I am 27 years old, and I currently work in a real estate company that sells condominiums. As a single mom of two boys and a full time worker, I have had my shares of financial difficulties. I usually pay my credit card bills on time, but during money crises and also when I’m called for my mommy duties, I failed to accomplish my financial statements without knowing that it totally hurt my credit card score. When the time came that I have to ask for a personal loan, I had struggles in getting it due to my bad credit score. It was difficult for me, since applying for loans in the Philippines is not at all unchallenging; I had to ask around from a lot of people, but from my own personal experience and also some experiences from my colleagues at work, I would be so glad to share some tips with you on how to get lenders so they would be happy to assist you with your loans:

  1. Have a co-signer help you

– I once asked for help from a colleague who has a good credit card history to make my personal loan take place. I had him co-signed so as to get approval from a private loan company.  I just had to make sure that I had to be prompt with my loans, since failure to do so would also hurt my colleague’s credit card score. Also, if I failed to comply with the bill statements, my colleague takes full responsibility on having to pay them.

  1. Help from banks that offer unsecured loans

– We have several banks that offer loans in the Philippines. I have personally tried loaning from one of the largest banks here. They offered to me a no-collateral loan. I just had to make sure that my reasons were more than reasonable enough to get an approval from the bank. As for my case, my reason was for my sons’ educational tuition fees.

  1.  Online Private Lending

– My friend had once tried to ask for personal loans via the internet. There are internet sites wherein you can contact some willing investors who would be very glad to help you with your financial needs. You and the investor can express terms and agreements regarding the financial statements. My friend was lucky enough because despite the investor being anonymous, he was able to negotiate with him through clean terms; however, you still must exercise precaution and do a lot of research about the online private lending since a lot of online scammers have been reported nowadays.

These are the tips I wanted to share to you about how to get a personal loan which are less hassle; but before everything else, and when you have at last found potential private lenders, consider the following:

  1. Your loan application must be ready

– Your loan application letter must already consist of the following: valid IDs, your social security number, your monthly job income and other savings and expenses.  It is also much better to write your reasons of getting a personal loan and also details on when and how you would pay back the loan.  I was very incomplete with my requirements the first time I applied for a personal loan, and I tell you, the private lender wasn’t at all happy with the lack of information I’ve given him.

  1. Make a list of lending companies

– Applying for loans in the Philippines is not an easy job because we still have to comply with the company’s standards. I got rejected at the first lending company I’ve been to, but I didn’t stop there. I have to thank myself for making a list ahead of time. After having been rejected, I immediately tried the 2nd company, then the 3rd.

  1. Don’t give up easily

– Several lending institutions have their own sets of requirements and their own gauges if they think your reason for personal loan is feasible.  I have been rejected by the 1st lending company I’ve been to, and with the experiences I have learned along the way, it is best to know your faults and ask for feedbacks so to know what to do and what’s the right thing to do on the next company you would want to apply.

I’ve helped a lot of people with these tips I’ve shared. I hope I’ve helped you too. Good luck!


Maricor Bunal has been a Project Manager and Content Writer for a long while. Her passion in writing is her main drive in crafting articles that are engaging, informative, and meaningful. Her partnership with Loan Solutions PH has given her a whole new opportunity to take writing to a whole new level.