In these financially trying times, the need to borrow money is understandable. Many Filipinos apply for personal loans but often fail to meet stringent loan requirements. Because of this, they explore legit online loans in the Philippines to fund their urgent cash needs.
Legit online loans offer borrowers an excellent alternative to traditional loans from banks and government agencies. They fill in the gaps in terms of convenience, application requirements, and ease of approval. Most legit online lenders even release 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 your options for legit online loans in the Philippines.
What are Online Loans in the Philippines?
An online loan is a non-traditional type of loan from a private lender or a digital bank that operates over the internet. Companies that offer online lending in the Philippines generally process loan applications through their mobile app or website.
Traditional banks and government loan providers conduct credit checks to evaluate a borrower’s capacity to pay. On the other hand, online lenders usually don’t and just require a valid ID or proof of income.
This is probably why, as per an analysis by consumer credit service Digido, digital lending platforms operating in the Philippines with iOS or Google Play applications had a combined total download of 14.2 million as of December 2022.[1]
From filling out an online loan application form to getting approved, legit online loans in the Philippines offer 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.
However, the loan application procedure and requirements vary from one lender to another.
Pros and Cons of Online Loans in the Philippines
Are legit online loan apps in the Philippines a good option for those with financial emergencies, or are they more of a drawback? Keep reading to better understand the benefits and risks 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 to start the loan application process. This makes online loans a good choice for those who 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 online loans in the Philippines require a certificate of employment if you’re borrowing a considerable amount.
✔️ Convenient Loan Application Process
You can start the loan application process with your smartphone or computer. That means no need to travel and visit a branch. You just need to fill out the online application form and upload photos of your valid IDs and other loan requirements.
✔️ Easy and Quick Approval
Are you unemployed with a 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 bank deposit account is generally not required 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 than traditional personal loans. Remember, online loans are unsecured loans that don’t require collateral or guarantors. They're backed only by your creditworthiness. The high interest rates can take a toll on your finances if you fail to pay on time.
❌ Shorter Loan Amortization Terms
Many short-term online loans are payable in only 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.[2] These lenders resort to such tactics for an unpaid online loan, so 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 comply with Corporation Code,[3] the Lending Company Regulation Act,[4] and other laws regulating lending companies.
In case of non-compliance to lending regulations, violations of the Data Privacy Law, harassment, cyber libel, 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.
What are the Legit Online Loans in the Philippines?
Minimize the risks associated with online loans by ensuring you deal only with an online lender duly licensed by the SEC.
We’ve compiled a list of the best online lending in the Philippines, meaning these providers are registered with the SEC as financing companies or lending companies.
📌 ACOM REVOMAX Loan
ACOM Consumer Finance Corporation is a leading personal loan provider in Japan and was founded in the Philippines in 2017. With the REVOMAX Loan, you can borrow an additional amount within the repayment period, as long as it’s within the credit limit. Your credit limit can also be increased depending on the evaluation.
ACOM REVOMAX Loan Features
- Loan amount: Up to ₱500,000
- Interest rate: 3.315% to 4.563%
- Loan term: 6 or 12 months
- Application requirements:
- Filipinos aged 21 to 65
- Employees working for at least three months with a monthly salary of at least ₱7,000
- Company landline number and personal mobile number
- Valid ID
- Original payslips/Certificate of compensation/ITR
- Company ID/Certificate of Employment
📌 Asialink Finance Corporation
Asialink is a financing company established in June 1997. Today, it operates over 80 branches nationwide, offering different loan products like collateral loans, online lending and financing, used car loan, auto loan, and truck loan.
Asialink Loan Features
- Loan amount: Depending on the loan (for car loans: up to 70% of the vehicle’s appraised value)
- Interest rate: Starts at 1.5%
- Loan terms: Up to 48 months
- Application requirements:
- Filled-out loan application form
- Official Receipt & Certificate of Registration (OR/CR)
- Proof of income
- Latest picture of the vehicle
- Proof of TIN
📌 Atome
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.
Atome is known for its Buy Now, Pay Later feature, which you can use to shop in-store and online and pay in three interest-free installments. The Atome loan app in the Philippines can be downloaded on iOS and Android devices.
Atome Loan Features
- Loan amount: ₱15,000 to ₱30,000
- Interest rate: 0%
- Loan term: 30 days
- Application requirements:
- Filipinos at least 18 years old
- Active mobile number
- Valid ID with the legal full name
- Valid email address
- A valid debit or credit card
📌 Blend PH Loan
Blend PH lets you apply for various loans through its website. It facilitates a hassle-free online application and quick approval and loan processing.
