Top 10+ Best Legit Loan Apps in the Philippines with Low Interest Rate (2024)

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Technology has revolutionized every aspect of our lives, including the way we manage our finances. The Philippines, like many other countries, has witnessed the rise of financial technology (fintech) companies that provide innovative solutions for borrowing money conveniently and efficiently. Online loan apps have emerged as a popular choice for Filipinos seeking quick and reliable financial assistance.

This review aims to delve deeper into the world of online loan apps in the Philippines, analyzing their features, pros, and cons, while also providing valuable insights into the application process and payment methods. With the year 2024 unfolding, the demand for trustworthy and legitimate loan apps with low-interest rates is at an all-time high, making this review a timely and valuable resource for Filipinos seeking reliable financial support.

Summary of Loan Apps in the Philippines

When applying for a loan app in the Philippines, follow these guidelines to ensure a smooth process and low interest rates:

  • Loan Amount: You can borrow between 5,000 to 60,000 pesos.
  • Age Requirement: Applicants must be between 18 to 60 years old.
  • Loan Term: Choose a loan duration ranging from 1 to 12 months.
  • Interest Rate: Benefit from low interest rates, and some apps may offer 0% interest for first-time borrowers.
  • Pros: These online loan apps offer long-term payment plans, ensuring convenient repayment options.
  • Additionally, they are considered safe and secure for borrowers.
  • Cons: Be aware that some apps may have service fees associated with their loans.
  • Effectiveness Evaluation: The overall effectiveness of these loan apps is considered pretty good, as they cater to various financial needs.
  • Bad Debt Policy: Some apps may allow applicants with bad debt history to apply for a loan.

Understanding Loan Apps in the Philippines

Financial technology has disrupted the traditional banking landscape, introducing online loan apps that operate on the principle of peer-to-peer (P2P) lending. These apps connect borrowers directly with investors or financial institutions through an intuitive mobile application platform, eliminating the need for physical visits to brick-and-mortar banks. By leveraging personal financial information and credit history, these loan apps efficiently assess the borrower’s creditworthiness to provide quick loan approvals.

Advantages of Legit Loan Apps in the Philippines

Online loan apps in the Philippines offer numerous advantages over traditional banking channels. One of the most significant benefits is the absence of collateral requirements, which makes borrowing more accessible to a broader audience. Moreover, the loan application process is straightforward, typically requiring only a valid ID and a bank account for disbursement. Borrowers enjoy the convenience of applying for loans anytime, anywhere, without the need for face-to-face interactions. The user-friendly interfaces of these apps also enable borrowers to monitor their outstanding balances and payment information with ease.

Limitations of Best Loan Apps in the Philippines with Low Interest

While online loan apps provide convenient solutions, they also come with some limitations. Loan amounts may be limited compared to traditional bank loans, and repayment terms tend to be shorter. Due to the streamlined application process and high approval rates, interest rates on these loans may be slightly higher. Borrowers should carefully consider these factors when deciding on a loan app that best suits their needs.

Understanding Interest Rates in Legit Loan Apps in the Philippines

Interest rates are a critical aspect of any loan, and online loan apps in the Philippines typically offer interest rates that may be higher than those of traditional banks. Some apps provide introductory 0% interest rates for first-time borrowers, adding value to the borrowing experience. However, borrowers should be aware of other associated fees, such as service fees, consulting fees, loan processing fees, and late payment penalties.

Eligibility and Application Procedures for Legit Loan Apps in the Philippines

Eligibility criteria for online loan apps are generally straightforward. Borrowers must be Filipino citizens aged between 18 and 60 years, with a stable source of income and a valid ID. The application process involves submitting personal information and verifying the details through a photo of the ID. Once approved, the loan amount is disbursed directly to the borrower’s bank account.

Credit Line and Loan Term in Loan Apps with Low Interest in the Philippines

The credit line offered by online loan apps in the Philippines ranges from 1,000 to 50,000 pesos. First-time borrowers may receive initial approval for lower amounts, but subsequent borrowing can provide access to higher credit limits. The loan terms vary from 7 days to 12 months, enabling borrowers to select a repayment period that aligns with their financial capabilities.

