Review of the Top 10 Best Online Loans in the Philippines with Low Interest Rates (2024)


The financial landscape in the Philippines has witnessed a significant transformation with the emergence of technology-driven online loan providers. These platforms offer a myriad of benefits to borrowers, such as accessibility, convenience, and quick approval rates.

In this review, delve into the top 10 reputable online installment cash lenders in the Philippines that provide loans with low interest rates. By exploring the various aspects of these online loan services, we aim to equip borrowers with a comprehensive understanding of their options, ensuring they can make informed financial decisions tailored to their individual needs.

Summary of Online Loans in the Philippines

The online loan services in the Philippines typically offer loan amounts ranging from 10,000 to 60,000 pesos. Borrowers must fall within the age bracket of 18 to 60 years old and can select repayment terms spanning from 1 to 24 months. One of the key advantages of these online loans is the low interest rate, with some lenders even offering a 0% interest rate for first-time borrowers. The approval process is fast, and many lenders cater to individuals with bad credit history. However, borrowers should be aware of service fees that may apply, which can vary from one lender to another.

What is an Online Loan in the Philippines?

Online loans in the Philippines are a revolutionary financial service that allows individuals to borrow money through digital platforms, eliminating the need for traditional banks and financial institutions. With the convenience of mobile apps, websites, and other online platforms, borrowers can request loans quickly and efficiently. Online loan services mainly focus on providing small, short-term loans that cater to various financial needs.

Advantages of Online Loans in the Philippines

  1. Flexibility: Online loan services offer borrowers the flexibility to choose loan amounts and repayment periods that align with their specific financial requirements.
  2. Convenience: The entire loan application process is conducted online, allowing borrowers to apply anytime and from anywhere with internet access, saving them valuable time and effort.
  3. Minimal Paperwork: Unlike traditional loans, online loan applications require minimal documentation, typically limited to personal information and ID photos, without the need for collateral or extensive financial proof.
  4. Automated Approval Process: Many online loan providers use advanced technology to process and approve loan applications automatically, significantly reducing waiting times and streamlining the approval process.
  5. Fast Disbursement: Once approved, borrowers can expect to receive the funds within 24 hours, making online loans an excellent option for addressing urgent financial needs.
  6. Data Security: Online loan services prioritize the encryption of borrowers’ personal and financial information, ensuring data protection and confidentiality.
  7. Interest-Free First Loan: Some lenders attract new customers by offering a 0% interest rate for the first loan.

Limitations of Online Loans in the Philippines

Alongside their advantages, online loans in the Philippines do come with certain limitations, including:

  1. Higher Interest Rates: Online loan interest rates are typically higher than those offered by traditional banks, mainly due to the convenience and speed of the application process.
  2. Hidden Fees: Borrowers should be cautious of potential hidden fees, such as processing fees, late fees, transaction fees, or others, which can escalate the overall cost of the loan.
  3. Lower Loan Limits: Online loans may have lower borrowing limits compared to traditional banks, making them more suitable for smaller financial needs.
  4. Risk of Debt Accumulation: The ease and speed of online loan applications can lead to loan abuse if borrowers do not manage their finances responsibly, potentially resulting in increased debt.

It is crucial for borrowers to fully understand the terms and conditions of online loan services to avoid unnecessary risks and financial pitfalls.

Interest Rates of Online Loans in the Philippines

Interest rates for online loans in the Philippines tend to be higher than those offered by traditional financial institutions. The rationale behind this lies in the efficiency and speed of online loan processing, which allows lenders to offer quicker disbursements. As such, interest rates typically range from at least 10% per month, with the average interest rate falling between 0.8% to 3% per month.

To further illustrate, suppose a customer applies for a loan of 20,000 pesos with a repayment period of 4 months and an interest rate of 1% per day. The monthly principal amount payable would be 5,000 pesos, with an interest payable of 200 pesos per month, resulting in a total payment of 5,200 pesos.

Requirements for Online Loans in the Philippines

Applying for an online loan in the Philippines is straightforward and requires minimal documentation. The eligibility criteria include:


  • Residency in the Philippines.
  • Stable employment with a minimum income of at least 6,000 pesos per month, increasing the approval chances for an online cash loan.
  • Possession of a valid bank account and an email address.


  • Fill out the loan application information on the lender’s official website.
  • Provide a photo of your ID card for verification.
  • Confirm the loan application.

Online Cash Loan Limits and Terms in the Philippines

Online loans in the Philippines with low-interest rates typically cater to small loan amounts for short repayment terms.


  • Personal online loans with low-interest rates range from 1,000 to 25,000 pesos, with some lenders supporting loans of up to 50,000 pesos.
  • First-time borrowers may have a smaller borrowing limit, usually up to 7,000 to 10,000 pesos.
  • The approved limit is contingent upon the borrower’s specific needs, credit score, and financial capacity.


  • Online loans with monthly payments have short repayment periods, usually spanning from 1 to 12 months.
  • The first online loan is generally approved within 7 to 14 days.

How to Apply for an Online Loan in the Philippines

Applying for an online loan in the Philippines is a rapid and straightforward process that can be completed within a matter of minutes.

