In today’s fast-paced financial landscape, individuals often encounter unforeseen expenses that demand immediate attention. During such times, 1-month online loan apps have emerged as a convenient and accessible solution to bridge short-term financial gaps. These mobile applications offer users quick access to small sums of money, typically with a repayment window of just 30 days.
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 a detailed analysis of 1-month online loan apps for the year 2024. We’ll explore their advantages and disadvantages, application processes, and present the top 10 options available in the market.
|
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 |
Summary of 1-Month Loan Apps
- Loan Amount: Ranging from 1,000 to 60,000 pesos
- Age Requirement: 18 to 60 years old
- Loan Term: One month (30 days)
- Interest Rate: 0% interest for the first loan
- Pros: No credit check required
- Cons: Short-term nature of the loan
- Effectiveness: Generally considered good
- Bad Credit: Applicants with poor credit history are often approved
Understanding 1-Month Loan Apps
1-month loan apps are mobile applications designed for online platforms. They empower users to borrow small amounts of money for a period of one month, addressing immediate financial needs effectively. These apps are characterized by their simplicity, accessibility, and swift loan approval processes, making them a convenient choice for borrowers.
Pros and Benefits of 1-Month Loan Apps
1-month loan apps come with several advantages that make them an attractive option for managing short-term financial challenges. Some key benefits include:
- User-friendly mobile interface that allows easy access and management of finances, anytime and anywhere.
- Flexibility in choosing loan amounts and repayment periods, accommodating individual financial needs.
- Streamlined application and approval processes, which require minimal personal and financial information.
- Automation of the review process, resulting in shorter waiting times and expedited access to funds.
Cons and Drawbacks of 1-Month Loan Apps
While 1-month loan apps offer numerous advantages, it is important to acknowledge their drawbacks, which include:
- Interest rates and fees that may be higher compared to traditional lending institutions, potentially increasing the overall amount repayable.
- The risk of falling into a debt cycle due to the short repayment period, especially if the borrower is unable to meet the deadline.
- Possible negative consequences for credit scores if repayment terms are not met, potentially limiting access to future loans.
Criteria for Evaluating 1-Month Loan Apps
To make an informed decision when selecting a 1-month loan app, consider the following criteria:
- Review interest rates and fees, calculating the total repayment amount.
- Research user reviews to gauge the reputation and reliability of the app.
- Assess the application and review process for simplicity and efficiency.
- Ensure the app adheres to robust privacy policies and security measures, safeguarding personal information.
- Check for flexibility in payment options and loan renewal terms to avoid incurring high penalty fees.
Interest Rates on 1-Month Online Loans
Interest rates for 1-month online loans can vary among service providers, but they typically tend to be higher compared to traditional bank loans. On average, the monthly interest rate hovers around 11.9%.
Example: For a 20,000-peso loan with an 11.9% monthly interest rate:
- Principal payable in 1 month: 5,000 pesos
- Interest payable in 1 month: 2,380 pesos
- Total payable in 1 month: 7,380 pesos
Conditions and Requirements for 1-Month Instant Loan Apps
The conditions and requirements for 1-month instant loan apps may differ between providers, but some common prerequisites include:
Conditions
- Age: Applicants must be at least 18 years old.
- Valid government-issued identification.
- A bank account or e-wallet for loan disbursements.
Requirements
- Download and install the 1-month loan app.
- Provide personal information for registration.
- Identity verification through ID card or passport photos and sometimes a portrait photo.
Credit Limits and Terms of 1-Month Online Loan Apps
1-month loan apps typically offer the following credit limits and terms:
Credit Limit
- Ranges from 1,000 to 25,000 pesos, with some apps extending up to 50,000 pesos.
Term
- Repayment terms range from 3 to 6 months, with a few apps allowing up to 12 months.
Comparison of 1-Month Loan Apps
Here’s a comparison of three popular 1-month loan apps in the Philippines:
| App Name | Limits (Pesos) | Term (Months) | Interest Rate (%) | Approval Time (Minutes) | Overall Score |
|---|---|---|---|---|---|
| Digido | 1,000 – 30,000 | 3 – 6 | 0.4% per day | 5 | 8/10 |
| Moneycat | 1,000 – 20,000 | 7 – 28 days | Up to 3% per day | 15 | 8/10 |
| Finbro | 1,000 – 50,000 | 3 – 12 | 0.16% per day | 10 | 9/10 |
How to Apply for a 1-Month Loan App
To borrow through a 1-month loan app, follow these steps:
- Step 1: Goto website application or Download and install the app from the respective app store (iOS or Android).
- Step 2: Register an account by providing necessary personal details such as name, email, mobile number, and password.
- Step 3: Verify your identity as instructed by the app, typically requiring ID or passport photos.
- Step 4: Complete the financial review and loan request, specifying the desired loan amount and repayment period (usually one month).
- Step 5: Confirm loan details and contract terms, wait for the review process, and receive the approved loan in your designated bank account.
