The online lending landscape in the Philippines is vibrant and competitive, with numerous platforms offering a range of financial products to cater to diverse needs. Some of the top online loan lenders include Digido, Cash-Express, Kviku, Jeff App, OnCredit, Moneyveo, and Finizi. These platforms are recognized for their quick loan approvals, flexible terms, and user-friendly interfaces, making them popular choices among borrowers seeking convenience and efficiency.
Obtaining an online loan has become increasingly accessible due to the growth of digital lending platforms. Applicants typically need to meet certain eligibility requirements, such as being a Filipino citizen or permanent resident, aged between 21 and 65 years, and having a stable source of income.
Many online loan platforms in the Philippines offer promotional interest rates to attract new customers. For instance, Jeff App, OnCredit, and Moneyveo provide 0% interest for first-time borrowers on their initial loans. Soscredit also offers loans with no interest for first-time borrowers up to a certain amount. These promotions are designed to encourage users to try their services, although specific interest rates beyond these offers are not detailed.
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| Lender | Promotional Interest Rate | Regular Interest Rate |
|---|---|---|
| Jeff App | 0% for first-time borrowers | Varies |
| OnCredit | 0% for first-time borrowers | Varies |
| Moneyveo | 0% for first-time borrowers | Varies |
| Soscredit | 0% up to a certain amount | Varies |
The process of applying for an online loan in the Philippines is straightforward and can be completed entirely online. Applicants need to fill out an online application form on the lender’s website or app, provide necessary documents such as a valid ID and proof of income, and wait for the lender to review the application. Once approved, the loan amount is typically disbursed to the borrower’s bank account within a few hours to a few business days.
Interest rates for online loans in the Philippines vary significantly depending on the lender and loan type. Traditional banks offer personal loans with annual rates ranging from 13% to 26%, while digital lenders and online platforms may have higher rates, with some offering daily interest rates that translate to APRs over 100%.
For instance, Digido offers a 0% rate for new clients on short-term loans, while HoneyLoan has a daily rate of 0.5%, equivalent to 182% APR. These rates can fluctuate based on factors like loan amount, term length, and the borrower’s creditworthiness
Interest rates for online loans in the Philippines vary significantly depending on the lender and loan type. Personal loans from digital lenders and banks generally have effective interest rates ranging from 10% to 32% annually. Some lenders offer rates as low as 6.88% per annum, while others may charge up to 41.71% for unsecured loans. Short-term online loans from non-bank lenders can have even higher rates, sometimes exceeding 200% annually when converted from their monthly rates
The online lending market in the Philippines is dynamic, with new players entering and existing ones evolving to meet changing consumer needs. Digital banks like Maya Bank, GoTyme Bank, and Tonik Digital Bank have also ventured into the online lending space, offering personal loans alongside their other banking services.
The peer-to-peer lending platforms such as Blend.ph and FundKo have gained traction by connecting borrowers directly with individual lenders. Borrowers are advised to compare options, read terms carefully, and choose reputable lenders regulated by the Bangko Sentral ng Pilipinas to ensure safe and fair lending practices
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Online loans in the Philippines offer both advantages and disadvantages. Here are some of the key merits and demerits:
Merits of Online Loans:
- Convenience: You can apply for a loan from the comfort of your home or office without visiting a physical bank branch
- Quick Approval: Online loans often provide swift approval decisions, with some lenders disbursing funds within hours.
- Accessibility: Online loans have expanded access to credit for many Filipinos, including those who may have been underserved by traditional banks
- Variety of Options: There are various types of online loans available, such as personal loans, payday loans, and business loans, allowing borrowers to choose the option that best suits their needs.
- Flexibility: Online lending platforms often provide a variety of loan products tailored to different needs and preferences.
Demerits of Online Loans:
- High Interest Rates: Online loans can come with higher interest rates compared to traditional bank loans, leading to substantial repayment burdens if not managed carefully
- Hidden Fees and Charges: Some online lenders may impose hidden fees and charges that are not clearly disclosed to borrowers
- Risk of Predatory Lending: There is an increased risk of predatory lending practices, with some unscrupulous lenders offering loans with exorbitant fees and unrealistic repayment terms.
