In today’s dynamic financial landscape, online loan applications have become an indispensable tool for Filipinos seeking financial assistance. These innovative apps offer the distinct advantage of flexible, long-term repayment options, making it easier for borrowers to effectively manage their finances.
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in November 2024
| Rank | Lender Name & Application Link | Loan Amount | Loan Term | Interest Rate | Repayment | ID Required | Age Range | Special Feature |
|---|---|---|---|---|---|---|---|---|
| #1 |
SOSCREDIT |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 70 | Receive money in 15 mins |
| #2 |
CREDIFY |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only National ID required | 20 – 70 | Receive money in 15 mins |
| #3 |
CREZU |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #4 |
FINBRO |
₱1,000 – ₱50,000 | 1 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 65 | Receive money in 10 mins |
| #5 | CREDITIFY Apply Now |
₱1,000 – ₱25,000 | 1 – 180 days | 0.1% | Monthly or End of term | Only ID Card required | All accepted | Approve Bad credit |
| #6 | CASHSPACE Apply Now |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #7 | DIGIDO Apply Now |
₱1,000 – ₱25,000 | 3 – 6 months | 0% for 7 days | Monthly or End of term | Only ID Card required | 21 – 70 | Receive money in 4 mins |
| #8 | KVIKU Apply Now |
₱500 – ₱25,000 | 60 – 180 days | 1.2% per month | Monthly or End of term | Only ID Card required | 18 – 65 | Receive money in 5 mins |
| #9 | CASHEXPRESS Apply Now |
₱1,000 – ₱20,000 | 7 – 30 days | 0% for first loan | End of term | Only ID Card required | 21 – 70 | Receive money in 5 mins |
| #10 | MONEYCAT Apply Now |
₱500 – ₱20,000 | 7 – 180 days | 0% for first loan | End of term | Only ID Card required | 22 – 65 | Easy loan approval |
In this review, CashExpress PH will delve into the top 10 best legit online loan apps that offer extended payment terms, catering to the unique financial needs of the Philippines.
Summary of Loan Apps with Long-Term Payment
- Loan Amount: PHP 1,000 – PHP 60,000
- Eligibility Age: 18 – 60 years old
- Loan Term: 1 month – 12 months
- Interest Rate: 0% interest for the first loan
- Pros: Online instant approval
- Cons: Higher interest rates compared to traditional banks
- Effectiveness: Good
- Bad Credit: Accepted
Understanding Long-Term Loans
Before delving into the specific loan apps, let’s establish a clear understanding of long-term loans. These financial instruments provide borrowers with substantial sums of money and extended repayment periods. Typically, borrowers must make monthly payments, which include both principal and interest, until the entire loan amount is settled. Long-term loans can be obtained from traditional banks, credit institutions, or dedicated financial technology companies.
Advantages of Online Long-Term Loan Apps
Loan apps offering long-term repayment options come with a host of advantages:
Extended Repayment Periods
Long-term loans provide borrowers with the luxury of spreading their repayments over an extended period. This mitigates the financial burden of larger loan amounts and ensures more manageable monthly payments.
Lower Interest Rates
Compared to their short-term counterparts, long-term loans generally offer more favorable interest rates. This can translate to lower overall borrowing costs, which is particularly advantageous for those looking for affordable financing options.
Convenient Online Application
The convenience of applying for loans online is a significant draw for borrowers. These apps streamline the application process, eliminating the need for face-to-face meetings and extensive paperwork. Additionally, many of them boast rapid disbursement, often on the same day as approval.
Disadvantages of Long-Term Loan Apps
While long-term loans offer numerous benefits, it’s important to consider the potential downsides:
Cumulative Interest Costs
One notable drawback of long-term loans is the cumulative interest expense over time. Even though the interest rates may be lower than short-term loans, the extended duration of repayment can result in significantly higher total interest payments.
Financial Uncertainties
Committing to repay a debt over an extended period leaves borrowers vulnerable to unexpected financial fluctuations. Sudden job loss, business challenges, or significant personal financial changes can make it challenging to meet long-term loan obligations.
Criteria for Evaluating Online Loan Apps with Long-Term Payment
When choosing an online loan app that offers long-term repayment options, it’s crucial to consider several key criteria:
Interest Rates and Fees
Examine the interest rates and associated fees of each loan app. Conduct comparisons to identify the app with the most favorable rates and borrowing costs.
Repayment Period Flexibility
Evaluate the flexibility of the repayment schedule. Assess how well each app accommodates your individual needs and allows for customization of the loan term.
Application and Approval Process
Review the ease and speed of the application and approval process. An app with a streamlined process can be a significant advantage, especially when you need quick access to funds.
Eligibility Requirements
Consider the requirements and conditions for obtaining a loan through each app. Ensure that you meet these requirements and are likely to qualify based on your financial situation, income, credit history, and collateral.
Customer Reviews and Feedback
Seek opinions and reviews from current or past customers of the app. Pay attention to the overall service experience, customer support, reliability, and performance.
Security Measures and Privacy Policies
Check the security measures and privacy policies that each app has in place to protect your personal information and account.
