The financial landscape has transformed drastically with the rise of online lending platforms, offering borrowers greater convenience and flexibility. In the Philippines, where financial services are increasingly digitalized, online loan apps have gained significant popularity. One particular type of loan app that has attracted borrowers’ attention is the long-term payment option.
This article will provide an extensive review of the top five (5) online loan apps with long-term payment options available in the Philippines, empowering customers to make informed decisions regarding their financial needs.
Summary of Loan Apps with Long-Term Payment in the Philippines
When it comes to online loan apps with long-term payment options in the Philippines, there are several reputable platforms to consider. The following five apps have consistently ranked among the best:
These apps offer loan amounts ranging from 1,000 to 60,000 pesos, catering to a wide range of borrowers’ financial requirements. The repayment terms vary from one month to twelve months, providing borrowers with flexibility in managing their finances. While these apps boast online instant approval, it’s worth noting that the interest rates on these loans tend to be higher than those offered by traditional banks. Nonetheless, considering the convenience and speed of approval, these loan apps can be an effective solution for individuals seeking immediate financial assistance. It’s important to note that these loan apps also accommodate borrowers with bad credit, making them accessible to a broader audience.
Understanding Long-Term Loans
Before diving into the specifics of loan apps with long-term payment options, it is crucial to understand the concept of long-term loans. A long-term loan refers to a borrowing arrangement wherein the borrower receives a substantial amount of money and is granted an extended period to repay the loan.
Typically, borrowers are required to make monthly repayments, consisting of both principal and interest, until the loan is fully repaid. Long-term loans can be obtained through banks, credit institutions, or financial companies, offering borrowers the opportunity to address various financial needs.
Advantages of Long-Term Loans
Loan apps with long-term payment options in the Philippines offer several advantages to borrowers. These advantages include:
- Extended Repayment Period: Long-term loans provide borrowers with a significant amount of time to repay their debts. This extended period helps alleviate the pressure of making large monthly payments, enabling borrowers to manage their finances more effectively.
- Lower Interest Rates: Compared to short-term loans, long-term loans generally feature lower interest rates. This allows borrowers to reduce their overall borrowing costs, making long-term loans an attractive option for individuals seeking affordable financing solutions.
- Convenient Online Application: One of the key benefits of these loan apps is the ease and convenience of the online application process. Borrowers can complete the entire application from the comfort of their homes, without the need for face-to-face interactions or extensive paperwork. Furthermore, these apps offer fast disbursement, with funds being transferred to borrowers’ accounts on the same day.
Disadvantages of Loan Apps with Long-Term Payment in the Philippines
While loan apps with long-term payment options in the Philippines offer numerous advantages, it is essential to consider the potential drawbacks as well. These disadvantages include:
- Increased Interest Costs: Due to the extended repayment period, the total interest costs associated with long-term loans can significantly rise. While the interest rates may be lower compared to short-term loans, the cumulative interest paid over a longer period can result in higher overall borrowing costs.
- Financial Fluctuations: Committing to long-term debt repayment leaves borrowers vulnerable to unexpected financial fluctuations in the future. Situations such as job loss, business difficulties, or significant changes in personal financial circumstances can make it challenging to meet the monthly repayment obligations.
Criteria for Evaluating Loan Apps with Long-Term Payment in the Philippines
When selecting a loan app with long-term payment options in the Philippines, there are several key criteria to consider. These criteria will help borrowers evaluate and compare different apps, ensuring they choose the most suitable option for their needs. The essential criteria to consider include:
- Interest Rates and Fees: Carefully assess the interest rates and associated fees charged by each app. Comparing the rates and costs across different platforms will enable borrowers to select the app offering the most competitive terms.
- Repayment Period Flexibility: Examine the flexibility of the repayment schedule offered by each app. Determine whether the app allows borrowers to customize the loan term to align with their individual financial circumstances.
- Application and Approval Process: Consider the simplicity and speed of the application and approval process. A user-friendly app with a streamlined process will expedite the loan application and approval, ensuring borrowers receive funds promptly.
- Requirements and Conditions: Take note of the eligibility requirements and conditions set by each app. Factors such as income, credit history, collateral, and other relevant criteria should be evaluated to ensure borrowers meet the necessary prerequisites for loan approval.
- Customer Opinions and Reviews: Seek feedback from current or former customers of the loan apps. This will provide insights into the quality of service, customer support, reliability, and performance of each app.
- Security Measures and Privacy Policies: Consider the security measures implemented by each app to protect personal information and account details. Robust privacy policies and secure data handling practices are essential when selecting a loan app.
By carefully evaluating these criteria, borrowers can make well-informed decisions when choosing a loan app with long-term payment options in the Philippines.