- Security Concerns: Applying for a loan online requires sharing personal and financial information, which can be a concern for some borrowers due to the risk of data breaches or identity theft.
List of Philippines online loan lender
Here are some notable online loan lenders in the Philippines, along with a brief explanation of each accordly to moneymax and Grit PH article.
1. Home Credit Philippines
- Offers both product loans and cash loans.
- Has a significant presence in the Philippine market.
- Provides online application and payment options.
- They have a very large presence in retail locations, as well as their online presence
- Loan amount: ₱3,000 to ₱150,000
- Interest rate: Starts at 2.32%
- Loan term: Six to 60 months
- Application requirements:
- Filipino citizen 18 to 68 years old
- Two valid IDs (with at least one government-issued ID showing the borrower’s address)
2. Maya Bank
- Loan amount: ₱15,000 to ₱250,000
- Interest rate: Starts at 0.83%
- Loan term: Up to 24 months
- Application requirements:
- Filipino citizen between 21 and 65 years old
- Upgraded Maya account
- Active Maya user for purchases and transactions
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3. GLoan (GCash)
- Loan amount: Up to ₱125,000
- Interest rate: 1.59% to 6.99%
- Loan term: Five to 24 months
- Application requirements:
- Filipinos 21 to 65 years old
- Fully verified GCash account
- Good credit record and no history of fraudulent transactions
4. Tala
- Loan amount: Up to ₱25,000
- Interest rate: 0.43% to 0.5% (daily service fee)
- Loan term: One to 61 days
- Application requirements:
- Filipinos at least 18 years old
- Passport/Driver’s license/Postal ID/PRC ID/UMID/SSS ID/Voter’s ID
6. Atome Cash
- Loan amount: ₱500 to ₱50,000
- Interest rate: Starts at 1.75%
- Loan term: Up to 12 months
- Application requirements:
- Filipinos at least 18 years old
- Valid ID
- Registered Atome user with a record of previous in-app transactions
- Valid bank account
7. ACOM Philippines
- Loan amount: ₱5,000 to ₱500,000
- Interest rate: 4.988%
- Loan term: Six to 10 months
- Application requirements:
- Filipinos aged 21 to 65
- Employees working for at least three months with a monthly salary of at least ₱10,000
- Must be presently residing in Luzon
- Company landline number and personal mobile number
- Valid ID
- Original payslips/Certificate of compensation/ITR
- Proof of TIN or SSS
8. Digido
- Loan amount: ₱1,000 to ₱25,000
- Interest rate: 0% for new customers; not more than 1.5% daily for repeat customers
- Application requirements:
- Filipino citizens 21 to 70 years old
- Valid government-issued ID
- Active and registered mobile number
- Digido registration
9. AEON Philippines
- Loan amount: Will depend on credit evaluation
- Interest rate:
- 2.50% for existing customers
- 4% to 6% for new customers
- Loan term: Six and 12 months
- Application requirements:
- Two valid IDs
- Proof of income
- Proof of billing
11. Cash Mart Personal Loan
- Loan amount: ₱3,000 to ₱150,000
- Interest rate: 0.06% to 1% per day, depending on the loan term
- Loan terms:
- Weekly (due date every seven days)
- Biweekly (due date every 14 days)
- Monthly (due date every 28 days)
- Application requirements:
- Salaried and commission-based employees/self-employed/taxi or Grab drivers at least 21 years old
- Valid government-issued ID
- Latest one-month payslip/statement of account
- Latest proof of billing
12. Cashalo Cash Loan
- Loan amount: ₱1,000 to ₱7,000
- Interest rate: Starts at 3.95%
- Loan term: Up to 90 days