Long-Term Loan Interest Rates in the Philippines
It’s important to note that each online loan company in the Philippines sets its own interest rate policy. These policies are influenced by factors such as credit risk, income level, customer profile, and company regulations. Moreover, the overall interest rate market situation can impact the interest rate of long-term loans. If the overall interest rate in the market rises, borrowing rates may follow suit.
As an example, let’s consider a long-term online loan of PHP 50,000, repayable in 12 monthly installments, with an interest rate of 2% per month. In this scenario, the principal amount payable in one month would be PHP 4,166.67, with an additional interest payment of PHP 1,000, resulting in a total monthly payment of PHP 5,166.67.
Examples of Long-Term Loan Apps in the Philippines
To provide practical insight into the world of long-term loan apps, here are some noteworthy examples:
Digido
- Loan Range: PHP 500 – PHP 25,000
- Loan Terms: 3 – 6 months
- Interest Rate: Average of 11.9% per month, maximum APR of 143%
- Eligibility: Borrowers aged 21 – 70, Filipino citizens with valid government-issued ID
Moneycat
- Loan Range: PHP 1,000 – PHP 20,000
- Loan Terms: 3 – 6 months
- Interest Rate: Varies based on loan amount and term
- Eligibility: Filipino citizens aged 18 – 65 with valid government ID
Finbro
- Loan Range: PHP 5,000 – PHP 30,000
- Loan Terms: 3 – 6 months
- Interest Rate: Varies by loan term and amount
- Eligibility: Filipino citizens aged 18 and above with valid government ID
Unacash
- Loan Range: PHP 1,000 – PHP 15,000
- Loan Terms: 3 – 6 months
- Interest Rate: Competitive rates based on loan amount and term
- Eligibility: Filipino citizens aged 18 and above with a valid ID
Requirements for Longest Term Loan Apps in the Philippines
Online loan apps offering long-term repayment options typically have straightforward and user-friendly loan requirements. Here’s an overview of the common conditions:
Eligibility Conditions
- Age: Applicants must typically be over 18 years old.
- Stable Employment: A steady source of income is usually required.
- Valid Government-Issued ID: Borrowers must possess a valid government-issued identification.
- Unblocked Phone Number: A working phone number without restrictions is essential for communication.
Application Procedure
The application process for these loans is often quick and hassle-free. Borrowers can complete the online registration in as little as 10 minutes and await disbursement via bank transfer.
Limits and Terms of Long-Term Cash Loans in the Philippines
Legit long-term loan apps provide borrowers with moderate loan limits while offering extended repayment terms:
Loan Limits
The amount that can be approved typically ranges from PHP 1,000 to a maximum of PHP 50,000.
Loan Tenure
The majority of long-term loans, whether obtained from a bank or an online loan app, typically last between 6 and 12 months.
Comparison Among Long-Term Loan Apps in the Philippines
Let’s compare a few prominent long-term loan apps available in the Philippines:
| Loan App | Digido | Credify | Soscredit |
|---|---|---|---|
| Loan Limits | PHP 1,000 – 30,000 | PHP 1,000 – 25,000 | PHP 1,000 – 25,000 |
| Loan Tenure | 3 – 6 months | 2 – 12 months | 3 – 12 months |
| Interest Rate | 0.4%/day | 0.5%/day | 0.4%/day |
| Approval Time | 5 minutes | 15 minutes | 15 minutes |
| Overall Score | 8/10 | 8/10 | 8/10 |
How to Apply for Long-Term Online Loan Apps in the Philippines
Applying for a loan app with long-term payment options in the Philippines is a straightforward process:
- Select a Suitable Online Loan App: Begin by researching and comparing long-term loan apps available in the market. Choose one that aligns with your financial needs and preferences.
- Download and Install the App: Once you’ve made your selection, download the chosen loan app from the App Store or Google Play and install it on your mobile device.
- Registration and Account Creation: Open the app and proceed to register by providing essential personal information. You’ll typically need to supply details such as your name, phone number, email address, and basic financial information.
- Identity Verification: Depending on the app’s requirements, you may need to verify your identity through documents such as a valid ID photo, a portrait, or even a video call.
- Loan Application: After successfully creating an account and verifying your identity, you can proceed to fill out a loan application. Within the application, you’ll need to specify the loan amount you wish to borrow, the purpose of the loan, and other relevant financial details.
- Processing and Approval: After submitting your loan application, the app’s processing system will review and assess your request. Processing times can vary based on the specific app and its requirements. Some apps are capable of processing loan applications within a matter of hours, while others may take longer.
- Loan Disbursement: Upon approval, the loan amount will be transferred to your designated bank account or through other payment methods supported by the app.
Top 10 Best Legit Online Loan Apps with Long-Term Payment in the Philippines (2024)
Here is a comprehensive list of the top 10 best online loan apps with long-term payment options available in the Philippines:
Soscredit
- Loan Type: Online long-term loan app in the Philippines
- Key Features: Offers loans from PHP 1,000 to PHP 25,000 with repayment terms of 3 to 12 months. The first loan is interest-free for up to 62 days. APR ranges from 143% to 180% per annum.
