Top 10+ Best Legitimate Loan Apps in the Philippines with Low Interest Rates (2024)

In the digital age, financial technology has revolutionized the way we access loans. Gone are the days of tedious paperwork and long bank queues. Today, you can secure a loan with just a few taps on your mobile phone. In the Philippines, numerous legitimate loan apps have emerged, offering convenient and efficient solutions for those in need of quick financial assistance.

Don’t overlook:

Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in April 2024 

Rank Lender Name & Application Link Loan Amount Loan Term Interest Rate Repayment ID Required Age Range Special Feature
#1

SOSCREDIT
Apply Now

₱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
Apply Now

₱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
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
#4

FINBRO
Apply Now

₱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
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₱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
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₱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 explore the top 10+ legitimate loan apps in the Philippines for 2024, highlighting their features, pros, and cons, as well as providing valuable insights on how to choose the best option for your financial needs.

Summary of Loan Apps in the Philippines

Let’s start with an overview of these loan apps:

  • Loan Amount: 5,000 – 60,000 pesos
  • Age Eligibility: 18 – 60 years old
  • Loan Term: 1 month – 12 months
  • Interest Rate: Low, 0% for first loan
  • Pros: Online access, extended repayment terms, safe and trusted lending
  • Cons: Service fees
  • Effectiveness Rating: Pretty Good
  • Bad Credit Check: Not required
  • Student Loan Apps: 1. Crezu, 2. Finbro, 3. Cashexpress

What are Loan Apps in the Philippines?

Loan apps in the Philippines are mobile applications provided by financial technology companies (fintech) that enable users to borrow money quickly. These apps operate on the principle of peer-to-peer (P2P) lending, connecting borrowers directly with investors or financial institutions through the app, eliminating the need for traditional bank visits.

Pros and Advantages of Legitimate Loan Apps in the Philippines

Borrowing money through legitimate loan apps in the Philippines offers several advantages:

No Collateral Required

Unlike traditional loans that often require collateral, loan apps in the Philippines typically do not ask for any collateral. Instead, they assess your creditworthiness based on your financial information and credit history.

Simple Loan Application

The application process for loan apps is simple and straightforward, requiring only a valid ID and a bank account. You don’t need to go through the hassle of preparing extensive paperwork.

Convenience and Speed

With loan apps, you can apply for loans anytime and anywhere, as long as you have an internet connection. The convenience of accessing funds quickly can be especially crucial during emergencies.

No Face-to-Face Meetings

Traditional loans often involve visiting a bank branch and having face-to-face meetings with loan officers. Loan apps eliminate this need, making the entire process more convenient and efficient.

User-Friendly Interfaces

Loan apps come with user-friendly interfaces that allow you to easily track your balances, payment due dates, and other essential information related to your loan.

Guaranteed Approval and High Approval Rates

Loan apps often boast high approval rates, and many applicants receive near-instant approval. This can be a significant advantage for those who might face rejection from traditional banks due to strict lending criteria.

Cons and Drawbacks of Best Online Loan Apps in the Philippines with Low Interest

Despite the advantages, legitimate loan apps in the Philippines come with some drawbacks:

Limited Loan Amounts

Compared to traditional loans, the loan amounts available through these apps are relatively limited. While this is great for smaller, short-term financial needs, it might not be suitable for larger expenses.

Short Loan Terms

Due to the simplicity of the application process and the high approval rates, loan apps often offer short loan terms. This means you’ll have to repay the loan relatively quickly.

Relatively Higher Interest Rates

One of the trade-offs for the convenience and accessibility of loan apps is that they often come with higher interest rates compared to traditional bank loans. However, some apps offer 0% interest rates for first-time borrowers.

Additional Fees

In addition to interest rates, there can be additional fees associated with using loan apps. These may include service charges, consultancy fees, loan processing fees, and late payment penalties. It’s crucial to be aware of these fees before applying for a loan.

Interest Rates of Legitimate Loan Apps in the Philippines

Legitimate loan apps in the Philippines typically offer higher interest rates than traditional bank loans. The exact interest rate can vary depending on the app and your creditworthiness. However, some apps offer 0% interest rates for first-time borrowers. It’s essential to read the terms and conditions carefully to understand the interest rate structure for each app.

Conditions and Procedures for Legitimate Loan Apps in the Philippines

The conditions and procedures for registering with a Philippine loan app are straightforward and borrower-friendly:

Conditions

  • Borrowers must be Filipino citizens aged at least 18 years.
  • Applicants should possess a valid ID, stable employment, and a source of income.

