14 Best Salary Loans in the Philippines

Last Updated – Nov 18, 2022 @ 5:53 pm

If you urgently need money but you don’t want to borrow from your family or friends, one of your best bets is to apply for a salary loan. 

Whether you’re considering a salary loan or not, it’s important to educate yourself about it. You might be surprised to know how much this loan can help you during times when you’re strapped for cash. 

Related: 9 Ways to Borrow Money in the Philippines

What is a Salary Loan?

A salary loan generally refers to a low-interest and unsecured loan which is funded and processed by your employer, financial institutions, or online lenders.

This loan is meant to be paid back quickly. Salary loans are meant to meet your financial needs before you get your salary. 

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Pros and Cons of Salary Loans in the Philippines

Here are the advantages and disadvantages of salary loans.

Pros

Great for those who need instant funds

The funds you get through a salary loan are often sent directly to your bank account. This makes it very convenient since you can withdraw the money immediately and use it exactly when you need it.

Aside from that, payment is also immediately deducted to your salary so it’s more convenient.

Beneficial for people with low salary

If you’re having a hard time meeting your financial obligations and you have little to no savings, a salary loan is a good way to access additional funds without having to exhaust your savings.

Easy application

If you’re having trouble arranging a personal loan because of your bad credit, a salary loan is an easy alternative.

Moreover, these loans also have fewer requirements. Most HR departments can process this loan for you.

Cons

Potentially high interest (depending on the lender)

The interest rate for salary loans can be quite high depending on the lender. This is why it’s important to read the fine print and know the terms of the loan before you sign anything.

It can cause problems if you miss payments

Since a salary loan is meant to be repaid quickly, it can cause problems for your paycheck if you default on the debt.

You can potentially face penalties like a hold on your pay or a stop order from your employer.

Easy to get trapped in a cycle of borrowing 

If you’re not careful, taking a salary loan can easily result in getting trapped in a cycle of borrowing.

Keep in mind that it’s important to get yourself out of debt by finding the right solutions such as budgeting and cutting back on expenses instead of constantly relying on loans.

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Common Uses of Salary Loan

A salary loan is a free-use loan. This means that it can be used for any purpose you want. We’ve gathered the most common uses of salary loans below. 

Bills

A salary loan can help you pay for bills such as the rent and utilities, as well as any other expenses you’ve incurred.

Educational expenses

You can use a salary loan to pay for your children’s tuition, college or university materials, and other educational expenses.

Related: How to Get Student Loans in the Philippines

Emergencies

In case you’re in a tight spot, a salary loan can help you get out of it. You can use the loan to cover unexpected bills that might arise, such as an auto repair bill.

Learn: How to build an Emergency Fund

Vacations

A salary loan can also be used to help you save for your vacation. This is useful if you want to go on a family vacation, or if you’re planning a big trip, such as traveling abroad.

Start a business

A salary loan can also be used to start a small business.

Make major purchases

If you’ve got a big purchase, you can use a salary loan to cover it. You can use the money for a wedding, buying new furniture for home, or a car.

To pay off debt

If you have a high-interest debt (such as credit card debt) that you need to settle, you can use your salary loan to pay it off. 

Special occasions

If you have a special occasion coming up, such as a wedding or the birth of a child, a salary loan can be used for it. 

Short-term unemployment

If you need to take a break from work for a few months, a salary loan can help you fund your lifestyle.  

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Best Salary Loans in the Philippines 

Want to apply for a salary loan? Here are your best options.

1. BlendPH

Peer-to-peer lending platform Blend PH offers a salary loan for employees of their partner companies. These credit lines can be activated anytime.

• Loanable amount: equivalent to 1 month salary (P10,000 to P25,000)
• Interest rate: 3% per month
• Loan terms: 1-6 months 
• Application process duration: 24-48 hours
• Eligibility and requirements:
  • Valid Government Issued ID 
  • Certificate of Employment
  • Company ID
  • Payslip (3 months)
  • Selfie with ID
  • Proof of Billing

How to apply: 

1. A link will be provided by your HR officer. Click it and apply for a Blend PH salary loan.
2. Wait for the team to process your application by validating and verifying your submitted information and requirements. Once verified, your application will be endorsed to partner lenders.
3. Once your loan has been verified, it will be forwarded to different lenders for funding. You will be notified once a lender decides to fund your loan. 