- Application requirements:
- At least 21 years old
- Employed/with a steady income
- Valid government-issued ID
- Cashalo app
13. CIMB Personal Loan
- Loan amount: ₱30,000 to ₱1 million
- Interest rate: Starts at 0.83% (subject to risk assessment)
- Loan term: 12 to 60 months
- Application requirements:
- Filipino citizens 21 to 65 years old
- Active mobile number
- Minimum gross monthly income of ₱15,000
- Employed for at least six months or with one year of continuous employment
- Business operations of at least a year if self-employed
14; Blend PH Loan
- Loan amount:
- Personal loan: ₱50,000 to ₱2 million
- Franchise loan: ₱50,000 to ₱2 million
- ORCR loan: ₱10,000 to ₱3 million
- Business loan: ₱100,000 to ₱2 million
- Fast loan: ₱10,000 to ₱40,000
- Seafarer loan: ₱50,000 to ₱500,000
- Educational loan: ₱20,000 to ₱25,000
- Salary loan: Equivalent to one month’s salary
- Interest rate: Risk-based interest (1% to 8% per month, depending on the loan)
- Loan term: One to 36 months
- Minimum application requirements:
- Valid IDs
- Proof of income
- Bank certificates
- ORCR for Auto Sangla Loan
- For the complete list of requirements, check the Blend PH website
15, UNO Digital Bank Personal Loan
- Loan amount: ₱10,000 to ₱500,000
- Interest rate: Starts at 2%
- Loan term: Six to 36 months
- Application requirements:
- Active email address and mobile number
- A selfie and one valid ID
16 Radiowealth Finance Cash Loan
- Loan amount: ₱10,000 to ₱5 million
- Interest rate: Subject to the lender’s approval
- Loan term: Three to 36 months
- Application requirements:
- Filipinos at least 21 years old living in the Philippines for at least two years
- Employees earning at least ₱18,000 monthly and working for at least one year with the current employer
- Professionals in the same profession for at least one year and with an updated PRC license
- Self-employed must have at least two years of profitable operations
- Two valid IDs
- Proof of income
- Proof of ownership of TCT or OR/CR
- Residential/Business/Employment address map
- For employees: Certificate of employment
- For self-employed: Barangay/Business/DTI Permit
17 Asialink Finance Corporation Loans
- Loan amount: Depends on the appraised value of your asset
- Interest rate: As low as 1.5% for OR/CR Loan and secondhand car loans; 1.75% for Doctor’s Loan
- Loan term: Up to 48 months for OR/CR Loan and Vehicle Financing; 12 months for Doctor’s Loan
- Application requirements:
- Filipino citizen between 21 and 60 years old
- Stable source of income
- Valid contact number
- Other requirements depending on the loan you’re applying for, such as a copy of OR/CR, Offer to Sell/Purchase Agreement, PRC ID, and more
18. Online Loans Pilipinas Cash Loan
- Loan amount: ₱1,000 to ₱7,000 for first-time borrowers; up to ₱20,000 for repeat borrowers in good credit standing
- Interest rate: None for first-time borrowers; maximum APR of 143%
- Loan term: 61 to 183 days
- Application requirements:
- Employed or with a steady income source
- 22 to 70 years old
- Valid ID
- Valid e-wallet or bank account
19. SLoan
- Loan amount: Up to ₱100,000 (depending on the internal credit assessment)
- Interest rate: 1% to 5%
- Loan term: Three to 12 months
- Application requirement: Activated SLoan and ShopeePay wallet (for cashing out) on your Shopee account
20. Tonik Credit Builder
- A digital bank offering various loan products, including credit builder loans.
- Emphasizes online convenience.
- They are a digital bank, and offer many financial services.
