The Philippines has witnessed a surge in the availability of online loan services, catering to diverse financial needs. This review delves into the top online loan providers, installment loans offered by banks, the concept of online loans with monthly payments, their advantages and disadvantages, eligibility criteria, repayment strategies, and essential tips for navigating this financial landscape.
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 |
|
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 |
What are monthly installment online loans?
Monthly installment online loans stand as a form of financial solution that empowers borrowers to repay their loans incrementally over a pre-established timeframe. This particular loan variant usually boasts more competitive interest rates and extended repayment durations compared to alternative credit options.
By adopting this approach, borrowers can effectively distribute the expense of their loan across manageable monthly payments. These payments typically remain consistent, affording borrowers the ability to plan their finances accordingly. The applicable interest rates fluctuate based on the lender’s nature and the borrowed sum. Online lending platforms also furnish supplementary benefits like discounts for early repayment or waived processing fees, specifically tailored to certain loan types.
Moreover, a multitude of online lenders permit potential borrowers to assess their eligibility for a loan without incurring any damage to their credit score, streamlining the process of comparison and informed decision-making.
Top Online Loan Services in the Philippines
| Service Name | Interest Rate | Loan Tenure | Loan Amount | Approval Duration |
|---|---|---|---|---|
| UnaCash | 0.3% per day | 61 – 180 days | 2000 – 30000 | 24 hours |
| Digido | 1% per day | 7 – 180 days | 1000 – 10000 | 1 working day |
| Money Cat | 0.54% per day | 90 – 180 days | 1000 – 20000 | 24 hours |
| Finbro | 0.16% per day | 7 – 30 days | 2000 – 50000 | 24 hours |
| Cash-Express Philippines Financing Inc. | 0.07% per day | 7 – 30 days | 1000 – 20000 | 24 hours |
| Oneclickmoney | 0.03% per day | 90 – 180 days | 1000 – 20000 | 24 hours |
Additional Options
- Cashalo: Cashalo stands as an online lending platform, providing accessible and hassle-free credit and personal loans to Filipinos. With loan terms spanning from 6 to 12 months, the annual interest rates range between 8% and 26%. Cashalo prides itself on its reliable customer service, transparent fees, and flexible repayment plans.
- Fyuze: Fyuze is a contemporary online lending platform, extending diverse loan products to Filipinos. Offering swift approvals, low interest rates, cashless payment choices, and rapid funding, Fyuze can offer interest rates as low as 8% per annum, contingent on the borrower’s credit score.
- Home Credit: Home Credit is an established lender, offering tailored loan plans with quick approval processes. With an array of branches nationwide and a user-friendly online platform, Home Credit’s loan products range from payday loans to home improvement loans, with a maximum cap of PHP 20,000.
- Cignal Lend: Cignal Lend is a trustworthy provider of personal loans to small business owners in the Philippines. With competitive rates, no collateral demands, and flexible repayment schedules, Cignal Lend supports borrowers with quick financing solutions lasting up to 12 months.
- Easycash: Easycash streamlines the process of obtaining short-term payday loans, starting from 7-day terms. Transparent and competitive, Easycash imposes minimal fees and interest rates, commencing at 5% per annum. The application is straightforward, requiring basic information and documentation for swift fund disbursement.
Specialized Solutions for Overseas Filipino Workers (OFWs)
For OFWs seeking specific financial solutions, there are specialized foreign lenders available, including Renmoney MFB Limited Nigeria and First Circle Philippines Inc. These lenders offer working capital financing options such as payroll-based salary advances or OFW remittance consolidation services. Interest rates are reasonable and vary based on the borrower’s account status with partner banks or payment companies, whether overseas or in the Philippines.
Top 10+ Excellent Banking Choices for Installment Loans in the Philippines
The Philippines offers a diverse range of banks that provide appealing installment loan options, making financial support easily accessible. Here’s a list of the finest banking institutions, exceeding ten in number, for installment loans in the Philippines:
- BPI – BPI stands out for its swift and convenient loan approval process for personal loans, devoid of any collateral requirement. With low-interest rates of 1.2% per month and flexible repayment terms spanning 6 to 36 months, BPI ensures hassle-free financing. Their online banking platform and the BPI Mobile App enable rapid access to funds.
