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Why Security Bank Personal Loan Isn't for Your Emergency Needs

Financial emergencies require quick funds.  If you get into this situation, will the Security Bank Personal Loan be the perfect solution?
It is better to read on first before you decide.

Why Security Bank Personal Loan Isn't for Your Emergency Needs

Security Bank Personal Loan Eligibility

Personal Loan from Security Bank is offered to Filipino citizens who are at least 21 up to 65 years old. You must also have an office or residential landline.
If employed, you must be a regular employee and have been in your current company for at least a year. The minimum gross monthly income for Metro Manila residents is P15, 000. If you are residing outside Metro Manila, then you should earn at least P12, 000 to avail of the loan.
As for the self-employed, either as an entrepreneur or a freelancer, you need to provide financial proof that you have been making profitable operations for the past two years. Security Bank requires the self-employed to have a minimum gross monthly income of at least P30, 000 (P25, 000 for residents outside Metro Manila).

If you think you possess the Security Bank Personal Loan qualifications, read more about what’s included in it. 

Security Bank Loan Interest Rate

Interest rates are charged based on the loan term you choose. You may prefer 12 months with a 1.39% Monthly Add-on Rate, or up to 36 months, with an interest rate of 1.69%. When choosing a loan term, consider the fact that the longer it takes to settle, the higher the interest rate. Also, if you have been planning to get a car loan or a home loan you might have a hard time getting approved if you are still paying a personal loan.

Security Bank Personal Loan Amount

Personal loans are usually used for emergency situations. However, there is a lot of possible reason why people use it. Some people use it to pay for a minor house improvement, a car repair not covered by insurance, school fees, or a family vacation. Also, some individuals get personal loans to pay their existing debts.
With Security Personal Loan, you can borrow from P30, 000 to P1,000,000, depending on the bank’s discretion. The bank strictly considers your credit report and salary.

Security Bank Loan Fees

Aside from the interest rate, expect to pay other fees. The processing fee is P2,000. This amount will be deducted from your loan. This means if you borrow P15, 000, you will only receive P13,000. The documentary stamps cost P1.00 for every P200, but this is only charged for loan amounts exceeding P250, 000.
If you are going to borrow more than P100, 000, then expect to pay a notarial fee based on your loan amount.
Consider the term of your loan carefully. Take note that if you want to settle your loan ahead of the agreed term, you will have to pay a pre-termination processing fee. The pre-termination fee is 5% of the remaining balance of your principal loan with the unpaid interest.
Should you fail to pay your monthly repayment on its due date, you will be charged a late repayment fee of 3% of the amount due or P500.

Security Bank Personal Loan Payment Method

Unlike other banks or registered private money lenders which have convenient payment options, Security Bank has only one repayment method. You need to secure Post Dated Checks. These checks must be sufficiently funded by your account.

Security Bank Personal Loan Calculator

When you apply for a personal loan in Security Bank, don’t forget to utilize their handy tool. 

A loan calculator helps you whether you can repay your loan on time. Also, it is essential when choosing affordable payments for you. Remember, your personal loan application is meant for urgent financial needs. Therefore, you must choose the one that will save you from impending financial doom. 

Security Bank Personal Loan Review

Before you borrow quick cash from any financial institution, it is best to read personal loan reviews Philippines first. Here’s the recent review of Security Bank’s service. 

Security Bank Personal Loan Benefits

You may not be able to get two loans at a time, but you can re-avail the loan if the current one is already half-paid. This gives you more breathing space if you suddenly need another loan ahead. Also, if you compare the minimum income amount, Security Bank has a lower required amount.

Security Bank Personal Loan Downsides

The bank’s representative will notify you once your loan has been approved. Your loan proceeds will be disbursed through a Managers Check (MC). This means you need to find some time to get down to the bank during office hours.
There is a pre-termination penalty should you want to settle the loan ahead of the agreed date. Before you settle your loan, you need to contact the bank to clarify it.
The Security Bank Personal Loan processing time may take five to seven days. If your purpose is an emergency need, waiting for the loan approval and disbursement is not ideal for you. Take time to shop around for other personal loans, such as Cash Mart’s personal loan.
Cash Mart offers quick cash loans with low-interest rates and flexible terms such as weekly, bi-weekly, and monthly. This way, you can choose the best way to repay it. Visit CashMart.ph to start your loan process and get your cash in just a day.