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Where to get a PHP 20,000 loan?

20,000 pesos is no small amount. In fact, it’s even higher than the minimum wage earned by workers in Metro Manila. So before I tell you how and where you can borrow that large sum of money, anser a few of these question first:

  1. Where are you going to use it?

This is the purpose of your loan. Is it to feed your family for a month? Yes? Then why that much? Is it for going out with your family? Then better save up for that. Is it to pay for your children’s tuition, health emergency or natural disaster fund? Alright! Go ahead.

  • Can you pay it back within 3 month’s time?

20,000 pesos may be a lot, but not so much in terms of installments. You should at least be able to pay this back within 3-4 months… or 6 months if stretched too far. But if you can’t, consider a lower loan amount.

  • Will you get approved for a loan of that amount?

How much you can pay won’t really matter if you don’t have enough credentials to get a 20,000 peso loan. So you have to at least be 18 years old, working, with a proof of billing and income, plus at least 2 government IDs. Without these, you can kiss your dreams of a 20,000 peso loan goodbye.

Now you know the things you have to consider. Here’s how you can borrow money of that amount:

  1. Traditional Bank: These are legitimate financial institutions that can grant you an 20,000 peso loan and more if you have the qualifications. Most of the time, they only approve loan applicants that are already existing customers. This means that you must first have at least a saving account with them, before you can ask for cash. Traditional banks also have varying interests depending on how long you intend to pay them back.
  2. Online Private Lenders: This is one of the easiest ways you can get cash. There are some lenders that can give you up to 20,000 for the right requirements
  3. Government: If you’re having a hard time applying for the aforementioned finance institutions, you can go directly to your SSS, GSIS, or PAGIBIG offices to apply for a loan for as long as you’re already a member.

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