digido is an online loan company in the Philippines, offering non-collateral cash loan services. They provide a fully automated online portal for a seamless loan application process. Key features include:

  • Automated application process.
  • Loans for various purposes, including emergency and OFW loans.
  • No collateral required.
  • Online loan calculator.
  • Transparent interest rates, with a commitment to fair lending practices.
  • Loan accessibility for unbanked individuals.
  • Secured operations, fully licensed and registered under the SEC.

Digido

MoneyCat

Apply for a loan

MoneyCat is an online payday loan provider in the Philippines, offering efficient financial solutions with an easy-to-navigate online registration form. Their features include:

  • Swift approval process, usually within 24 hours.
  • Flexible loan amounts ranging from PHP 500 to PHP 20,000.
  • Convenient application methods via website or mobile app.
  • First loan free of charge for new users.
  • Licensed by the SEC, ensuring reliability and legitimacy.

MoneyCat

Finbro

Apply for a loan

Finbro is an online lending platform providing quick loans with durations of up to 12 months and amounts ranging from ₱1,000 to ₱50,000. Their service includes:

  • Online application process that can be completed in 15 minutes.
  • Transparent conditions with no extra costs.
  • 24/7 service availability.
  • Data protection for users.
  • Higher interest rates for repeat loans.
  • No mobile app for accessibility.

Finbro

Kviku

Apply for a loan

Kviku is an online lending institution known for providing short-term loans with a fully automated online service. Their main features are:

    • Simple and user-friendly loan procedures.
    • 24-hour approval process.
    • No hidden fees or charges.
    • 100% online lending experience.
    • Competitive interest rates at 0.16% daily.
    • Flexible repayment terms up to 180 days.
    • Registered and authorized by the SEC, ensuring reliability.

Kviku

Ways to Receive the Money

SB Finance provides borrowers with the loan amount by crediting the proceeds directly to their preferred bank account. This transfer is facilitated through either the PesoNet or InstaPay services. Borrowers can choose their preferred method, and once the loan is approved, the funds are electronically transferred to the designated bank account.

Things to Pay Attention To

  1. Loan Offerings. Explore the SB Finance personal loan options and understand how they offer loans tailored to the needs of individuals. Look for terms that align with your financial goals, whether you are a homeowner or a person seeking financial assistance.

  2. Interest Rates and Fees. Before applying for an SB Finance personal loan, it's crucial to understand the interest rates and fees associated with the loan. Evaluate the Annual Percentage Rate (APR), processing fees, and any other charges to determine the total cost of borrowing.

  3. Local Presence and Accessibility. Consider SB Finance's local presence and accessibility. Having local offices and a strong online presence ensures that you can easily register, apply, and receive support in your local area. This is particularly beneficial for a smooth and convenient loan application process.

  4. Registration and Application Process. Pay attention to the registration and application process. Learn about the required documentation, eligibility criteria, and the steps involved in applying for an SB Finance loan. A streamlined and user-friendly process can save time and enhance the overall experience.

  5. Communication and Email. Pay attention to communication channels, including email correspondence. Ensure that you receive good and timely communication from SB Finance. This is particularly important during the application process and throughout the duration of the loan.

How to Repay an SB Finance Loan?

Security Bank Channels

  1. Security Bank Branches. Visit any Security Bank branch to make over-the-counter payments or use their ATMs for convenient transactions.

  2. Security Bank Automatic Debit Arrangement. Set up an Automatic Debit Arrangement with Security Bank to enable automatic deductions from your account. This ensures timely and hassle-free repayments.

  3. Security Bank Online. Enroll in Security Bank's online banking services to make loan repayments conveniently through their website.

  4. Security Bank Mobile Banker. If you prefer mobile banking, enroll in Security Bank's Mobile Banker service to make repayments using your mobile device.

Over-the-Counter Partners Channels

  1. CVM Pawnshop. Repayments can be made at CVM Pawnshop. Transactions are limited to ≤ PHP 50,000 per transaction.

  2. Gaisano Malls. Visit Gaisano Malls to make loan repayments, with transactions limited to ≤ PHP 50,000 per transaction.

  3. 7 Eleven. 7 Eleven serves as a partner channel for loan repayments, providing a convenient option for borrowers.

Reasons for Getting Rejected for an SB Finance Loan

  1. Insufficient Income. If the applicant's income does not meet the minimum requirements set by SB Finance, the loan application may be rejected.

  2. Poor Credit History. A history of late payments, defaults, or a low credit score can negatively impact the chances of loan approval.

  3. Unstable Employment. Lenders prefer borrowers with stable employment history as it provides assurance of a consistent income.

  4. High Debt-to-Income Ratio. If the applicant's existing debt obligations are high in relation to their income, it may indicate a higher risk of default.

  5. Incomplete Documentation. Failure to provide all the required documentation or providing inaccurate information during the application process can lead to rejection.

Alternatives

  1. BPI is one of the largest and oldest banks in the Philippines. It provides a wide range of financial products, including personal loans, credit cards, and other banking services. BPI offers diverse loan options to meet various financial needs.

  2. BDO is another major banking institution in the Philippines. It offers a comprehensive suite of financial products, including personal loans, housing loans, and credit cards. BDO's extensive network of branches provides convenient access for customers.

  3. CIMB Bank is known for its digital banking services and offers various financial products, including savings accounts, fixed deposits, and personal loans. CIMB's digital approach may appeal to individuals looking for online banking convenience.

  4. Metrobank is one of the largest banks in the Philippines, offering a wide array of financial services, including loans and credit facilities. It caters to both individual and business banking needs.

Editorial Opinion

SB Finance loans provide a range of financial solutions catering to the diverse needs of individuals and businesses. The flexibility in loan programs, including personal loans and specialized offerings like Car4Cash and MotorsikLOAN, offers borrowers a variety of options. The inclusion of digital facilities like eSALAD for salary advances adds a layer of convenience for employees. However, like any financial institution, potential borrowers should carefully review the terms and conditions, including interest rates and fees. The ability to access loans through various Security Bank channels, along with partner establishments like CVM Pawnshop and Gaisano Malls, enhances accessibility. Borrowers looking for financial assistance might find SB Finance loans appealing, but it's crucial to make informed decisions based on individual financial situations and preferences.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.

  3. Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.

  4. Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.

  5. Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.

  6. Research the lender's reputation through customer reviews, complaints, and feedback available online.

Methodology

In Finanso, we've carried out a comprehensive analysis of over 50 lenders in the Philippines, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

FAQ

What types of loans does SB Finance offer?

SB Finance provides a variety of loan options, including personal loans, Car4Cash, MotorsikLOAN for motorcycle financing, and eSALAD, a digital loan facility offering salary advances.

How can I apply for an SB Finance loan?

To apply for an SB Finance loan, visit their website, choose the desired loan program, and follow the online application process. You can also apply through Security Bank branches, where representatives can assist with the application.

What are the eligibility criteria for SB Finance loans?

Eligibility criteria may vary depending on the type of loan. However, common requirements include being a Filipino citizen, meeting age and income criteria, and, for certain loans, having collateral or a specific stake in a business.