Personal loan
Payroll Deduction Loan
For employees of our payroll partners. The instalment is deducted from your pay every cut-off, so there is nothing to remember.
The terms
- Loan amount
- ₱10,000 to ₱200,000
- Term
- 6 to 36 months
- Payments
- Semi-monthly
- Interest rate
- 1.5% a month
- How interest is computed
- Diminishing balance: interest is charged only on what you still owe, so each instalment pays less interest than the one before
- Late payment penalty
- 2% a month on the amount overdue, after 5 days of grace
Fees
- Processing Fee2% of the loan amount, deducted at release
- Documentary Stamp TaxDocumentary stamp tax at the rate the law sets on the loan amount, deducted at release
Fees are deducted from the loan at release, so the cash you receive is less than the loan amount. The worked example shows each one in pesos.
A worked example: ₱50,000 over 12 months
Paid every payday cut-off, twice a month. Computed by our lending system, the same way your disclosure statement will be.
| Loan amount (principal) | ₱50,000.00 |
|---|---|
| Less: Processing Fee | (₱1,000.00) |
| Net proceeds, the cash you receive | ₱49,000.00 |
| Instalment, semi-monthly (24 payments) | ₱2,284.24 |
| Total interest | ₱4,821.68 |
| Total of payments | ₱54,821.68 |
| Nominal interest rate | 1.5% a month |
| Effective interest rate | 1.85% a month, 22.14% a year |
Payment schedule
| No. | Due, days after release | Principal | Interest | Instalment |
|---|---|---|---|---|
| 1 | 25 | ₱1,909.24 | ₱375.00 | ₱2,284.24 |
| 2 | 40 | ₱1,923.56 | ₱360.68 | ₱2,284.24 |
| 3 | 54 | ₱1,937.99 | ₱346.25 | ₱2,284.24 |
| 4 | 74 | ₱1,952.52 | ₱331.72 | ₱2,284.24 |
| 5 | 85 | ₱1,967.16 | ₱317.08 | ₱2,284.24 |
| 6 | 102 | ₱1,981.92 | ₱302.32 | ₱2,284.24 |
| 7 | 116 | ₱1,996.78 | ₱287.46 | ₱2,284.24 |
| 8 | 130 | ₱2,011.76 | ₱272.48 | ₱2,284.24 |
| 9 | 144 | ₱2,026.85 | ₱257.39 | ₱2,284.24 |
| 10 | 160 | ₱2,042.05 | ₱242.19 | ₱2,284.24 |
| 11 | 175 | ₱2,057.36 | ₱226.88 | ₱2,284.24 |
| 12 | 190 | ₱2,072.79 | ₱211.45 | ₱2,284.24 |
| 13 | 207 | ₱2,088.34 | ₱195.90 | ₱2,284.24 |
| 14 | 221 | ₱2,104.00 | ₱180.24 | ₱2,284.24 |
| 15 | 236 | ₱2,119.78 | ₱164.46 | ₱2,284.24 |
| 16 | 251 | ₱2,135.68 | ₱148.56 | ₱2,284.24 |
| 17 | 266 | ₱2,151.70 | ₱132.54 | ₱2,284.24 |
| 18 | 284 | ₱2,167.84 | ₱116.40 | ₱2,284.24 |
| 19 | 298 | ₱2,184.09 | ₱100.15 | ₱2,284.24 |
| 20 | 313 | ₱2,200.48 | ₱83.76 | ₱2,284.24 |
| 21 | 328 | ₱2,216.98 | ₱67.26 | ₱2,284.24 |
| 22 | 343 | ₱2,233.61 | ₱50.63 | ₱2,284.24 |
| 23 | 358 | ₱2,250.36 | ₱33.88 | ₱2,284.24 |
| 24 | 375 | ₱2,267.16 | ₱17.00 | ₱2,284.16 |
Due dates are counted from the release date, which is set when your loan is released.
This is the same computation your disclosure statement will use.
Illustrative figures for the amount and term you chose. The final terms are subject to assessment and are set out in your disclosure statement before you sign.
Who it is for
- Employees of a company with a payroll deduction agreement with us
- Instalments deducted by your employer each payday
- No post-dated checks
What to prepare
- Employer must be a PesoCore payroll partner
- Two valid government IDs
- Latest payslip
- Payroll deduction authority
Other loans
Apply for a Payroll Deduction Loan
A loan officer reviews every application and calls you. Approval is not guaranteed.