Struggling with getting approved for a personal loan? Wondering why banks always reject your applications? An online loan might just be the solution to meet your urgent financial needs.
Online loans from private lending companies 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.
Is an online loan the right choice? Before you borrow cash online, familiarize yourself with how online loans work and your options in the Philippines.
An online loan is a non-traditional type of loan from a private lender that operates over the internet. It’s becoming popular among borrowers who need quick cash but lack the credentials to qualify for bank loans.
Unlike government offices and banks, most online lenders don’t perform credit checks to determine a borrower’s capacity to repay a loan. Most online lenders require only a valid ID, while some may also ask for proof of income.
The entire loan application process is done online—from filling out an online form on the lender’s website or mobile app to receiving approval. Loan proceeds are released and repayments are made through the online lender’s partner banks and remittance centers.
The specific procedure and requirements, however, may vary from one lender to another.
Pros and Cons of Online Loans
You may have heard from family and friends about their positive experience with online loans. Or you’ve read news about bad practices of certain online lenders.
Online loans have their pros and cons. It’s important to know them, so you can decide if you should get one.
Online Loan Advantages
24/7 online application
Minimal eligibility and document requirements
Convenient loan application through a computer or smartphone—no need to apply personally in-branch and wait in lines
Easy and quick approval, especially for unemployed people and borrowers with bad credit or no credit history
No bank account required for withdrawing funds (applies to some online lenders)
Online Loan Disadvantages
Higher interest rates than banks
Short loan amortization terms
Risk of losing money to scammers
Risk of harassment by online lenders that resort to debt-shaming
Online lending companies in the Philippines are regulated by the Securities and Exchange Commission (SEC). Just as there are legitimate online lenders, some companies are illegally operating in the country.
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
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 (1) that can be obtained either online or in any of its 15 branches and booths in Metro Manila, Cavite, Laguna, and Rizal.
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
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
Original payslips/Certificate of compensation/ITR
Company ID/Certificate of Employment
Asteria Personal Loan
Asteria Lending, Inc. is an SEC-registered lending company based in Makati and established in 2016. It guarantees 24-hour approval on personal loans (2) and cash disbursement within hours of getting approved.
Asteria Personal Loan Features
Loan amount: PHP 2,000 to PHP 20,000 (up to PHP 10,000 only for first-time borrowers)
Interest rate: 2% to 5%
61 days in four installments
10 weeks in five installments
Three months in six installments
Private and government employees, self-employed individuals, and professionals with a minimum monthly income of PHP 15,000
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 (3) 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
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
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 (4), 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
Weekly in three to five installments
Biweekly in one to five installments
Employees, self-employed individuals, and taxi/Grab drivers aged 21 to 50
Latest one-month payslip (employees)/bank statement (self-employed)/statement of account (drivers)
Registered under the name Green Money Tree Lending Corp., Cashwagon (5) promises fast loan approval through its mobile app and cash disbursement within an hour through the borrower’s bank account
Cashwagon Instant Cash Loan Features
Loan amount: PHP 8,000 to PHP 40,000
Interest rate: 12% per month/Up to 144% per year
Loan term: Three to six months
Employees or anyone with a steady income aged 20 to 60
Esquire Financing Business Loan
Esquire Financing, Inc. (6) 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 (7) 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.
An SEC-licensed financing company, Global Dominion Financing, Inc. (GDFI) offers a wide range of online loans that cater to the needs of OFWs, seafarers, doctors, and entrepreneurs. 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 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 (8) 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 (9) 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
At least 18 years old
Proof of income (payslip/bank statement/screenshots of online banking transactions)
Established in 2017, Online Loans Pilipinas Financing, Inc. (10) 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
Employees and select professionals in the Philippines
Radiowealth Finance Company (RFC) (11) 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
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
Robocash Instant Loans
Robocash Finance Corp. (12) is an SEC-registered company with multiple branches in Metro Manila, Bulacan, Cavite, Laguna, and Rizal. Despite having physical locations, Robocash online loan processing is fully digital and automated through its website.
Robocash Instant Loan Features
Loan amount: PHP 1,000 to PHP 10,000 for first-time borrowers/Up to PHP 25,000 for repeat borrowers
Interest rate: 11.9% per month/Up to 143% per year
Loan term: Three to six months
Filipino employees and select professionals living in the Philippines
One of the leading online loan providers in the country, Tala Philippines 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
Filipinos at least 18 years old
Passport/Driver’s license/Postal ID/PRC ID/UMID/SSS ID/Voter’s ID
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
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. (13)
Filipinos aged 20 to 60
Two valid IDs (Company ID/passport/driver’s license/UMID/SSS ID/GSIS ID)
Proof of billing
Zenith Business Loan
An SEC-licensed online lending company, Zenith Capital Credit Group (14) offers quick access to funds through no-collateral personal loans to employees and business loans to SMEs and corporations in the Philippines.
Zenith Business Loan Features
Loan amount: PHP 500,000 to PHP 10 million
Interest rate: Starts at 3.5% monthly
Loan term: Up to six months
Application requirements: Check the Zenith Capital Credit Group website for the complete list of loan requirements.
Before you avail of online loans in the Philippines, do your homework first. Verify if the lender has SEC registration. View the list of registered financing companies here (15) and list of registered lending companies here (16). If you can’t find the company on the SEC website, it might be on the list of revoked and suspended companies.
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 here at Moneymax. It also helps to read thoroughly the terms and conditions or the loan agreement, so you know if there are any hidden charges or any crucial information you should know before you apply for an online loan.
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