Last Updated on August 6, 2024 by Nadeem Ahmed
Is there something you need to pay urgently for now? Are you short on cash? Is your next salary still days away? If that is the scenario, your best solution is to get a loan.
In the Philippines, there are many methods to get a cash loan. You can opt to visit your bank and check out their loan offers. You can also pawn some of your valuable assets to get some cash. But in this era of virtual reality technology, you can now get online loans through apps.
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What are Online Loans like in the Philippines?
Online loans in the Philippines are mostly done through software applications. You will need to download the app through your app store—register or sign in using your phone number and fill out the forms.
These online loan apps don’t usually require more documents apart from one ID. However, suppose you want a better loan offer with lower rates and higher amounts. In that case, you must submit more valid documents for your requirements. Typically, there are no collateral requirements in online loan apps.
Usually, you can get the money in an instant after signing up and selecting your loan. These apps can transfer the amount to your E-wallet or bank. You can also pick them up at partner establishments like pawnshops and banks.
Are There Legit online loans in the Philippines?
Yes, the Central Bank of the Philippines recognizes plenty of online loan services. The most legitimate ones are banks, cooperatives, and microfinance organizations. However, these organizations look for bad credit in every borrower. Thus, not everyone can quickly get a loan here.
Many people in the Philippines turn to online loans from apps. Its fast approval and low-interest rates are only some of the features you can enjoy. Several of them are registered in the Central Bank as well. Some are even accredited to Philippine financial regulatory organizations across the country. Thus, you need to ensure reputable organizations accredit these online money-lending apps.
But beware! There are still plenty of scam loan apps. Usually, they will do false advertisements saying that they offer zero or meager interest and at least PHP 10,000 for the loan amount. However, once you download the app, you will learn that although there is no interest, they will charge you hidden fees that are unreasonably high.
Most alarming is that they will deduct these fees from your loan amount. As a result, you will only get PHP 5,000+ out of the PHP 10,000 you loaned. But you will still need to pay PHP 10,000 back to them.
There are more online loan apps that follow a similar shady method. That is why you must check the loan app carefully before signing up. It would help if you also read the most recent app reviews. You should not get a loan through this app if you keep seeing similar dissatisfied reviews.
If you are looking for a fast list of legit online loans in the Philippines, check out Upfinance.
The Best Online Loans in the Philippines
| Banks | ||||
| Institution | Loan Amount | Interest | Terms | Approval Time |
| UnionBank | PHP 1,000-250,000 | 0.54% – 2.65% p.m. | 1-15 months | 24 hours |
| Security Bank | PHP 30,000-2,000,000 | 37.53% – 39.53% APR | 6 – 36 months | 5 Banking Days |
| CIMB Bank | PHP 1,000-1,000,000 | 0.85% – 2.5% p.m. | 6 – 60 months | 10 minutes |
| Financial Organizations | ||||
| Institution | Loan Amount | Interest | Terms | Approval Time |
| Home Credit | PHP 10,000-50,000 | 1.99% – 6.41% p.m | 3-60 months | 5 Banking Days |
| Puregold Finance | PHP 10,000-230,000 | 8% – 12% p.m. | 30 – 180 days | 24 hours |
| AsiaLink Finance | PHP 1,000-500,000 | 1.5% – 4% p.m | 1 – 36 months | 24 hours |
| Online Loan Apps | ||||
| Institution | Loan Amount | Interest | Terms | Approval Time |
| Robocash | PHP 1,000 to 25,000 | 3% – 11.9% p.m. | 3 – 6 months | 2 hours |
| Money Cat | PHP 500 to 20,000 | 11.9% – 39% p.m. | 3 – 6 months | 24 minutes |
| Cashalo | PHP 500-15,000 | 0% – 5.99% p.m. | 1 – 240 days | 24 hours |
| TALA | PHP 1000 – 1,5000 | 14.54% – 15% p.m. | 15 – 61 days | 1 hour |
We have more online loan options on site. Head to the Upfinance website, click Loans, then Loans Online.
How to Pay for Online Loans in the Philippines
The payment procedure of online loans in the Philippines differs from each financial institution where you got the loan in the first place. If you get your loans through banks, you must pay them through their branches. Most of them offer other easy methods like paying them through E-wallets.
Financial organizations have various ways to pay through money transfer services online or in their in-person partner stores. Some of them allow you to pay through E-wallets like GCash and Maya.
As for online loan apps, you can also pay through E-wallets. But they also have partnered agencies where you can pay your loan. Some apps include options to pay the loan through a partner bank.
Where to Get Fast and Easy Loans Online
Checking each online loan service can be a real chore, especially if you have to visit each of their websites and look for the rates. Worse, you may need to contact them first before getting the necessary details.
But guess what? You don’t have to do that at all. That is because Upfinance has done it for you. You can get your easy online loans by registering at Upfinance. You will be given a consolidated list of financial organizations that provide online loan services.
Aside from fast loans online, Upfinance has an online calculator where you can compute your monthly repayments based on the rates, loan amount, and loan term. They also have a one-touch apply service where our online loans website will seek out these organizations to find you the best loan deals 24/7.
So what are you waiting for? Get your next online loan through Upfinance!
Apart from that if you want to know about Small Business Loans thwn please visit our Finance page
