10+ Best Online Lending Companies in the Philippines for Fast Loan Finance (2024)
In the Philippines, the demand for quick and accessible financial solutions has led to the rise of online lending companies. These companies offer convenient loan application processes and fast approvals, making them popular among individuals in need of immediate financial assistance. If you’re searching for the best online lending company in the Philippines, look no further. This article provides a comprehensive list of reputable lenders and offers valuable insights on how to apply for loans with high approvability.
Summary of Lending Companies in the Philippines:
When it comes to choosing the right lending company, it’s essential to consider factors such as loan terms, interest rates, eligibility requirements, and customer reviews. Here are the top 15 lending companies in the Philippines:
- Didogo
- Finbro
- Loanonline
- Soscredit
- Cashexpress
- Cashspace
- Zaimoo
- Moneycat
- Vamo
- Crezu
- Binixo
- Kviku
- Pesoredee
- Unacash
- Finloo
Key Points:
- Loan amount: Ranging from 1,000 to 60,000 pesos
- Age requirement: 18 to 60 years old
- Loan term: 1 to 12 months
- Interest rate: 0% for the first loan
- Pros: Fast loan disbursement without the need for face-to-face meetings
- Cons: Service fees may apply
- Effectiveness rating: Pretty good
- Bad debt is allowed
What are Lending Companies in the Philippines?
Lending companies in the Philippines are financial institutions that provide short-term loans through online platforms or websites. These companies simplify the loan application process, allowing borrowers to access funds quickly. Most lending companies require only one valid identification card for verification purposes.
Top 10+ Reputable Online Lending Companies in the Philippines:
Let’s delve deeper into the characteristics of each reputable lending company in the Philippines:
#1. Digido Loan
Digido is a well-established lending company in the Philippines that offers completely legal online financial services. Customers can borrow between 1,000 and 25,000 pesos for a period of 3 to 6 months. The interest rate is 11.9% per month (APR = 143%). First-time borrowers can be approved for a maximum loan of 10,000 pesos, interest-free for 7 days. Digido supports Filipinos aged 21 to 70. Their online registration process is available 24/7, and no financial proof is required. However, it’s important to note that the interest rate is relatively high. Overall, Digido has a pretty good effectiveness rating.
#2. Finbro Loan
Finbro is a leading lending company in the Philippines, trusted by more than 98% of customers. They provide loans ranging from 1,000 to 50,000 pesos, with payment periods ranging from 7 to 30 days and an interest rate starting from only 0.16% per day. New customers can borrow up to 10,000 pesos with interest- and fee-free offers. Finbro is suitable for Filipino citizens between the ages of 20 and 65 with stable income. They offer fast approval within 10 minutes and super-fast disbursement to bank accounts or e-wallets. Additionally, borrowers can extend the payment period by 30 days. However, the loan term is relatively short. Finbro’s effectiveness rating is good.
#3. LoanOnline
LoanOnline is a top lending company in the Philippines that specializes in collateral-free loans. They offer a quick loan comparison service, with a loan amount ranging from 500 to 25,000 pesos and an installment term of 3 to 12 months. The APR varies from 0% to a maximum of 427%. LoanOnline does not charge any service fees for loan applications. Borrowers must be at least 18 years old and possess a valid ID card. The online application process is simple and provides fast loan suggestions without any service fees. However, LoanOnline does have relatively high loan interest rates. Their effectiveness rating is medium.
#4. Soscredit Loan
Soscredit is a reputable online lending company in the Philippines known for its quick disbursement process. First-time borrowers can apply for loans ranging from 1,000 to 7,000 pesos with 0% interest rate and no service fee for 62 days. Repeat borrowers can borrow up to 25,000 pesos with a loan term of 3 to 12 months and a maximum APR of 143%. Soscredit’s online loan system caters to customers aged 20 to 70. Their fast disbursement takes only 15 minutes, and they offer flexible payment options. Soscredit has a pretty good effectiveness rating, although the interest rate is relatively high.
#5. Cash-Express Loan
Cash-Express is a leading financial company in the Philippines. They provide loans ranging from 1,000 to 20,000 pesos for a period of 14 days, with an interest rate of 1.99% per day. For the first loan, they support up to 10,000 pesos, interest-free for 7 days. Cashexpress caters to Filipino citizens between the ages of 21 and 70. Their registration process is easy, and they offer quick approval and disbursement to bank accounts. Payment time extensions are also available. However, it’s important to note that Cashexpress offers short-term loans with high interest rates. Their effectiveness rating is medium.