- Eligibility: Borrowers aged 20 – 70 with a stable income. Total monthly payment should not exceed 40% of income.
- Address: 21st Floor Equitable Bank Tower, 8751 Paseo de Roxas St., Makati City, 1226, Philippines
- Pros: Best loan app with long-term payment, straightforward application, fast approval, multiple payment methods, funds disbursed in 15 minutes.
- Cons: Relatively high interest rates and fees.
- Overall Score: 8/10
- Feedback: Customers appreciate the convenience and flexibility of Soscredit’s 3-month loan to pay.
Crezu
- Loan Type: Long-term payment loan Philippines
- Key Features: Facilitates loan comparisons and suggests reputable loan partners. Loans range from PHP 1,000 to PHP 25,000 with installment terms of 2 to 4 months. No service fee; APR from 12% to a maximum of 36% per year.
- Eligibility: Borrowers aged 18 – 70 with a valid email and phone number, residing in the Philippines.
- Address: Tartu Street 84a, Tallinn, Philippines
- Pros: Long-term loan app with a high approval rate, fast approval within 14 minutes, support for repeat borrowers (more than 86% applied for loans 2 times or more).
- Cons: Acts as an intermediary between reputable lending partners and borrowers; not a direct lender.
- Overall Score: 7/10
- Feedback: Customers praise Crezu for helping them find the best legit long-term loan apps.
Credify
- Loan Type: Long-term online loan app Philippines
- Key Features: Supports various purposes, including consumption, medical expenses, and tourism. Offers loans from PHP 1,000 to PHP 25,000 with installment terms ranging from 2 to 12 months. APR is 180%.
- Eligibility: Borrowers aged 20 – 70 with a working phone number.
- Address: Liela iela 9, Saldus, Latvia
- Pros: Legit long-term loan app with extension options of up to 60 months, fast disbursement in 15 minutes, irrespective of the borrower’s credit history.
- Cons: Relatively high interest rates and fees.
- Overall Score: 8/10
- Feedback: Borrowers express high satisfaction with the long-term payment loan app’s service.
Digido
- Loan Type: Longest term loan apps in the Philippines
- Key Features: Offers loans ranging from PHP 500 to PHP 25,000 with installment terms of 3 to 6 months. Average interest rate is 11.9% per month, with a maximum APR of 143%. The first loan of up to PHP 10,000 is interest-free for 7 days.
- Eligibility: Borrowers aged 21 – 70, Filipino citizens with government-issued ID (e.g., COE, DTi, ITR).
- Pros: Easy approval with a rate exceeding 90%, simple loan procedures, convenient online loan application in the Philippines, fast disbursement, and easy repayment.
- Cons: Long-term repayment loans with relatively high interest rates.
- Overall Score: 8/10
- Feedback: Digido is highly regarded as one of the best legal online loan apps in the Philippines.
Binixo
- Loan Type: Long-term cash loan Philippines
- Key Features: Offers 24/7 online support and disburses funds within 15 minutes. Loans range from PHP 1,000 to PHP 25,000 with installment terms of 3 to 12 months. The interest rate on the first loan is only 0.01%, with subsequent loans having rates ranging from 4% to 916% per year.
- Eligibility: Filipino citizens aged 18 and above.
- Address: 685 St. Paul Road San Antonio Village Makati Metro Manila, Philippines
- Pros: Long-term loans with guaranteed approval in the Philippines, high approval rate, rapid approval process, and a simple loan procedure.
- Cons: High interest rates.
- Overall Score: 8/10
- Feedback: Customers consistently rate Binixo’s loan service with 5 stars for quality.
FAQs – Legit Loan App with Long-Term Payment in the Philippines
What is an online long-term loan app?
An online long-term loan app refers to a type of loan app that offers monthly repayment options. These apps are designed to provide borrowers with extended repayment periods, making it easier to manage their finances effectively.
What is the difference between short-term loans and long-term loans?
Short-term loans typically have shorter repayment periods, ranging from weeks to months. They are often used for immediate financial needs and require minimal documentation and simple application procedures. Short-term loans may have higher interest rates compared to long-term loans due to the increased risks associated with shorter repayment durations.
Which banks offer long-term loans to farmers in the Philippines?
Several banks and financial institutions in the Philippines offer long-term loan services to farmers. Notable options include BDO Digital Banking, Landbank Mobile Banking, UnionBank Online, BPI Mobile, and the My Home Credit App Philippines. Eligibility criteria generally include being over 18 years old and having a stable source of income.
How can I get a long-term loan with bad credit?
If you have a poor credit history, securing a loan may be more challenging. To improve your chances, focus on repairing your credit score by making timely payments and addressing outstanding debts. Additionally, consider applying for long-term loans with repayment periods that are less reliant on credit scores for approval.
Conclusion
The landscape of online loan apps in the Philippines provides borrowers with a range of options for their financial needs. It’s crucial to carefully evaluate each app’s terms, conditions, and interest rates to choose the one that best suits your requirements and financial situation. Always ensure responsible borrowing and repay your loans on time to maintain good financial health. Among the top options, Soscredit stands out for its convenient features and flexible long-term payment options, making it a strong contender for those in need of financial assistance.