Comparison of Online Lending Apps in the Philippines

Loan App Finbro Loan Digido Loan Kviku Loan App
Amount 1000 – 50,000 PHP 500 – 30,000 PHP 500 – 25,000 PHP
Term 1 – 12 months 3 – 6 months 2 – 6 months
Interest 0,16%/day 0,4%/day 1,2 %/month
Age 20 – 70 years old 21 – 70 years old 18 – 65 years old
Overall score 8/10 9/10 8/10

Step-by-Step Guide to Registering for Loan Apps in the Philippines

To assist potential borrowers, we offer a detailed step-by-step guide on how to register for a loan app in the Philippines. Starting from choosing the app that aligns with their requirements to completing the application process, we aim to provide users with a seamless and hassle-free borrowing experience.

Top 10+ Best Legit Loan App Philippines Online With Low Interest (May 2024)

List of Philippine Loan Apps:

#1. Crezu – Top Loan App in the Philippines 2024

Crezu is a leading loan app in the Philippines that acts as a mediator between borrowers and financial partners. With a track record of supporting over 200 thousand loan applicants, Crezu offers loan amounts ranging from 1000 to 25,000 pesos for periods between 61 to 120 days. The interest rates on loans vary from 12% to 36% per year, and some loans even have the advantage of 0% interest rates. Crezu serves Filipino citizens aged 18 and above with stable income, catering to both good and bad debt profiles.

  • Pros: Fast loan suggestions within 2 minutes, reputable loan partners, legal operations, and quick approval.
  • Cons: Acts as an intermediary lender, not a direct loan provider.
  • Overall Score: 6/10 Customer Feedback: Crezu is a legitimate loan app with low interest, highly rated by customers with an average of 4.9/5 stars for service quality.

#2. Digido – Trusted Loan App in the Philippines

Digido is a legitimate loan app in the Philippines that offers convenient and fast cash disbursement. Borrowers can access loan amounts ranging from 500 to 30000 pesos, with repayment terms spanning 3 to 6 months and an average interest rate of 11.9% per month. New customers can apply for loans of up to 10000 pesos, interest-free for 7 days. The app caters to individuals between 21 and 70 years old, with a government-issued ID.

  • Pros: Digido is a 24/7 loan app with a high approval rate, transparent pricing, no hidden fees, and flexible repayment options.
  • Cons: The app’s interest rates can be relatively high, and it may approve loans for customers with poor credit histories. Overall Score: 8/10
  • Customer Feedback: Digido is rated as one of the best loan apps for iOS in the Philippines in 2024.

#3. Kviku – Top Loan App in the Philippines with Low Interest

Kviku is among the best loan apps in the Philippines that provide quick cash loan disbursement within 5 minutes. Borrowers can access amounts ranging from 500 to 25000 pesos, with a daily interest rate of 0.16%. First-time borrowers are eligible for a maximum loan period of 60 days, while repeat borrowers can extend the repayment term up to 180 days. To qualify, Filipino citizens between 20 and 55 years old must have a valid ID and an unblocked phone number.

  • Pros: Kviku offers low-interest rates, a simple application process, online registration, and fast same-day disbursement.
  • Cons: The loan periods are relatively short.
  • Overall Score: 8/10
  • Customer Feedback: Kviku has earned a reputation as a reputable new loan app in the Philippines, assisting thousands of successful borrowers.

#4. Loanonline – Lowest Interest Loan App in the Philippines

Loanonline is an intermediary lending app that suggests the lowest interest loan options for Filipinos within 2 minutes. Borrowers can choose loan amounts ranging from 500 to 25000 pesos, with repayment periods extending up to 12 months. The APR interest rate can reach up to 427%, but some partners offer 0% interest for new customers. Loanonline collaborates with reputable partners such as Cash-Express, Finbro, Moneycat, and Digido. The app is available for customers aged 18 and above.

