In the digital age, accessing quick financial assistance has become increasingly convenient, especially in the Philippines, where a range of online loan apps have emerged. While these apps offer a streamlined application process, not all of them accept PhilHealth ID as a valid identification document. If you’re in search of a convenient financial solution that accommodates your PhilHealth ID, CashExpressPH.com has compiled a comprehensive list of the best online loan apps in the Philippines for 2024. This article will delve into the details of these loan apps, discussing their features, advantages, disadvantages, and other essential information, to help you make an informed choice that aligns with your financial needs.
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 |
Summary of Loan Apps That Accept PhilHealth ID
- Loan Amount: Ranging from 300 PHP to 30,000 PHP
- Availability: Philippines
- Eligible Age: 18 to 70 years old
- Loan Term: 1 to 36 months
- Requirements: Active PhilHealth status
- Pros: Fast approval process
- Cons: Potential impact on credit background
- Effectiveness Rating: Good
- Debt Acceptance: Allowed
Understanding Loan Apps That Accept PhilHealth ID
A loan app that accepts PhilHealth ID is a mobile application that simplifies the loan application process for individuals who lack other government-issued IDs, such as a passport or driver’s license. These apps consider your PhilHealth ID as a valid identification document, allowing you to apply for loans conveniently.
Benefits of Online Loans Using PhilHealth ID
Utilizing PhilHealth ID for online loan applications offers several advantages:
- Simplified Application Process: Applying for a loan through a mobile app is faster and more straightforward than traditional bank applications.
- Faster Processing: PhilHealth ID expedites the loan application process, resulting in quicker loan decisions due to reduced paperwork.
- Enhanced Security: PhilHealth ID serves as an additional layer of identity verification, reducing the risk of scams.
- Efficient Verification: The personal information on your PhilHealth ID can streamline the verification process.
- Speedy Approvals: Loan apps often approve loans faster than conventional banks, as your PhilHealth ID simplifies income and job verification.
- No Credit Check: Some loan apps do not perform credit checks, benefiting individuals with poor credit histories.
Drawbacks of Loan Apps That Accept PhilHealth ID
Despite the advantages, online loans using PhilHealth ID come with certain drawbacks:
- Limited Acceptance: Not all loan apps may recognize PhilHealth ID, restricting your options.
- Higher Interest Rates: These loans typically carry higher interest rates than traditional bank loans due to the increased risk for lenders.
- Hidden Fees: Some loans may entail hidden fees, such as late payment charges, handling fees, and loan initiation fees.
- Shorter Repayment Terms: Loan apps often offer shorter repayment terms compared to traditional banks, potentially straining your finances.
- Lower Loan Amounts: Loan amounts available through these apps are usually lower than those offered by standard banks.
- Credit Impact: Failure to repay a loan from a PhilHealth ID-accepting app can negatively affect your credit history, making future borrowing challenging.
PhilHealth Loan Qualification
To be eligible for a loan app that accepts PhilHealth ID, you must meet the following criteria:
- Be a PhilHealth member in good standing.
- Have made at least 9 months of premium contributions within the immediate 12 months before applying.
- Possess a valid ID, such as a passport, driver’s license, or voter’s ID.
- Have a reliable source of income.
- Demonstrate the ability to repay the loan on time.
Cash Loan Using PhilHealth ID Interest Rate
The interest rate for a cash loan using PhilHealth ID varies based on the lender. Some lenders offer rates as low as 10% per annum, while others may charge up to 30% per annum. The interest rate also depends on your credit score, loan amount, and loan term.
Example of Online Cash Loan Calculation Accepting PhilHealth ID
Consider this example of an online cash loan in the Philippines that accepts PhilHealth ID:
- Loan Amount: 10,000 pesos
- Loan Term: 6 months
- Interest Rate: 10% per annum
To calculate the monthly amortization, use the formula:
Monthly Amortization = (Loan Amount * Interest Rate * Loan Term) / (12 * 100)
In this case:
- Monthly Amortization = (10,000 * 10 * 6) / (12 * 100) = 1,666.67 PHP
In addition to the monthly amortization, you may need to pay a processing fee, typically around 2% of the loan amount, totaling 200 pesos. Therefore, the total repayment amount would be 10,000 PHP + 200 PHP = 10,200 PHP.