#6. Cashspace Loan
Cashspace is a reputable lending business in the Philippines that is highly rated for its credibility and trustworthiness. They offer quick loans ranging from 1,000 to 25,000 pesos, with repayment periods of 7 to 30 days. The interest rate is reasonable, starting from 0.1% per day. Cashspace is applicable to borrowers over 18 years old and boasts an approval rate of over 97%. Their approval process is fast, taking only 5 minutes, and they offer simple procedures and preferential interest rates. However, the loan period is relatively short. Cashspace has a pretty good effectiveness rating.
#7. Zaimoo Loan
Zaimoo is an online lending company in the Philippines with years of experience in the market. They offer loans ranging from 1,000 to 30,000 pesos, with new customers eligible for loans up to 10,000 pesos. Loan terms range from 10 to 30 days, and the interest rate starts at 1.3% per day. Zaimoo provides fast loans that only require an ID card and boasts a high approval rate. Disbursement is super-fast, and borrowers can receive funds 24/7. However, they do charge service fees, and the loan interest rates are relatively high. Zaimoo has a good effectiveness rating.
#8. Moneycat Loan
Moneycat is considered the best loan company in the Philippines, offering reputable online loan services. Borrowers can apply for loans ranging from 500 to 20,000 pesos, with a loan term of 3 to 6 months and an average interest rate of 11.9% per month (maximum APR of 145%). First-time borrowers enjoy interest-free and fee-free offers. Moneycat caters to individuals between 22 and 60 years old and has a simple registration process. They provide quick support and professional advice to borrowers. However, Moneycat has a low loan limit and relatively high interest rates. Their effectiveness rating is pretty good.
#9. Vamo Loan
Vamo is an online lending company in the Philippines with extensive experience in the market. They offer loans ranging from 1,000 to 30,000 pesos, although new customers can only borrow up to 10,000 pesos. Loan terms range from 10 to 30 days. Vamo applies an interest rate of 1.3% per day and an additional processing fee of 100 pesos. They support Filipino citizens aged 20 to 65 and provide fast loans that only require an ID card. Vamo boasts a high approval rate and super-fast disbursement. However, they do charge service fees, and the interest rates are relatively high. Vamo has a good effectiveness rating.
#10. Crezu Loan
Crezu is a fast loan company in the Philippines that acts as a legitimate credit finance intermediary, connecting borrowers and lenders. They can approve loans ranging from 1,000 to 25,000 pesos for a period of 61 to 120 days. The loan interest rates range from 12% to 36% per annum, depending on the borrower’s credit profile. Crezu supports Filipino citizens from 18 to 60 years old and has an approval rate of over 94%. Their registration process is fast, available 24/7. However, it’s important to note that Crezu only suggests loans and does not directly lend. They have a pretty good effectiveness rating.
#11. Binixo Loan
Binixo is among the top lending companies in the Philippines, known for its reputable services. They offer loans ranging from 1,000 to 25,000 pesos, with flexible repayment periods of 3 to 36 months and interest rates from 4% to 916% per annum. First-time borrowers can enjoy a preferential interest rate of 0.01%. Binixo caters to Filipino citizens who are at least 18 years old and possess a valid ID. Their online loan process includes quick disbursement within 15 minutes, and they have a high approval rate. However, Binixo does have high interest rates. Their effectiveness rating is pretty good.
#12. Kviku Loan App
Kviku is an online lending company in the Philippines that provides cash loan services. Approved borrowers can access funds ranging from 500 to 25,000 pesos, with an interest rate of 0.16% per day. For new customers, the payment period is 60 days, while repeat borrowers can extend the repayment period up to 180 days. Kviku welcomes Filipino citizens between 20 and 55 years old, and the application process requires a valid ID card. They offer easy borrowing, quick approval, fast disbursement, and flexible payment options. However, the loan term is relatively short. Kviku’s effectiveness rating is medium.
#13. Pesoredee Loan
Pesoredee is a reputable global lending company in the Philippines. They offer loans ranging from 1,000 to 20,000 pesos, with installments over 3 to 6 months and an interest rate of 11.9% per month. New customers can borrow up to 7,000 pesos interest-free. Pesoredee caters to Filipino citizens between 22 and 70 years old. They offer a 14-day payment time extension, disbursement in just 5 minutes, and 24/7 customer support. However, the interest rate is relatively high. Pesoredee’s effectiveness rating is pretty good.
