How to Pay UnionBank Quick Loan

For those who do not have any credit cards or are unable to get credit card approval, it can be challenging to find flexible payment options. It is much easier to get approved for a personal loan compared to a credit card.

UnionBank offers personal loans to their account holders that have minimal requirements and are approved in less than 24 hours. They are called Quick Loans.

Union Bank Business Secured Visa Cr...
Union Bank Business Secured Visa Credit Card Review

What is a UnionBank Quick Loan?

They are cash loans that you can use to fund travel, home renovation, appliances or furniture, electronic gadgets, or other needs that aren’t covered by the usual car or real estate loans.

Quick loans are a service and financial product being offered by UnionBank of the Philippines.

Only UnionBank savings account holders are eligible for Quick Loans. Only a quick and simple online application is required to be approved for a loan.

Quick Loan Processing Fees

There are processing fees that you have to pay upfront if you avail of a UnionBank Quick Loan. This is applicable for all cash loans. Refer to the table below for the processing fees.

Loan AmountProcessing Fee
Php 1,000 – 1,999Php 100
Php 2,000 – 4,999Php 300
Php 5,000 – 9,999Php 500
Php 10,000 and higherPhp 2,000

Late Payment Fees

Just like most credit cards and other loans, there are penalties and charges if you pay your statement past your due date. These are late charges:

1 to 30 days latePhp 200
1 to 2 months latePhp 400
2 to 3 months latePhp 600
More than 3 months latePhp 800

How to Pay UnionBank Quick Loan

The best way to pay off your Quick Loan is through your UnionBank account. Here is how you can pay your loan statement:

Step 1: Open UnionBank Online.

Step 2: Tap on “Pay Bills” and select UBP Quickloans as the biller.

Step 3: Enter your name, loan account number, and the payment amount.

Step 4: Choose the account that will be debited for the loan payment.

Step 5: Review the payment details and confirm your payment.

Step 6: Enter the OTP.

Step 7: Tap “Submit” to complete your payment.

Frequently Asked Questions (FAQs)

How much is the interest rate?

UnionBank will charge a fixed interest rate with the amount depending on the borrower. The interest rate will be calculated on a daily basis and it will be based on the loan’s diminishing balance.

What are the minimum and maximum loan amounts?

The minimum loan is Php 1,000 while the maximum loan amount is up to Php 1,000,000 only.

What happens if I make a payment for my loan after my scheduled due date?

If you pay after your due date, you will incur a late payment fee in addition to the interest.

Conclusion

Quick loans are exclusively available to UnionBank’s loyal customers.

They offer simple and straightforward terms and quick approvals so that you can get the cash you need as soon as possible.

Read these next: