Online loan Philippines
Today you can forget about the long lines in the stuffy banking room. You do not need to spend a lot of time on the Internet to find a profitable online loan in the Philippines. With our help, it will be easy. Our website presents the best money loan options (Lenders who lend money online to borrowers) that meet your requirements.
Of course, getting some quick cash can’t be done with just a snap of your finger. You need to go through the process, then you will get your money. But all these credit companies provide small loans without collateral, sureties and as quickly as possible. To get money, you do not need to collect a huge package of documents, as it often happens in state-owned banks, and wait months for a solution.
What are payday loans online?
Payday loans (also called instant loans, payday advance or quick cash loans) are a new type of lending in Philippines and the most convenient for a wide range of borrowers from all parts of Philippines. Payday Loans are short-term (two weeks or so), with their quick application, approval, and cash disbursement. Payday Loans are offered by brick and mortar stores as well as online direct loan lenders. Typically, you have until your next payday to pay back your loan plus interest, although some payday lenders let you choose the repayment period and date.
Online loans offer smaller amounts of money than commercial banks or other lending companies in our country. Short term loans can also disburse funds quickly and usually come with brief repayment periods. Usually, you can get loan from 2,000 to 50,000 pesos. The loans are issued for the employed citizens of the Philippines aged between 21 and 65. Sometimes online loans are the preferred choice by consumers for their speed and convenience.
5 easy steps to get money loan fast
When you need a cash, you need it ASAP! Just follow these simple steps to get quick loan:
- Set amount and due date.
- Fill up the online application form and submit your requirements for verification.
- Wait for the response.
- Get lender approved.
- Get Your PHP.
It depends on what we need from you; it usually takes 1-4 days but it may be longer if you don’t submit your docs on time. But you can complete the process from your home and phone.
Why do people need payday loans?
There are numerous reasons why people use payday loans. It’s not just about getting a one-off expense, like a luxury holiday. People take emergency loans to avoid borrowing from their friends and family, and to avoid cost reductions. However, they often end up doing those things anyway to pay back the loan, a new report finds. People rely on them because payday loans offer a fast solution to a short term cash problem.
Sometimes money gets a little tight with extra unforeseen expenses. Some common reasons customers use them are:
- Living expenses (food, books, clothes, public transportation, and leisure activities) – 53%;
- Car expenses – around 10%;
- Sudden need to travel – 3%;
- Unexpected medical bills – up to 5%;
- General shopping – between 2-3%;
- Get online credit for pay off another loan – 2%;
- Other – 24%.
Benefits of online loans
However, historically, if you needed a loan to repair your car, home improvements or to consolidate your credit cards, you would need to get dressed up and head down to the bank to beg for money luckily, the Internet has made this process much easier.
Nowadays, many people are embracing the trend of applying for loans online. Getting an online credit is easy and fast. It typically takes a couple of minutes for these loans to be approved.
You might be thinking; people would be inclined to trust the traditional bank instead of online personal loans services option. So why are so many Filipinos putting their trust in online loans? Well, there are 5 specific reasons:
- Convenience. One of the main factors for selecting an online personal loan over a traditional loan is convenience. You easily apply for a personal loan from the comfort of your living room, office or directly from the car. Just fill out the online form on website and get approved quickly (Usually applications are considered within 10-15 minutes).
- Saves Time. The procedure for obtaining a loan in the Philippines is very fast and simple. This saves a significant amount of time and effort. Also, by gaining a pre-approval you can get an indication of how much you can afford to pay on your loan upfront.
- Lower rates. All online lending service offer credit terms and reasonable interest rates, since online lenders don’t have the added expense of physical offices scattered throughout the country.
- Access. Nowdays, you can avail personal loans online even if you have low credit score and perhaps the reason behind why online lending is so much in demand.
- 24/7 applications. Applications for a loan can be submitted at any time, including on weekends and holidays. Online applications are reviewed straight away after making an application. They can be applied online 24/7.
Most Common Types of Loans in the Philippines
Loans come in different needs and terms. There are different types of credits offered by lending companies. But it’s important to understand your options to determine which one best suits your needs.
