FAQ's LOAN APPLICATION & LOAN REQUIREMENTS

FAQs LOAN APPLICATION 

Q1-What are the eligible criteria to apply for a Personal Loan?

Eligibility criteria to be eligible for a Personal Loan:

1) Individuals only

2) Applicant must be at least 21 years old; at most must be no older than 65 upon loan maturity

3) Applicant must be a Philippine citizen and a non-US person

4) Applicant must have a Philippine mailing address and active Philippine mobile number

5) Applicant must have a minimum basic  monthly income of PHP18,000 Bpo PHP25,000

6) Applicant, if employed, must be tenured for at least 6 months, and 2 year of continuous employment (BPO 3 years continus employment)unless employed in the top 15,000 corporations

7) Applicant, if self-employed, must be operating for at least 2year

Q2-What are the acceptable income documents for submission?

If you are EMPLOYED, you may upload/provide ALL  of the following:

Government I’d 

Company I’d 

2-months payslip

Certificate of Employment or ITR

If you are SELF-EMPLOYED, you have to upload/provide ALL of the below:

Government I’d 

DTI or SEC Registration

Mayor's permit

BIR Form 1701

Latest 6 months Bank Statement of the Owner / Business

Q3-How long does it take for my Personal Loan application to be processed?

Initial approval for Personal Loan application can be done in 2-3 Banking days Your full and final approval can be processed as fast as 3-5 Banking days!You just need to ensure that your documents are complete when you submit these. 

Q4-What are the interest rates?

The monthly add-on rates range from 1.39% to 1.65%

Q5-How will I know if my loan has been approved?

Once approved, you will receive both a push notification on your mobile phone and a notification email.

Q6-How and when do I receive my loan proceeds?

Visit your nearest branch to claim your loan proceed via Check or bank disbursement

Q7-Do I need a guarantor or collateral?

You do not require any collateral or guarantor for a Personal Loan application.

Q8-What is the minimum and maximum loan amount and tenure for the Personal Loan product?

Credit Wise Philippines Bank Partners offers Personal Loans between PHP30,000 to PHP1,000,000 with repayment terms ranging from 12 to 60 months.

Q9-Why was I rejected for the Personal Loan application?

If your application for a Personal Loan was rejected, then this product may not apply to you. However, you are free to submit another application within three (3) months of your initial rejection.

Q10-How is my loan amount decided?

Your loan details will be decided based on your assessed risk level and other credit checks performed by our credit underwriters.