Procedures

  1. Fill Out Personal Information: Start by filling out your personal information and providing the necessary details in the loan app.
  2. Submit ID Verification: You’ll need to submit a photo of your ID for verification purposes. This is a standard security measure.
  3. Loan Approval and Disbursement: After completing the application and verification process, you’ll await loan approval and disbursement. In most cases, this happens quite quickly, often within minutes.

Credit Line and Loan Term for Low-Interest Loan Apps in the Philippines

Low-interest loan apps in the Philippines typically support small loans with short repayment terms:

Credit Line

  • Loan amounts range from 1,000 to a maximum of 50,000 pesos.
  • First-time borrowers usually qualify for around 10,000 pesos.

Loan Term

  • Loan terms vary from 7 to 30 days, up to a maximum of 12 months.

Comparison of Online Lending Apps in the Philippines

When choosing a loan app, it’s essential to compare key criteria such as limits, terms, interest rates, and eligibility. Here’s a comparison of some popular loan apps in the Philippines:

 
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

These are just a few examples, and there are several other legitimate loan apps in the Philippines to choose from. Your choice should depend on your specific financial needs and preferences.

How to Register for a Loan App in the Philippines

To apply for a loan through a Philippine loan app, follow these steps:

  1. Choose a Reputable Loan App: Start by researching and choosing a reputable loan app that matches your needs and preferences. Consider factors such as loan limits, interest rates, and repayment terms.
  2. Download the App: Download the chosen loan app from your device’s app store (e.g., Google Play Store for Android or Apple App Store for iOS).
  3. Create an Account: Open the app and create a new account by providing your email address and creating a password.
  4. Complete Your Profile: Fill in your personal details, including your name, address, and contact information.
  5. Verify Your Identity: Most loan apps will require you to verify your identity by uploading a photo of your valid ID.
  6. Apply for a Loan: Once your profile is complete and verified, you can apply for a loan through the app. Follow the on-screen instructions, and provide the necessary information.
  7. Wait for Approval: After submitting your loan application, the app will review your information and creditworthiness. Approval times vary but are often quite quick.
  8. Receive Funds: If your loan is approved, the funds will be disbursed to your designated bank account or e-wallet within a short period.
  9. Repay the Loan: Make sure to repay the loan according to the agreed-upon terms and schedule. Timely repayments can positively impact your credit history and make you eligible for larger loans in the future.

Is It Safe to Use Loan Apps in the Philippines?

Safety is a crucial concern when using loan apps in the Philippines. To ensure your safety:

  • Choose Legitimate Apps: Stick to well-known and legitimate loan apps that are registered with the Securities and Exchange Commission (SEC) or other relevant regulatory bodies. The apps mentioned in this guide are considered legitimate and reputable.
  • Read Reviews: Check user reviews and ratings of the app on app stores and online forums. Positive reviews and high ratings are generally a good sign.
  • Review Terms and Conditions: Carefully read and understand the terms and conditions, including interest rates and fees, before accepting a loan.
  • Protect Your Personal Information: Only provide necessary personal information to the app. Be cautious of sharing sensitive data with unverified or suspicious apps.
  • Avoid Sharing Login Details: Legitimate loan apps will never ask for your online banking or e-wallet login details. Avoid sharing such information.

By following these safety precautions, you can use loan apps securely and benefit from the convenience they offer.

Eligibility Criteria for Loan Apps in the Philippines

Eligibility criteria for loan apps in the Philippines typically include the following:

  • Age: You must be at least 18 years old to qualify for most loan apps. Some apps may have higher age limits.
  • Citizenship: You must be a Filipino citizen to be eligible.
  • Source of Income: You should have a stable source of income, whether through employment, business, or other means.
  • Valid ID: You need to possess a valid government-issued ID for identity verification.

These criteria may vary slightly from one loan app to another, so it’s essential to check the specific requirements of the app you’re interested in.

