Are you in need of a quick and hassle-free way to secure a loan in the Philippines? One option that may have caught your attention is OLP (Online Loans Pilipinas). However, before you hit that download button, it’s crucial to familiarize yourself with the app’s features, benefits, drawbacks, and potential risks. This detailed review of the OLP Loan App will provide you with an in-depth understanding to help you make an informed decision.
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 |
OLP Loan App Overview
Key Features
- Loan Amounts: OLP offers loans ranging from ₱1,000 to ₱20,000, with a cap of ₱7,000 for first-time borrowers. This flexibility can cater to a variety of financial needs, though it may not suffice for larger expenses.
- Loan Terms: Borrowers can take advantage of loan terms of up to 30 days. This short repayment period may be suitable for urgent financial requirements but can pose challenges for long-term repayment.
- Fast Approval Process: The app claims a rapid approval system, potentially allowing you to access funds within a short timeframe.
Pros
- Convenience: The OLP app enables users to apply for loans anytime and anywhere, making it a great option for those with busy schedules.
- Potentially Quick Approval: The streamlined application process could lead to faster approvals compared to traditional lending institutions.
Cons
- High Interest Rates: User reviews suggest that OLP’s interest rates are not transparently advertised and can be exorbitantly high.
- Short Loan Terms: With limited repayment options, borrowers may find themselves in a difficult position if they cannot repay within the designated timeframe.
- User Complaints: Many users have voiced their concerns on platforms like Google Play regarding app functionality, high fees, and customer service issues.
User Complaints
Filipino users have raised concerns regarding OLP’s loan terms, additional fees, and technical problems with the app. These complaints should be seriously considered as they may impact your experience with the service.
Is OLP Legit and Safe?
While OLP appears to be a registered entity in the Philippines, potential borrowers should remain cautious. The likelihood of hidden fees and the short loan terms raise red flags regarding the overall safety and legitimacy of the service. It’s essential to conduct thorough research before proceeding.
OLP Loan Interest Rates
OLP does not publicly disclose its interest rates, leading to uncertainty among potential borrowers. User feedback suggests that the Annual Percentage Rate (APR) can soar as high as 180%. This figure significantly exceeds the rates offered by traditional financial institutions, highlighting the need for careful consideration.
How to Apply for an OLP Loan
Eligibility Requirements
To be eligible for an OLP loan, applicants must meet the following criteria:
- Be a Philippine citizen or resident.
- Be at least 18 years old.
- Possess a valid ID and proof of income (specific requirements may vary).
Step-by-Step Application Guide
- Download the App: Access the OLP Loan App via Google Play.
- Create an Account: Fill out the required application form.
- Submit Personal Information: Provide details such as your employment status and desired loan amount.
- Await Approval: Monitor your notifications for the approval status.
Required Documentation
- A valid government-issued ID (e.g., Philippine Passport, UMID) is mandatory.
- Proof of income, such as payslips or bank statements, may also be required.
Who Should Consider the OLP Loan App?
OLP may appeal to those seeking a small, short-term loan, especially if other avenues have been explored. However, potential borrowers should exercise caution due to the high likelihood of incurring substantial fees and facing strict repayment deadlines.
Alternatives to the OLP Loan
- Traditional Banks and Credit Unions: These institutions often provide lower interest rates and more flexible repayment terms, making them a more cost-effective option for borrowers.
- Microfinance Institutions: Consider exploring reputable microfinance organizations that offer small loans with a commitment to responsible lending practices.
Reports of Harassment by OLP
Some users have reported that OLP employs aggressive collection tactics, which can add stress to the borrowing experience. If you are contemplating using OLP, it is wise to familiarize yourself with their collection methods to avoid any unpleasant surprises.
Conclusion
While the OLP Loan App offers a convenient and swift means to borrow money, it is accompanied by significant drawbacks. The potential for high fees, limited repayment options, and user complaints should not be overlooked. Before proceeding with OLP, it is advisable to thoroughly explore alternative lending options and ensure that you are fully prepared to meet the short repayment timeline. Always prioritize making informed financial decisions to safeguard your financial well-being.