Online Loans in the Philippines: What Filipinos Need to Know

Venus Zoleta

Venus Zoleta

Last updated March 16, 2022

In these trying times, the need to borrow money is understandable, especially if your finances have been badly affected by the pandemic. A lot of Filipinos may have applied for personal loans but just can’t meet the loan requirements. Because of this, they explore legit online loan apps in the Philippines to fund their urgent cash needs. 

Legit online lenders offer borrowers a good alternative to traditional loans from banks. They fill in the gaps in terms of convenience, application requirements, and ease of approval. Most legit online lenders even release the loan proceeds within 24 hours.

But are online loans the right choice? Before you borrow money online, familiarize yourself with how these loans work and what your options are for legit online loan apps in the Philippines.

What is an Online Loan?

An online loan is a non-traditional type of loan from a private lender that operates over the internet. Online lenders cannot operate without a physical office address, but they generally process applications through their app or website. 

Almost 80% or 52 million of adult Filipinos are unable to apply for bank loans, according to a February 2021 report by Foundation for Media Alternatives.[1] This can be a reason Southeast Asia is currently seeing a fast-paced growth in the financial technology industry, which includes online lending companies.[2] 

Banks and financial institutions conduct credit checks to evaluate a borrower’s capacity to pay. Online lenders, on the other hand, usually don’t and just require a valid ID or proof of income. 

From filling out an online loan application form to getting approved, legit online loan apps in the Philippines are a more convenient form of borrowing. Loan proceeds are often released within 24 hours, and repayments can be made through the online lender’s partner banks and remittance centers.

The loan application procedure and requirements, however, may vary from one lender to another.

Pros and Cons of Online Loans

legit online loan apps in the Philippines - Pros and Cons of Online Loans

Are legit online loan apps in the Philippines a good option for those experiencing financial emergencies or are they more of a drawback? Keep reading to better understand the pros and cons of online loans.

Online Loan Advantages

24/7 Online Application

Online loans allow you to apply for a loan at any time of the day. Just download the app or visit the website and start the loan application process. This availability of financial help makes online loans a good choice for those who really need money for an emergency

Minimal Eligibility and Document Requirements

Anyone who has a valid government-issued ID can borrow from online loan apps. Just scan or take a photo of your ID. You may also need to take a selfie while holding your ID. Some lenders may need your certificate of employment if you’re borrowing a huge amount. 

Convenient Loan Application Process

With just your smartphone or computer, you can start the loan application process. That means no need to travel and visit a branch. This convenience is highly important in this pandemic when people are advised to stay at home and practice social distancing. 

Easy and Quick Approval

Are you unemployed with bad or no credit history? Online lenders usually don’t ask for a lot of loan application documents, so it’s easier to  be approved for this type of loan. 

No Bank Account Required

A deposit account with a bank is generally not a requirement for online loans in the Philippines. Some online lenders may ask for your nominated bank account, though. But more often than not, loan proceeds are disbursed through partner remittance centers.  

Online Loan Disadvantages

Higher Interest Rates 

The fast and convenient approval makes online loans more expensive compared to traditional personal loans. Remember, online loans are unsecured loans that don’t require collateral or guarantors. They are backed only by your creditworthiness. The high interest rates plus finance charges can take a toll on your finances if you fail to pay on time.

Shorter Loan Amortization Terms

Most short-term online loans are payable in 30 days. You may opt for a longer loan term, but expect it to come with higher finance charges and interest rates.

Risk of Losing Money to Scammers

Since online loans are processed without face-to-face interactions, there’s a possibility that you're dealing with a scammer instead of a lender’s authorized representative. Scammers can steal your identity through the information you provide during loan application.

Risk of Harassment by Online Lenders 

Online lenders conducting unfair debt collection practices, like debt-shaming, may be punished under the current law.[3] These lenders resort to such tactics if you fail to pay on time. Which means there’s a huge chance your personal details will be posted online. 

Why Should You Borrow Only from Legit Online Lenders?

Legitimate lending companies in the Philippines are registered with the Securities and Exchange Commission (SEC). Upon registration, the lender is expected to be compliant with Corporation Code,[4] the Lending Company Regulation Act,[5] and any other laws regulating lending companies. 

