Last week, I suddenly needed ₱20,000 because my laptop died and I had to buy a new one for work. I thought it would be easy to get a loan, but boy was I wrong. I went to the bank and applied for a personal loan, but they rejected me because my credit score wasn't good enough. I was worried because I really needed that money, and I didn't know what to do.
I started searching online for other options, and I found out that most banks require a minimum income of ₱15,000 per month to even consider your application. I make a bit more than that, but my credit score is still pretty bad. I was getting frustrated because I didn't know how I was going to get the money I needed. I even considered borrowing from a loan shark, but my friend told me that's a really bad idea because the interest rates are super high.
A few days ago, I was talking to my friend who's really good with money, and she told me that I should check my CIC credit report before applying for another loan. I didn't even know that was a thing, but it makes sense because it's like a report card for your credit history. I found this while searching online, I stumbled upon https://www.creditkaagapay.com/ and it had a lot of helpful information about personal loans in the Philippines.
I was relieved to find out that there are some banks that offer personal loans with interest rates as low as 1.19% per month. I was also surprised to learn that some banks can process applications within 3-7 business days, which is pretty fast. I wish I had known about this earlier, because I wouldn't have wasted my time applying to banks that weren't a good fit for me.
I ended up applying to CIMB, and I'm still waiting to hear back from them. I'm keeping my fingers crossed that I'll get approved this time. I also learned that it's really important to check the loan terms and conditions before applying, and to make sure that the lender is registered with the SEC. You can check out this article https://www.creditkaagapay.com/blog/best-personal-loan-philippines-options-rates-tips-2026/ for more information about personal loans in the Philippines.
Just sharing in case this helps someone who's going through the same thing. Has anyone else had trouble getting a loan in the Philippines? What did you do?
