| Representative APR | Amount | Term | Type |
|---|---|---|---|
| 25.0–36.0% | ₱20k–₱2M | 12–60 mo | personal |
Best For
This loan is best for individuals seeking quick access to funds without collateral and who can meet the income requirements.
This loan is suitable for individuals with stable income seeking quick funds without the need for collateral.
UnionBank's personal loan provides a quick and accessible funding solution but comes with high costs that may not suit everyone.
Pros & Cons
Watch Out
Applicants should be mindful of the high APR, particularly if they need to extend the loan term beyond a year.
Full Review
At a competitive 1.26% monthly add-on rate, UnionBank's personal loan is designed for Filipinos looking for substantial financial support without collateral. With loan amounts ranging from ₱20,000 to ₱2 million and terms from 12 to 60 months, it caters to various financial needs.
The digital application process is promising approval within 3-5 banking days. However, be aware that the APR can go up to 36%, making it costly over longer terms. This rate is significantly higher than some alternatives, such as RCBC's personal loan, which offers lower rates for qualified borrowers.
UnionBank requires a minimum gross monthly income of ₱15,000, ccessible to many, but this could be a barrier for lower-income applicants. Customer service experiences vary, with some users noting delays in communication. Overall, while this loan option is beneficial for urgent financial needs, it may not be the best fit for those who plan to carry the balance for extended periods.
What Borrowers Say
Customer reviews highlight the ease of application but express concerns over high interest rates and customer service responsiveness.
