Top Personal Loans for Freelancers: What to Know This Summer

SB Finance offers personal loans up to ₱3 million without collateral, making it accessible for freelancers. The 2% monthly add-on rate translates to an APR of about 39.43%, which is higher than some competitors. However, the low-income threshold outside Metro Manila and application via a user-friendly mobile app make it a viable option for those who might not qualify elsewhere.

CTBC Bank's Salary Stretch Loan appeals with its competitive add-on rates starting at 1.39% monthly. Unlike SB Finance, CTBC doesn't charge a separate loan processing fee, which could save freelancers upfront costs. The disbursement via Visa Cash Card or bank transfer offers flexibility, although the limited branch network may be a drawback for those needing in-person service.

UnionBank presents the lowest monthly add-on rate at 1.26%, which equates to an ACR of 26.9% for a ₱200K loan. This makes it attractive for freelancers seeking lower borrowing costs. While its digital application process is convenient, the effective interest rate, including fees, can reach 31.98%, higher than one might expect from the advertised rate alone.

Tonik Quick Loan is designed for first-time borrowers and those building credit, offering up to ₱50,000. While the 4.20% monthly add-on rate is steep, the lack of required credit history and fully digital process might attract freelancers new to loans. The short loan terms of 6-12 months could be a limitation for some.

BPI Personal Loan provides competitive add-on rates from 1.20% monthly and a high loan ceiling of up to ₱3 million. This makes it a solid choice for freelancers with existing BPI accounts, offering perks like fast-track applications for credit card holders. However, the ₱1,500 processing fee could be a consideration for those on a tight budget.

RCBC Pasado Loan stands out with a high ceiling of up to ₱5 million and terms extending to 60 months. This can be beneficial for freelancers planning a major investment. The starting monthly add-on rate is competitive at 1.30%, although it can increase for riskier profiles.

BDO's Personal Loan offers the stability of the largest bank in the Philippines. With a predictable ACR range of 25.98-26.76% and a maximum of ₱2 million, it provides a balance of reliability and accessibility. The extensive branch network also aids those who prefer in-person banking.