Review of 10+ Legit Online Loans with Monthly Payments in the Philippines (2024)
The financial landscape in the Philippines has evolved with the emergence of online loans that offer monthly installment payment options. These loans provide borrowers with a convenient and accessible way to obtain the funds they need while being able to repay them in manageable installments.
In this review article, CashExpress PH will explore the top 10+ legit online installment loan lenders in the Philippines, analyzing their key features, pros and cons, interest rates, loan conditions, application procedures, and user feedback. By the end of this review, readers will have a thorough understanding of the online lending market in the Philippines, empowering them to make well-informed decisions when seeking financial assistance.
Summary of Online Loans with Monthly Payments Philippines
Online loans with monthly payments in the Philippines offer borrowers the flexibility of repaying their loans through fixed monthly installments. Here is a summary of the key aspects:
- Loan amount: Ranging from 2,000 to 70,000 pesos
- Age requirement: 18 to 60 years old
- Available installment terms: 1 month, 3 months, 6 months, and 12 months
- Introductory interest rate: 0% for the first loan
- Pros: Flexible repayment options
- Cons: Relatively high interest rates
- Effectiveness evaluation: Good
- Accepts borrowers with bad credit
What are Online Loans with Monthly Payments Philippines?
Online loans with monthly payments are legal financial products that provide a simplified application process and rapid same-day approval. Borrowers can conveniently register online through their computers or mobile phones and receive loan funds in their bank accounts. The loan amount, along with the corresponding interest, is divided into equal installments, making it easier for borrowers to manage their repayments within the specified term.
Pros and Benefits of Legitimate Online Loans with Monthly Payments in the Philippines
Online loans with monthly payments in the Philippines offer several advantages, including:
- Legitimate loans with strict customer information confidentiality.
- Simple registration process, requiring only one valid government-issued ID.
- Convenient registration from anywhere with an internet connection.
- Monthly installments help borrowers manage their repayment obligations.
- Automatic loan approval based on borrower information and credit profile, eliminating the need for extensive documentation.
- Quick disbursement of funds on the same day through bank transfers.
- Some lenders offer 0% interest for the first loan.
Cons and Drawbacks of Online Loans with Monthly Payments in the Philippines
While online loans with monthly payments offer numerous benefits, borrowers should also consider the following disadvantages:
- Relatively lower loan limits and shorter repayment periods compared to traditional financial institutions.
- Higher interest rates compared to unsecured loans offered by banks.
- Additional service fees and application processing fees.
- Caution should be exercised to avoid loan sharks by thoroughly reviewing lenders before borrowing.
Criteria to Evaluate When Choosing Online Loans with Monthly Payments Philippines
To make an informed decision when selecting an online loan with monthly payments in the Philippines, borrowers should consider the following criteria:
- Availability of long-term payment options.
- Loan limits, terms, interest rates, and any associated service charges.
- Loan application requirements and disbursement time.
- Compliance with legal regulations.
- Guaranteed approval from legitimate online lenders.
Interest Rates of Online Cash Loans with Monthly Payments
Interest rates for online cash loans with monthly payments vary depending on the lender and the borrower’s profile. On average, the interest rate ranges around 11.9% per month, resulting in an Annual Percentage Rate (APR) of 143%. Some lenders offer interest-free loans for first-time borrowers, with no service fees.
For example, if a borrower takes out a loan of 20,000 pesos for a 4-month term with an interest rate of 11.9% per month, the monthly principal payment would be 5,000 pesos, and the interest payment would amount to 2,380 pesos. Thus, the total amount payable for that month would be 7,380 pesos.
Online Loan Conditions and Procedures for Monthly Payments
Online loans with monthly payments in the Philippines feature simple and straightforward application conditions and procedures. The conditions typically include:
- Age requirement: 18 to 70 years old
- Filipino citizenship, residing and working within the Philippines
- Stable employment with a guaranteed income and the ability to repay debts on time
- Possession of a bank account or e-wallet for loan disbursement
- At least one valid government-issued ID
The application procedure involves providing personal information and submitting a photo of the ID. No collateral or additional guarantees are required, and the entire process can be completed online without the need for in-person visits.