  • Pros: Loanonline allows online loan applications anytime and anywhere, with no service fee and a quick comparison of suitable loan options.
  • Cons: Loanonline is an intermediary lender and does not directly provide loans.
  • Overall Score: 6/10 Customer
  • Feedback: Loanonline is considered one of the top 5 loan apps in the Philippines, receiving positive feedback for its prompt customer support.

#5. Moneycat – Student Loan App in the Philippines

Moneycat is a student loan app that offers fast and almost instant cash disbursement. Borrowers can access loan amounts ranging from 500 to 20000 pesos, with repayment terms spanning from 3 to 6 months. First-time borrowers can avail a loan of up to 3800 pesos, with no interest charges. The interest rate on loans ranges from 0% to 3% per day, with an overdue interest rate of 3% per day. Moneycat caters to Filipino residents between the ages of 22 and 60.

  • Pros: Moneycat is a top cash loan app in the Philippines, offering simple procedures, fast disbursement, flexible payment options, and enthusiastic support.
  • Cons: The app’s interest rates can be relatively high.
  • Overall Score: 8/10
  • Customer Feedback: Moneycat is ranked among the top 5 loan apps in the Philippines with excellent customer support.

#6. Finbro – Online Loan Application in the Philippines

Finbro is an online loan app that provides fast loans to solve financial problems within 15 minutes. Borrowers can access loan amounts from 1000 to 50000 pesos, with repayment periods extending up to 12 months. New customers can avail loans of up to 15000 pesos, interest-free and fee-free. The average interest rate on Finbro loans is approximately 0.16% per day. To qualify, borrowers must be Filipino citizens between 20 and 70 years old with a stable job.

  • Pros: Finbro is a fast and legitimate loan app in the Philippines, offering a high loan limit and a quick application and disbursement process, with reasonable interest rates and enthusiastic service support.
  • Cons: Finbro does not provide support for bad debts.
  • Overall Score: 9/10
  • Customer Feedback: Over 95% of customers who used the online lending app Finbro rated it as an application with high limits and the best interest rates.

#7. Cashspace – Most Prestigious Online Loan App in the Philippines

Cashspace is the top online loan application in the Philippines, providing prestigious personal loans to over 312K customers. Borrowers can access loan amounts ranging from 1000 to 25000 pesos, with repayment periods from 61 to 120 days. The APR interest rates vary from 12% to 36%. Cashspace acts as an intermediary between borrowers and legitimate financial institutions, supporting even customers with bad debts. The app boasts a high approval rate of over 97%.

  • Pros: Cashspace is a 24/7 loan app with fast disbursement within 5 minutes, easy online registration, and acceptance of bad credit history.
  • Cons: Cashspace only suggests lending partners and does not directly provide loans.
  • Overall Score: 6/10
  • Customer Feedback: Borrowers have provided positive feedback, considering Cashspace as one of the best cash loan apps in the Philippines in 2024.

#8. Soscredit – No-Guarantor Required Online Lending App in the Philippines

Soscredit is a Filipino online lending app that provides quick money disbursement within 15 minutes to a bank account. Borrowers can access loan amounts from 1000 to 25000 pesos, with repayment periods spanning from 3 to 12 months. New customers can borrow up to 7000 pesos at a 0% interest rate. For subsequent loans, the average APR interest rate is 143%, but it can go up to 180%. The app is open to Filipino customers between 20 and 70 years old.

  • Pros: Soscredit is a secure loan app in the Philippines that does not require a guarantor, with fast disbursement in 15 minutes, flexible payment options, incentives for new customers, and a high approval rate.
  • Cons: Soscredit does not offer 0% interest loans.
  • Overall Score: 8/10
  • Customer Feedback: The loan services at Soscredit have received 4.9/5 star feedback for fast support and a simple process.

#9. Cash-Express – Fast and Easy Loan App in the Philippines

Cash-Express is a fast and easy loan app in the Philippines that provides cash loans within 15 minutes. Borrowers can access loan amounts from 1000 to 20000 pesos, with repayment periods lasting from 7 to 14 days. New customers can borrow up to 10000 pesos at a 0% interest rate for 7 days. After the interest-free period, the interest rate is only 1.99% per day. Cashexpress caters to Filipino citizens between 21 and 70 years old with a stable income, a valid ID, and an active mobile phone number.

