Did you ever find yourself in a situation when you needed money quickly but didn’t know where to go? Maybe unexpected expenses came up, or an emergency occurred. If this is the case, salary loan in the Philippines fit your needs! This loan allows employees access to their salaries ahead of time without breaking the bank with hefty interest fees. Salary Loans are safe and secure, quick and easy – so why not explore what it offers? Keep reading to find out more!
Gone are the 20th Century ways of getting a traditional salary loan, filling out and submitting forms and paperwork, and then waiting days or weeks for the money to be released. Today, safe, secure, fast, and easy salary loans can help cash-strapped Filipinos during family emergencies, like sudden hospitalization or urgent overdue bills. Modern salary loans Philippines can easily be applied for online, have guaranteed approval, and with fast cash disbursement.
However, if you need to become more familiar with salary loans and their options, you came to the right place (article) to learn more about salary loans.
What is a Salary Loan?
A salary loan allows borrowers to apply for a quick cash loan or online loan, as they are sometimes called. They are faster than traditional loans, with borrowers receiving the loan amount 24 hours after completing the application and a few requirements.
Salary loans are based on the borrower’s gross monthly salary and are paid off over a fixed period. They don’t require collateral like pawnshop loans. However, salary loans usually have lower loanable amounts, high-interest rates, and shorter repayment terms. But compared to loan sharks, salary loan providers still have lower rates and longer terms.
Choosing a Salary Loan Philippines
Be wary of informal lenders and loan sharks since they charge extremely high-interest rates, and you end up paying almost double the loan amount. Look at our list of some of the best salary loan lenders. These lenders are licensed and registered with the SEC, offer reasonable rates, have fast approval, and have primarily positive customer reviews.
SSS Salary Loan
Since most Filipinos are SSS members, this is the most available salary loan in the Philippines because of its accessibility. Borrowers can easily apply for a salary loan online at any SSS branch.
- Convenient salary loan application process.
- The loanable amount can be up to two months’ worth of salary.
- The interest rate per annum is 10%.
- Loan proceeds can be released at any active SSS-accredited bank account or UMID-ATM with EMV capability.
- Loan repayment is two years (24 monthly installments).
- Loan approval usually takes only minutes.
- All SSS members with at least 36 or 72 posted monthly contributions, six within the last 12 months before the month of the loan application, can apply for the loan.
- Under 65 years of age at the time of loan application.
- Has not been granted any final SSS retirement benefit or permanent disability benefit.
- For employed members – Employers must be updated in the payment of SSS contributions and loan repayments.
Applying Online:
1. Register for a My.SSS account still needs to be registered.
2. Log in to the My.SSS portal.
3. Click “Loans” and “Apply for Salary Loan.”
4. Fill out the SSS Salary Loan online application form and upload the required documents.
5. Wait for an email or text confirmation of the loan approval. If approved, the borrower will receive a Disclosure Statement. If disapproved, the borrower will receive a Rejection Notice.
Related: How to Generate PRN for SSS Loan Payment
Applying at any SSS Branch:
1. Accomplish and submit the loan application form.
2. Present two valid IDs.
Salary Loan Security Bank (Employee Salary Advance or eSalad)
Employees from companies enrolled with the Security Bank eSalad accreditation and payroll accounts can apply for this salary loan. They must have regular employment status (at least six months employment tenure), not be over 65 years old, and have a net monthly income of at least P7,000. Borrowers can avail of the loan by just texting. When approved, they will receive the loan proceeds in their payroll account.
- Fast disbursement of the loan amount.
- Loan repayments are through automatic salary deductions twice a month.
- The loan amount can be between P10,000 and P2 million, depending on the borrower’s salary.
- The repayment period is up to 36 months.
- Payment due dates will rely on payroll cut-off dates.
To Apply:
1. Use this text format to apply for the loan: ESALAD [space] AMOUNT [space] Number of Deductions.
2. ESALAD 10000 6 (Salary loan worth P10,000 in six bi-monthly or three-month installment terms).
3. Wait for the text loan confirmation/approval.
4. You can also apply through the Security Bank’s Facebook Messenger.
Maybank Salary Loan
Regarding salary loans in the Philippines, Maybank is a virtual unknown. However, it offers private employees a good salary loan with a convenient payment scheme. The employee must be permanent or regular in a Maybank-accredited company with a payroll account. Borrowers must be at most 57 years old upon loan application and have a gross monthly salary of P10,000 for 2-year work tenure and P15,000 for 1-year work tenure.
- The loan amount can be between P15,000 and P500,000.
- Flexible payment terms of 12 to 36 months.
- Employees can loan up to five times their monthly salary without needing a co-maker.
- Repayments are through automatic payroll salary deductions.
Requirements:
- Fully accomplished application form.
- One-month original payslip or Certificate of Employment with Compensation.
- Photocopy of at least 1-year ITR or BIR Form 2316.
- Photocopy of company ID or government-issued ID with three specimen signatures.