#14. Unacash Loan App
Unacash is one of the legal lending companies in the Philippines that offers reputable online loan services. They provide loans ranging from 1,000 to 50,000 pesos, with repayment terms of 2 to 6 months. Interest rates range from 0% to 16% per month, with annual interest rates (APRs) reaching up to 194%. Unacash’s eligibility requirements include being at least 18 years old, having a valid phone number, and providing an email address. They offer high loan limits and a simple and fast loan application process. However, it’s important to note that the interest rate is relatively high. Unacash has a good effectiveness rating.
#15. Finloo Loan
Finloo is a well-known lending company in the Philippines that specializes in serving overseas Filipino workers (OFWs). They offer online loan products such as quick loans, consumer loans, and credit. The loan limit ranges from 1,000 to 25,000 pesos, with repayment terms from 3 to 30 days and an interest rate starting from 0.01% per day. Finloo supports Filipino citizens aged 18 and above, and their services are available 24/7. They provide fast loan approval within 10-20 minutes, boast a loan approval rate of up to 99%, and offer assistance to borrowers with bad debts. However, the loan period is relatively short. Finloo has a pretty good effectiveness rating.
How to Register with Lending Companies in the Philippines:
To apply for an online loan with a lending company in the Philippines, follow these steps:
- Step 1: Research and select a reputable and suitable online loan service provider that meets your needs. You can gather information from bank websites, financial companies, or online financial product comparison tools.
- Step 2: Choose the desired loan product and fill in the required information, such as loan amount, loan term, purpose of use, and other relevant details.
- Step 3: Register an account on the service provider’s website and provide your personal information, including full name, ID number, date of birth, address, phone number, income, references, and bank account number.
- Step 4: Prepare a scanned copy of your valid ID card (both sides) and take a photo of yourself holding the front side of the ID card.
- Step 5: Submit your application and wait for the review and approval process. The time required for approval may vary depending on the lending company and the number of applications being processed.
- Step 6: If your loan application is approved, you will receive an email or text notification confirming the approval. The loan amount will be disbursed to your designated bank account.
Frequently Asked Questions – Best Online Lending Companies in the Philippines:
Let’s address some frequently asked questions regarding lending companies in the Philippines:
Is it legal to lend money with interest in the Philippines?
Lending money with interest is a common and legally accepted business practice in the Philippines, as long as it complies with the provisions of interest rate legislation and credit legislation.
What are the requirements for borrowing from lending companies in the Philippines?
Lending companies typically require borrowers to be at least 18 years old, have a stable income to repay the loan, and possess at least one valid ID.
Can lending companies sue borrowers in the Philippines?
If borrowers fail to repay their loans on time, lending companies in the Philippines may take legal action against them. It’s crucial to manage your finances responsibly and ensure timely loan repayments. In case of payment delays, borrowers can contact the lender to request an extension of the loan period.
How can one start a lending company in the Philippines?
To establish a lending company in the Philippines, you must follow legal procedures and meet the requirements set by the government. Consulting legal and financial experts is recommended for guidance throughout the process.
Where can I borrow money in the Philippines?
You can apply for loans at banks, financial institutions, or online lending companies that provide quick disbursement to meet your financial needs promptly.
Is lending a good business in the Philippines?
Yes, lending is considered a lucrative business in the Philippines. Lending companies are legal entities licensed by the government, ensuring a secure and regulated lending environment.
How can I invest in a lending company in the Philippines?
To invest in a lending company and contribute shares, you can contact the respective company directly. The contact information is usually available on the lender’s official website.
Choosing the Right Lending Company in the Philippines
With numerous options available, selecting the best lending company in the Philippines can be a daunting task. However, two highly recommended lenders are Unacash and Finbro. Unacash offers higher loan limits compared to others and has a straightforward registration process. Finbro, on the other hand, provides reasonable interest rates, quick approval, and flexible payment options.
Conclusion
When it comes to online lending companies in the Philippines, there are plenty of reputable options to choose from. Each company has its own unique features and advantages. It’s crucial to consider factors such as loan terms, interest rates, eligibility requirements, and customer reviews before making a decision. By following the provided steps and conducting thorough research, you can find the best online lending company that suits your financial needs and offers high approvability.