Differences & Banks that offer Personal Loan & Salary Loan
PERSONAL LOAN – Here are the differences between the personal loan and the salary loan offers of lending companies and banking institutions.
Nowadays, several companies and institutions are offering cash assistance services to the public. These include the banks in the Philippines and as well as the different lending companies across the nation.
Among their usual offers are the personal and salary loans. They may appear the same but they actually have differences.
In this article, we will discuss the differences between the personal loan and the salary loan offers of banks and lending companies.
Personal Loans
Personal loans are usually offered by banks. It is a multi-purpose. You may apply for it to make a big purchase, to pay for the utility bills, to fund a celebration, to travel, etc. Often times, it has higher interest rates compared to salary loans.
This type of loan covers a greater number of target recipients. Applicants need not to have their companies accredited by the bank to be eligible for this loan offer.
With regards to the mode of payment, the borrower pays for the monthly amortization to the bank including the interest. No deduction in the monthly salary is implemented. Here is a list of some of the banks that offer personal loans to the public:
- CIMB Loan
- BDO Loan
- Citystate Loan
- HSBC Loan
- BPI Loan
- UCPB Loan
- PNB Loan
- Maybank Loan
- Security Bank Loan
- EastWest Bank Loan
- RCBC Loan
Salary Loan
The Salary Loan is usually offered by lending companies and as well as social insurance institutions. Meanwhile, there are also some banks that offer it. It is usually open for the employees of the companies that are accredited in a certain bank or lending company.
Usually, this type of loan offer serves the purpose of bridging the gap in the budget of the employee. It is also often times the lender that sets the amount like a one-month salary loan or a two-month salary loan.
In paying for the salary loan, often times, the amount is deducted directly from the monthly wage of the borrower. Here is a list of the banks and the social insurance institutions that offer this type of loan:
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READ ALSO: PHILIPPINE BANKS PERSONAL LOANS – List of Loanable Amounts Per Bank Offer
