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RCBC headstarts digitizing Personal Loans

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Multi-awarded digital challenger bank Rizal Commercial Banking Corporation (RCBC) debuts its latest innovation in 2024 as it unveils RCBC Personal Loans in its all-in-one digital banking application RCBC Pulz. Seamlessly integrated into its flagship digital banking application, RCBC’s loan offerings will be more accessible than ever to the fast-evolving lifestyle and growing consumer base of eligible and credit-worthy users.

RCBC Personal Loans are simple, instant, and customizable loan products that can be used for multiple purposes, featuring flexible loan amounts and competitive interest rates. In line with the bank’s commitment to deliver excellent digital experiences, RCBC allows Filipinos to apply for the loan anytime, anywhere and get instant approval, with the loan proceeds to be immediately disbursed to their RCBC Pulz accounts. The digitized loan service is initially available to eligible RCBC depositors and will soon be rolled out to all customers. 

Filipinos can now skip the long application and approval process of brick-and-mortar banks by using RCBC Pulz to apply and get loans real-time. Filipinos would usually have to dedicate 5-7 banking days for their loan applications to be processed and approved. In addition, consumers face high barriers of entry into formal loaning and credit systems which discourage them from availing loans. 

RCBC showcases its latest loan offerings distinguished by superior accessibility and convenience and catering to a broader spectrum of the Philippine population. The bank allows users to apply for loans for a wide range of purposes such as home renovations, career development, personal vacations, educational needs, fitness and lifestyle aspirations, medical expenses, and financial empowerment. 

Filipinos who are yet to be RCBC Pulz users can download the application through the Google Playstore and Apple App Store, and open an account with just one government I.D. Overseas Filipino Workers (OFWs) can also open bank accounts using any international mobile number through RCBC Pulz.

RCBC President and CEO Eugene S. Acevedo highlights that RCBC Personal Loans are designed to alleviate key challenges faced by Filipinos in the borrowing process. He emphasizes that this new offering is geared towards empowering our kababayans and leveling the playing field by providing more competitive and beneficial loan packages to a broader market.

“Filipinos fear debt, high interest rates, and long waiting times for loans. It is no surprise that many seek informal methods such as borrowing from friends and relatives. With RCBC Personal Loans, Filipinos finally get access to a loan system that is fast and hassle-free,” said Acevedo.

“RCBC is raising the stakes when it comes to offering Filipinos with a wider set of financial products and services that can improve their quality of life. With RCBC Personal Loans in RCBC Pulz, it is our hope as a bank that more Filipinos will have access to innovative and tailored loan services that put their needs and dreams at the center,” added RCBC executive vice president and chief innovation and inclusion officer Lito Villanueva.

RCBC emerged as the fastest-growing bank in the country, leapfrogging from eighth position in 2018 to fifth in 2022 in the list of the Philippines’ largest privately owned banks in terms of assets. Among its global and local recognitions include a four-peat award as the Philippines’ Best Bank for Digital by Asiamoney, the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, and Number 1 in the Philippine Best Customer Service 2023 survey by the Philippine Daily Inquirer and global research firm Statista.

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