- Security Bank – Security Bank offers competitive loan products with repayment terms of up to 36 months and interest rates as minimal as 1%. Applying for a loan is effortless, either online or at any nationwide branch. Furthermore, utilizing their loan product brings added advantages, including complimentary life insurance coverage and reduced fees for specific services.
- Metrobank – Metrobank provides personal loan plans with financing up to PHP 500K, 12-month repayment terms, and a 2% annual interest rate. The revolutionary ‘MyMetroApply’ digital lending platform enables applicants to conveniently apply for loans through their mobile devices or computers, eliminating the need to visit a physical branch.
- UnionBank – UnionBank’s flagship personal loan offers competitive rates at 2% per annum (PRA), coupled with flexible repayment terms extending up to 36 months, based on the borrowed amount. The loan also includes free credit life insurance coverage against death or total permanent disability during the loan term.
- Citi – Citi presents a range of personalized installment loans, including Citibank Personal Loan, Citibank Flexi Loan, and Citibank Platinum Cashback Loan. Interest rates start at 1% PRA, reaching up to 3% PRA, depending on the borrowed amount and preferred repayment duration of up to 60 months.
- RCBC Savings Bank – Offering competitive rates starting from 1% PRA, RCBC Savings Bank’s monthly installment loan is coupled with flexible repayment terms spanning 6 to 36 months, depending on the borrowed sum. They also provide complimentary accident insurance coverage for enhanced investment security.
- EastWest – EastWest’s personal loan products feature promotional interest rates from 0% PRA for the initial 3 months, transitioning to reasonable rates ranging from 1% to 3%. The product range includes salary loans, auto loans, medical loans, travel/vacation loans, business capital/overdraft facilities, catering to diverse financial needs.
- China Banking Corporation – CBC’s consumer credit solutions encompass installment loans with predetermined fixed monthly payments, ensuring budget flexibility over an agreed term. They offer adjustable rates commencing at 2% per annum (PRA).
- AUB – AUB provides diverse consumer lending products tailored for working professionals seeking swift financing solutions. These include payday or salary advances, offering funds within 24 hours of document submission, along with competitive interest rate packages starting from 2% PRA annually.
- Maybank Philippines – Maybank Philippines’ Quick Cash Loan offers unsecured financing without the need for collateral or guarantors. Packages comprise 3-month repayment terms and reasonable annual interest rates commencing at 1%.
- PSBank – PSBank’s Personal Loan Easy stands out for its rapid processing and disbursement within 3 days of document submission. With affordable payment options starting at 0% PRA, credit lines extend up to PHP 300K, ensuring ample financing whenever necessary.
Advantages & Disadvantages of Online loans with monthly payments
Advantages
The benefits of online loans with monthly payments extend beyond those provided by other financing methods. Notably, these loans usually come with lower interest rates compared to what traditional lenders offer. Moreover, the repayment terms exhibit a higher degree of flexibility. This allows borrowers to gradually pay off their loans over an extended period, contributing to better budget management. Many online lenders also allow potential borrowers to undergo a prequalification process without any impact on their credit scores.
This feature streamlines offer comparisons, facilitating the identification of the most favorable deal. Additionally, certain online lenders present opportunities for early settlement discounts or waived processing fees, effectively reducing the overall cost of borrowing.
Furthermore, these loans are accessible to a wider range of individuals since they often require minimal prerequisites, such as evidence of income or a strong credit history. This makes online loans a viable alternative for those who may not meet the criteria for traditional financing avenues.
Disadvantages
Despite the advantageous aspects, online loans with monthly payments might not suit everyone’s circumstances. While they generally provide more competitive interest rates and extended repayment timelines compared to conventional credit options, potential borrowers must remain cognizant of potential drawbacks associated with this loan type.
To elaborate, certain online lenders impose higher fees than their traditional counterparts, making it crucial to exercise caution to avoid rapid accrual of costs. Furthermore, stricter eligibility requirements enforced by numerous online lenders can limit the loan amount or interest rate accessible to borrowers.
