Most loan apps advertise a monthly rate — which looks small but translates to a much higher annual cost. This guide shows the real APR (Annual Percentage Rate) for 11 lenders in the Philippines, from government loans at 10% to fintech apps at 43.2%.
BSP Rate Cap: The Bangko Sentral ng Pilipinas caps monthly interest at 6% for short-term loans (under 1 year). Any lender charging above this is violating BSP regulations.
| Lender | Type | Monthly Rate | Real APR | Note |
|---|---|---|---|---|
| SSS Salary Loan | Government | 0.83% | 10.0% | Lowest rate available |
| Pag-IBIG Multi-Purpose | Government | 0.875% | 10.5% | For active members |
| RCBC Personal Loan | Bank | 1.55% | 18.6% | Requires full docs |
| Security Bank | Bank | 2.0% | 24.0% | Competitive bank rate |
| CIMB REVI | Digital Bank | 2.0% | 24.0% | Same-day approval |
| Tonik Bank | Digital Bank | 2.2% | 26.4% | Highest safety score |
| Maya GLoan | E-wallet | 2.43% | 29.2% | No payslip needed |
| GCash GLoan | E-wallet | 2.73% | 32.8% | Instant to GCash |
| BillEase | BNPL | 3.0% | 36.0% | Buy now pay later |
| Digido | Fintech | 3.0% | 36.0% | Fast approval |
| Cashalo | Fintech | 3.6% | 43.2% | High APR warning |
APR = Annual Percentage Rate. Rates as of April 2026. Subject to change.