In this review, CashExpress PH will delve into the world of online loan applications that utilize national identification. We will explore what these loan apps entail, the conditions for borrowing, and the critical factors you should consider when opting for this convenient financial solution. Additionally, we will provide a step-by-step guide on how to apply for a loan through CashExpressPH.com and present our recommendations for the top 10 best loan apps that accept national ID.
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in October 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 |
What is an Online Loan App Using National ID?
An online loan app using a national ID is a digital platform designed to offer financial services, enabling users to access loans quickly and easily by verifying their identity and personal information through their national identification. Users can manage their loans and make repayments conveniently through the app.
Pros and Benefits of Loan Apps that Accept National ID
Loan apps using national IDs offer numerous advantages for both borrowers and service providers. Some key benefits include:
- Convenience: Borrowers can apply for loans and complete identity verification without the need to visit a physical bank, saving time and effort.
- Speedy Approval: These apps leverage automated data from citizen IDs to verify identity and financial information swiftly, often resulting in approval within minutes or hours.
- Risk Assessment: The apps can automatically analyze a user’s financial information to assess the feasibility of financing, ensuring responsible lending.
- No Collateral: Borrowers aren’t required to provide collateral, and the application process is streamlined with minimal paperwork.
- Easy Management: Users can access loan information, transaction history, and financial status through the app, enabling efficient loan management.
- Varied Options: Borrowers have a wide range of loan options, terms, and interest rates based on their financial profile.
Cons and Drawbacks of Online Loan Apps that Accept National ID
Despite their advantages, loan apps using national IDs come with some drawbacks, including:
- Privacy Concerns: Using citizen ID information carries risks of disclosing personal data, which, without proper protection, can be exploited or stolen by malicious entities.
- Forgery Potential: While national IDs help verify identity, there remains a risk of forgery or misuse.
- Inadequate Risk Assessment: Decision-making based solely on ID data may not fully reflect a borrower’s financial capability, potentially leading to the rejection of deserving applicants.
- Overindebtedness: Easy access to loans can result in borrowers accumulating excessive debt, leading to financial instability.
- Loan Limits: These apps may not support large financial needs due to relatively low loan limits.
- Short Payment Time: Loan terms are often shorter, and interest rates can be higher compared to traditional unsecured loan services.
Factors to Consider When Choosing a Loan App Using National ID
When opting for a loan app using a national ID, it’s crucial to take various factors into account, including:
- Interest Rates and Fees: Evaluate the interest rates and associated fees, such as processing and late fees, to ensure they align with your financial capacity.
- Financial Assessment: Consider your monthly income, living expenses, and existing debts to determine your ability to repay the loan. Choose an app that matches your financial situation.
- User Reviews: Research user reviews and feedback on loan apps to gauge the quality of service and other users’ experiences.
- Privacy and Security: Verify the app’s privacy and information security policies to safeguard your personal information.
- Credibility: Research the development team or company behind the app to ensure it is legitimate and reputable.
Loan App Interest Rates and Requirements
Interest rates for loans using national IDs may vary based on personal financial information, including income, employment status, and credit history. On average, interest rates range from approximately 11.9% per month with an annual percentage rate (APR) of 143%. Borrowers with better credit histories usually receive lower interest rates.
Example: A borrower approved for a 5,000-peso loan for one month with a 12% monthly interest rate would incur 600 pesos in interest, resulting in a total repayment of 5,600 pesos.
Requirements for Online Loan Using National ID
General eligibility criteria for borrowing through a Loan App Using National ID typically include:
- Filipino citizenship and a minimum age of 18.
- Possession of a valid government-issued national ID.
- A bank account or e-wallet for loan disbursement and repayment.
- Stable employment and the ability to afford loan repayments.
Credit Line and Loan Term
When using a loan app with a national ID, the loan limit and term should align with your financial needs and situation. Factors influencing these parameters may include credit history, monthly income, and personal financial status.
Credit Line: Loan limits can range from 500 pesos to a maximum of 50,000 pesos.
Loan Term: Loan terms are typically shorter than traditional loans, ranging from weeks to months. Borrowers can select the term that suits their financial circumstances.