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2. Tonik Bank Quick Loan

You’ll be surprised at how easy it is to apply for the Tonik Bank Quick Loan. In just minutes, you can get up to P50,000.

This no collateral loan is an incredible choice for those who want to apply for a salary loan but want to stick to an online or app-based application. Moreover, you don’t need to have any credit history to get approved. 

Keep in mind that the Annual Percentage Rate (APR) of this loan is 84%. If you want to save on interests, you can link your salary payroll card to your Tonik app. By doing this, you will lower your APR to 65%. 

• Loanable amount: P5,000 to P50,000
• Interest rate: 5.42% per month (when you link your salary payroll ATM card to the app)
• Loan terms: 6, 9, 12, 18, or 24 months
• Application process duration: a few minutes
• Eligibility:
  • Must be a Filipino citizen and resident of the Philippines
  • 23 years old and above
  • Must be employed 
• Documents required:
  • 1 valid ID
  • 1-month payslip

How to apply: 

1. Download the Tonik app on the iOS app store or Google Play Store. 
2. Register for an account.
3. Select Quick Loans and enter your preferred loan amount and terms. 
4. Wait for your loan to be approved. Your funds will be disbursed to your Tonik account. 

For more information about this loan, click here. 

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3. Security Bank Corporate Salary Loan

This loan is meant for employees of accredited companies. It offers convenient and affordable payment terms.

The payments will be made through salary deductions. To know if your company is accredited, contact Security Bank. 

• Loanable amount: P10,000 to P1 million 
• Interest rate: 0.99%
• Loan terms: up to 36 months 
• Application process duration: 3-4 banking days 
• Eligibility and requirements:
  • For eligible companies:
    • For Foreigners/Expats, the provided terms of loan will be co-terminus with contract and/or period of visa’s validity.
  • For Filipino citizens:
    • At least 21 years old and must not be more than 65 years old upon loan maturity.
    • Regular and permanent with current employer accredited by the Bank; with at least 6 months’ tenure and with total employment tenure of at least 1 year with a maximum of 2 employers.
    • Must have an office landline and mobile number
    • Minimum Gross Monthly Income, excluding overtime and bonuses:
      • P9,000 for Metro Manila
      • P8,000 for non-Metro Manila
  • For individual application (employee):
    • Completely filled-out and signed Application Form (Borrower and Authorized Signatory of the Accredited Corporate Employer should sign off on the AF)
    • Duly signed 4 copies of Promissory Note (to sign only at the back portion Borrowers: Signature above printed name); and
    • 4 copies of Disclosure Statement (to sign only on Signature of Borrower over Printed Name)
    • Standard Requirements:
      • Photocopy of company ID (front and back) with 3 specimen signature
      • Photocopy of 1 Government-issued ID
      • Photocopy of latest BIR Form 2316 indicating the correct TIN# of the employee and with complete signature on item #s 56-59 or Most recent 1-month payslip or COE
      • Photocopy of 1 month latest payslip OR filled-up COE portion in the application form
      • *Other documents that may be further required 

How to apply: 

1. Get an application form from your HR personnel.
2. Fill out the form.
3. Submit it together with the required documents to your HR personnel
4. Wait for your loan to be approved. 

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4. BPI Salary Loan

The BPI Salary loan is meant for employees of partner businesses. It can help you get the cash that you need whether you need funds for emergencies, to pay your bills, or for a quick vacation.

Prepare to pay a one-time processing fee of P1,500 that will be deducted from your loan. You also need to pay for Documentary Stamps Tax worth P1.50 for every P200 of the loan (for loans above Php 250,000 only).

• Loanable amount: P10,000 to P1 million
• Interest rate: 25.60% APR 
• Loan terms: 12, 18, 24, 30, or 36 months
• Application process duration: n/a
• Eligibility and requirements:
  • Valid Philippine government-issued ID or company ID
  • Duly accomplished Salary Loan Application Form
  • Copy of your Company ID
  • 3 months latest payslip or Latest ITR or Certificate of Employment

How to apply: 

1. Consult your HR Benefits representative if your company is accredited for this loan.
2. Submit your loan requirements to your HR.
3. Wait for an SMS notification regarding your loan application status. 