  • Pros: Cash-Express is a new loan app in the Philippines with a simple loan process and preferential interest rates for new borrowers.
  • Cons: The app’s interest rates can be relatively high.
  • Overall Score: 7/10
  • Customer Feedback: Cash-Express is considered the best loan app with low interest in the Philippines.

#10. Vamo – Loan App with Long-Term Payment in the Philippines

Vamo is one of the loan apps in the Philippines that provides flexible financial assistance with long-term payment options. Borrowers can access loan amounts ranging from 1000 to 30000 pesos, with repayment periods between 10 to 30 days. The interest rate on loans is only 1.3% per day, and there is a service fee of 100 pesos. New borrowers can avail loans up to 10,000 pesos for 10 days. To qualify, borrowers must be Filipino citizens between 20 and 65 years old with a valid ID.

  • Pros: Vamo is a legitimate loan app with low interest rates in the Philippines, serving over 700 thousand customers in 7 countries, with an easy loan application and fast disbursement process.
  • Cons: The app’s interest rates can be relatively high, and it does not provide support for bad debts, with short-term loan options.
  • Overall Score: 8/10
  • Customer Feedback: Most customers who used loan services at Vamo rated it as the best cash loan app in the Philippines.

Payment Methods for Online Loans in the Philippines

Convenient payment methods are crucial for borrowers to manage their loans effectively. In this section, we discuss various payment options, including online banking, e-wallets like Gcash and Paymaya, and payment centers such as 7-Eleven and Cebuana Lhuillier. Providing an array of payment choices ensures that borrowers can easily adhere to their loan repayment schedules.

FAQs – Loan Apps in the Philippines

Frequently Asked Questions About Legit Loan Apps in the Philippines:

What qualifies as a legit loan app in the Philippines?

Legit online loan apps in the Philippines are applications that offer legally certified and SEC-registered personal loans. These apps provide transparent information on public loans in the loan registration account. All fees and interest rates are clearly disclosed, ensuring 100% confidentiality of the borrower’s personal information.

What are some of the best online loan options in the Philippines?

There are several reputable loan apps in the Philippines that customers can consider for fast and convenient online loans. Some popular options include Finbro, Moneycat, Soscredit, and Cashspace. These apps offer quick loan approval, reasonable interest rates, support for individuals with bad credit history, flexible payment extensions, and simple loan procedures requiring only one valid personal ID.

Is Online Loans Pilipinas a legitimate service?

Yes, Online Loans Pilipinas is a fully legal financial company providing online financial services in the Philippines. It is registered with The Securities Exchange Commission under registration number CS201726430, certificate number 1181. Online Loans Pilipinas is known for its fast and easy 24/7 loan application process and is highly recommended among loan apps in the Philippines. They offer loan limits ranging from 1000 to 30000 pesos.

How can I obtain a loan in the Philippines?

To apply for a loan in the Philippines, you must be a Filipino citizen aged at least 18 years with a stable source of income. The application process requires providing personal information and one valid ID for verification. Loan approval is automatic and based on the borrower’s application and credit score.

Which loan app is considered the safest in the Philippines?

The safest loan apps in the Philippines are those that are legally registered online loan providers certified by The Securities Exchange Commission (SEC). These apps adhere to the laws and regulations concerning loan limits, terms, interest rates, and fees. Additionally, they have an enthusiastic customer care team, ensuring that all borrowers’ personal information remains confidential.

What loan app offers the lowest interest rates in the Philippines (2024)?

 
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

Conclusion

As we conclude this comprehensive review, we recognize that the Philippines’ financial landscape has evolved significantly with the emergence of legit loan apps offering low-interest rates. These online loan apps provide a reliable and efficient means for Filipinos to access financial assistance conveniently.

By understanding the features, application process, and payment methods of each loan app, borrowers can confidently make informed decisions when seeking financial support. As we venture into 2024, these legitimate loan apps continue to play a pivotal role in supporting Filipinos during times of financial need.

5/5 - (8 votes)
cashexpress Changed status to publish July 21, 2023