Top 10+ Legitimate Loan Apps in the Philippines (2024)

Here’s a detailed overview of some of the top legitimate loan apps in the Philippines for 2024, including their key features, pros, and cons:

1. Crezu – Instant Loan App in the Philippines

  • Loan Amount: 1,000 – 50,000 pesos
  • Loan Term: 1 – 12 months
  • Interest Rate: Low, 0% for first loan
  • Pros: Fast approval, extended repayment terms, trusted lender
  • Cons: Service fees
  • Effectiveness Rating: Very Good
  • Bad Credit Check: Not required

Overview: Crezu is a reputable online lending platform that offers loans ranging from 1,000 to 50,000 pesos with repayment terms of up to 12 months. First-time borrowers can enjoy a 0% interest rate on their initial loan. Crezu provides a simple and quick loan application process, making it an excellent choice for individuals seeking fast financial assistance. While service fees apply, Crezu is known for its transparent lending practices.

2. Digido – Leading Online Loan App in the Philippines

  • Loan Amount: 500 – 30,000 pesos
  • Loan Term: 3 – 6 months
  • Interest Rate: Low, 0% for first loan
  • Pros: Rapid loan disbursement, user-friendly app, extended repayment options
  • Cons: Service fees
  • Effectiveness Rating: Excellent
  • Bad Credit Check: Not required

Overview: Digido is a popular loan app in the Philippines known for its fast loan approval and disbursement. Borrowers can access loans ranging from 500 to 30,000 pesos with repayment terms of 3 to 6 months. First-time borrowers are offered 0% interest on their initial loan. The Digido app features an intuitive and user-friendly interface, simplifying the loan application process. While service fees apply, Digido’s efficiency and convenience make it a top choice for many Filipinos.

3. Kviku – Online Cash Loan App in the Philippines

  • Loan Amount: 500 – 25,000 pesos
  • Loan Term: 2 – 6 months
  • Interest Rate: Competitive monthly interest rate
  • Pros: Flexible repayment terms, no collateral required, high approval rate
  • Cons: Service fees
  • Effectiveness Rating: Good
  • Bad Credit Check: Not required

Overview: Kviku is an online cash loan app that provides Filipinos with access to loans ranging from 500 to 25,000 pesos. Loan terms vary from 2 to 6 months, offering flexibility to borrowers. While Kviku charges service fees, it does not require collateral, making it accessible to a wide range of users. The app boasts a high approval rate, making it a viable option for those in need of quick financial assistance.

4. LoanChamp – Low-Interest Loan App for Filipinos

  • Loan Amount: 2,000 – 60,000 pesos
  • Loan Term: 3 – 12 months
  • Interest Rate: Competitive APR rates
  • Pros: Simple online application, no service fees, compare suitable loans in just 2 minutes
  • Cons: Suggests loans but does not directly provide them
  • Effectiveness Rating: Good
  • Bad Credit Check: Not required

Overview: LoanChamp is a loan comparison app that helps users find suitable loan options quickly. While LoanChamp itself doesn’t provide loans, it simplifies the process of comparing loan offers from various lenders. Loan amounts range from 2,000 to 60,000 pesos, with repayment terms ranging from 3 to 12 months. LoanChamp stands out for its easy online application and absence of service fees. Borrowers can use the app to assess different loan options and choose the one that best suits their needs.

5. Moneycat – Loan App for Students in the Philippines

  • Loan Amount: Up to 20,000 pesos
  • Loan Term: 3 – 6 months
  • Interest Rate: High
  • Pros: Simple procedures, fast disbursement, flexible payment methods
  • Cons: High interest rates
  • Effectiveness Rating: Fair
  • Bad Credit Check: Not required

Overview: Moneycat is an option for students in the Philippines looking for financial assistance. The app offers loans of up to 20,000 pesos with repayment terms of 3 to 6 months. While Moneycat provides a straightforward application process and fast disbursement, it’s essential to note that interest rates can be relatively high. Students should carefully consider their ability to repay the loan before applying.

6. Cashwagon – Fast Online Loan App in the Philippines

  • Loan Amount: 2,000 – 20,000 pesos
  • Loan Term: 10 – 180 days
  • Interest Rate: Competitive interest rates
  • Pros: Swift loan approval, simple application process, loyalty program
  • Cons: Service fees
  • Effectiveness Rating: Very Good
  • Bad Credit Check: Not required

Overview: Cashwagon is a well-established online loan app in the Philippines, offering loans ranging from 2,000 to 20,000 pesos with repayment terms of 10 to 180 days. The app is known for its rapid loan approval and straightforward application process. Cashwagon also rewards loyal customers through its loyalty program. While service fees apply, its competitive interest rates make it an attractive option for many borrowers.