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5. Asteria Salary Loan

Asteria offers tailor-made online financing and lending options. By providing a hassle-free loan service and optimal customer service, employees can meet their financial obligations without hassle.

Despite the high APR, one advantage of this loan is you can choose to pay it in 61 days. 

• Loanable amount: P2,000 to P20,000 (P10,000 for first-time borrowers)
• Interest rate: 0.9% per day
• Loan terms: 61 days, 10 weeks, 3 months 
• Application process duration: n/a
• Eligibility:
  • Filipinos at least 21 years old
  • Government-issued ID
• Documents required:
  • Company ID
  • Last payslip
  • Minimum net monthly income of P15,000
  • Should have a bank-specified credit score 
  • For taxi drivers:
    • Driver’s license
    • Company ID
    • TODA document
    • OR/CR of the vehicle 

How to apply: 

1. Visit the Asteria website and click ‘Apply Now.”
2. Fill up the salary loan application form.
3. Submit the form, along with the requested documents.
4. Your funds will be available instantly upon approval of the application. Your cash will arrive in your bank shortly thereafter.

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6. Maybank Salary Loan

This loan enables employees of accredited companies to take out personal loans and enjoy flexible payment terms.

Through this loan, employees can have instant access to cash (up to 5 times their monthly salary) for any type of expenses without any need for a co-maker. The payments are made through salary deductions. 

• Loanable amount: P15,000 to P500,000
• Interest rate: varies depending on the loan amount and term
• Loan terms: 12, 18, 24, and 36 months 
• Application process duration: n/a
• Eligibility:
  • Permanent and regular employees of an accredited company
  • Must be at least 23 years old at the time of availment; but not more than 57 years old upon salary loan application
  • With gross monthly salary of at least Php 10,000 if work tenure is 2 years, or Php 15,000 if work tenure is 1 year
  • Must not have any pending administrative cases with the company
• Documents required:
  • Fully completed application form
  • 1-month original payslip or Certificate of Employment with Compensation
  • Photocopy of at latest 1-year ITR of BIR Form 2316
  • Photocopy of company ID or government-issued ID with 3 specimen signatures

How to apply: 

1. Ask your HR Personnel if your company is accredited by Maybank. 
2. If so, fill out the application form and submit your requirements.
3. Wait for your loan to be approved.

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7. Welcome Finance Salary Loan

A subsidiary of Welcome Financial Group of Korea, Welcome Finance Inc., offers competitive financial assistance for Filipinos.

You don’t need a credit card to apply for this no-collateral loan.

• Loanable amount: P20,000 to P500,000
• Interest rate: 3% per month
• Loan terms: 12-36 months
• Application process duration: 24 hours
• Eligibility and requirements:
  • Two (2) Valid government IDs
  • Two (2) months’ recent pay slip
  • COE (with position, tenure, and annual income)
  • Latest ITR
  • Utility Bill (under your residential address)

How to apply: 

1. Fill out the application form here. 
2. Prepare the required documents and wait for a Welcome Finance personnel to contact you through mobile.
3. Wait for approval.
4. Get your approved loan amount from the nearest branch. 

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8. Landbank Electronic Salary Loan

This is an electronic-based salary loan product offered to employees of government agencies and private institutions. 

• Loanable amount: Up to P1 million 
• Interest rate: 0.83% per month
• Loan terms: up to 3 years
• Application process duration: 3 banking days
• Eligibility and requirements:
  • Individuals who are employed with the company/institution that Landbank has a Memorandum of Agreement (MOA) with.
  • Individuals must be in a permanent position for at least a year upon application.

How to apply: 

1. Applications can be made through mobile banking.
2. Wait for your loan notification to be received through SMS or email. 
3. You may also visit a Landbank branch in your area to apply for this loan. 
4. Ask your HR personnel if you can qualify for this loan. If so, they can process it for you. 

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9. SSS Salary Loan

The SSS Salary loan is intended for employed members or currently paying self-employed voluntary members of SSS to meet their short-term credit needs. 

