Applying for a loan is not easier with a digital bank or e-wallet of your choice. If you are a registered and verified user, you can simply request a loan with a touch of a button. Know more about the interest rates of loans offered by digital banks.
Digital Bank Loans Interest Rate
The usual interest rates of digital bank loans in the Philippines range from 1.4% to 6.57% depending on your loan eligibility and term of payment.
Here is the list of interest rates of digital banks and e-wallets in the Philippines.
Maya Bank
Maya Personal loan or Maya Credit
Interest Rate: 0.83 % add on per month
Term: Up to 6 months
Loan Amount: Php 15,000 to Php 250,000
GCash
Gloan
Interest Rate: 1.59% to 6.87%
Tonik Bank
Tonik Quick Loan
Interest Rate: up to 1.7% monthly add on rate
Term: 6 to 18 months
CIMB Bank
CIMB Loan
Interest Rate: 0.83% monthly add on
Diskartech
Loan Approval Time
Depending on the digital bank app, your loan may be approved instantly. However, some apps may require other documents for verification purposes but the loan approval time is still less than most banks.
How To Pay The Loan
Just like how you were able to receive the disbursement, you can pay the loan through the app. There is an instruction on how to pay back the monthly amortization plus the interest.
When To Apply
Loans through digital banks or e-wallet may be used as a personal loan. You can spend the money anyway you want without having to submit more documents and requirements. The valid account under the app will be your identity in applying for a loan. Here are some of the reasons to apply for a loan.
Tuition payment
More capital for small business
Paying debts
Paying other credit cards
Emergency medical expenses