Additionally, some online lenders might not report payment histories to major credit bureaus, potentially hindering the positive impact on one’s credit score. Lastly, failing to make a payment or meet the full repayment obligation within the stipulated timeframe can result in the imposition of late fees or penalties on the outstanding balance.
Eligibility for Online Loans in the Philippines
Online loans with monthly payments are accessible to individuals in the Philippines who satisfy specific criteria. To be eligible, individuals must possess a valid government-issued ID, provide evidence of income such as salary slips or bank statements, and maintain a minimum credit score of 650 or higher. Additionally, certain lenders might require applicants to demonstrate a stable source of employment or income, along with a positive credit history devoid of late payments or negative marks.
Many online lenders in the Philippines offer extra features, such as discounts for early settlement and waived processing fees for certain loan types. These features enhance affordability for borrowers seeking prompt access to funds, while requiring repayment terms more adaptable than conventional financing methods. It is important to note, however, that interest rates are typically higher than those from traditional banks and other financial institutions. Hence, comparing multiple offers is crucial before making a selection.
In essence, online loans with monthly payments serve as an optimal solution for individuals in the Philippines seeking rapid fund access and more adaptable repayment terms than traditional financing avenues. Nevertheless, borrowers should meticulously review all terms and conditions associated with each lender to make well-informed decisions aligned with their financial circumstances.
Considerations When Borrowing with Monthly Installments
Borrowing money through monthly installments entails recognizing potential risks and expenses linked to such loans. Primarily, interest rates are generally elevated compared to offerings from traditional banks and financial institutions, potentially resulting in higher overall payments. Furthermore, some lenders might impose supplementary fees or penalties for late payments or missed installments, which could accumulate swiftly without vigilant monitoring.
Borrowers must also bear in mind that opting for a loan with monthly payments might impact their credit score if not repaid promptly. Given that numerous online lenders do not report payments to major credit bureaus, positive payment history might not reflect on credit reports. Furthermore, failure to settle the loan within the agreed timeframe can lead to additional late fees or penalties being levied.
Ultimately, comparing diverse offers from various lenders remains vital to secure the most favorable terms and conditions for the loan. A thorough review of all fine print is essential, empowering borrowers to comprehend every aspect of the loan agreement and make prudent choices in line with their financial situation.
Safe Practices for Repaying Online Loans
Safe and timely repayment of online loans requires a structured approach. Borrowers should establish a budget and institute automated payments to ensure adherence to payment deadlines. Vigilant monitoring of fluctuating interest rates and associated fees is also advisable. Awareness of potential late fees, prepayment penalties, and other charges is crucial.
Employing email or text reminders can prevent missed payments, sidestepping additional fees and penalties. Regularly assessing current loan terms against comparable offers from alternate lenders can unveil more cost-effective alternatives.
Thorough comprehension of potential risks linked to online loans with monthly payments is imperative. These loans often carry higher interest rates than those available from traditional financial institutions, coupled with fewer safeguards for borrowers facing non-payment or missed installments.
Prior to finalizing any agreements, it is indispensable to meticulously peruse all fine print. This ensures a comprehensive understanding of terms and conditions, empowering borrowers to make informed decisions aligned with their financial well-being.
Tips for Online Loans with Monthly Payments in the Philippines
Prioritize comparing multiple offers from diverse lenders to secure the most favorable terms and conditions. Thoroughly scrutinize all fine print to gain a comprehensive understanding of each lender’s offerings, enabling well-informed decisions about the most suitable choice for your financial situation.
Establishing a budget and automating payments is pivotal to guarantee on-time and complete loan repayments. Keeping a vigilant eye on interest rates, fees, late charges, and prepayment penalties helps manage the financial aspects of taking out an online loan with monthly payments.
To prevent missed deadlines and subsequent fees, consider setting up reminders via email or text. Regularly assessing your current loan terms against alternative offers assists in identifying potentially more economical options.
Acknowledge the inherent risks associated with online loans featuring monthly payments, encompassing higher interest rates compared to traditional banks and fewer protective measures in case of payment lapses.
Before signing any agreements or accepting loan terms, meticulously review all fine print. This ensures a comprehensive grasp of the terms, enabling informed decisions regarding your financial circumstances.