Online loans with monthly payments in the Philippines have become a convenient financial solution for many individuals. These loans offer a straightforward application process, online registration from your computer or mobile device, and quick same-day approval. In this article, we will discuss the top 10+ Legit Online Loans With Monthly Payments Philippines installment, providing you with valuable information to make an informed borrowing decision.
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 Online Loans with Monthly Payments in the Philippines
Online loans with monthly payments in the Philippines are gaining popularity due to their accessibility and convenience. These loans are designed to provide borrowers with quick access to the funds they need while allowing them to repay the loan amount and interest over a specified period in manageable monthly installments. Here’s a summary of key details about these loans:
- Loan Amount: Online lenders in the Philippines typically offer loan amounts ranging from 2,000 to 70,000 pesos.
- Eligibility: Borrowers must meet certain eligibility criteria, which often include being between 18 and 60 years old.
- Loan Terms: The repayment terms for online loans with monthly payments in the Philippines vary and can range from 1 month to 12 months.
- Interest Rate: Some lenders offer an attractive 0% interest rate for the first loan, making it a favorable option for first-time borrowers.
- Pros: Online loans with monthly payments provide long-term payment options, making it easier for borrowers to manage their finances.
- Cons: One potential drawback is the relatively higher interest rates compared to traditional bank loans.
- Effectiveness: These loans are generally considered effective, especially for individuals with urgent financial needs.
- Bad Credit: Many online lenders are willing to work with borrowers who have bad credit histories, offering them a chance to access the funds they need.
What Are Online Loans with Monthly Payments in the Philippines?
Online loans with monthly payments in the Philippines are a type of consumer loan designed to provide individuals with quick access to cash for various purposes, such as unexpected expenses, medical bills, home repairs, or even leisure activities. These loans are typically offered by online lending platforms and come with a straightforward application process that can be completed from the comfort of your own home, using a computer or mobile device.
The key feature of these loans is the ability to repay the borrowed amount, plus interest, in equal monthly installments over a predetermined period. This installment-based repayment structure makes it easier for borrowers to budget their finances and meet their repayment obligations without experiencing a significant financial burden.
Pros and Benefits of Legitimate Online Loans with Monthly Payments in the Philippines
Online loans with monthly payments in the Philippines offer several advantages and benefits to borrowers. Here are some of the key pros and benefits:
- Legal Loans: These loans are regulated by government authorities, ensuring that borrowers have legal protections when dealing with online lenders. This helps safeguard borrowers’ rights and interests.
- Confidentiality: Online lenders prioritize the confidentiality and security of borrowers’ personal information. They employ advanced encryption and security measures to protect sensitive data.
- Simple Registration: The application process for online loans is straightforward. Typically, you only need to provide a valid government-issued ID to apply.
- Convenience: Borrowers can complete the entire loan application process from the comfort of their homes using a computer or mobile phone with an internet connection.
- Monthly Installments: The installment-based repayment structure allows borrowers to spread the repayment of the loan over several months, making it more manageable and less financially burdensome.
- Automatic Approval: Many online lenders offer automatic loan approval based on the information provided during the registration process and the borrower’s credit profile. This eliminates the need to provide extensive documentation or proof of income.
- Quick Disbursement: Online loans often come with same-day disbursement, ensuring that borrowers receive the funds they need promptly.
- First Loan Incentives: Some online lenders offer special incentives, such as 0% interest rates, for first-time borrowers, making it a cost-effective option for newcomers.
Cons and Drawbacks of Online Loan Monthly Payment in the Philippines
While online loans with monthly payments offer numerous benefits, there are also some potential drawbacks that borrowers should be aware of:
- Loan Limitations: The maximum loan amount available through online lenders is typically lower than what traditional banks may offer. This can be a limitation for individuals with significant financial needs.
- Short Loan Terms: Online loans often come with relatively short repayment periods, with some loans lasting only one month. This may not be suitable for borrowers who require a longer repayment timeline.