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. This may lead to the revocation of their license plus penalties.

Compare loans now through Moneymax!

What are the Legit Online Loans in the Philippines? 

Minimize the risks associated with online loans by making sure you deal only with an online lender that’s duly licensed by the SEC.

We’ve compiled a list of top online loans that are legit, meaning their providers are registered with the SEC either as financing companies or lending companies.

ACOM Quick Cash Loans

legit online loan apps in the Philippines - ACOM Quick Cash Loans

ACOM Consumer Finance Corporation is a leading personal loan provider in Japan and was founded in the Philippines in 2017. It offers no-collateral term loans and revolving loans that can be obtained either online or in any of its branches and booths in Metro Manila and nearby provinces. 

ACOM Quick Cash Loan Features

  • Loan amount: Up to PHP 250,000 for term loans/Up to PHP 500,000 for revolving loans
  • Interest rate: 3.315% to 4.563%
  • Loan term: 6 or 12 months for term loans
  • Application requirements:
    • Filipinos aged 21 to 65
    • Employees working for at least three months with a monthly salary of at least PHP 7,000 (provinces) or PHP 10,000 (Metro Manila)
    • Company landline number and personal mobile number
    • Valid ID
    • Original payslips/Certificate of compensation/ITR
    • Company ID/Certificate of Employment
legit online loan apps in the Philippines - Asialink

Asialink[6] is a financing company established in June 1997. Today, it operates 80 branches nationwide, offering different loan products like collateral loan, online lending and financing, used car loan, auto loan, and truck loan. 

  • Loan amount: Depending on the loan (for car loans: up to 70% of the vehicle’s appraised value
  • Interest rate: 1.5% up to 4%
  • Loan terms: Up to 36 months
  • Application requirements:
    • Filled out loan application form
    • Official Receipt & Certificate of Registration (OR/CR)
    • Proof of income
    • Latest picture of vehicle
    • Proof of TIN

Atome Credit Cash Loan

legit online loan apps in the Philippines - Atome Credit Cash Loan

Atome is an online lending platform registered with the SEC as NeuronCredit Financing Company, Inc., a Singapore-based fintech firm that established its Philippine operations in late 2018. Its cash loan can be accessed via the Atome app on Android devices.

Atome Credit Cash Loan Features

  • Loan amount: Up to PHP 10,000
  • Interest rate: Up to 34.8% per year
  • Loan term: 91 to 120 days
  • Application requirements:
    • Filipinos aged 18 to 55
    • Passport/UMID/SSS ID/Voter's ID/Postal ID/Driver's license/PRC ID/TIN ID
    • Android phone with an internet connection

Cash Mart Personal Loan

legit online loan apps in the Philippines - Cash Mart Personal Loan

Cash Mart Philippines is one of the better-known online lenders today, coming from a leading moneylender in Singapore. Its online loan products include personal loans, salary loans, car loans, and OFW loans.

Cash Mart Personal Loan Features

  • Loan amount: PHP 3,000 to PHP 30,000
  • Interest rate: 0.0571% to 0.8% per day / 20.8415% to 292% per year
  • Loan terms:
    • Weekly in three to five installments
    • Biweekly in one to five installments
    • Monthly
  • Application requirements:
    • Employees, self-employed individuals, and taxi/Grab drivers aged 21 to 50
    • Valid ID
    • Latest one-month payslip (employees)/bank statement (self-employed)/statement of account (drivers)
    • Latest proof of billing

Esquire Financing Business Loan

legit online loan apps in the Philippines - Esquire Financing Business Loan

Esquire Financing, Inc. is a financing company that provides no-collateral business loans to small-and-medium enterprises (SMEs) in the Philippines. It allows entrepreneurs to borrow money for increasing their work capital, growing their business, or bridging cash flow gaps.

Esquire Financing Business Loan Features

  • Loan amount: PHP 10,000 to PHP 10 million
  • Interest rate: Subject to the lender's approval, depending on the loan amount and repayment term
  • Application requirements: Business with at least one-year operation and checking account active for at least six months (Check the Esquire Financing website for its full list of loan requirements.)

