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Cash loans of May 2022 in Philippines

Apply cash loans in Philippines from companies verified by our specialists. On 28.05.2022 you have access to 3 loans with a rate of 0% per day. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

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Interest rates on cash loans in Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

Interest rates on cash loans in Philippines

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1000 ₱
50000 ₱
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60 days
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Cash loans of May 2022

Cash loans

A cash loan comes in handy when you need financial assistance from lending institutions. Considering that many Filipinos use cash loans as a popular form of funding to solve their financial obligations, getting a fast cash loan can help borrowers sort out an emergency or use it for other financial needs. Filipinos can access both online and offline loans.

What is a cash loan?

A cash loan is a short-term installment loan that borrowers can use to cover unexpected expenses or emergencies. Cash loans are usually quick loans you can borrow at fixed interest rates and pay after a pre-determined length of time, from a few weeks to months or even years. Cash loans can also be long-term loans offered by a bank or a credit union. Many Filipinos can access a higher loan amount from online lenders because they are readily available. Banks can provide low interest cash loans compared with quick online ones. Besides, bank loans involve tedious application processes and long approval times. Even after approval, the loans can take a long time before disbursement in your bank account. In contrast, quick cash loans have faster application and approval, which can entice many Filipinos to consider an online loan instead of a bank loan.

How can I borrow cash instantly?

You can borrow cash instantly from many loan providers in the Philippines by following a simple loan application procedure. Ideally, many lenders require borrowers to submit an application first after confirming that they qualify for a loan. Each lending institution often has specific requirements that you must meet before getting a loan. Borrowers can access many loan products provided they are eligible to borrow a given amount from the particular lender they choose.

Where can I get a loan instantly in the Philippines?

Borrowers in the Philippines often look for quick cash loans with low interest rates. The best way to get a loan instantly in the Philippines is to apply for a quick cash loan from online lenders because of their fast approval and funding. Most online lenders approve loans within minutes and disburse them to borrowers’ banks within a day or two. However, cash disbursement can take longer if you borrow from a bank or a credit union. Most online lending companies such as Tala, Cashwagon, Asteria, Digido, and Blend have quick loan approval systems that allow borrowers to get their loans instantly. The minimum loan amount you can access is usually dependent on your eligibility for the loan. For example, you can get a personal loan from different lenders faster than a business loan.

Which loans are available in cash?

Many cash loan providers in the Philippines have an online system that checks borrowers’ eligibility to affirm their suitability and worthiness for a loan. Unlike traditional banks that take many days to approve a loan, online lenders take only a few minutes. Borrowers can access personal loans, payday loans, salary loans, and even business loans available in cash from these lenders. The loan amount you receive from these lenders depends on your eligibility.

Major types of cash loans

Borrowers can access cash loans from online lenders or even banks and credit unions. There are different types of cash loans that Filipinos can access from lenders:

Personal loans

A personal loan is given to individuals for different reasons, including funding unexpected financial needs like paying medical bills, school expenses, or even purchasing home supplies. Borrowers can get fast personal loans depending on their emergencies. Banks and online lenders usually offer fast approvals for personal loans because they are intended to fund short-term financial needs. Therefore, personal loans are usually the quickest and most convenient cash loans an individual can obtain in the Philippines. There are two types of personal cash loans: secured and unsecured.

Secured loans

A secured personal loan is an option for borrowers to use their assets as a guarantee. Borrowers can get lower interest rates when they take secured loans because of the collateral they give. However, borrowers risk losing their collateral if they fail to pay back their loan obligations or default on repayment promptly. Security also increases the chances of loan approval.

Unsecured loans

On the other hand, an unsecured loan is the most common type of loan in the Philippines, with no collateral required to access a loan. Most online financial institutions offer unsecured loans. However, these loans will likely attract higher interest rates with stricter credit requirements than secured ones. Borrowers can increase their chances of approval by proving their eligibility to pay back the loan amount requested within the stipulated time.

Emergency loans

An emergency loan is another type of a cash loan available for borrowers in the Philippines. Most emergency loans can be categorized as personal loans because they are provided to individuals to cover unexpected expenses such as bills. Lenders typically approve emergency loans within minutes and disburse them to borrowers’ bank accounts within a day. The interest charged on emergency loans varies depending on the terms of the loan, duration to repay, and borrower’s credit rating, among other factors.

Payday loans

A payday loan is a short-term loan designed to be paid on a borrower’s next pay day or within the month. These loans are easy to get because they do not require extensive application processes. Besides, lenders offer payday loans to employed individuals with a regular income.

How to apply for a cash loan?

