| Representative APR | Amount | Term | Type |
|---|---|---|---|
| 41.29–42.88% | ₱20k–₱250k | 24–36 mo | personal |
Best For
Individuals with a stable income of at least ₱15,000 monthly who need a short-term loan for urgent personal expenses.
Individuals aged 22-54 with stable employment or a profitable business and a monthly income of at least ₱15,000.
The PSBank Flexi Personal Loan offers loans between ₱20,000 and ₱250,000 at a monthly add-on rate of 1.75%, with terms of 24 or 36 months and an effective annual rate of 41.29%–42.88%.
Pros & Cons
Watch Out
The loan requires a good credit profile, and applicants with lower incomes may face stricter approval conditions.
Full Review
This loan's 1.75% monthly add-on rate translates to an effective interest rate between 41.29% to 42.88% annually, which is quite steep compared to alternatives. For those needing cash fast, the 5-9 working days approval is reasonably quick, but this may not be ideal for everyone due to the costs involved. Approval criteria can be strict; applicants must be aged 22-54, with at least two years of permanent employment or a profitable business history.
The minimum income requirement also sets a bar, potentially excluding those with lower earnings. One positive aspect is the Prime Rebate on advance payments, which can lower the overall interest if you repay early. However, users should be aware that this feature might not be enough to offset the high borrowing costs for those unable to repay quickly.
while PSBank offers a flexible personal loan option, it is not the most cost-effective choice available. a loan with lower rates, it may be wise to compare with other providers before committing.
What Borrowers Say
Customers appreciate the fast loan processing but express concerns about the high interest rates and stringent approval criteria.
