Need some cash for emergency purposes? Consider getting an online loan. Here is a quick comparison of the best online loan options available in the Philippines. Compare cash loans within minutes with Moneymax!
|Lender||Monthly Interest Rate||Minimum Loan Amount||Processing Fee||Payment Terms|
6, 12 months
Starts at 6 months
3 – 18 months
21, 30 days
An online loan is a non-traditional type of loan from a private lender that you can get completely online through their app or website. Online lenders usually don’t require many requirements, making them suitable for emergency financial situations.
You should get an online loan if you need money the soonest. Compared to personal loans, online loans are more convenient because everything is processed online, from filling out application forms to receiving loan proceeds. Approval and release of your loan can be as fast as 24 hours and repayments can be made through online payment facilities as well.
You are more likely to be eligible if you meet the following criteria:
Online lenders don’t really require much from borrowers. It still varies from lender to lender, but here are the most common online loan requirements you need to prepare:
Here are some of the requirements for some of the best online loans in the Philippines:
Legitimate lending companies in the Philippines are registered with the Securities and Exchange Commission (SEC). In case of non-compliance to lending regulations, violations of the Data Privacy Law, harassment, cyber liber, or other forms of unfair debt collection, legit online lenders will answer to the SEC and other relevant government agencies.
To avoid getting scammed, make sure the online lender is SEC-accredited and don’t forget to do your research. Read reviews from social media sites to see if the online lender is responsive to complaints or if they use illegal means to collect debt.
The amount of money you can borrow from online lenders can be as low as ₱1,000 and can be as high as ₱50,000. If you need more funds, consider applying for a personal loan.
One downside of online loans is that their interest rates range from 2% to 20% depending on the loan terms you choose. Before applying for one, be sure to pay it back the soonest to avoid incurring even more interest.
True to its name, online loans are processed completely online. Just download the lender’s app or visit their website and follow the instructions from there. Make sure to prepare digital versions of your documents and prepare to take selfies or video calls to verify your identity.
Online lenders only need at least 24 hours to process and approve your online loan application. Once you’re approved, you will receive your proceeds straight to your bank account or you can cash it out at your nearest remittance center.
Paying back your online loan can be done online or through partner establishments. Here are the loan repayment options for the top online loans in the Philippines:
LOAN REPAYMENT OPTIONS
Most loans come with fees, and online loans are no different. Aside from the interest rate, some online lenders charge processing fees ranging from ₱100 to ₱1,000 or 5% to 10% of the loan amount. Take note of these fees before choosing an online loan provider.
You can use your online loan for almost any purpose. The usual ones include medical expenses, tuition and other school expenses, and home renovations. You can also use it to buy gadgets and appliances for personal and business use. You can even use it for when petsa de peligro strikes and you need cash to buy essentials and groceries.
Still can’t decide if a cash loan is right for you? Check out our guides below to learn more about online loans in the Philippines.
Online Loans in the Philippines: What Filipinos Need to Know
Make sure that getting an online loan is the right choice for you. Before you borrow money, familiarize yourself with the options and terms. Read our article to learn more.
Loans Without Bank Account: How to Get One in the Philippines
Yes, you can borrow money even if you don’t have a bank account. Learn how this works and your loan options in our comprehensive guide.