First Circle Business Loan

legit online loan apps in the Philippines - First Circle Business Loan

First Circle is an SEC-registered financing company under the name First Circle Growth Finance Corp. It focuses on providing loans to B2B companies or businesses that serve other businesses or government agencies. Borrowers can receive funds in their accounts within five business days.

First Circle Business Loan Features

  • Loan amount: PHP 10,000 to PHP 10 million
  • Interest rate: Starts at 1.74%
  • Loan term: Up to six months
  • Application requirements:
    • Passport/Driver's license/TIN ID/PRC ID/Postal ID/UMID
    • Proof of billing
    • DTI/SEC Certificate
    • BIR Certificate of Registration
    • For corporations: General information sheet

GDFI Fast Cash Loans

legit online loan apps in the Philippines - GDFI Loan

An SEC-licensed financing company,[7] Global Dominion Financing, Inc. (GDFI) offers a wide range of online loans. Loan requirements are minimal, and processing takes only 24 hours.

GDFI Fast Cash Loan Features

  • Interest rate: Starts at 1.25%
  • Application requirements: Visit the GDFI website to view the complete list of loan requirements.

Home Credit Cash Loan

legit online loan apps in the Philippines - Home Credit Cash Loan

Home Credit is becoming quite popular in the country for its standard non-cash loan that provides in-store financing services on appliance or gadget purchases. The SEC-registered financing company (under the corporate name HC Consumer Finance Philippines, Inc.) also offers a cash loan that's one of the easiest online loans to get in the Philippines through the My Home Credit app. Borrowers only have to submit two valid IDs via the mobile app.

  • Loan amount: PHP 15,000 to PHP 50,000 for first-time borrowers
  • Interest rate: 4.99% per month or 59.88% per year
  • Loan term: Nine to 30 months
  • Application requirements: Two valid IDs (with at least one government-issued ID and showing the borrower's address)

Loan Ranger Cash Loan

legit online loan apps in the Philippines - Loan Ranger Cash Loan

Loan Ranger is an online lender registered with the SEC as First Digital Finance Corporation that offers quick processing (within one banking day) and disbursement (within minutes). Freelancers and micro and small business owners can avail of Loan Ranger online loans.

Loan Ranger Cash Loan Features

  • Loan amount: PHP 3,000 to PHP 10,000 for first-time borrowers
  • Interest rate: 3.25% to 19.5%
  • Loan term: One to three months
  • Application requirements:
    • At least 18 years old
    • Valid ID
    • Proof of income (payslip/bank statement/screenshots of online banking transactions)

Read more: 6 Tips to Get a Personal Loan for Freelancers in the Philippines

Online Loans Pilipinas Cash Loan

legit online loan apps in the Philippines - Online Loans Pilipinas

Established in 2017, Online Loans Pilipinas Financing, Inc. is an SEC-registered fintech company that specializes in online micro and consumer financing. Loan processing takes one to two days, and loan proceeds can be received within 24 hours in the borrower's bank account.

Online Loans Pilipinas Cash Loan Features

  • Loan amount: PHP 1,000 to PHP 7,000 for first-time borrowers/Up to PHP 20,000 for repeat borrowers
  • Interest rate: Up to 438% per year
  • Loan term: Starts at 90 days
  • Application requirements:
    • Employees and select professionals in the Philippines
    • 22 to 60 years old

Radiowealth Finance Loans

legit online loan apps in the Philippines - Radiowealth Finance Loans

Radiowealth Finance Company (RFC)[8] has been authorized by the SEC as a lending company since the 1990s. Now, its major online loans for various types of needs include financing loans, multi-purpose loans, and business loans.

Radiowealth Finance Loan Features

  • Loan amount: PHP 10,000 to PHP 150,000
  • Interest rate: Subject to the lender's approval
  • Loan term: Three to 36 months
  • Application requirements:
    • Filipinos at least 18 years old living in the Philippines for at least two years
    • Employees earning at least PHP 18,000 monthly and working for at least two years with the current employer
    • Self-employed/professionals in the same business or profession for at least three years with at least two years of profitable operations
    • Two valid IDs
    • Proof of billing
    • Proof of income
    • Residential/Business/Employment address map
    • For employees: Certificate of employment
    • For self-employed: Barangay/Business/DTI Permit

Read more: RFC Loan Guide: How to Get an Online Loan from Radiowealth Finance

Tala Loan

legit online loan apps in the Philippines - Tala Loan

One of the leading online loan providers in the country, Tala Philippines[9] enables Filipinos to borrow money quickly via its mobile app. Borrowers can expect a Tala loan approval in less than 5 minutes and receive funds within 24 hours.