Comparison of Online Loan Apps Using National ID
Here’s a comparison of three leading online loan apps that accept national IDs:
| Criteria | Digido | Cashspace | Soscredit |
|---|---|---|---|
| Loan Limits | 1,000 – 30,000 pesos | 1,000 – 25,000 pesos | 1,000 – 25,000 pesos |
| Loan Tenor | 3 – 6 months | 2 – 4 months | 3 – 12 months |
| Interest Rates | 0.4%/day | 12% – 36%/year | 0.4%/day |
| Approval Time | 5 minutes | 5 minutes | 10 minutes |
| Overall Score | 8/10 | 8/10 | 8/10 |
How to Apply for a Loan App Using National ID
Applying for a loan through a Loan App Using National ID involves the following basic steps:
- Download the App: Obtain the app from the appropriate app store for your device’s operating system (Android or iOS).
- Account Registration: Open the app and create a personal account using your email address or phone number and set a password.
- Select Loan Amount and Term: Choose a loan amount and repayment term that matches your financial situation.
- Provide Personal Information: Enter essential personal details such as your full name, date of birth, address, national ID information, monthly income, employment details, and references.
- Identity Verification: Take photos of both sides of your national ID and a portrait photo to verify your identity.
- Submit Loan Application: Authenticate your identity through an OTP sent via SMS and submit your loan application. Wait for the automated approval system to process your request, and receive notification of the outcome via email or SMS.
If your application is approved, the loan amount will be transferred to the bank account you provided.
Top 10 Best Online Loan Apps Using National ID (2024)
Here is a list of the top 10 online Loan Apps Using National ID for 2024:
1. Soscredit
- Loan Amount: 1,000 – 7,000 pesos
- Interest Rate: 0% for new customers
- Installment Term: 3 – 12 months
- Maximum APR: 180% per year
- Eligibility: Filipino citizens aged 20 – 70 with a stable income and a bank account.
- Address: 36th Floor, Tower II RCBC Plaza 6819 Ayala Ave cor Gil Puyat, Manila City, Philippines.
- Pros: Fast approval, flexible payment methods.
- Cons: Low limit, short loan term, high interest rate.
2. Cashexpress
- Loan Amount: 1,000 – 10,000 pesos
- Interest Rate: 0% for 7 days for new customers
- Repayment Period: 7 – 14 days
- Interest Rates: 1% – 1.99% per day
- Eligibility: Filipino citizens aged 21 – 70 with stable income, an active phone number, national ID, and a bank account or e-wallet.
- Address: Level 10-1 One Global Place 25th Street Cor. 5th Avenue, Fort Bonifacio, Taguig City, Philippines.
- Pros: No appraisal, no collateral, fast approval, secure information handling.
- Cons: Short loan period, high interest rate.
3. Credify
- Loan Amount: 1,000 – 10,000 pesos
- Interest Rate: 0% interest and service fees for new customers
- Installment Term: 2 – 12 months
- Maximum APR: 180% per year
- Eligibility: Filipino citizens aged 20 – 70 with an active phone number.
- Address: Latvia, Saldus, Liela iela 9, LV-3801, Philippines.
- Pros: 24/7 support, high approval rate, fast disbursement, data security.
- Cons: High interest rates, low limits.
4. Digido
- Loan Amount: 1,000 – 10,000 pesos
- Interest Rate: 0% interest for 7 days for new customers
- Installment Term: 3 – 6 months
- Average Interest Rate: 11.9% per month
- Eligibility: Filipino citizens aged 21 – 70 with a valid government-issued national ID.
- Address: Units P107003R, P107007R, P107008R, Level 7 Cyberpark Tower1, 60 Gen. Aguinaldo Ave., Cubao, Quezon City, Philippines.
- Pros: Over 90% approval rate, simple process, multiple payment methods, no hidden fees.
- Cons: Limited loan amount, high interest rate.
5. Cashspace
- Loan Amount: 1,000 – 25,000 pesos
- Repayment Period: 2 – 4 months
- Average APR: 12% – 36% per year
- Eligibility: Filipino citizens aged 18 – 70.
- Address: Tartu 52/1-166, 10115, Tallinn, Philippines.
- Pros: Easy approval, quick disbursement, bad debt support.
- Cons: Low limit, short repayment time.