Blend PH Loan Features
- Loan amount:
- Personal loan: ₱50,000 to ₱2 million
- Franchise loan: ₱50,000 to ₱2 million
- ORCR loan: ₱10,000 to ₱3 million
- Business loan: ₱100,000 to ₱2 million
- Fast loan: ₱10,000 to ₱40,000
- Seafarer loan: ₱50,000 to ₱500,000
- Educational loan: ₱20,000 to ₱25,000
- Salary loan: Equivalent to one month’s salary
- Interest rate: Starts at 1.5%
- Loan term: 12 to 36 months
- Minimum application requirements:
- Valid IDs
- Proof of income
- Bank certificates
- ORCR for Auto Sangla Loan
- For the complete list of requirements, check the Blend PH website.
Read more: Blend PH Loan Review: Everything to Know About This Online Loan
📌 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, salary, car, and OFW loans.
Cash Mart Personal Loan Features
- Loan amount: ₱3,000 to ₱50,000
- 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 three installments
- Monthly
- Application requirements:
- Employees and self-employed individuals aged 21 to 50
- Valid ID/company ID
- Latest one-month payslip (employees)/bank statement (self-employed)/statement of account (drivers)
- Latest proof of billing
📌 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 to increase work capital, grow businesses, or bridge cash flow gaps.
Esquire Financing Business Loan Features
- Loan amount: Up to ₱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 of operation and checking account active for at least six months. Check the Esquire Financing website for its complete list of loan requirements.
📌 First Circle Business Loan
First Circle is an SEC-registered financing company under First Circle Growth Finance Corp. It focuses on providing non-collateral credit lines 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: ₱250,000 to ₱20 million
- Interest rate: 0.99% to 2.49%
- Loan term: Up to 12 months
- Application requirements:
- Business annual revenue of at least ₱5 million
- Filipino or Philippine resident
- DTI/SEC Certificate
- BIR Certificate of Registration
📌 GDFI Loans
An SEC-licensed financing company, 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 1.37%
- Application requirements:
- Valid IDs
- Active contact number
- Copy of OR/CR
- Proof of income: payslips, remittance receipts, business permits
- Proof of billing: electric or water bill
- Visit the GDFI website to view the complete list of loan requirements.
📌 Home Credit Cash Loan
Home Credit is quite popular in the country for its product 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—one of the most straightforward online loans to get in the Philippines—through the My Home Credit app. If you’re looking for legit loan apps in the Philippines, you only have to submit two valid IDs via the Home Credit app.
Home Credit Cash Loan Features
- Loan amount: Up to ₱150,000
- Interest rate: Starts at 1.83%
- Loan term: Six to 60 months
- Application requirements: Two valid IDs (with at least one government-issued ID showing the borrower's address)
📌 Online Loans Pilipinas Cash Loan
Established in 2017, Online Loans Pilipinas Financing, Inc. is an SEC-registered fintech company specializing 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: ₱1,000 to ₱7,000 for first-time borrowers; up to ₱30,000 for repeat borrowers in good credit standing
- Interest rate: None if paid back on the first payment date
- Loan term: Starts at 10 days
- Application requirements:
- Employees and select professionals in the Philippines
- 22 to 70 years old
- With a valid e-wallet or bank account
📌 Radiowealth Finance Cash Loan
Radiowealth Finance Company (RFC) has been authorized by the SEC as a lending company since the 1990s. RFC’s major online loans for various needs include cash and financing loans.
Radiowealth Finance Cash Loan Features
- Loan amount: ₱10,000 to ₱3 million
- Interest rate: Subject to the lender's approval
- Loan term: Three to 36 months
- Application requirements:
- Filipinos at least 21 years old living in the Philippines for at least two years
- Employees earning at least ₱18,000 monthly and working for at least one year with the current employer
- Professionals in the same profession for at least one year and with an updated PRC license
- Self-employed must have at least one year 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
📌 SB Finance Online Loans
One of the best online loan apps in the Philippines is the Zuki mobile app from SB Finance, Inc., in partnership with Security Bank and Krungsri. Through this legit online loan app, you can sign up for a personal, car collateral, and motorcycle loan.
SB Finance Loan Features
- Loan amount:
- Car4Cash: ₱100,000 to ₱2 million
- Hooloogan: ₱10,000 to ₱200,000
- MotorsikLOAN: Up to ₱2 million
- Personal loan: ₱30,000 to ₱2 million
- Interest rate: 1.2% to 3.5%
- Loan term: Two to 48 months
- Minimum application requirements:
- Filipinos aged 21 to 65
- Completely filled out application form on the Zuki mobile app
- Office or residential landline
- Valid IDs
- OR/CR
- Proof of income
- For the complete list of requirements for every type of loan, check the SB Finance website.