Top 10 Best Online Loan Apps for 1-Month Duration in 2024
Here’s a list of recommended 1-month online loan apps for 2024:
Finbro – 1 Month Loan App High Limit
- Loan Limit: 1,000 – 15,000 pesos (initial loan), up to 50,000 pesos for subsequent loans
- Interest Rate: 0.16% per day
- Eligibility: Filipino citizens, aged 20 – 70, with a source of income
- Address: San Antonio, Pasig
Pros: Fast approval, 24/7 registration, no financial proof required. Cons: No bad debt support, no loan extension. Overall Score: 9/10
Customer Feedback: Over 98% of customers express high satisfaction with Finbro’s 1-month loan service.
Application Guide: Download and install the Finbro app from their website and follow the provided instructions.
Cashexpress – 1 Month to Pay Loan App with Fast Disbursement (5 Minutes)
- Loan Limit: 1,000 – 20,000 pesos
- Interest Rate: 1.99% per day
- Eligibility: Filipino citizens, aged 21 – 70, with stable income and valid identification
- Address: Taguig City
Pros: Simple and fast application, instant approval, flexible payment options. Cons: Short repayment period. Overall Score: 8/10
Customer Feedback: Cashexpress is praised as one of the best 1-month loan support services in the market.
Application Guide: Download and install the Cashexpress app from their website and follow the provided instructions.
Moneycat – One Month Loan App Prestige
- Loan Limit: 1,000 – 3,800 pesos (initial loan), up to 20,000 pesos for subsequent loans
- Interest Rate: Up to 3% per day
- Eligibility: Filipino citizens, at least 22 years old, with a stable income and valid identification
- Address: Pasig City
Pros: Simple application process, fast approval, no direct banking required. Cons: High interest rates, short payment term. Overall Score: 8/10
Customer Feedback: Moneycat is considered a reputable and fast short-term loan service.
Application Guide: Download and install the Moneycat app from their website and follow the provided instructions.
Crezu – Loan App with 30 Days without Service Charge
- Loan Limit: 1,000 – 25,000 pesos
- Interest Rate: 12% – 36% per year, no service fees
- Eligibility: Filipino residents aged 18 – 70
- Address: Tallinn, Estonia
Pros: 24/7 operation, instant request processing, no credit history check. Cons: Does not directly offer 1-month payday loans. Overall Score: 7/10
Customer Feedback: Customers praise Crezu’s transparency and reputation as a financial platform.
Application Guide: Download and install the Crezu app from their website and follow the provided instructions.
Digido – Online Loan with 1 Month to Pay and Auto-Approval
- Loan Limit: Up to 10,000 pesos (initial loan), up to 25,000 pesos for subsequent loans
- Interest Rate: 0.4% – 1.5% per day
- Eligibility: Filipino citizens, aged 21 – 70, with a valid government ID and unblocked mobile number
- Address: Quezon City, Philippines
Pros: No hidden fees, 24/7 support, flexible payment options. Cons: Short-term installments, high interest rates. Overall Score: 8/10
Customer Feedback: Digido’s 1-month loan service is praised for its objectivity, speed, and reputation.
Application Guide: Download and install the Digido app from their website and follow the provided instructions.
Expert Opinions on Short-Term 1-Month Loans
Economists like Maurice Félix Charles Allais emphasize that quick 1-month loans aim to provide a simple, convenient, and fast solution for borrowers facing financial emergencies. Dean Baker adds that these loans offer a hassle-free and collateral-free alternative, particularly beneficial for individuals with low incomes or limited credit histories.
Frequently Asked Questions (FAQs)
Here are answers to common questions about 1-month loan apps:
How do I register and create an account on a 1-month loan app?
Download and install the app from the respective app store (iOS or Android). Register by providing necessary personal details such as name, phone number, address, email, income, and a photo of your personal ID to complete the registration process.
What is the maximum short-term loan limit for 1 month?
Loan limits vary among lenders, with initial loans typically ranging from 500 to 10,000 pesos. Over time, these limits can increase, sometimes reaching up to 50,000 pesos.
What happens if I don’t pay my 1-month instant loan on time?
Late payments can result in late fees, increased interest rates, damage to your credit score, and difficulty obtaining future loans. The lender may also initiate debt collection measures.
Recommended Best Legit Online Loans with Guaranteed Approval in the Philippines
For a reputable and reliable 1-month loan app in 2024, consider Finbro. It offers higher loan limits compared to many other apps, with a favorable interest rate of 0.16% per day for a maximum term of 12 months.
Conclusion
1-month online loan apps serve as valuable financial tools for addressing short-term monetary challenges. While they offer convenience and accessibility, users must exercise caution, carefully evaluating interest rates and terms to make informed borrowing decisions.
Always ensure your ability to repay loans on time to avoid potential financial pitfalls. In the evolving landscape of personal finance, 1-month loan apps continue to provide essential support for individuals navigating their financial journeys.