6. Other Loan Apps
|
Online Loan |
Interests |
Loan Amount |
Loan Term |
Borrower Age |
SEC License |
|
|---|---|---|---|---|---|---|
|
APR 143% |
₱1,000 - ₱25,000 |
from 3 to 6 months |
21 - 70 years |
SEC Registration No. 202003056. Certificate of Authority No. 1272 |
|
|
APR 145% |
₱500 - ₱20,000 |
from 3 to 6 months |
22+ years |
Certificate of Authority To Operate Number: 1254 |
|
|
from 0% |
₱1,000 - ₱20,000 |
from 10 days |
22 - 70 years |
Registration № CS201726430, CA №1181 |
|
|
0.16% per day |
₱500 - ₱25,000 |
from 2 to 6 months |
20 - 55 years |
SEC Registration No. CS201918702. Certificate of Authority No. 3169, NPC Registration No. PIC-001-791-2021 |
|
|
APR 84% |
₱5,000 - ₱50,000 |
from 6 to 24 months |
18+ years |
||
|
APR 365% |
₱1,000 - ₱20,000 |
7 or 14 days |
18+ years |
Company Registration No. CS201951088 and Certificate of Authority No. 2918 |
|
|
₱5,000 - ₱25,000 |
from 6 to 12 months |
18 - 68 years |
Reg No. CS201602333 |
||
|
APR 143% |
₱1,000 - ₱20,000 |
22 - 70 years |
Registration № CS201804564 |
||
|
APR from 0% to 427% |
₱500 - ₱25,000 |
from 3 to 12 months |
18+ years |
Latvian business number 43603085405 |
|
|
APR from 4% to 916% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
18+ years |
||
|
from 0% |
₱1,000 - ₱50,000 |
up to 12 months |
20 - 65 years |
SEC Registration No. CS201908275 SEC Certificate of Authority No. 2990 |
|
|
APR from 30% to 365% |
₱500 - ₱25,000 |
from 91 days to 2 years |
18+ years |
||
|
from 0% |
₱1,000 - ₱25,000 |
18 - 70 years |
registration number: 14523902 |
||
|
from 0% |
₱1,000 - ₱25,000 |
18+ years |
registration number: 14523902 |
||
|
APR from 4% to 916% |
₱1,000 - ₱25,000 |
from 30 days |
18+ years |
||
|
1.3% per day |
₱1,000 - ₱30,000 |
from 30 days |
20 - 65 years |
CS20200000915 |
|
|
APR from 0% to 427% |
₱500 - ₱25,000 |
from 3 to 12 months |
18+ years |
43603085405 |
|
|
APR 180% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
20+ years |
||
|
APR up to 180% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
20+ years |
Expert Opinions on Online Loan Apps Using National ID
Prominent economists provide their insights into online loan apps using national IDs:
- Georges Anderla: A French economist notes that these apps offer a convenient way to apply for loans without visiting traditional banks, allowing quick approvals via mobile phones.
- Tony Atkinson: A British economist recommends borrowers carefully read and understand the terms and conditions of these apps before borrowing, emphasizing awareness of security and privacy risks associated with national IDs.
Frequently Asked Questions (FAQs) – Loan Apps Using National ID
Here are answers to common questions regarding loan apps using national IDs:
- How does the app using national ID verify information?
- Online loan apps using national IDs verify personal information and identity by analyzing the images of the citizen ID provided by the customer. Typically, customers must capture photos of both sides of their ID and provide a portrait holding the front of the ID.
- What is the loan approval process using a student ID?
- After submitting a loan application and providing required information, the loan app conducts a review, usually within minutes to hours. Applicants are then notified of approval or rejection via email or SMS, with disbursement to their bank account upon approval.
- Can I borrow multiple times from a loan app using a TIN ID?
- Yes, loan apps using national IDs often allow borrowers to apply for multiple loans within their granted limit, provided they meet the app’s requirements. Borrowers may need to provide updated personal and financial information for each loan application.
Conclusion
In conclusion, when faced with urgent financial needs, online loan apps using national IDs can provide a viable solution. Apps like Digido, Cashspace, Soscredit, and others offer legitimate and efficient services with high approval rates, straightforward processes, and support for borrowers with various credit backgrounds. However, it’s crucial to carefully assess your financial situation, consider the pros and cons, and choose an app that aligns with your needs and preferences. Always read the terms and conditions thoroughly and prioritize your data security and privacy.
Disclaimer
The information provided in this review is based on available data as of the knowledge cutoff date in 2024. Readers are advised to verify the latest information and terms and conditions of the mentioned loan apps before making any financial decisions. Borrow responsibly and be aware of the risks associated with borrowing.