Limits and Terms of Online Loans for Bad Credit with Monthly Payments
Online loan providers offer relatively lower loan limits and shorter repayment terms for borrowers with bad credit. The following limits and terms apply:
- First-time borrowers: Up to 10,000 to 15,000 pesos for a 1-month term
- 12-month loans: Up to 50,000 pesos
Borrowers can choose between 1-month, 3-month, 6-month, and 12-month installment options.
Comparison of Online Loans with Monthly Payments Philippines
To assist borrowers in making informed decisions, we will compare three reputable online loan providers in the Philippines based on the following criteria:
|
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 |
How to Apply for Online Loans with Monthly Payments Philippines
Applying for online loans with monthly payments in the Philippines involves five simple steps:
- Step 1: Choose a reputable online installment loan provider.
- Step 2: Select the desired loan amount and repayment term.
- Step 3: Fill in the required personal information on the lender’s website.
- Step 4: Verify the information by providing ID photos and confirming the provided phone number.
- Step 5: Wait for loan approval and disbursement, which typically occurs on the same day.
Top Best Online Loans with Monthly Payments Philippines for 2024
Here is a compilation of the best online loans in the Philippines that offer monthly payment options:
Soscredit – Legitimate Online Loans with Monthly Payments in the Philippines
Soscredit provides a reliable online loan service in the Philippines, offering the convenience of monthly payments. They disburse funds within 15 minutes of approval. Loan amounts range from 1,000 to 25,000 pesos, payable in installments over 3 to 12 months. New customers can borrow up to 7,000 pesos for their first loan, interest-free and without service fees. The annual percentage rate (APR) varies from 143% to 180%. Eligibility criteria include being a Filipino citizen aged 20 or older.
Pros:
- Flexible repayment term of 12 months
- Fast approval and funds disbursement within 15 minutes
- High loan approval rate
Cons:
- Higher APR compared to traditional banks
Overall score: 8/10
Customer feedback: Soscredit is a reputable online loan provider in the Philippines, trusted by thousands of customers for their fast and reliable support service.
To apply for a 3-month loan at Soscredit, follow these steps: Step 1: Select the desired loan amount on the Soscredit website. Step 2: Complete the registration process as demonstrated in the provided video.
Digido – Online Loans with Monthly Payments in the Philippines
Digido is a licensed online lender in the Philippines that offers installment loans with monthly payments. Customers can borrow from 500 to 30,000 pesos for a period of 3 to 6 months. The average monthly interest rate is 11.9%. New customers enjoy a 0% interest rate for the first 7 days on loans up to 10,000 pesos. Applying through the Digido mobile app increases the chances of higher loan amounts. Digido supports customers between 21 and 70 years old residing and working in the Philippines.
Pros:
- Transparent terms with no hidden or prepaid fees
- High approval rate of over 90%
- 24/7 customer support, including weekends and holidays
- Fast approval process and various payment methods
Cons:
- Higher interest rates
Overall score: 8/10
Customer feedback: Digido is a reputable installment loan provider with a 3-month repayment option, highly appreciated by customers.
To apply for a cash loan with installment payments at Digido, follow these steps: Step 1: Visit the Digido website. Step 2: Complete the registration process as shown in the accompanying video.
Cashexpress – Online Cash Loans with Monthly Payments
Cashexpress is a top-rated online lender in the Philippines, offering convenient monthly payment options for cash loans. They provide quick and hassle-free disbursement of funds ranging from 1,000 to 20,000 pesos, with repayment intervals of 7 to 14 days. The loan interest rate starts at just 1.99% per day. First-time borrowers can enjoy an interest-free loan for 7 days, up to 10,000 pesos. Cashexpress caters to Filipino customers aged 21 to 70, requiring a mobile phone, stable income, bank account or e-wallet, and valid identification documents.
Pros:
- Simple and fast online loan solutions
- Convenient anytime, anywhere registration
- Fast fund disbursement
- Ability to extend payment time
- High data security
Cons:
- Short loan duration
- Higher interest rates
Overall score: 7/10
Customer feedback: Cashexpress is a reputable provider of legitimate online loans with monthly payments in the Philippines, receiving positive feedback from satisfied customers.
