In these financially trying times, the need to borrow money is understandable. Many Filipinos apply for traditional loans from banks and government agencies, but they fail to meet stringent loan requirements. Because of this, they explore informal financing options like online loans to fund their urgent cash needs.
Legit online loans in the Philippines offer borrowers an excellent alternative to conventional loans from formal lenders. They fill in the gaps in terms of convenience, ease of application process, minimal requirements, and speed of approval. Most legit online lenders even release loan proceeds in as fast as 24 hours.
But are online loans the right choice? Before you borrow money online, familiarize yourself with how these loans work and what your online loan options are.
What are Online Loans in the Philippines?
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An online loan is a non-traditional 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? 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. Download the app or visit the website to start the loan application process. Online loans are a good choice for those who need money for an emergency.
👍 Minimal Eligibility and Document Requirements
Anyone with 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 require a certificate of employment if you’re borrowing a considerable amount or getting an online loan with monthly payments in the Philippines.
👍 Convenient Loan Application Process
You can start the loan application process with your smartphone or computer. No need to travel and visit a branch. Complete the online application form and upload photos of your valid IDs and other loan requirements.
👍 Easy and Quick Approval
Are you looking for legit online loans with guaranteed approval in the Philippines? Since online lenders usually don’t ask for too many application documents, it’s quicker to apply and easier to be approved for this type of loan.
👍 No Bank Account Required
A bank deposit account is generally not required for online loans. 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
Online loans are 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 Payment 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 details will be posted online.
How Do I Know If an Online Loan is Legit?
You might want to know: Are online loans safe?
Legitimate online loan providers are lending companies in the Philippines that are registered with the Securities and Exchange Commission (SEC). Upon registration, the lender must comply with the 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. Check out the table below for an easy comparison of these legit online loans.
📌 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
📌 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 can apply for this online loan with a high loan amount.
Tonik Big Loan Features
- Loan amount: ₱250,000 to ₱5 million
- Interest rate: 6.99% p.a.
- 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.
📌 Tala Loan
This list of legit online lending apps wouldn’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
📌 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. This legit online loan app allows you to sign up for a personal, car collateral, and motorcycle loan. It’s also one of the legit loan apps with low interest rates.
SB Finance Loan Features
- Loan amount:
- Car4Cash: Up to ₱2 million
- Hooloogan: Up 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
📌 ACOM REVOMAX Loan
ACOM Consumer Finance Corporation is Japan's leading personal loan provider and was launched in the Philippines in 2017. With ACOM loans, such as the REVOMAX, 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: 4.988%
- Loan term: Six or 12 months
- Application requirements:
- Filipinos aged 21 to 65
- Employees working for at least three months with a monthly salary of at least ₱10,000
- Must be presently residing in Luzon
- Company landline number and personal mobile number
- Valid ID
- Original payslips/Certificate of compensation/ITR
- Proof of TIN or SSS
📌 AEON Personal Loan
AEON Credit Service (Philippines) Inc. is another loan provider that can help with your instant cash needs. Established in 2013 in the Philippines, it’s more well-known for its installment loans for purchasing furniture, appliances, and electronic products. But it also offers an online personal loan via its mobile app for existing customers with an AEON Retention Code.
AEON Online Loan Features
- Loan amount: Will depend on credit evaluation
- Interest rate: 2.25%
- Loan term: Six and 12 months
- Application requirements:
- Two valid IDs
- Proof of income
- Proof of billing
📌 Asialink Finance Corporation Loans
Asialink Finance Corporation is a private lending company that offers a variety of collateral loans to suit different needs, such as Sangla OR/CR, Vehicle Financing (brand-new or secondhand), and Doctor's Loan.
One of the best things about this lender is that it does not require borrowers to surrender their cars. Plus, they still accept 2005 car year models and above!
Asialink Loan Features
- Loan amount: Depends on the appraised value of your asset
- Interest rate: As low as 1.5% for OR/CR Loan and secondhand car loan; 1.75% for Doctor's Loan
- Loan term: Up to 48 months for OR/CR Loan and Vehicle Financing; 12 months for Doctor's Loan
- Application requirements:
- Filipino citizen
- Between 21 and 60 years old
- Stable source of income
- Valid contact number
- Other requirements depending on the loan you're applying for, such as copy of OR/CR, Offer to Sell/Purchase Agreement, PRC ID, and more
📌 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: ₱500 to ₱50,000
- Loan term: Two to 12 months
- Application requirements:
- Filipinos at least 18 years old
- Active mobile number
- Valid ID with the full legal 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: Risk-based interest (1% to 8% per month, depending on the loan)
- 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 or 20.8415% to 292% per year
- Loan terms:
- Weekly (due date every seven days)
- Biweekly (due date every 14 days)
- Monthly (due date every 28 days)
- Application requirements:
- Salaried and commission-based employees/taxi or Grab drivers at least 21 years old
- Valid government-issued ID
- Latest one-month payslip/statement of account
- Latest proof of billing
📌 Cashalo Cash Loan
Check out the Cashalo Cash Loan if you’re looking for fast and convenient access to digital credit. Download the Cashalo app on your mobile device, complete the online form, and await your loan approval. There's no collateral required, and you can receive your loan proceeds in one to three days.