• Loanable amount: 
  • A one-month salary loan is equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower.
  • A two-month salary loan is equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower.
  • The net amount of the loan shall be the difference between the approved loan amount and all outstanding balance of short-term member loans.
• Interest rate: 10% per annum
• Loan terms: Up to 24 months
• Application process duration: n/a
• Eligibility and requirements:
  • Employed member or a currently-paying self-employed or voluntary member
  • Member’s employer must be updated in the payment of contributions and loans. The member must also be updated in the payment of other loans with SSS.
  • For a one-month loan:
    • 36 monthly contributions, 6 of which should have been posted in the last 12 months prior to the month of application
  • For a two-month loan:
    • 72 monthly contributions, 6 of which should have been posted in the last 12 months prior to the month of application
• Documents required:
  • Member Loan Application Form
  • SSS digitized ID or E-6 (acknowledgment stub) with any two valid IDs, one of which with recent photo
  • If filed by Member-borrower’s Authorized Representative:
    • Member-borrower’s duly accomplished Member Loan Application
    • Authorized Representative’s SS card or any two valid IDs both with signature and at least one with photo
    • Letter of Authority (LOA) signed by both the member-borrower and member-borrower’s authorized representative
    • Member-borrower’s SS card or any two valid IDs both with signature and at least one with photo.
  • If filed by Employer/Company’s Authorized Representative:
    • Member-borrower’s duly accomplished Member Loan Application
    • Authorized Company Representative (ACR) card issued by SSS
    • Letter of Authority (LOA) from employer and any two (2) valid IDs both with signature and at least one with photo
    • Member-borrower’s SS card or in its absence, Application for SS card (SS Form E-6) acknowledgment stub and any two valid Ids both with signature and at least one with photo.

How to apply: 

1. Borrowers can apply for this salary loan online or at the branch near them. 
2. For online applications, borrowers will be redirected to the employer’s My.SSS account for certification.
3. For OFWs, the salary loan application can be filed at the SSS Foreign Representative Offices in selected countries, or send their application and supporting documents to their relatives in the Philippines and authorize them to file at any SSS branch. Documents must be duly authenticated/certified by the Philippine Consulate Embassy. 

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10. Cashmart Salary Loan

Cashmart is an online lending partner that offers service-oriented loan solutions for Filipinos. 

With the Cashmart Salary Loan, you can save on interest when you make an early settlement without incurring any penalties. Prepare to pay 10% of your principal loan amount for the processing fee. 

• Loanable amount: P3,000 to P30,000
• Interest rate: 0.0571 % per day
• Loan terms:
  • Weekly (due date every 7 days)
  • Bi-weekly (due date every 14 days)
  • Monthly (due date every 28 days)
• Application process duration: n/a
• Eligibility:
  • At least 21 years old
  • Filipino citizen
  • Currently employed
• Documents required:
  • For Salaried and Commission-based Employees:
    • Government Issued ID
    • Latest One-Month Pay-slip
    • Latest Proof of Billing
  • For Taxi Drivers
    • Government ID
    • Latest One-Month Statement of Account
    • Latest Proof of Billing

How to apply: 

1. Register for a Cashmart account and fill out the simple inquiry form. Cashmart will get in touch with you within 1 working day.
2. Wait for Cashmart loan executives to verify your eligibility and documents.
3. Sign the contract and wait for your cash to be disbursed. 

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11. Citibank Salary Loan

No matter what expense you need to settle, you can use the Citibank salary loan.

However, this Citi personal Loan variant is offered to employees of accredited and non-accredited companies. The payments are made through salary deductions. 

• Loanable amount: P20,000 to P2 million
• Interest rate: 2.42% per month
• Loan terms: 12-60 months 
• Application process duration: 24 hours 
• Eligibility:
  • 21-65 years old
  • Employed in a Salary Loan accredited company for at least 12 months
  • At least 3 years in the current job for accredited BPO companies
  • Minimum Annual IncomeP250,000 (not applicable to Citi Affiliates. The minimum officer level requirement is C05)
• Documents required for Citi Affiliate companies:
  • Duly accomplished Citi Salary Loan application form
  • Supervisor attestation of employee status via Citi email
• For other companies:
  • One (1) valid government-issued ID with a photo and signature
  • Latest pay slip for one full month OR Certificate of Employment (COE)
  • Duly accomplished application form with HR Endorsement via:
  • Section 08 of the Salary Loan application form or
  • Attached email endorsement from the Company’s HR authorized signatory with the complete details below:
    • Employee Name
    • Employee ID number
    • Date Hired
    • Position
    • Attestation that applicant is a regular employee without pending resignation
    • If with pending resignation, specify the effective date of resignation.
    • Attestation that the customer employment details provided are true and correct
    • Attached income documents of the employee

How to apply: 

1. Click this link to apply.
2. Email your complete documents to phsalaryloans@citi.com.

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12. AUB Salary Loan

AUB Seafarer’s loan is exclusive for qualified seafarers looking for a short-term loan. With this loan, you can enjoy low-interest rates and no advanced payment. There is also no need for a co-maker. 