Long-Term Loan Interest Rates in the Philippines
Interest rates for long-term loans in the Philippines vary across online loan companies. These rates are influenced by factors such as credit risk, income levels, customer profiles, and company regulations. Additionally, the overall interest rate market situation can impact the interest rates offered on long-term loans. If the market interest rates rise, borrowing rates may increase accordingly. It is important for borrowers to review and compare the interest rates offered by different loan apps to secure the most favorable terms.
For example, let’s consider a loan of 50,000 pesos with a repayment period of 12 months and an interest rate of 2% per month. In this case, the monthly principal payment would amount to 4,166.67 pesos, while the monthly interest payment would be 1,000 pesos. Therefore, the total monthly payment would equal 5,166.67 pesos.
Examples of Long-Term Loan Apps in the Philippines
There are several long-term loan apps in the Philippines that borrowers can consider based on their individual needs. Some noteworthy examples include Digido, Moneycat, Finbro, and Unacash. These apps offer installment loans with terms ranging from six to twelve months, favorable interest rates, and straightforward application procedures. Borrowers can secure loans through these apps by simply providing a valid ID, making the process quick and hassle-free.
|Loan App||Digido Loan||Credify Loan||Soscredit Loan|
|Amount||1000 – 30000 PHP||1000 – 25000 PHP||1000 – 25000 PHP|
|Term||3 – 6 months||2 – 12 months||3 – 12 months|
|Approval time||5 minutes||15 minutes||15 minutes|
Requirements for Long-Term Loan Apps in the Philippines
Loan apps with long-term payment options in the Philippines typically have straightforward requirements, making them easily accessible for borrowers. The registration process takes approximately 10 minutes, and funds are disbursed via bank transfer. The basic conditions for loan approval include being at least 18 years old, having a stable job, possessing a valid ID, and providing an active phone number. These minimal requirements contribute to the accessibility and efficiency of online loan apps.
Limitations and Terms of Long-Term Cash Loans in the Philippines
Legitimate long-term loan apps in the Philippines generally offer lower loan limits compared to mainstream bank loans. While the loan amounts may range from 1,000 to a maximum of 50,000 pesos, the repayment periods are longer, typically lasting from six to twelve months. This provides borrowers with greater flexibility in managing their finances over an extended period.
Comparison of Long-Term Loan Apps in the Philippines
To make an informed decision, borrowers should compare the various long-term loan apps available in the Philippines. Key factors to consider when comparing apps include loan limits, repayment tenors, interest rates, approval times, and overall scores. For instance, Digido, Credify, and Soscredit have similar limits and repayment tenors, with slight variations in interest rates and approval times. These nuances may impact borrowers’ decisions, and a thorough comparison of the loan app features will help borrowers select the most suitable option.
How to Apply for a Long-Term Online Loan App in the Philippines
Applying for a long-term online loan app in the Philippines is a straightforward process. To ensure a seamless application experience, borrowers can follow these easy steps:
- Step 1: Find and choose an online loan app that aligns with your requirements and preferences.
- Step 2: Download and install the chosen app from the respective app store (App Store or Google Play).
- Step 3: Sign up and create an account on the app by providing the necessary personal information. This typically includes your name, phone number, email address, and basic financial details.
- Step 4: Verify your identity through the required documents or video call verification.
- Step 5: Fill out the loan application form, specifying the desired loan amount and purpose. Provide any additional financial information as requested.
- Step 6: Submit the loan application and wait for the app to review and process your request. The processing time may vary, depending on the specific app and its requirements.
- Step 7: Upon approval, the loan amount will be transferred to your designated bank account or through other supported payment methods offered by the app.
Top 5 Best Legit Loan Apps With Long-Term Payment in the Philippines for 2023
For borrowers seeking reliable loan apps with long-term payment options in the Philippines, the following list features the top ten platforms to consider:
#1. Soscredit – A Reliable Long-Term Loan App in the Philippines
Soscredit stands out as one of the reputable long-term loan apps in the Philippines, offering a fast and straightforward application process that only requires a personal ID. With Soscredit, you can borrow amounts ranging from 1000 to 25000 pesos, and the loan terms can last anywhere from 3 to 12 months. What’s more, for your first loan, you can receive a maximum of 7000 pesos with no interest for up to 62 days. The annual percentage rate (APR), which includes the total interest and fees on the loan amount, ranges from 143% to 180% per annum. To be eligible for a loan, borrowers must be between 20 and 70 years old, have a stable income, and ensure that their total monthly payment does not exceed 40% of their income.
- Address: 21st Floor Equitable Bank Tower, 8751 Paseo de Roxas St., Makati City, 1226, Philippines.
- Pros and Cons of Soscredit Pros: Soscredit offers guaranteed approval for long-term loans with a simple application procedure, ensuring a fast loan process. They also provide a variety of payment methods and boast fast approval times, with the ability to receive money within 15 minutes.