- Higher Interest Rates: The interest rates on online loans with monthly payments tend to be higher compared to secured loans offered by traditional banks or credit unions. Borrowers should be prepared for the cost of borrowing.
- Additional Fees: Some online lenders may charge additional fees, such as application processing fees or service fees. Borrowers should carefully review the terms and conditions to understand the full cost of the loan.
- Beware of Loan Sharks: While legitimate online lenders exist, borrowers should exercise caution to avoid falling victim to loan sharks or unscrupulous lenders. It’s essential to research and choose reputable lenders.
Criteria to Evaluate When Choosing Instant Online Loans with Monthly Payments in the Philippines
To make an informed decision when selecting an online loan provider in the Philippines, borrowers should consider several criteria:
- Loan Repayment Period: Evaluate the repayment options offered by online lenders. Look for lenders that provide flexible repayment periods that align with your financial situation.
- Loan Limits: Determine the loan amount you need and choose a lender that can accommodate your financial requirements. Different lenders may offer varying maximum loan limits.
- Interest Rates and Service Charges: Compare the interest rates and any associated service charges among different online lenders. Be aware of the overall cost of borrowing.
- Loan Application Requirements: Review the application requirements, including age restrictions, income verification, and the need for a valid government-issued ID.
- Disbursement Time: Consider how quickly you need access to the funds and choose a lender that offers a disbursement timeline that meets your needs.
- Legal Compliance: Ensure that the online lender is operating legally and complies with the regulations set by Philippine authorities.
- Approval Guarantee: Look for online lenders that offer guaranteed approval for legitimate loans, especially if you have a less-than-perfect credit history.
Interest Rate of Online Loan Monthly Payment
Interest rates for online loans with monthly payments in the Philippines vary depending on the lender and the borrower’s credit profile. On average, these loans may carry an interest rate of approximately 11.9% per month, resulting in an annual percentage rate (APR) of around 143%. However, it’s important to note that some lenders may offer attractive incentives, such as 0% interest rates for first-time borrowers, to make borrowing more affordable.
Let’s consider an example:
Suppose a borrower takes out a loan of 20,000 pesos to be repaid in four equal monthly installments. With an interest rate of 11.9% per month:
- The principal amount payable in one month would be 20,000 pesos divided by 4, which equals 5,000 pesos.
- The interest payable in one month would be 20,000 pesos multiplied by 11.9%, resulting in 2,380 pesos.
- Therefore, the total amount payable in one month would be 5,000 pesos (principal) + 2,380 pesos (interest) = 7,380 pesos.
This calculation illustrates how monthly payments are structured for online loans in the Philippines.
Installment Loans Online Philippines Requirements
Acquiring instant online loans with monthly payments in the Philippines is a straightforward process with simple eligibility criteria and an easy application procedure. Here are the typical requirements and steps:
Eligibility Criteria:
- Be a Filipino citizen.
- Be aged between 18 and 70 years old.
- Reside and work within the Philippines.
- Have a stable job with a guaranteed income and the ability to repay debts on time.
- Possess a bank account or e-wallet for receiving loan disbursements.
- Provide at least one valid government-issued ID.
Application Procedure:
- Registration: The application process begins with online registration, where you’ll be asked to provide personal information and upload a photo of your ID.
- No Due Diligence: Online lenders often do not require extensive documentation or proof of income, making the registration process hassle-free.
- Online Submission: You can complete the entire application process online without the need for in-person visits or paperwork.
- Verification: To verify your identity, you’ll need to submit a photo of your double-sided ID and a portrait holding your ID. You may also be required to enter a one-time password (OTP) to confirm your phone number.
- Approval and Disbursement: The approval process is automated and based on the information provided during registration and your credit profile. If your loan is approved, the funds are typically disbursed to your bank account on the same day.
This streamlined application process ensures quick access to funds for borrowers in need.
Limit and Term of Online Loans for Bad Credit with Monthly Payments
Online loan installment payments come with specific limitations and terms that borrowers should be aware of:
Loan Limits:
- For first-time borrowers, online lenders may approve loans ranging from 10,000 to 15,000 pesos for a one-month repayment period.
- For repeat borrowers, installment loans online in the Philippines can extend to as much as 50,000 pesos, depending on the lender.
Repayment Terms:
- Borrowers have the flexibility to choose from various repayment terms, including one month, three months, six months, and even up to 12 months.
These limits and terms may vary among online lenders, so it’s essential to review the specific terms and conditions offered by each lender to find the most suitable option for your needs.
Comparison of Online Loans with Monthly Payments Philippines for Bad Credit
To assist borrowers in making an informed decision, here’s a comparison of three reputable online lenders in the Philippines:
| Criteria | Cashexpress | Soscredit | Digido |
|---|---|---|---|
| Limits | 1,000 – 2,000 pesos | 1,000 – 25,000 pesos | 1,000 – 25,000 pesos |
| Term | 7 – 14 days | 3 – 12 months | 3 – 6 months |
| Interest Rate | 1.99%/month | 1.39%/month | 1.3%/month |
| Approval Time | 15 minutes | 15 minutes | 10 minutes |
| Effectiveness Rating | Good | Pretty Good | Rather Good |
This comparison provides insight into the loan limits, repayment terms, interest rates, and approval times offered by these three online lenders. Borrowers can use this information to assess which lender aligns with their financial needs.
How to Apply for Online Loans with Monthly Payments in the Philippines
Obtaining online loans with monthly payments in the Philippines is a straightforward process that can be completed in five simple steps:
Step 1: Choose an Installment Loan Site
Start by researching and selecting a reputable online lender that offers installment loan options in the Philippines.
Step 2: Choose Loan Limits and Terms
Visit the lender’s website and choose the loan amount you wish to borrow and the repayment term that suits your financial situation.
Step 3: Apply for Loan Information
Complete the online application form provided by the lender. You’ll need to provide personal information, including your full name, date of birth, address, phone number, email address, ID number, occupation, income details, monthly installments (if any), reference information, and bank account number.
Step 4: Verify the Information
To verify your identity, you’ll be asked to take a photo of your government-issued ID and a portrait holding the ID. Additionally, you may need to enter an OTP to confirm your phone number. Once you’ve completed these steps, submit your loan application.
Step 5: Wait for Approval and Disbursement
The lender’s system will automatically process your application and provide loan approval results through email or messaging. If your loan is approved, the funds will be transferred to your bank account on the same day.
By following these steps, borrowers can apply for online loans with monthly payments in a convenient and efficient manner.
Top 10 Best Online Loans with Monthly Payments in the Philippines – 2024
Here is a list of the top online lenders in the Philippines that offer loans with monthly payments:
|
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 |
#1. Soscredit – Legitimate Online Loans with Monthly Payments in the Philippines
Description: Soscredit is a trusted provider of legitimate online loans with monthly payments in the Philippines, offering same-day disbursement. Borrowers can access loans ranging from 1,000 to 25,000 pesos, with repayment terms of 3 to 12 months. First-time borrowers can borrow up to 7,000 pesos, interest-free and free from service fees. The APR varies from 143% to 180% per year.
Eligibility: Filipino citizens aged 20 years or older.
Pros and Cons:
- Pros: 12-month repayment option, 15-minute approval, high loan approval rate.
- Cons: Higher APR compared to traditional banks.
- Overall Score: 8/10
#2. Digido – Loans Online with Monthly Payments in the Philippines
Description: Digido is an online lender providing loans with monthly payments in the Philippines, legally licensed by the government. Borrowers can access loans ranging from 500 to 30,000 pesos, with repayment periods of 3 to 6 months. The average interest rate is 11.9% per month, and first-time borrowers can enjoy up to 10,000 pesos interest-free for 7 days.
Eligibility: Filipino citizens aged 21 to 70 years old, residing and working in the Philippines.
