Where to Get a Fast Cash Loan in the Philippines? 5 Options to Consider

Venus Zoleta

Venus Zoleta

Last updated October 12, 2022

Emergencies do happen. Sudden hospitalization of a loved one, unexpected school expenses, job loss, and even home or car repairs after a typhoon will catch you off guard. But if you’re lucky enough to have an emergency fund, chances are you’ll be able to get past these financial snags.

Not all of us, however, have a robust and steady reserve of money on standby. There may come an occasion when your emergency fund will not suffice. In this case, the only option that you have is to turn to a fast cash loan provider.

If you've been thinking about how to get a loan quickly, don’t worry—we got you covered. We’ve pulled together a comprehensive guide to the basics of a fast cash loan in the Philippines. We’ve also included a list of reliable quick cash loan providers that you may want to consider.

What is a Fast Cash Loan?

Fast cash loans are salary loans and personal loans that can be approved in as fast as 10 minutes to just a few days. This particular type of loan is offered by a variety of lenders in the Philippines, ranging from local cooperatives to large commercial banks.

Because this type of loan is processed fast, you get immediate access to funds exactly when you want or need them. This makes it the ideal financial support for your emergencies.

Are Online Loans Legal in the Philippines?

You might wonder: are fast cash loans legit? This question can only be answered by looking at your lender. Sketchy lenders usually have high interest rates (which actually make them loan sharks). Dealing with this type of people or companies can get you into deep water, as paying high interest on top of your principal may exhaust your financial resources.

But if you’re working with a reputable bank or lending/financing company, you have the assurance that its product is legitimate. For your peace of mind, check out the list of Bangko Sentral ng Pilipinas-supervised banks.[1]

To verify lending companies authorized by the Securities and Exchange Commission (SEC), you can take a look at the lists on the SEC website.[2]

How Do Fast Cash Loan Applications Work?

fast cash loan philippines - how it works

To ensure that the fast cash loan will be granted to the applicant as quickly as possible, the lender may employ a streamlined procedure like this:

  1. The borrower fills out a registration form at the lender’s office or via the lender’s website or mobile app.
  2. The borrower submits the loan requirements. If you’re applying online, you’ll be required to upload a photographed or scanned copy of the required documents.
  3. If your application is approved, you may receive the cash on the spot. Otherwise, you’ll have to wait for one to three days for the loan disbursement. Expect a longer wait time if you’re borrowing a large amount of money, as expensive loans need more careful validation.
  4. You can either pick up the cash at the lender’s office or have it deposited into your nominated bank account.

Note that the process may vary from one organization to another, so we recommend that you check with your potential lender.

The repayment of the loan will depend on the terms of the agreement or the nature of the loan. For instance, if you have applied for a payday/salary loan, you’re expected to return the borrowed money on the next payday.

Where Can I Borrow Money Fast in the Philippines? 

Always stay on the safe side, so deal only with reputable banks or lending companies. Here are some legit fast cash loan providers in the Philippines that you may want to include in your list.

✔️ Citibank Personal Loan

The Citi Personal Loan is often considered one of the best in the market. Not only does this fast cash online loan have a high loan amount, but it also offers flexible repayment terms.

  • Loan amount: Up to ₱2 million
  • Interest rate: 1.26% per month
  • Approval time: As fast as 24 hours
  • Payment terms: Up to five years
  • Features: No collateral needed; ideal for major emergencies, such as hospitalization, opening a new business, or funding vacations

Note: This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.

fast cash loan philippines - citibank personal loan 

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Note: This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.

✔️ EasyRFC Multi-Purpose Loan

If you’re just dealing with a minor financial inconvenience that doesn’t require a huge amount of cash, Radiowealth Finance Corporation’s EasyRFC Multi-Purpose Loan may be the right cash loan for you. Nevertheless, this quick cash loan online may also help you with critical emergencies.

  • Loan amount: ₱10,000 to ₱150,000
  • Interest rate: 4% per month
  • Approval time: As fast as 24 hours
  • Payment terms: Up to 12 months
  • Features: No collateral needed; ideal for kids’ tuition needs, car repairs, gadget acquisition, and travel funding
fast cash loan philippines - rfc loan

✔️ Tala Cash Loan

On-the-go cash assistance has never been more convenient with Tala Cash Loan. This is because you can apply for the loan by just using your Android smartphone. Plus, the requirements are not that complicated. This loan is ideal for unexpected yet small financial problems.

  • Loan amount: ₱1,000 to ₱15,000
  • Interest rate: Starts at 9%
  • Approval time: Less than 5 minutes
  • Payment terms: Up to 60 days
  • Features: Apply for a loan anytime, anywhere (24/7); no collateral needed; ideal for quick cash needs, such, as groceries and tuition
fast cash loan philippines - tala loan

✔️ CIMB Personal Loan

CIMB offers a seamless all-digital loan application, which takes only 10 minutes, through the CIMB Bank PH mobile app. The digital bank also has some of the most flexible loan terms (up to five years) and the lowest interest rates in the market.

On top of that, both the approval and disbursement times won't keep you waiting for the cash you need to borrow. Approval takes up to two banking days. Enjoy instant disbursement if you choose to have your loan proceeds credited to your CIMB Bank savings account. Disbursement to other banks happens within one to two banking days.