• Loanable amount: up to P500,000
• Interest rate: starts at 4% per month
• Loan terms: Up to 10 months 
• Application process duration: 24 hours
• Eligibility:
  • Applicant must be a Filipino citizen
  • 21-60 years old at the time of loan maturity
  • Must have completed at least one employment contract at the time of loan application
  • Must open an account with AUB
  • Minimum gross salary of USD $800
• Documents required:
  • Completely filled out and signed Application Form
  • Photocopy of Employment Contract with POEA stamp
  • Photocopy of Passport and Seaman’s Book
  • Photocopy of Seafarers Registration Certificate (SRC) or Worker’s Information Sheet (WIS)
  • Allotment Arrangement certified by the company
  • Plane ticket or Certificate of Departure issued by the manning agency
  • Authority to deduct from AUB account

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13. Vidalia Salary Loan

Whether you need urgent cash for emergencies or personal expenses, the Vidalia Salary Loan is perfect for you.

Since the application process is entirely online, it’s a great option for those who want a hassle-free application experience. If approved, your monthly payments will be made to Vidalia Lending. 

• Loanable amount: P15,000 to P50,000
• Interest rate: 6% per month
• Loan terms: 2, 3, 6, 9, and 12 months
• Application process duration: 3 days 
• Eligibility:
  • Filipino, 20 – 60 years old
  • At least ₱15,000.00 monthly net income for employed applicants and ₱30,000 for self-employed
  • Permanent/regular employee
• Documents required:
  • 2 valid IDs
  • Proof of Billing (electricity, water, landline)
  • Latest 2 months’ payslips
  • Certificate of Employment with Compensation

How to apply: 

1. Register for a Vidalia account here and apply online.
2. Wait for Vidalia’s credit evaluation. This will be done through a phone call. After this, submit your documents online.
3. Pick up your loan check at any Vidalia office. You can also choose to deposit it in your bank account.

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14. Sterling Bank Asia Advance Salary Loan

Can’t wait until your next payday? Sterling Bank Asia Advance Salary Loan, you can instantly get the cash you need to cover your expenses until your next salary.

Payments for this loan are made through salary deductions. 

• Loanable amount: P10,000 to P50,000
• Interest rate: Starts at 16.80% APR
• Loan terms: 6-36 months
• Application process duration: n/a
• Eligibility:
  • Company should be accredited with Sterling Bank of Asia
  • Must be a Filipino citizen
  • 21 to 60 years old
  • Regularly employed for at least 1 year
  • No adverse credit findings
• Documents required:
  • Completely filled out application form
  • Promissory Note/Disclosure Statement
  • Copy of 1-month payslip
  • BIR Form 2316
  • Photocopy of Company ID
  • Photocopy of 1 Government ID

How to apply: 

1. Check if your company is accredited with Sterling Bank of Asia.
2. Submit your loan requirements to your HR department. 

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Alternatives to Salary Loan in the Philippines

Applying for a loan should not be done every time you’re short on money. Only if you’ve exhausted all your options and you need money urgently can a salary loan be a good option to consider. 

Be sure you understand the terms of the loan and how you’ll pay it back. If you’re not sure if this loan is the right option for you, you might want to look at other alternatives.

First, you can get a personal loan. These loans are similar to the salary loan, except that you can apply for them directly from a financial institution.

Second, you can try crowdfunding, particularly if you’re taking out a salary loan for a business or emergency expense.

Lastly, you can consider cash advances from your credit card. 

With any type of loan, remember that it’s important to spend responsibly, and pay your bills on time.

If you’re in debt already, it’s best for you to find other income streams instead of solely relying on loans.