Cashalo Cash Loan Features
- Loan amount: ₱1,000 to ₱7,000
- Interest rate: Starting at 3.95%
- Loan term: Up to 90 days
- Application requirements:
- At least 21 years old
- Employed/with steady income
- Valid government-issued ID
- Cashalo app
📌 Digido Instant Online Loan
Is Digido legit or not? Don’t worry—it’s a legit online lender in the Philippines with a highly innovative and fully automated online portal. Borrowers can receive their loan proceeds in just a few hours. You can even get a first loan at 0% interest for a seven-day term.
Digido Online Loan Features
- Loan amount: ₱1,000 to ₱25,000
- Interest rate: 0% for new customers; not more than 1.5% daily for repeat customers
- Application requirements:
- 21 to 70 years old
- Filipino resident
- Employed and selected professionals
- Valid government-issued ID
- Proof of income
📌 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.
📌 Finbro Loan
Finbro is a popular online lending platform. It promises an easy application process—you just need to submit a handful of requirements, after which you can get approved within a few minutes! You don't need to worry about securing collateral either.
It's handy if you just need a small amount of cash quickly, perhaps for paying for bills, groceries, tuition fees, and other emergency expenses.
Finbro Loan Features
- Loan amount: ₱1,000 to ₱50,000
- Interest rate: 0% for your first loan; 6% after
- Loan term: 12 months
- Application requirements:
- Filipino citizen
- Must be between 20 and 70 years old
- Employed or with a regular source of income
- Valid ID
- Bank account
- Selfie
Read more: Finbro Loan Review: Things to Know Before You Borrow Money
📌 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
Global Dominion Financing, Inc. (GDFI) is an SEC-licensed financing company offering a wide range of online loans, such OR/CR, car financing, truck financing, doctor's loan, and sangla titulo for business owners. Loan requirements are minimal, and processing takes only 24 hours.
GDFI Loan Features
- Interest rate: Starts at 1%
- 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, which provides in-store financing services for 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: ₱3,000 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)
📌 JuanHand Online Cash Loan
Another fintech platform in the Philippines offering fast and hassle-free access to credit is JuanHand. With over 5.7 million app downloads, 4 million successful loans, and 1.7 million active loans, it's one of the leading and legit online providers you can check out for cash emergencies.
JuanHand Online Cash Loan Features
- Loan amount: Up to ₱15,000
- Interest rate: 9% to 12%
- Loan term: Up to three months
- Application requirements:
- A Filipino citizen between 20 and 60 years old
- Stable source of income
- Valid government-issued ID
- JuanHand loan app
📌 Online Loans Pilipinas Cash Loan
Established in 2017, Online Loans Pilipinas Financing, Inc. specializes in online micro and consumer financing. Is Online Loans Pilipinas legit? Yes, it’s an SEC-registered fintech company, so you can rest assured you’re dealing with a legitimate loan provider.
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 for first-time borrowers
- Loan term: Starts at 10 days
- Application requirements:
- Employed or with a steady income source
- 22 to 70 years old
- Valid ID
- With a valid e-wallet or bank account
📌 UnaCash Loan
UnaCash is an SEC-licensed financing company where you can get a personal credit line of up to ₱50,000. Apply for a loan via its mobile app (no need to go to the bank or submit a lot of paperwork) and get approved within 24 hours.
UnaCash Online Loan Features
- Loan amount: ₱1,000 to ₱50,000
- Interest rate: 0% to 16%
- Loan term: Two to six months
- Application requirements: UnaCash mobile app
📌 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.
Its products include the Lite Loan, Salary Loan, Personal Loan, Business Loan, and Small Business Loan.
Vidalia Online Loan Features
- Loan amount: ₱5,000 to ₱500,000
- 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 falsely representing 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.
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 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 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, and apply for it.
Check out more great options from reputable lenders in the Philippines.
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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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