📌 Tala Loan
This list of legit online lending apps won’t be complete without Tala, one of the leading loan apps in the Philippines. Tala Philippines lets Filipinos borrow money quickly via its mobile app. Borrowers can expect approval in less than five minutes and receive funds within 24 hours after their Tala loan application.
Tala Loan Features
- Loan amount: Up to ₱25,000
- Interest rate: 0.5% (daily flat fee)
- Loan term: Up to 61 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 4.1 or higher
📌 Tonik Big Loan
Are you looking for online loans with affordable monthly payments in the Philippines? Check out the Tonik Big Loan from the first neobank in the country. If you have a fully paid condo in Metro Manila, you’re eligible to apply for this online loan with a high loan amount.
Tonik Big Loan Features
- Loan amount: ₱250,000 to ₱2.5 million
- Interest rate: 1.0825%
- Loan term: 12 to 60 months
- Minimum application requirements:
- Filipinos aged 23 to 55
- Owner of a fully paid condo unit in Metro Manila
- Valid IDs
- Proof of income
- Condominium Certificate of Title
- For the complete list of requirements, check the Tonik website.
📌 Vidalia Online Loans
Vidalia Lending Corp. has provided salary, personal, 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 two to five days.
Vidalia Online Loan Features
- Loan amount:
- Salary loan: ₱20,000 to ₱50,000
- Personal loan: Up to ₱100,000
- Small business loan: ₱20,000 to ₱100,000
- Business loan: ₱100,000 to ₱500,000
- E-Commerce loan: ₱10,000 to ₱100,000
- Interest rate: 4% to 6% per month
- Loan term: Two to 12 months
- Minimum application requirements:
- Filipinos aged 20 to 60
- Two valid IDs (Company ID/passport/driver's license/UMID/SSS ID/GSIS ID)
- Proof of billing
- For the complete list of requirements for every type of loan, check the Vidalia website.
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 typically offer an easy borrowing experience by asking for money first and stealing your personal information.
If you fall victim to any company engaged in illegal online lending, you may file a complaint against the erring lender through the SEC.
The SEC accommodates only complaints against lending companies with Certificates of Authority to Operate (CA).[5] If you have a complaint against a company without a CA, you may email the Enforcement and Investor Protection Department at epd@sec.gov.ph.
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
Online loans in the Philippines can be an easy solution for financial emergencies. They offer an easy application and fast approval process and require fewer documents. If you understand how they work and feel you’re responsible enough to pay your loans on time, online lending apps may be the perfect solution for you
Once you’ve come up with a shortlist of legit online loans in the Philippines, compare them to find the lowest rate and most favorable terms. It also helps to read the terms and conditions and 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 Providers | Minimum Loan Amount | Minimum Annual Income | Approval Time |
|---|---|---|---|
|
Citibank Personal Loan
|
₱100,000 | ₱250,000 | Fast approval time in as fast as 24 hours |
|
Note: This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities. |
|||
Maybank Personal Loan |
₱50,000 | ₱300,000 | Apply for a loan online in just a few clicks |
| RCBC Bank Personal Loan |
₱50,000 | ₱360,000 | Get approved within 5 to 7 banking days |
PBCOM Personal Loan |
₱10,000 | N/A | Get approved within 1 to 2 days |
| SB Finance Personal Loan |
₱30,000 | ₱180,000 | Get approved within 5 banking days |
| CIMB Bank Personal Loan |
₱30,000 | ₱180,000 | Apply within 10 minutes and get approved in 24 hours |
| HSBC Personal Loan |
₱30,000 | ₱168,000 | Get approved within 5 to 7 banking days |
| EastWest Bank Personal Loan |
₱25,000 | ₱180,000 | Get approved within five to seven banking days |
| BPI Personal Loan |
₱20,000 | ₱300,000 | Get approved within 5-7 banking days |
| CTBC Bank Personal Loan |
₱20,000 | ₱180,000 | Get approved within 3 to 5 banking days |
EasyRFC Multi-Purpose Loan |
₱10,000 | ₱120,000 | Fast approval time in as fast as 24 hours |
Sources:
- [1] More Filipinos turn to online lending apps – report (The Manila Times, 2023)
- [2] DOJ stresses: Cyber harassment, ‘debt-shaming’ of online debtors illegal (Inquirer.net, 2021)
- [3] Revised Corporation Code of the Philippines. (Lawphil, 2019)
- [4] Lending Company Regulation Act (SEC, 2019)
- [5] List of Registered Online Lending Platforms(SEC, 2021)
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