Salary Loan in the Philippines

Even if you have a stable and well-paying job, you may need to get a loan sometimes. Many unforeseen situations in life may force you to borrow money. A medical condition, an accident, an urgent repair for the car, you name it. Who can you ask for help in such a situation?

A salary loan in Philippines is a very convenient option when you need money immediately. This financial scheme lends you a lump amount of money that you can pay back within the short term. The amount you can borrow is limited by your gross salary. This way, the loan will not become a financial burden that you would not be able to pay back.

Therefore, in contrast to a personal loan, a salary loan offers a smaller amount of money. In most cases, the application process is as easy as it can be. Generally, interest rates for this type of loan are lower than those that apply to personal loans.

How It Works

In the Philippines, getting a salary loan is easier than getting a bank credit. However, you still have to comply with all the requirements of the loan provider. Most companies that offer salary loans have a similar application procedure. However, you must check with each company the details of how it works.

In general, you enter a legal contract with the company. Hence, you should be sure of your capacity to repay the loan on time. Failing to do so can lead to penalties. After applying for a loan, the company analyzes your case. If approved, you get the money in your bank account within a short time (1 or 2 days).

All these microfinance opportunities (MFOs) are internationally regulated. Hence, salary loan providers must comply with the legislation on the matter. In the Philippines, for example, these loans are regulated by the “Lending Company Regulation Act.”

How to Apply

There is not much to say about how to apply for a Salary Loan Philippines. It is very easy. You do not need much time, either. It takes a maximum of 10 minutes. The application is made completely through the Internet. In general, you can request an amount that goes from 5,000 to 30,000 Philippine Peso (PHP).

Using an online calculator, you can select the exact amount you need and the term to pay it back. The term varies from company to company, and it goes from a few weeks up to 6 months. After selecting the conditions of the loan, you need to fill out an electronic form. All the information you provide must be accurate and verifiable.

Based on the information you provide; your request is thoroughly analyzed. The processing time typically lasts between 24 and 48 hours. After this time, you get a notification of the decision. Then, the money is immediately deposited in your bank account.

Who is Eligible to Apply for a Salary Loan?

Different companies have different criteria to consider you eligible to apply for a Salary Loan Philippines. In most cases, these requirements concern age, income, and citizenship. For example, typical eligibility requirements for an employed person include:

  • To be at least 21 years old (there can be a maximum age requirement too, typically 50 years);
  • To have Philippine citizenship;
  • To be currently employed;
  • Certificate of employment, stating the salary that the employee receives;
  • Payslips for the last month;
  • ID issued by the government of the Philippines (UMID, TIN ID, Driver License);
  • Proof of billing (payment receipts for services like electricity, water, Internet, etc.).

As mentioned above, these requirements can vary depending on the company and the particular situation of the applicant. Whether you are salaried or self-employed, the three first requirements on the list are mandatory. You also need a bank account, a mobile phone to get calls and messages, and an email address.


When you have an economic problem, for any reason, a Walletgeek offers many advantages over other credit schemes. For example, a salary loan offers little hassle and supreme comfort. All the applications can be made from home. You do not need to stand in line or go from place to place, knocking doors.

All you need is a computer, a smartphone, or a tablet connected to the Internet. The connection should be secure, though. However, you do not need to gather a bunch of papers and photocopies. To apply for a loan in the Philippines, you just need to submit scanned copies of your documents.

Moreover, in contrast to bank loans, a salary loan is more likely to be approved, even if you do not have an impeccable credit record! It is approved in a very short time. This type of loan is ideal for covering unexpected expenses. This is one of the best credit options available to people in the Philippines.

Hence, you should try this type of service when you need a small sum of money urgently.

1 thought on “Salary Loan in the Philippines”

  1. To be frank, it is much easier to take a loan from microfinance organisation than, for example, from any bank. In the beginning I was really afraid of taking money from such organisation. My mother was even convincing me not to do that. But everything turned out to be very good at the end. I even didn’t pay any high interest rate. So now I recommend payday loans to everybody (even to my mom).

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