  • Loan amount: ₱30,000 to ₱1 million
  • Interest rates: Monthly add-on rate: 1.12% to 1.95% (Annual contractual rates: 24%, 30%, or 36%)
  • Approval time: Up to two banking days
  • Payment terms: 12 to 60 months
  • Features: Quick and easy application process; no credit card needed (compared to other banks); no collateral needed; ideal for hospitalization, major car repairs, and new business
fast cash loan philippines - cimb personal loan

✔️ Blend PH Personal Loan

Need a personal loan with a quick online application process and approval time? Blend PH, a peer-to-peer (P2P) lending platform in the Philippines, fits the bill. A Blend Personal Loan is also ideal if you're looking for high loan amounts and flexible payment terms.

  • Loan amount: ₱50,000 to ₱2 million
  • Interest rate: 1.5%, 2%, or 3% per month
  • Approval time: Less than 48 hours
  • Payment terms: 12, 18, 24, and 36 months
  • Features: No collateral needed; ideal for major emergencies, such as hospitalization, car repairs, new business, and even travels

How to Qualify for a Fast Cash Loan in the Philippines

fast cash loan philippines - requirements

The requirements of major banks and lending institutions are straightforward so that they can facilitate quick approval and release of cash.

Fast Cash Loan Requirements

Here are the usual required documents for quick cash loans in the Philippines.

  • Filipino citizen
  • At least 21 years old and not more than 60 years old at the maturity of the loan
  • Have a stable source of income
  • Must be able to present the following:
    • Valid government-issued ID(s) with picture
    • Proof of income (payslips, ITR, among others)
    • Certificate of Employment (for employees)
    • Business Registration Documents, such as DTI and SEC Certificates (for business owners)

Note that the number of requirements will depend on your lender, so get in touch with them to learn more.

Reminders Before Applying for a Fast Cash Loan in the Philippines

If you want a successful application for fast loans in the Philippines, take note of the following tips.

1. Compare Your Options

Not all fast cash loans are created equal. Each is created for specific purposes, so make sure to weigh your options carefully. That way, you’ll be able to get the loan that suits your budget and lifestyle.

If you’re having a hard time listing down and comparing different offers, you can use Moneymax’s loan comparison tool. What makes this procedure much more convenient is that you can apply for a personal loan online as soon as you find the loan that’s best for you.

2. Borrow Only What You Can Pay

fast cash loan philippines - loan calculation

Some borrowers struggle with how to repay a fast cash loan. This is because they didn’t accurately calculate the amount they actually need and plan how to pay it on time. Be realistic about the amount of money you’re borrowing, so you’ll not be burdened with high interest in the end. Give yourself a solid idea of the costs that you’re going to cover by using your lender’s loan calculator.

3. Check the Fees That Come with the Loan

Other than fast loan interest rates, you may pay other fees at the start or in the midst of the loan term. For instance, some banks will require you to cover processing fees and documentary stamp taxes. These are normally deducted from the loan proceeds.

Other fees to take note of are disbursement fees, late charges, returned check fees, and even judicial and attorney’s fees just in case you default on your loans.

4. Check Your Credit Score

Some banks and lenders may run a credit score check. This is because they want to determine if you’re capable of handling the borrowed money responsibly. Remember that interest rate and repayment terms may also be based on this particular score alone.

Good credit scores may reward you with lower interest rates and lenient payment terms. Not-so-favorable credit scores may lead to the rejection of your application. However, if your application has been approved despite the score, expect that you’ll pay a higher interest rate.

5. Avoid New Cash Loans

Until you've fully paid off your loan, try to avoid taking out another loan. Not only will this help you manage your finances better. This will also ensure that you won't feel overwhelmed with multiple loan repayments.

Final Thoughts

A fast cash loan may save your day, especially if you have already exhausted your financial resources. But don’t just go for the first lender that comes your way. It’s important to be discerning with your options, as it will help you save a lot of money in the long run.

Find the Best Loan for You Today

If you want to learn more about easy loans in the Philippines and some money-saving techniques, feel free to browse our articles. You may also check out other legit personal loan options you can apply for below.

Personal Loan Providers Minimum Loan Amount Minimum Annual Income Approval Time

Citibank Personal Loan  
(This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.)

Compare Now

100,000 250,000 Fast approval time in as fast as 24 hours
Maybank Personal Loan

Compare Now
50,000 300,000 Apply for a loan online in just a few clicks
RCBC Bank Personal Loan

Compare Now
50,000 360,000 Get approved within 5 to 7 banking days
PBCOM Personal Loan

₱40,000 ₱420,000 Get approved within 3 banking days
SB Finance Personal Loan

Compare Now
₱30,000 ₱360,000 Get approved within five banking days
CIMB Bank Personal Loan

Compare Now
30,000 180,000 Apply within 10 minutes and get approved in 24 hours
HSBC Personal Loan

Compare Now
30,000 168,000 Get approved within 5 to 7 banking days
EastWest Bank Personal Loan

Compare Now
₱25,000 ₱180,000 Get approved within five to seven banking days
BPI Personal Loan

Compare Now
20,000 300,000 Get approved within 5-7 banking days
CTBC Bank Personal Loan

Compare Now
10,000 180,000 Get approved within 3 to 5 banking days
EasyRFC Multi-Purpose Loan

Compare Now
10,000 120,000 Fast approval time in as fast as 24 hours

Sources:

Venus leads the blog content strategy and optimization at Moneymax as the Head of Editorial Content. She has 15+ years of experience in content marketing, corporate communications, and public relations. Venus graduated cum laude with a Journalism degree from the University of the Philippines Diliman. Before joining Moneymax, Venus had written informative guides and articles, specializing in personal finance and digital marketing. She also invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. A hardcore Hallyu Tita, she enjoys bingeing K-dramas on Netflix while bonding with her rescued cats. Follow Venus on LinkedIn.