PhilHealth Loan Requirements
To apply for a loan app that accepts PhilHealth ID, you must meet the following requirements:
- PhilHealth membership
- Active PhilHealth status
- Age of at least 18 years
- Stable income to support loan repayment
- Valid ID
- Proof of income
- Barangay clearance
PhilHealth Loan Amount and Term
The loan amount and term for loan apps accepting PhilHealth ID are as follows:
- Loan Amount: The loan amount is based on your monthly PhilHealth contributions, ranging from 300 PHP to 50,000 PHP.
- Loan Term: The loan term varies, typically from 6 months, with flexibility up to 36 months. These loans often do not provide a grace period.
Comparison of Loans Accepting PhilHealth ID
Here’s a comparison of online loan apps that accept PhilHealth ID:
| App | Loan Amount | Annual Interest Rate | Repayment Terms |
|---|---|---|---|
| Binixo | Up to 25,000 PHP | 4% – 916% | 3 – 6 months |
| Crezu | Up to 25,000 PHP | 12% – 36% | 2 – 4 months |
| Mazilla | Up to 25,000 PHP | 30% – 365% | 3 – 36 months |
| Pesoreedee | Up to 30,000 PHP | 11.9% – 143% | 3 – 6 months |
| Finloo | Up to 25,000 PHP | 2.5% – 199% | 1 – 5 months |
Source: Refer to bsp.gov.ph reporting and research.
How to Apply for a PhilHealth Online Loan?
To apply for an online loan app that accepts PhilHealth ID, follow these steps:
- Step #1: Choose the Suitable Loan App Select a loan app that aligns with your identification document preferences. Popular options include Binixo, Crezu, Mazilla, Pesoreedee, and Finloo.
- Step #2: Download the Loan App and Create an Account Download your chosen loan app from the Google Play Store or App Store. Create an account by providing essential information, including your name, email address, and mobile number.
- Step #3: Submit Your PhilHealth ID The loan app will require you to submit a copy of your PhilHealth ID as a valid identification document. You can achieve this by taking a photo of your ID and uploading it within the app.
- Step #4: Provide Other Required Documents In addition to your PhilHealth ID, the loan app may request other documents such as proof of income, proof of residence, and a bank statement.
- Step #5: Fill Out the Application Form Complete the PhilHealth loan form within the app. This form will inquire about your loan needs, such as the desired loan amount, loan purpose, and your ability to repay.
- Step #6: Submit Your Loan Application Once you’ve filled out the application form, submit it to the loan app. The app will then process your application and notify you of its status.
- Step #7: Sign the Loan Agreement If your loan application is approved, you’ll need to sign a loan agreement outlining terms and conditions, including interest rates, repayment periods, and late payment penalties.
- Step #8: Receive Your Loan Proceeds Upon signing the loan agreement, you’ll receive your loan proceeds, which will be deposited into your bank account.
Top 10+ Best Loan Apps That Accept PhilHealth ID in the Philippines for 2024
Here are the top 5 loan apps that accept PhilHealth ID in the Philippines for 2024:
#1. Binixo – Loan App That Accepts PhilHealth ID
Binixo is a pioneering loan app in the Philippines that accepts PhilHealth ID for identity verification. It offers a streamlined application process, making it a popular choice for those seeking immediate financial assistance.
Pros:
- Streamlined application process with quick loan approval.
- Enhanced security and verification through PhilHealth ID.
- Fast loan disbursement to cater to urgent financial needs.
Cons:
- Interest rates may be relatively high compared to traditional lenders.
- Limited loan options and borrowing limits for first-time users.
- Potential for overreliance on loans, leading to debt accumulation.
Overall Score: 8/10
#2. Crezu – Online Loan App Using PhilHealth ID
Crezu has gained popularity as an online loan app that accepts PhilHealth ID as a valid form of identification. It offers flexible loan options and repayment plans to accommodate individuals with varying financial capacities.
Pros:
- Diverse loan options, including personal, business, and emergency loans.
- PhilHealth ID integration enhances security and reduces identity fraud risks.
- User-friendly interface with transparent terms and conditions.
Cons:
- Longer approval process for certain types of loans.
- Slightly higher interest rates for some users compared to traditional lenders.
- Limited customer support options for addressing queries and concerns.
Overall Score: 7.5/10
#3. Mazilla – Loan App With PhilHealth ID
Mazilla has entered the Philippines lending market with a focus on utilizing PhilHealth ID for seamless user verification. It offers loans for various purposes, from education to medical emergencies.