Tala Loan Features

  • Loan amount: PHP 1,000 to PHP 2,000 for first-time borrowers/Up to PHP 10,000 for repeat borrowers
  • Interest rate: 11%/15%
  • Loan term: 21 days/30 days
  • Application requirements:
    • Filipinos at least 18 years old
    • Passport/Driver’s license/Postal ID/PRC ID/UMID/SSS ID/Voter’s ID
    • Android smartphone with OS 4.0.3 or higher

Read more: Tala Loan Guide for First-Time Borrowers

Vidalia Online Loans

legit online loan apps in the Philippines - Vidalia Online Loans

Vidalia Lending Corp. has been providing salary loans, personal loans, and business loans since 2008. It works as a peer-to-peer platform where funds come from investors and not directly from the company itself. Vidalia conducts credit evaluation via a phone call with the borrower and disburses funds within one to five days.

Vidalia Online Loan Features

  • Loan amount:
    • Salary loan: PHP 20,000 to PHP 50,000
    • Personal loan: Up to PHP 100,000
    • Small business loan: PHP 20,000 to PHP 100,000
    • Business loan: PHP 100,000 to PHP 500,000
  • Interest rate: 4% to 6% per month
  • Loan term: Two to 12 months
  • Minimum application requirements: For the full list of requirements for every type of loan, check the Vidalia website.
    • Filipinos aged 20 to 60
    • Two valid IDs (Company ID/passport/driver's license/UMID/SSS ID/GSIS ID)
    • Proof of billing

What to Do When You’re Scammed by an Illegal Online Lender

An online lending scam is usually committed by individuals who falsely represent a legit online lender. Scammers usually offer an easy borrowing experience by asking for money first and stealing your personal information.

If you fall victim to any of these companies engaged in illegal online lending, you may file complaint against the erring lender through the SEC.

The SEC accommodates only complaints against lending companies with Certificates of Authority to Operate (CA).[10] If you have a complaint against a company without a CA, you may send an email to the Enforcement and Investor Protection Department at 

Some things to remember when filing your complaint with the SEC:

  • Fill out the Complaint Form completely and accurately.
  • Don’t forget to attach all relevant documents/evidence/proof to support your complaint.
  • Submit one Complaint Form per respondent company. 
  • Provide a valid government-issued ID.
  • Also provide evidence/proof that you have exhausted all remedies against the company concerned before filing your complaint with the SEC.

Final Thoughts

Legit online loan apps in the Philippines can be an easy solution for financial emergencies. They offer an easy application and fast approval process and require fewer documents. 

More importantly, online lending apps can be very beneficial to borrowers who understand how they work and are responsible enough to pay their loan on time. 

Once you’ve come up with a shortlist of online loans that are legit, compare them to find the lowest rate and most favorable terms. It also helps to read the terms and conditions or the loan agreement thoroughly. This way, you’ll know if there are any hidden charges or crucial information before you apply for an online loan.

Find the Best Online Loan That Fits Your Needs

No need to look far when you're searching for online loans. Here at Moneymax, it's easy to compare loans, find the right product for you, and apply for a loan.

Check out these great options from reputable lenders in the Philippines.

Personal Loan Provider Features
Citibank Personal Loan
Get a Citibank Personal Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • Loan amount of up to ₱2 million
  • Flexible payment terms of up to five years
EasyRFC Multi-Purpose Loan
Get EasyRFC Multi-Purpose Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • High loan amount of up to ₱3 million
  • Payment term of up to 12 months
SB Finance Personal Loan
Get SB Finance Personal Loan with Moneymax
  • Get approved within five banking days
  • High loan amount of up to ₱2 million
  • Flexible payment terms of up to 36 months
TALA Personal Loan
Get TALA Personal Loan with Moneymax

  • Fast approval time in as fast as 24 hours
  • Quick cash loan up to ₱15,000
  • 24/7 application using an Android phone


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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.