In our rapidly changing world, unforeseen financial crises can emerge at any moment. The ability to access swift, collateral-free loans can make all the difference. The Philippines has witnessed a proliferation of online lending firms, offering convenient, short-term loans to individuals facing financial challenges. These loans boast a streamlined application process and minimal documentation requirements, rendering them a favored choice among Filipinos.
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in July 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 article, we will delve into the top 10+ online lending companies in the Philippines for 2024, all without the necessity of collateral. Whether you find yourself in need of funds for a medical emergency, educational pursuits, or any other purpose, we’ve got your back.
Summary of Lending Companies in the Philippines
When it comes to online lending in the Philippines, borrowers can expect a range of options. Here’s a quick summary of what you can expect from these lenders:
- Loan Amount: You can borrow anywhere from 1,000 to 60,000 pesos.
- Eligibility: Typically, applicants should be between 18 and 60 years old.
- Loan Terms: Loan terms vary from 1 to 12 months.
- Interest Rate: Many lenders offer 0% interest for first-time borrowers.
- Pros: Quick loans without collateral, legal registration, and a reputable presence.
- Cons: Some lenders may charge service fees.
- Effectiveness: Overall, the effectiveness of these lenders is rated as pretty good, and they often allow for bad debt.
What Are Lending Companies in the Philippines?
Lending companies in the Philippines are entities that offer short-term loans through online platforms. These platforms streamline the application process, allowing borrowers to access funds rapidly, often with just one valid ID as documentation.
Top 5+ Registered Legit Online Lending Companies in the Philippines 2024
Let’s delve into the top 5+ registered lending companies in the Philippines for 2024:
|
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 |
Digido – Best Lending Company in the Philippines 2024
- Loan Range: 1,000 to 25,000 pesos
- Term: 3 to 6 months
- Interest Rate: 11.9% per month
- Pros: Online registration 24/7, fast disbursement, no financial proof required
- Cons: High-interest rate
Finbro – One of the Lending Companies in the Philippines 24/7
- Loan Range: 1,000 to 50,000 pesos
- Term: 7 to 30 days
- Interest Rate: 0.16% per day
- Pros: High limit, reasonable interest rate, fast approval
- Cons: Short term
LoanOnline – Top Lending Companies in the Philippines without Collateral
- Loan Range: 500 to 25,000 pesos
- Term: 3 to 12 months
- Interest Rate: 0% to 427%
- Pros: Online application, simple procedure, fast loan suggestion
- Cons: High loan interest rates
Soscredit – Philippine Lending Company with Quick Disbursement
- Loan Range: 1,000 to 25,000 pesos
- Term: 3 to 12 months
- Interest Rate: Up to 143%
- Pros: Fast disbursement, flexible payment, high approval rate
- Cons: High-interest rate
CashXpress – A Reputable Financial Company in the Philippines
- Loan Range: 1,000 to 20,000 pesos
- Term: 14 days
- Interest Rate: 1.99% per day
- Pros: Easy registration, quick approval, extendable payment time
- Cons: Short-term and high-interest rates
How to Register with Lending Companies in the Philippines
Applying for an online loan with legitimate lending companies in the Philippines is a straightforward process. Follow these steps:
- Choose a Reputable Provider: Research and select a reputable online lending service that suits your needs.
- Select Your Loan: Choose the loan amount and term that aligns with your requirements.
- Complete the Application: Register on the provider’s website and fill in your personal information, including your name, ID number, address, phone number, income details, and bank account number.
- Document Submission: Provide a clear photo of your valid ID, along with a portrait of yourself holding the front of the ID card.
- Approval and Disbursement: Wait for the provider to review and approve your application, which typically takes only a few minutes. Once approved, you will receive an email or text notification, and the loan amount will be transferred to your account.
Comparison of Top Loan Companies in the Philippines
For a more detailed comparison, here are some of the top lending companies in the Philippines in terms of loan amounts, interest rates, and ratings:
| Company Name | Loan Amount Range | Interest Rate | Rating |
|---|---|---|---|
| Fingertip Lending Corp | 1,000 – 10,000 | 1.2% | 4/5 stars |
| Creditnet Phils Top | 5,000 – 500,000 | 1.5% | 5 stars |
| Mabrocio Lending Corp | 1,000 – 25,000 | 1.4% | 4/5 stars |
| Ihelp Lending Corp PH | 3,000 – 20,000 | 1.6% | 5 stars |
| Copperstone Lending Inc | 6,000 – 30,000 | 1.4% | 5 stars |
| Mabrocio Lending Co | 7,000 – 45,000 | 1.0% | 3/5 stars |
Source: State Bank reporting and research.
FAQs – Best Online Lending Company in the Philippines
Is it legal to lend money with interest in the Philippines?
Yes, lending money with interest is legal in the Philippines, but interest rates must comply with relevant laws and regulations.
What are the requirements for lending companies in the Philippines?
To borrow from these lending companies, you typically need to be at least 18 years old, have a stable income, and possess a valid ID.
Can lending companies sue you in the Philippines?
Yes, if you fail to repay your loan on time, lending companies in the Philippines have the legal right to pursue you for non-payment. It is essential to fulfill your financial obligations and communicate with the lender if you encounter difficulties.
How to start a lending company in the Philippines?
If you are interested in starting a lending company in the Philippines, you should research the legal requirements, obtain the necessary licenses, and establish a robust business plan.
Where can I lend money in the Philippines?
You can apply for loans at banks, financial institutions, or online lending companies, like the ones mentioned in this review, depending on your financial needs.
Is lending a good business in the Philippines?
Yes, lending is a legitimate and profitable business in the Philippines, with government-regulated lending companies providing quick loan solutions to Filipinos.
How to invest in a lending company in the Philippines?
To invest in a lending company in the Philippines, you can explore opportunities to become a shareholder or contribute capital. Contact the lending company directly for investment inquiries.
Conclusion
In conclusion, online lending has become a convenient and accessible option for Filipinos in need of financial assistance. The top 10+ online lending companies mentioned in this review offer varying loan amounts, terms, and interest rates, catering to a diverse range of borrowers. It’s essential to carefully consider your financial needs and choose a reputable lending company that aligns with your requirements. With the right choice, you can secure the financial support you need quickly and efficiently.
Additional Considerations for Borrowers
While online lending offers quick access to funds, borrowers should exercise caution and responsibility when taking out loans. Here are some additional considerations:
- Financial Planning: Before applying for a loan, assess your financial situation and determine if borrowing is the best option. Create a budget and explore alternative sources of income or financial assistance.
- Loan Repayment: Ensure that you can comfortably repay the loan on time. Late payments can lead to additional fees and negatively impact your credit score.
- Interest Rates: While online lenders offer convenience, interest rates can be higher than traditional financial institutions. Compare interest rates and terms from multiple lenders to find the most favorable option.
- Reading Terms and Conditions: Carefully read and understand the terms and conditions of the loan agreement. Pay attention to fees, penalties, and the lender’s policies regarding late payments.
- Credit Score Impact: Be aware that non-repayment of loans can harm your credit score, making it challenging to access credit in the future. Responsible borrowing is crucial for maintaining a healthy financial profile.
- Customer Reviews: Research customer reviews and feedback about the lending company you intend to use. Real user experiences can provide valuable insights into the lender’s reliability and customer service.
- Financial Education: Consider educating yourself on financial management and responsible borrowing to make informed decisions about loans and personal finance.
Remember that while online lending companies offer convenience and accessibility, responsible borrowing is essential to maintain your financial well-being.