- Cons: It’s important to note that Soscredit’s interest rates and fees are relatively high compared to other options available in the market.
- Overall Score: With its efficient loan process and reliable services, Soscredit receives a commendable 8/10 rating.
- Feedback about Soscredit Customers who have utilized Soscredit’s long-term loan app in the Philippines have expressed their high appreciation for the loan services provided by the company.
Guide to Long-Term Loans for Bad Credit at Soscredit:
- Step 1: Register a Soscredit loan account by visiting the following link: soscredit.ph
- Step 2: Fill out the application
- Step 3: Wait for a decision
- Step 4: Receive money in your bank account
#2. Crezu – Your Reliable Long-Term Personal Loan App in the Philippines
Crezu is a long-term personal loan app in the Philippines that aims to help borrowers compare and choose reputable loan partners tailored to their specific needs. At Crezu, you can borrow amounts ranging from 1000 to 25000 pesos, and the installment terms vary from 2 to 4 months. Notably, Crezu does not charge any service fee, and the annual percentage rate (APR) on their loans ranges from 12% to a maximum of 36% per year. To be eligible for a loan, borrowers must be between 18 and 70 years old, possess a valid email address and phone number, and reside in the Philippines.
- Address: Tartu Street 84a, Tallinn, Philippines.
- Pros and Cons of Crezu Pros: Crezu, as a long-term loan app facilitating payments in the Philippines, has provided financial support to over 200,000 customers. They offer fast approval times, with an average of 14 minutes, and maintain a high approval rate, averaging 94%. Moreover, more than 86% of Crezu’s customers have applied for loans two times or more, indicating their satisfaction with the service.
- Cons: It’s important to note that Crezu acts as an intermediary between reputable lending partners and borrowers rather than directly lending funds.
- Overall Score: Crezu receives a respectable 7/10 rating due to its intermediary role in connecting borrowers with reliable loan partners.
- Feedback about Crezu Customer feedback indicates that Crezu has successfully assisted customers in finding and selecting the best legitimate long-term loan app available.
Guide to Long-Term Loans with Guaranteed Approval at Crezu:
- Step 1: Register a Crezu loan account by visiting the following link: crezu.ph
- Step 2: Fill out the application form on website
- Step 3: Get the best offers on the market. Crezu compares tens of lenders to select ones with the best terms and ready to approve your application
- Step 4: Receive your money. Apply with a chosen loan service, sign the contract and receive money to your account No more filling out forms on the website after website.
#3. Credify – Your Trusted Long-Term Online Loan App in the Philippines
Credify is a platform that supports long-term online loan applications in the Philippines for various purposes, including consumption, healthcare, and tourism. At Credify, you can borrow amounts ranging from 1000 to 25000 pesos, and the repayment terms extend from 2 to 12 months, with an annual percentage rate (APR) of 180%. Notably, for your first loan, you can be approved for up to 10,000 pesos, with zero interest and free of charge. To qualify for a loan, borrowers must be between 20 and 70 years old, and their phone number must be in active use.
- Address: Latvia, Saldus, Liela iela 9, Philippines.
- Pros and Cons of Credify Pros: Credify is a legitimate long-term loan app that offers the option to extend loan terms for up to 60 months. They boast a fast disbursement process, allowing borrowers to receive funds in as little as 15 minutes, regardless of their credit history.
- Cons: It’s important to consider that Credify’s online loan app in the Philippines comes with relatively high interest rates and fees.
- Overall Score: Credify receives a notable 8/10 rating due to its legitimacy and ability to meet customers’ long-term loan needs.
- Feedback about Credify Customers who have utilized Credify’s long-term loans for bad credit service have expressed high satisfaction with the level of service provided.
Guide to Long-Term Loans Online with Instant Approval at Credify:
- Step 1: Apply for a Credify loan account by visiting the following link: credify.ph
- Step 2: Fill out the application. Choose the best deal and fill out the application form. It will take very little time.
- Step 3: Receive the confirmation. The decision can be received, on average, within 15 minutes of filling out the application.
- Step 4: Receive the money. You’ll receive the money in your bank account within minutes of approving your loan application.
#4. Digido – The Top Longest-Term Loan App in the Philippines
Digido stands out as one of the top and most reputable long-term loan apps available in the Philippines. With Digido, you can borrow amounts ranging from 500 to 25000 pesos, and the loan terms vary from 3 to 6 months. Applying an average interest rate of 11.9% per month, the maximum annual percentage rate (APR) reaches 143%. For your first loan, you can be approved for up to 10000 pesos with no interest within 7 days. To qualify for a loan, borrowers must be between 21 and 70 years old, Filipino citizens, and possess a government-issued ID such as COE, DTi, or ITR.