Step-by-step process:

  1. Select a reputable online lender that aligns with your specific needs.
  2. Visit the lender’s official website.
  3. Choose the desired loan amount and repayment term.
  4. Click on “Apply for a loan” and fill out the required personal information, including full name, date of birth, address, email, ID number, income, and references.
  5. Submit the loan application and wait for the system’s approval.
  6. The loan approval results will be conveyed via SMS and email.

Top 10 Online Loans in the Philippines with the Lowest Interest Rates (May 2024)

Here is a list of the top 10 online loans in the Philippines with the lowest interest rates:

Bank Name Type of Loan Interest Rate:

  1. Digido Online Loan in the Philippines As low as 1.2%
  2. Cashexpress Online Cash Loan in the Philippines As low as 1.1%
  3. Finbro Lowest Interest Rate in the Philippines As low as 1.3%
  4. Loanonline Online Loan with Monthly Payments As low as 1.5%
  5. Vamo Personal Online Loan with Low Interest As low as 1.4%
  6. Pesoredee Quick Online Loan Philippines As low as 1.1%
  7. Moneycat Personal Online Loan with Low Interest As low as 1.3%
  8. Crezu Quick Cash Loan Online Philippines As low as 1.2%
  9. Soscredit Online Loan in the Philippines 24/7 As low as 1.2%
  10. Cashspace Online Loans with Monthly Payments Philippines As low as 1.4%

Digido – Online Loan in the Philippines (Most Prestigious 2024)

Description: Digido stands as the most reliable online loan provider in the Philippines. The lender offers loans up to 25,000 pesos with repayment periods ranging from 60 to 180 days. The average interest rate is 11.9% per month, with a maximum APR of 143%. New customers can borrow up to 10,000 pesos with an interest-free period of 7 days. Downloading the Digido app on Google Play or App Store can increase the approval rate and borrowing limit.

Eligibility: To qualify for a Digido loan, applicants must be Filipino residents aged between 21 to 70 years old, holding at least one valid ID (SSS, GSIS, TIN, Driver’s License, Passport), and may provide additional documents such as payslips, COE, ITR, company ID, or DTI.

Address: Units P107003R, P107007R, P107008R, 7th Floor Cyberpark Tower1, 60 Gen. Aguinaldo Ave., Cubao, Quezon City, Philippines.


  • Instant loan application available 24/7, including holidays and weekends.
  • Simple registration process.
  • Loan approval rate exceeding 90%.
  • No hidden fees.
  • Flexible payment methods.


  • Relatively lower loan limit.
  • Short repayment term.
  • Interest rates higher than traditional financial institutions.

Efficiency Rating: Pretty Good

Cashexpress – Online Loan in the Philippines (Fast Disbursement)

Description: Cashexpress offers legal online loans in the Philippines with quick approval and disbursement. The loan amount ranges from 1,000 to 20,000 pesos, with a repayment period of 7 to 14 days. The interest rate is only 1.99% per day, and first-time borrowers can enjoy a 7-day interest-free period. Late payments incur a penalty of 1% per day, and loan extensions are allowed with additional renewal fees. Applicants must be Filipino citizens aged between 21 to 70 years old, with an active mobile phone number and a bank account or e-wallet.

Address: Level 10-1 One Global Place 25th Street Cor. 5th Avenue, Fort Bonifacio, Taguig City.


  • Simple procedure with loan approval in 15 minutes.
  • Utilizes modern information security technology.


  • Short repayment period.
  • Higher loan interest rate.
  • Penalties for late payment.

Efficiency Rating: Pretty Good

Finbro – Lowest Interest Rate in the Philippines

Description: Finbro is acclaimed for its low interest rate in the Philippines and boasts over 98% customer satisfaction. The approved loan amount varies from 1,000 to 50,000 pesos, with repayment periods spanning from 1 to 12 months. First-time borrowers can access loans up to 15,000 pesos. The interest rates range from 0.5% to 1.25% per day, with a loan processing service fee of approximately 9%. Eligible applicants must be Filipino citizens aged between 20 to 65 years old, with valid identification documents (SSS, UMID, driver’s license, passport, or TIN).

Address: Unit 1405 Philippine Stock Exchange Tektite San Antonio, Pasig.


  • Easy and convenient registration process.
  • 24/7 operation.
  • Fast loan approval in minutes.
  • Higher loan limit than other lenders.


  • High service fees.
  • Elevated interest rates.

Efficiency Rating: Good

Pesoredee, Moneycat, Crezu, Soscredit, and Cashspace are equally reputable online loan providers in the Philippines, each with its unique offerings and suitability for different borrower profiles.


The advent of online loans in the Philippines has revolutionized the lending landscape, providing borrowers with access to quick and efficient financial solutions. Borrowers must evaluate their financial needs and capabilities, while also choosing reputable lenders with transparent terms and conditions. Armed with comprehensive information about the top 10 online loan providers in the Philippines, individuals can make responsible financial decisions that align with their specific requirements. Responsible use of online loans can empower Filipinos to effectively address their financial needs and achieve their goals.

5/5 - (10 votes)
cashexpress Changed status to publish July 30, 2023