Pros:
- Variety of loan categories to address specific financial needs.
- Simplified application and verification process through PhilHealth ID.
- Competitive interest rates for well-qualified borrowers.
Cons:
- Limited educational resources for informed financial decisions.
- Occasional app interface glitches reported by users.
- Customer support responsiveness may need improvement.
Overall Score: 7/10
#4. Pesoreedee – Online Lending App That Accepts PhilHealth ID
Pesoreedee stands out as an online lending app that accepts PhilHealth ID for identity verification. It empowers users with quick access to funds for various purposes, including home improvement and debt consolidation.
Pros:
- Flexible loan tenure and repayment options to suit diverse financial situations.
- Enhanced security and fraud prevention with PhilHealth ID.
- Competitive interest rates for users with good credit scores.
Cons:
- Limited availability of larger loan amounts for specific borrowers.
- Occasional delays in loan approval and disbursement reported by users.
- Lack of financial education resources within the app.
Overall Score: 7.5/10
#5. Finloo – Loan App Philippines Using PhilHealth ID
Finloo joins the league of loan apps in the Philippines that utilize PhilHealth ID for user identification. With a focus on simplicity and accessibility, Finloo offers a straightforward borrowing experience for users across the country.
Pros:
- User-friendly interface for a hassle-free loan application process.
- Enhanced security and reduced identity-related risks through PhilHealth ID.
- Competitive interest rates for online lending platforms.
Cons:
- Limited availability of larger loan amounts for higher-risk borrowers.
- Customer support responsiveness as per user reviews.
- Lack of additional financial tools or resources within the app.
Overall Score: 8/10
#6. Other Online Loans
|
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 Loans That Accept PhilHealth ID
Experts provide valuable insights into online loans that accept PhilHealth ID:
According to economist Bernardo Villegas, “Online loans that accept PhilHealth ID can be a convenient option for people who need quick cash. However, borrowers should carefully read the terms and conditions of the loan before applying, as they may have high-interest rates and fees.”
Felipe Medalla advises, “Borrowers should be aware of the risks involved in loan apps that accept PhilHealth ID, such as the possibility of defaulting on the loan and having their credit score affected. Borrow only what you can afford to pay back.”
Frequently Asked Questions – Online Loan Apps That Accept PhilHealth ID
Addressing common concerns about online loan apps that accept PhilHealth ID:
Can I get a loan from PhilHealth?
While you can access loans in partnership with PhilHealth, the loan itself is not directly from PhilHealth. It is typically provided by a microfinance company (MFI) that collaborates with PhilHealth. PhilHealth acts as a guarantor for the loan, ensuring repayment to the MFI in case of default.
Does Tala accept PhilHealth ID?
Yes, Tala accepts PhilHealth ID as a valid identification document for loan applications. Tala also recognizes various government-issued IDs such as SS ID, UMID, Voter’s ID (with a QR Code), passport, driver’s license, Postal ID, PhilSys ID, or National ID. For precise ID requirements, refer to Tala’s website or contact their customer service.
Can I get a PhilHealth ID without contributing?
No, you cannot obtain a PhilHealth ID without contributing to the PhilHealth system. The PhilHealth ID serves as proof of your membership, and to acquire it, you must sign up as a volunteer member and make the required monthly contributions.
Is the PhilHealth ID valid for Pag-IBIG loans?
No, you cannot use the PhilHealth ID to secure a loan through Pag-IBIG. Pag-IBIG requires specific documents, including your Pag-IBIG Membership Identification Number (MID), and does not accept the PhilHealth ID for loan applications.
Is there a fee for obtaining a PhilHealth ID?
The basic PhilHealth ID does not incur a fee. After signing up at a PhilHealth office, you may obtain one free of charge. However, there is a one-time fee of 50 PHP for the optional insurance card, which is only available to actively employed members.
Conclusion
When it comes to accessing quick cash through online loan apps in the Philippines, Binixo and Finloo emerge as the top recommendations for 2024. These lenders stand out in the competitive landscape due to their user-friendly interfaces, integration of PhilHealth ID for enhanced security, and competitive interest rates. These attributes make them reliable choices for individuals seeking rapid access to funds while ensuring a secure borrowing experience. However, borrowers are advised to thoroughly review the terms and conditions of each loan app before applying to make informed financial decisions.