- Pros and Cons of Digido Pros: Digido offers an easy and efficient approval process, boasting a high approval rate of over 90%. They provide simple loan procedures, allowing for online loan applications in the Philippines anytime and anywhere. Additionally, Digido ensures fast disbursement and facilitates easy repayment options.
- Cons: It’s important to note that long-term loans from banks may come with high-interest rates.
- Overall Score: Digido receives a commendable 8/10 rating, thanks to its user-friendly interface, prompt loan approval, and overall convenience.
- Feedback about Digido Digido has received positive customer feedback, with customers appreciating its long-term loan services and considering it one of the best legal online loan providers in the Philippines.
Guide to Online Loans with Long-Term Payments at Digido:
- Step 1: Register a Digido loan account by visiting the following link: digido.ph. Create your private space on the website You must complete the form with your personal data. For this you only need your ID and phone number. Everything is very simple! Completing the form takes a few minutes.
- Step 2: Indicate how to transfer the loan. The robot service Digido collaborates with major partners so that you can obtain and repay the loan in the most comfortable way.
- Step 3. Sign the contract with Digido. Confirm your consent to obtain the loan online. You will receive the confirmation code via a message via a telephone. The loan will be transferred in real time in the simplest way for you.
#5. Binixo – Your Trusted Long-Term Cash Loan Provider in the Philippines
Binixo is a 24/7 online support platform offering long-term cash loans in the Philippines, with the ability to receive funds in as little as 15 minutes. At Binixo, you can borrow amounts ranging from 1000 to 25000 pesos, with installment terms ranging from 3 to 12 months. The interest rate on the first loan is incredibly low, standing at just 0.01%. For subsequent loans, interest rates range from 4% to 916% per year. To be eligible for a loan, borrowers must be Filipino citizens and at least 18 years old.
- Address: 685 St. Paul Road San Antonio Village Makati Metro Manila, Philippines.
- Pros and Cons of Binixo Pros: Binixo offers long-term loans with guaranteed approval in the Philippines, boasting a high approval rate and ensuring a fast and simple loan procedure.
- Cons: It’s important to consider that Binixo’s interest rates are relatively high compared to other available options.
- Overall Score: Binixo receives a commendable 8/10 rating due to its reliable services and the high satisfaction expressed by customers.
- Feedback about Binixo Customers who have utilized Binixo’s long-term loan services in the Philippines have consistently rated their experience with 5 stars, highlighting the quality of the loan service provided.
Guide to Long-Term Loans Online with Instant Approval at Binixo:
- Step 1: Register a Binixo loan account by visiting the following link: binixo.ph
- Step 2: Choose the amount and term of the loan
- Step 3: Fill out the form
- Step 4: Get money
Each of these loan apps offers distinct features and benefits to borrowers. By reviewing their individual offerings, borrowers can select the app that best suits their financial needs.
Frequently Asked Questions (FAQs) – Loan Apps with Long-Term Payment in the Philippines
To address common queries related to loan apps with long-term payment options in the Philippines, here are some frequently asked questions and their respective answers:
What is an online long-term loan app?
An online long-term loan app refers to a digital platform that facilitates the borrowing process, providing borrowers with access to long-term loans. These apps typically offer an array of features, such as convenient application processes, fast approvals, and flexible repayment options.
What are the differences between short-term and long-term loans?
Short-term loans are typically repaid within a shorter period, often ranging from weeks to months. They are designed to address immediate financial needs. On the other hand, long-term loans offer an extended repayment period, allowing borrowers to repay their debts over a more extended timeframe. Long-term loans are suitable for larger financing needs and offer lower interest rates compared to short-term loans.
Which banks provide long-term loans to farmers?
Several banks in the Philippines offer long-term loan options specifically tailored for farmers. Examples include BDO Digital Banking, Landbank Mobile Banking, UnionBank Online, BPI Mobile, and My Home Credit App Philippines. These banks provide financing solutions to support farmers in their agricultural activities.
Recommended Best Legit Online Loan App with Long-Term Payment in the Philippines
Among the various online loan apps with long-term payment options in the Philippines, Soscredit stands out as a highly recommended platform. Soscredit offers loans lasting up to twelve months, with the added benefit of interest-free first loans. While the interest rates and fees may be relatively higher, Soscredit provides a simple and fast loan process, with funds disbursed in as little as 15 minutes.
Online loan apps with long-term payment options have revolutionized the lending landscape in the Philippines, providing borrowers with convenient and flexible financing solutions. By considering the advantages, disadvantages, and criteria discussed in this article, borrowers can make informed decisions when choosing a loan app that aligns with their needs and preferences. The top five loan apps highlighted in this review, along with the additional information provided, will assist borrowers in navigating the dynamic world of online lending, enabling them to secure the financial support they require.