This handy guide explains the key features of each of the most commonly offered loans so you can choose which one of best fits your requirements – and the ones you should avoid.
The best personal loan for you is one that can help you meet your financial goals or immediate cash need while making it easy for you to repay the loan. Fairly often, a personal loan is borrowing money without collateral. Because there is no home or car to repossess if you don’t make your payments, these loans are considerably riskier for lenders.
In addition, you can use online personal loan calculator to find out your monthly payment amount. Just select the loan amount and loan tenor to see what works for you.
If you are planning to apply, here are some tips to pass that credit check and easily get a approval:
- Have a good credit history;
- Maintain a savings account;
- Supply only factual information;
- Aim for a realistic loan principal;
- Be patient;
- Compare interest rates and loan terms.
For most working-class Filipinos, buying a house is the pinnacle of many years of hard work and dedication. It is usually considered an accomplishment considering the time, hard work, and dedication it will take to save up for a decent house in a secured location.
A housing loan is the money that a bank or a financial institution offers you to buy a property, or renovation of an old house, construction, or refinancing.
Documents required for home loan
- Completed and signed housing application form;
- ID & Address proof;
- Residence proof;
- Income Documents (Financial documents declaring your income);
- Property Documents (Property related documents).
Some of the banks that offer housing loans are (for quick and easy comparison, see our free online housing loan calculator):
|Bank||Min. Loan Amount||Max. Loan Tenure|
|RCBC Housing Loan||PHP 300,000||20 years|
|BPI Housing Loan||PHP 400,000||25 years|
|BDO Housing Loan||PHP 500,000||20 years|
|EastWest Bank Home Loan||PHP 500,000||30 years|
|Security Bank Home Loan||PHP 1,000,000||20 years|
|HSBC Home Loan||PHP 2,000,000||5 years|
Your housing loan application might be rejected due to several factors such as:
- Not qualifying for a loan does not necessarily mean you are not qualified for home ownership;
- You do not meet the qualification criteria such as age limits of 21 to 65 years;
- If you failed to provide any documents, forms, or other evidence.
Are you planning to purchase a vehicle soon? Good thing you can avail of a car loan. Since a car is not cheap, auto loans let’s borrower to loan money from a bank or private lender to purchase a car. There are two ways to avail for auto loans with major banks. One is the traditional way where the bank has an inventory of cars (usually provided by affiliates) that the client can choose from. The other method is for the client to pick their car of choice (usually for second hand cars), and the bank provides for a used car loan. The loaned amount will either be disbursed directly to you or to the auto dealer.
6 steps to apply for a Car Loan Financing:
- Consider your finances. Consider your gross monthly income and think of the amount of a car you think you can handle.
- Choose a car. Most lenders depends their loan on the price of the car you want to buy.
- Auto Loan Calculator. Compare the car loans offered by lenders with the use of the auto loan calculator.
- Check the eligibility and requirements. Lenders vary their requirements.
- Apply online. Make sure your personal information is secured.
- Wait for a Confirmation.
If you have enough cash to pay the car at once, then good for you, yet if you don’t have enough money and you think you can pay in instalment, then you can use a car loan. Here are the list of leading banks offering car loans:
- PS Bank;
The SSS (Social Security System), or the social insurance program for private employees in the Philippines, offers two types of loans: salary and calamity loans. Salary loan serves as a ready-benefit program with terms that caters to majority of employees in an accredited company. If you run out of money and you need a rather small amount to pay for something that is urgently needed, then you might want to opt for salary loans. You may borrow an amount as small as 15 000 or less pesos and this will be given to you shortly. The great advantage of collateral loans is that you can get them almost immediately.
In order to avail of a salary loan from SSS, members must completely fill out a Member Loan Application form. They can submit this form to the SSS branch closest to their place of work or residence.
Currently unemployed and thinking of starting your own business? Business loan is just perfect for your startup investment. If you are looking for lowest interest rate option, a collateral loan would definitely be the best choice.