7. Online Loans Pilipinas – Easy Loan App in the Philippines

  • Loan Amount: 2,000 – 20,000 pesos
  • Loan Term: 5 – 30 days
  • Interest Rate: Competitive daily interest rate
  • Pros: Quick loan disbursement, hassle-free application, no collateral required
  • Cons: Service fees
  • Effectiveness Rating: Good
  • Bad Credit Check: Not required

Overview: Online Loans Pilipinas is an easy-to-use loan app that provides access to loans ranging from 2,000 to 20,000 pesos with short repayment terms of 5 to 30 days. Borrowers appreciate the app’s quick loan disbursement and hassle-free application process. While service fees are applicable, the absence of collateral requirements makes it accessible to a wide range of users.

8. CashXpress – Low-Interest Loan App in the Philippines

  • Loan Amount: Up to 15,000 pesos
  • Loan Term: 7 – 30 days
  • Interest Rate: Competitive rates
  • Pros: Fast approval, straightforward application, no hidden fees
  • Cons: Limited loan amount
  • Effectiveness Rating: Good
  • Bad Credit Check: Not required

Overview: CashXpress is a low-interest loan app in the Philippines offering loans of up to 15,000 pesos with repayment terms of 7 to 30 days. Borrowers appreciate the app’s fast approval process and straightforward application. CashXpress is known for its transparent lending practices, with no hidden fees. However, the loan amount is relatively limited compared to some other options.

9. Cashalo – Mobile Loan App in the Philippines

  • Loan Amount: 2,000 – 40,000 pesos
  • Loan Term: 15 – 90 days
  • Interest Rate: Competitive rates
  • Pros: User-friendly app, flexible repayment terms, loyalty rewards
  • Cons: Service fees
  • Effectiveness Rating: Very Good
  • Bad Credit Check: Not required

Overview: Cashalo is a mobile loan app in the Philippines that provides loans ranging from 2,000 to 40,000 pesos with repayment terms of 15 to 90 days. The app features a user-friendly interface and offers flexibility in repayment terms. Cashalo also rewards loyal customers through its loyalty program. While service fees apply, its competitive interest rates make it an appealing choice for many borrowers.

10. Tala – Instant Cash Loan App in the Philippines

  • Loan Amount: 1,000 – 15,000 pesos
  • Loan Term: 21 – 30 days
  • Interest Rate: Competitive rates
  • Pros: Fast approval, simple application, no collateral required
  • Cons: Service fees
  • Effectiveness Rating: Good
  • Bad Credit Check: Not required

Overview: Tala is an instant cash loan app in the Philippines, offering loans ranging from 1,000 to 15,000 pesos with repayment terms of 21 to 30 days. The app is known for its fast approval process and simple application. Tala does not require collateral, making it accessible to a wide range of users. While service fees are applicable, its competitive interest rates make it a viable option for borrowers in need of quick financial assistance.

Additional Tips for Borrowing from Loan Apps in the Philippines

Here are some additional tips to help you make the most of your borrowing experience with loan apps in the Philippines:

  • Borrow Responsibly: Only borrow what you need and can comfortably repay. Avoid taking out multiple loans simultaneously.
  • Understand the Terms: Read and understand the terms and conditions, including interest rates, fees, and repayment schedules, before accepting a loan offer.
  • Build a Good Repayment Record: Timely repayments can improve your creditworthiness and make you eligible for larger loans in the future.
  • Plan Your Finances: Develop a financial plan to manage your loan proceeds effectively. Ensure that you use the funds for their intended purpose.
  • Compare Loan Options: Take the time to compare loan options and choose the one that best suits your needs and budget.
  • Protect Your Personal Information: Be cautious about sharing personal and financial information, especially with unverified or suspicious apps.
  • Seek Financial Advice: If you’re unsure about borrowing or managing your finances, consider seeking advice from a financial advisor or counselor.

Conclusion

Legitimate loan apps in the Philippines have transformed the way people access financial assistance. These apps offer convenience, speed, and accessibility, making them valuable tools for addressing short-term financial needs. However, it’s crucial to choose reputable apps, understand the terms and fees, and borrow responsibly to avoid financial pitfalls.

By following the guidelines and considering the top loan apps listed in this guide, you can make informed decisions and secure the financial assistance you need in 2024. Remember that while loan apps offer a quick and accessible way to borrow money, they should not be used as a long-term financial solution, and borrowers should exercise caution and responsibility when using them.

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