There are two (2) classifications of Personal Loans: Secured and Unsecured.
1️⃣ Secured Loan - uses a collateral as a pledged security for repayment of a loan, to be forfeited in the event of a default. However, borrowers enjoy lower interest rates.
Secured:
Loan amount ranges from Php 10,000 up to Php 3,000,000
Loan terms is from 6 months up to 8 years
2️⃣ Unsecured Loan - does not require any form of collateral from the borrower but the applicable interest rate is higher as compared to the Secured Loan.
Unsecured:
Loan amount ranges from Php 10,000 up to Php 300,000
Loan terms is from 6 months up to 3 years
💡 Tip
Check the personal loan monthly repayments calculator here