To apply for a 1-month loan using the Cashexpress app, follow these steps: Step 1: Go to the Cashexpress loan application page. Step 2: Complete the registration process as demonstrated in the accompanying video.
Crezu – Online Loan Companies with Monthly Payments
Crezu helps borrowers compare reputable lenders offering online loans with monthly payments. They have served over 200,000 customers, providing loans ranging from 1,000 to 25,000 pesos, with repayment periods of 2 to 6 months. Some partners offer preferential terms for first-time borrowers, including interest-free loans. Subsequent loans carry interest rates ranging from 12% to 36% per annum. Crezu approves loans even for customers with bad credit or outstanding debts. The service is available to Filipino citizens aged 18 and above.
Pros:
- Fast approval within approximately 14 minutes
- High approval rate of over 94%
- 86% of customers apply for loans multiple times
Cons:
- Crezu acts as an intermediary, not a direct lender
Overall score: 6/10
Customer feedback: Customers appreciate Crezu’s fast approval process, with a high rate of repeat borrowers.
To apply for an online loan with monthly payments through Crezu, follow these steps: Step 1: Log in to the Crezu website. Step 2: Complete the registration process as demonstrated in the provided video.
Moneycat – Online Loans for Bad Credit with Monthly Payments
Moneycat is a financial service that specializes in online loans for individuals with bad credit, offering monthly payment options. Customers can borrow from 500 to 20,000 pesos, with repayment periods ranging from 3 to 6 months. The maximum interest rate is 3% per day, with an additional 3% daily penalty for overdue payments. New customers are eligible for loans up to 3,800 pesos at a 0% interest rate and no service charges. Moneycat supports Filipino citizens between the ages of 22 and 60.
Pros:
- Legitimate online loans with monthly payments in the Philippines
- Simple online registration with only one valid ID required
- Easy approval process and same-day fund disbursement
- Multiple payment methods available
Cons:
- Higher interest rates
Overall score: 8/10
Customer feedback: Moneycat is highly regarded by borrowers in the Philippines as one of the most reputable providers of 6-month cash loans.
To apply for an online loan with monthly payments at Moneycat, follow these steps: Step 1: Select the desired loan amount on the Moneycat website. Step 2: Follow the instructions provided in the accompanying video for applying for a Moneycat loan.
Frequently Asked Questions about Online Loans with Monthly Payments Philippines
Here are the answers to questions about obtaining online loans with monthly payments in the Philippines:
Where can I apply for a loan with monthly payments?
Borrowers in the Philippines have multiple options to obtain cash loans with monthly payments. They can visit traditional banks, credit unions, or online loan finance companies. With the convenience of online platforms, customers can easily apply for loans using their computers or mobile phones, enjoying financial support available 24/7.
What does the monthly installment payment entail?
Online loans with monthly payments in the Philippines involve making regular fixed payments, consisting of both the principal loan amount and interest, over a specified period. Instead of repaying the entire loan in one lump sum, borrowers have the flexibility to divide the amount into smaller installments that are paid on a monthly basis throughout the loan term.
How can I obtain the monthly payment details for a loan?
When applying for an installment loan at a bank or credit institution, customers need to register and collect the loan funds directly at the designated location. On the other hand, for online cash loans with monthly payments, all you need to do is register online and receive the money through a direct transfer to your bank account or e-wallet.
How can I make online payments for loan installments?
Online installment loans in the Philippines offer various payment methods, including:
- Bank deposit: You can make a deposit to the lender’s designated account number.
- E-wallet payments: Online payments can be made using popular e-wallets such as Gcash, Shopeepay, Grabpay, coins.ph, or Paymaya.
- Payment centers: Cash payments can be made at convenient payment centers like Cebuana Lhuillier, 7-Eleven, or Business Centers.
Conclusion
Online loans with monthly payments offer a convenient and accessible financial solution for individuals in the Philippines. By understanding the key features, pros and cons, and loan conditions offered by reputable lenders, borrowers can make well-informed decisions when selecting an online loan provider. It is crucial to carefully evaluate the criteria mentioned in this review and choose the loan option that best suits their needs and financial situation.