Loan Tenure for Business Loan
Depending on the type of business loan you’re availing, the following are the available tenor options.
|Franchise Loan||Up to 5 years|
|Short Term Loans||Up to 1 year|
|Long Term Loans||Up to 5 years|
There are different banks that offer business and personal loans to individuals who are interested in franchising:
- BPI Family Savings Bank;
- Land Bank.
Good news for Overseas Filipino Workers (OFWs) is that government agencies and banks in the Philippines now offer OFW lending services for a variety of purposes – be it money for your family back home, paying for your child’s tuition fee, to house and car purchases.
Who can avail of the OFW loan?
- Filipino Overseas Workers with valid contracts;
- Must be at least 21 years old or not less than 65 years old upon loan maturity;
- Minimum basic salary equivalent to at least PHP 30,000;
- Must be employed for at least 2 years;
- OFWs outside the Philippines may also apply (ask us about the Pinoy Abroad loan!);
- Must have a Co-borrower.
Personal Loan Lenders in the Philippines
If you have short-term needs for money, it can be a personal loan. In the absence of the necessary collateral, you can easily apply for a personal loan in almost any bank in the Philippines.
A Personal Loan is a type of loan from banks that do not require any form of payment security.
There are many providers of cash loan and it is important to know which lending institutions or banks offer the best rates and most flexible payment options. Below is a comparison chart of credit conditions of the most popular lenders for personal loan in our country in 2018:
|Bank Name||Min. financing amount||Max. financing amount||Min. Loan Tenure||Max. Loan Tenure||Approval duration|
|BDO Unibank||PHP 10,000.00||Up to PHP 1,000,000||6 months||36 months||Within 7 and 10 days|
|BPI||PHP 20,000.00||Up to PHP 1,000,000.00||12 months||36 months||Within 5 and 7 days|
|EastWest Bank||PHP 25,000.00||Up to PHP 2,000,000.00||12 months||36 months||Between 5 to 7 banking days|
|Citibank||PHP 20,000.00||Up to PHP 2,000,000||12 months||60 months||Up to 24 hours|
|BDO Asenso Kabayan Secured||PHP 10,000.00||Up to PHP 3,000,000.00||6 months||36 months||Within 7-10 working weeks|
|HSBC||PHP 30,000.00||Up to PHP 500,000.00||6 months||36 months||Within 5-7 banking days|
|RCBC||PHP 50,000.00||Up to PHP 1,000,000.00||6 months||36 months||Up to 5-7 working days|
Personal Loans with Flexible Terms
This allows you to pay more than the required amount for your cash loans, as well as change the terms of your personal loan, therefore helping you settle your debt faster.
When you apply for a personal loan in the Philippines, the online-loan lenders will suggest you to choose your preferred loan repayment term, typically ranging from 6 to 48 months.
The following personal loans offer a six-month term:
- Robinsons Bank;
- UCPB SalarEasy;
- RCBC MyCash.
CitiBank offers the longest payment term of up to 60 months, or five years. Whatever your loan purpose is, you can plan out your monthly installments with their flexible loan terms starting at 12 months.
How to use Personal Loan Calculator
Broadly speaking, mortgage, auto, lines of credit, and credit cards are all considered personal loans.
Start by entering how much you want to borrow in the field marked Loan amount. Then use the personal loan calculator to:
- Simulate your payback period in years or months;
- Calculate the ideal interest rate on your loan;
- See how much you would pay in principal and interest.
Get the Best Personal Loan Interest Rates
It’s beyond the middle of 2018. Banks reconsider their personal loan rates from time to time. One of the options for Filipinos who need to meet their immediate cash needs is to get a personal loan from commercial banks.
Here are 7 personal loans with low-interest rates that you can get (updated: 01.06.2018):
|Product name||Interest rate|
|BDO Asenso Kabayan Secured Personal Loan||9.48%|
|BPI Personal Loan||14.40%|
|HSBC Personal Loan||14.64%|
|BDO Personal Loan||15.00%|
|Citi Personal Loan||15.16%|
|RCBC Savings Bank Personal Loan||15.60%|
|Maybank Enable Personal Loan||15.60%|
Top Online Lending Companies
Here’s a list of the top online lending Services you can use today:
- CashMart PH
- Loan Ranger
- First Circle
Online Loans with no Credit Check
This is part of the reason why the application process is much shorter, no need to run your credit history and air out your dirty laundry. Loans with no credit check are payday loans and installment loans in which lenders don’t check applicants’ credit score. For people who for some reasons are “blacklisted” and don’t have good credit history no credit check loans is the best (and probably one and only) way to make a loan online. You ask: “How it’s possible?”