- Loan amount: Up to ₱20,000
- Interest rate: Starts at 4.84%
- Loan term: Six, nine, and 12 months
- Application requirements:
- One valid ID
- Active Tonik account
21. Vidalia Online Loans
- Loan amount: ₱5,000 to ₱500,000
- Interest rate: 4% to 6% per month
- Loan term: 3 – 12 months
- Minimum application requirements:
- Filipinos aged 20 to 60
- Two valid IDs (Company ID/passport/driver’s license/UMID/SSS ID/GSIS ID)
- Proof of billing
Read: List of Banks and Credit Union in New Zealand
22. Moneycat
- Loan amount: ₱500 to ₱20,000
- Interest rate: 11.9% per month (maximum APR of 145%)
- Loan term: Three to six months
- Application requirements:
- Filipino at least 22 years old
- Currently residing in the Philippines
- Employed or has a stable source of income
- Valid government-issued ID and personal bank account
- Moneycat loan app
23. EasyCash PH
- Loan amount: ₱10,000
- Interest rate: 10% (plus 15% processing fee)
- Loan term: 1 – 3 months
- Application requirements:
- Filipino citizen between 20 and 60 years old
- Stable source of income
- Valid government-issued ID
- JuanHand loan app
24. GDFI Loans
- Loan amount: Starts at ₱10,000
- Interest rate: Starts at 1%
- Loan term: Starts at 12 months
- Application requirements:
- Valid IDs
- Active contact number
- Copy of OR/CR
- Proof of income: payslips, remittance receipts, business permits
- Proof of billing: electric or water bill
- Visit the GDFI website to view the complete list of loan requirements
25. First Circle Business Loan
- Loan amount: Up to ₱20 million
- Interest rate: 0.99% to 2.49%
- Loan term: Up to 12 months
- Application requirements:
- Business annual revenue of at least ₱5 million
- Filipino or Philippine resident
- DTI/SEC Certificate
- BIR Certificate of Registration
26. Finbro Loan
- Loan amount: ₱1,000 to ₱50,000
- Interest rate: 0% for your first loan; 6% after
- Loan term: 12 months
- Application requirements:
- Filipino citizen between 20 and 70 years old
- Employed or with a regular source of income
- Valid ID
- Bank account
- Selfie
27. Esquire Financing Business Loan
- Loan amount: Up to ₱100 million
- Interest rate: Subject to the lender’s approval, depending on the loan amount and repayment term
- Application requirements:
- Businesses with at least one year of operation and checking accounts active for at least six months.
27. PesoLoan
| Interest Rates: | 20% common interest |
| Maximum Loan Amount: | PHP 50,000 |
| Loan Process Duration | 24 hours |
| Loan Terms | 91 to 120 days |
| Loan Products | cash loan |
Requirements:
- Must be at least 18 years old
- Filipino citizen
28. PawnHero
| Interest Rates: | 3.5% – 4.99% per month |
| Maximum Loan Amount: | Any amount (no minimum/maximum) |
| Loan Process Duration | 1 day after the item is picked up from the address |
| Loan Terms | 3 months (can be extended upon request) |
| Loan Products | Pawn loan |
Requirements:
- 2 government valid IDs
- Collateral item
28.JuanHand:
- A popular online cash loan app.
- Focuses on providing quick financial assistance.
- They promote fast loan approvals.
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How Do I Know if an Online Loan is Legit in Philippine?
In the Philippines, the prevalence of online loan scams necessitates a cautious approach when seeking financial assistance online. Common scams include fake lending companies, phishing scams, and advance fee scams, where fraudsters pose as legitimate lenders to deceive borrowers.
These scams often involve enticing loan offers with upfront fees, leading to financial losses and identity theft. It is crucial to be aware of these tactics to protect oneself from falling victim to such fraudulent schemes
To ensure the legitimacy of an online loan provider in the Philippines, one should verify the lender’s registration with the Securities and Exchange Commission (SEC) and confirm they possess a valid Certificate of Authority (COA). This can be done by checking the SEC’s website or contacting them directly.
It is important to trust your instincts when evaluating an online loan offer. If something feels off or too good to be true, it is advisable to conduct further research or seek advice from trusted sources.
Be wary of unsolicited loan offers, pressure tactics, or requests for upfront fees, as these are red flags for potential scams. Cross-referencing the lender’s details with the Credit Information Corporation or checking the SEC’s list of registered lending and financing companies can provide additional assurance of the lender’s credibility
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