Pros and Cons:
- Pros: No hidden fees, high approval rate, 24/7 support, fast approval.
- Cons: High interest rates.
- Overall Score: 8/10
#3. Cashexpress – Online Cash Loans with Monthly Payments
Description: Cashexpress is a leading provider of online loans in the Philippines, offering quick and convenient access to cash. Borrowers can obtain loans ranging from 1,000 to 20,000 pesos, with installments every 7 to 14 days. The loan interest rate is only 1.99% per day, and first-time borrowers can access up to 10,000 pesos with no interest for 7 days.
Eligibility: Filipino customers aged 21 to 70 with an active mobile phone number, stable income, a bank account or e-wallet, and a valid government-issued ID.
Pros and Cons:
- Pros: Simple and fast financial solutions, online registration, fast disbursement, flexible repayment options, secure information handling.
- Cons: Short loan period, relatively high interest rate.
- Overall Score: 7/10
#4. Crezu – Online Loan Companies with Monthly Payments
Description: Crezu is a platform that helps borrowers compare reputable lenders that meet their needs. Over 200,000 customers have been provided loans ranging from 1,000 to 25,000 pesos, with repayment periods of 2 to 6 months. Some partners offer interest-free options for the first loan, while subsequent loans may have interest rates ranging from 12% to 36% per annum.
Eligibility: Filipinos aged 18 and above.
Pros and Cons:
- Pros: Fast approval time, high approval rate, customer loyalty.
- Cons: Suggests a 6-month repayment option, acts as an intermediary rather than a direct lender.
- Overall Score: 6/10
#5. Moneycat – Online Loans for Bad Credit with Monthly Payments
Description: Moneycat offers online loans designed for individuals with bad credit histories. Borrowers can access loans ranging from 500 to 20,000 pesos, with repayment periods of 3 to 6 months. The maximum loan interest rate is 3% per day, with no service charge for new customers borrowing up to 3,800 pesos.
Eligibility: Filipino citizens aged 22 to 60 years old.
Pros and Cons:
- Pros: Online registration with just one valid ID, fast approval, same-day disbursement, multiple payment methods.
- Cons: High interest rates.
- Overall Score: 8/10
FAQs – Online Loans with Monthly Payments in the Philippines
Here are answers to common questions about online loans with monthly payments in the Philippines, especially for borrowers with bad credit:
Where can I get a loan and make monthly payments?
Borrowers can obtain Philippine cash loan installments from traditional banks, credit unions, or online loan finance companies. Online loans with monthly payments offer the convenience of applying for loans online, with 24/7 financial support.
What is the monthly installment payment?
Online loans with monthly payments involve repaying a loan, along with interest, in fixed monthly amounts over a specified period. This allows borrowers to spread out the repayment rather than paying the entire loan amount upfront.
How do I get the monthly payment of a loan?
For online loans, borrowers can receive their monthly installment payments through various methods, including bank deposits, e-wallets like Gcash, Shopeepay, Grabpay, coins.ph, Paymaya, or by paying cash at payment centers such as Cebuana Lhuillier, 7-Eleven, or business centers.
Recommended Best Online Loans App with Monthly Payments in the Philippines
For borrowers seeking high-limit, low-interest rate, easy registration, high approval rate, and fast disbursement, some online lenders in the Philippines stand out. Providers like Digido or Moneycat offer attractive options for borrowers with varying financial needs.
Online loans with monthly payments in the Philippines offer a flexible and accessible solution to address financial emergencies or fulfill specific financial goals. By considering the information provided in this article and conducting thorough research, borrowers can make informed decisions and select the most suitable online lender for their needs. Always remember to carefully review the terms and conditions of any loan agreement before proceeding with the application.
In conclusion, the availability of legitimate online loans with monthly payments in the Philippines provides borrowers with a valuable resource to meet their financial requirements conveniently and efficiently. Whether you need funds for unexpected expenses or planned investments, exploring these online loan options can help you access the financial support you need with manageable repayment terms.