How to Apply:
1. Download the application form from the Maybank website and fill it out.
2. Wait for an email or text confirming the loan approval.
3. You can also follow up with your local Maybank branch to know the loan application status.
Sterling Bank of Asia AvanceCash Salary Loan
It is another salary advance loan private employees can apply for so long as they work for a company accredited for payroll account by Sterling Bank of Asia and with a minimum gross monthly income of P11,000 (Metro Manila) or P9,000 (Outside Metro Manila). The employee must be 60 years old, regularly employed for at least seven months, and with no adverse credit records.
- Loan amounts can be between P10,000 and P50,000.
- Flexible payment terms of three to six months.
- Repayments are made through payroll salary deduction.
- Easy online application.
Requirements:
- Bank account with Sterling Bank.
- Fully accomplished AvanceCash web application form.
- Promissory Note and Disclosure Statement (PNDS) with the digital signature.
- Photocopy of one-month payslip and company ID or government-issued ID with three specimen signatures.
- BIR Form 2316.
How to Apply:
1. Fill out the web application form and upload all the requirements, including a selfie and e-signature.
2. Apply for processing, verification, and approval.
BPI Salary Loan
If a private employee works in a company accredited by a BPI payroll account, they can apply for a salary loan.
- The loan amount can be between P10,000 and P1 million.
- Exclusive low monthly add-on rate.
- Repayment terms are up to 36 months.
Requirements:
- Fully accomplished BPI salary loan application form.
- Copy of company ID or any valid government-issued ID.
- Latest payslips up to 3 months, latest certificate of employment, or latest ITR.
How to Apply:
1. Inform your HR department about your loan application and submit all applications to the HR representative.
2. Wait for the SMS notification for the loan approval.
Related: BPI Savings Account Requirements: Open an Account with Ease
Metrobank Payroll Cash Advance
The Metrobank Payroll Cash Advance is also in partnership with PS Bank. Select Metrobank payroll customers can avail of the salary advance loan, which allows you to advance a portion of their salary at any PS Bank or Metrobank ATM in the Philippines.
- You can avail of a pre-approved cash advance immediately with no application forms required.
- Pre-approved cash advance limit will vary based on the customer’s average net payroll in the past six months.
- A P125 transaction fee will be charged.
- Loan repayment is through payroll salary deduction.
Requirements:
- Customers should have a payroll account with Metrobank and a notice of eligibility sent through SMS or email.
How to Apply:
1. Carefully read the terms and conditions from the email or SMS that qualifies you for the Payroll Cash Advance.
2. Proceed to any Metrobank or PS Bank ATM to withdraw from the Payroll Cash Advance.
Chinabank Salary Plus
Any employer or company that is a company partner of Chinabank entitles the company employees to avail of the Chinabank Salary Plus. Employees must not be over 65 years old, have a gross monthly salary of P15,000, with 2-year work tenure, and have no adverse credit records or pending cases.
- Loan amounts can be between P15,000 and P1 million.
- Repayment terms are from 6 to 36 months.
- Loan repayment is through salary/payroll deduction.
- Apply through the HR department of the employer/company.
- Approval is from two to three banking days.
Requirements:
- Accomplished application form.
- Certificate of Employment.
- The latest payslips are up to 3 months.
- Photocopy of company ID or any valid government-issued ID.
Chinabank Savings Easi-Funds Salary Loan
Employees of any Chinabank-accredited company can apply for the Easi-Funds Salary Loan. Application and documentary processing is through the company’s HR department.
- Loan amounts can be between P10,000 and P500,000.
- Flexible payment terms.
- No co-maker is needed.
- No BAP/CMAP checking for loans P200,000 and below.
- Fast processing and approval.
CTBC Bank Salary Stretch Loan
Private employees can apply for this unique salary loan in the Philippines so long as they aren’t more than 65 years old, have a gross monthly income of P15,000 or P20,000 for non-bankers, with a working tenure of at least six months, and with an active mobile number and office or home landline number.
- The loan amount can be between P20,000 and P1 million.
- Repayment terms of 12 to 36 months.
- Monthly add-on rates of 1.39% up to 1.79%.
- Payment is through post-dated checks.
Requirements:
- Accomplished CTBC loan application form.
- Photocopy of company ID containing signature and photo.
- Photocopy of latest ITR/Form 2316.
- Latest one-month payslip.
- Certificate of Employment.
How to Apply:
1. Fill out the Salary Stretch Loan application form, attach all scanned requirements in an email, and send it to salarystretch@ctbcbank.com.ph.
2. You can also submit all documents and requirements at any CTBC branch.
Conclusion
Salary loans are the perfect solution for those needing extra cash quickly and with minimal interest. You no longer need to stress about an unexpected expense or emergency; salary loans can help you weather sudden financial storms securely, confidently, and simply. They offer a cost-effective way to cover needs that, if left unaddressed, could spiral into something much more severe. Whether you’re a wage earner or self-employed, looking for an honest and reliable loan provider online – this article helped guide you through the ins and outs of salary loan Philippines. Don’t waste another minute worrying about what to do in an emergency; look into how to get a salary loan today to get immediate access to your hard-earned money!
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