Borrowers have to meet the basic requirements to apply for loans online. Make sure that you can meet the following requirements:
- Must be 18 or older;
- Must to be a Filipino citizen (currently living in Metro Manila, Rizal, Bataan, Bulacan, Cavite, Laguna, Pampanga, Tagaytay, Batangas,Tarlac, or Zambales);
- You must have an active checking account;
- Verifiable monthly income.
What to do for a sure approval?
There are many ways to get cash loans with sure approval. At first glance, this might seem difficult, but it is possible with thorough research coupled with patience. You just have to remember a few tips and find the right place where you can get the loan.
If you want to apply soon, here are some really good tips to pass that credit check and easily get a loan approval:
- Prepare your documents. The usual requirements include at least 2 government-issued valid IDs, 2-3 latest proof of billings, 2-3 latest payslips, at least 3 latest bank statements, Certificate of Employment, marriage contract (if married), and application form. If you want this process to be fast, it is best if you get the checklist of the requirements and be prepared before heading to the banks.
- Check your credit score. In today’s world, with unprecedented access to the information credit reference agencies hold on file about your financial behaviour, it’s definitely worth making sure your credit rating is as good as it can possibly be prior to applying for a loan.
- Supply only factual information. As you submit your documents, make sure that only factual and right information is indicated on the papers. Lenders would investigate on your credit history and would also look at the consistency of the information on the different documents. They need to verify if you are a real person and capable of paying the loan. Therefore, supply only factual and truthful information in your loan application.
- Showing proofs of payments. Private lenders or banks need assurance that your income is stable and adequate to pay back the loan amount. And for the same reason, salaried individuals with fixed incomes are the ideal candidates. Also, you should be able to justify your means to pay a loan while financing your daily needs or expenses through your income.
- Find the right lender. Before you apply for one, make sure to check the facilities that offer your needs, do your research and compare all your options before even heading out to the bank. This may take time, but familiarizing yourself with the procedure will be helpful when you apply for a personal loan.
- Avoid multiple loan applications. Of course, It is tempting to apply for a personal loan in several banks or private lenders at the same time in order to maximise your chances of being approved by at least one lender. Here is why it is not a good idea. When you act like this, lenders get the impression that you are desperate for funds and want to get a quick deal and vanish. This will decrease your chances of getting approved and may even hamper your credit score. Make sure you only apply to the place where you have the best chance of being approved.
Instant Cash Loans in 1 Hour or less
Sometimes there are situations when cash is needed fast—as in immediately. Emergency travel plans or unexpectedly high bills are very real issues. Fast one hour loans easily and as quickly as possible, to help ease your financial distress!
Personal loans offered by banks are still more competitive compared to those offered by private lending companies, in terms of interest rates and payment flexibility. However, due to a more stringent approval process, this is only possible if the applicants have established a good credit record.
Today many things have become much simpler and the procedure of getting loans is among them. Thanks to private lending companies and their quick online forms, it is indeed now possible to get cash in as fast as one working day. Getting cash loans is common. There are a lot of hard working Filipinos whose monthly salary can barely make ends meet.
One of the major problems that many loan seekers face today is the lengthy approval process they have to endure after applying for that extra cash.
Advantages and Disadvantages of Online Payday Loans
|Bad credit is okay||Loans that roll over cost more|
|Instant loan decision in 1 hour or less||Lenders may request extra papers|
|No traditional credit check||Short term to repay|
|Fast and easy application||Limited to small amounts|
|Direct deposit available||High fees|
Emergency situations need immediate solutions. Online loans are convenient, accessible, and useful when you’re in dire need of money. When getting one is your only option, make sure to compare different cash loans, check the fine print, use an online loan calculator, and pick the payday loan with the lowest interest rate for your chosen loan term.