Getting a cash loan in the Philippines is easy if you follow correct application procedures upon determining your eligibility for a loan. To get a cash loan in the Philippines, you must meet the requirements of the various lenders offering different kinds of loans. Generally, a cash loan in the Philippines is available to Filipinos aged 18 years who have a permanent address in the Philippines. To increase your likelihood of getting a loan, you also need to have proof of address and income and meet other loaning requirements such as good credit history. Depending on the type of cash loan and lender, borrowers can follow a simple procedure when applying for a cash loan in the Philippines:

Loan pre-qualification

The first step to applying for a cash loan in the Philippines is determining if you qualify for the specific loan you would want to apply for. After affirming your eligibility, prepare documents that will be required during the application process. In the Philippines, most cash loan lenders require borrowers to prove their identity, income, and address. Other lenders require additional documents. Ensure that you understand each lender’s requirements before making an application. At the same time, confirm other details of the loan, including the amount you can borrow, interest rate, monthly installment you will be required to pay, and other pertinent loaning terms for the loan product you intend to take. Where possible, compare different lenders to ensure that you get the best deals.

Loan application

In the second step, head to the lenders’ application platform and make a formal loan application. Most online lenders have a website or a mobile application that borrowers can use when making a loan application. Some lenders (especially banks and credit unions) might require borrowers to visit a branch and make an application. During the loan application process, ensure that you attach the correct documents, including a valid ID, proof of address, and proof of income where needed. You must also specify the amount of loan you would like to request when making your application. Most importantly, confirm every detail of the loan, including interest charged, processing fees, and any other additional documents you will need to attach for your loan approval. The following procedure should help you through a loan application if you are applying from an online lender in the Philippines:

  1. Open the mobile application or website page of the lender;

  2. Click or tap Apply Loan;

  3. Provide the necessary information, such as your personal details;

  4. Attach the required documents;

  5. Wait for your loan application to be reviewed by the lender.

If applying from a bank or credit union – that is offline - you should visit the lender’s office first and then follow these steps:

  1. Fill out the application form;

  2. Scan copies of your documents and attach them to your application form;

  3. Present your application form to the relevant personnel;

  4. Wait for confirmation from the bank or credit union.

Who is eligible for a cash loan?

Before you can obtain a loan in the Philippines, you must demonstrate your eligibility. Ideally, this is the main requirement for obtaining a quick cash loan. Different lenders’ conditions vary depending on how much you are seeking. For example, online lenders could demand one valid ID. This is done for identification purposes. Other lenders might require proof of address and income, while others might require that you provide collateral before your loan is approved.

Requirements for getting a cash loan

Borrowers can get a cash loan in the Philippines from different lenders. Online lenders provide easier application processes, faster approval, and easier monthly installments payments plans. On the other hand, banks and credit unions provide larger amounts of loans and relatively lower interest rates, as well as extended repayment periods. Borrowers can choose which lenders match their financial needs. Borrowers must also make sure that they meet the requirements of a lender before applying for a loan. Generally, most lenders will expect borrowers to meet the following requirements:

  • Aged 18 years and above

  • Filipino citizen

  • Has a valid ID

Other lenders will require borrowers to provide the following:

  • A loan application form, which you can complete online or from the lenders’ provided platform(s).

  • A valid ID. Valid IDs include a government-issued ID, passport, SSS ID, driver’s license, voter’s ID, or PRC.

  • Proof of income. You must prove that you have been receiving a regular income from employment (formal, informal, or self-employment).

  • Proof of address. Different loan types will require proof of address or residency. Some documents to prove your address includes a water bill, Barangay certificate, electricity bill, and UMID, among other documents.

Ways to get a cash loan

Many financial service providers offer loans with low interest to new consumers. Others provide loans depending on the needs of borrowers and consider the different needs that customers specify when taking the loans. Borrowers can target online lenders with conducive loan offers, such as those offering zero-interest loans for first-time borrowers. Essentially, you can get an online first loan with zero interest rate as a new borrower and repay the loan within a scheduled timeframe.

Borrowers can also get a loan from a bank or credit union at a lower interest rate than that of online lenders. Whether online or offline, you can get many offers from different lenders. Many people would prefer online loans because you can get them fast. An online loan is particularly useful for those with urgent financial needs. However, some people can also look for an instant payday loan without interest and pay it back in a short time. A small amount of money can help solve monetary difficulties for the borrower. Many lenders also reward loyal borrowers with extra cash when they often borrow and pay on time.

How to repay a cash loan debt

Repayment of a loan debt is a necessary step to increasing borrowers’ limits of subsequent loans. Other than that, debt repayment enables one to have a good credit score, especially if you take a bank or credit loan. Lenders provide faster and easier loan repayment schedules, usually through their loaning apps and websites. Specifically, online lenders have mobile applications from which you can repay your loans at any time. For online loans, you can use the simple repayment process and make direct repayment or monthly installments before the due date. Other financing institutions like banks and credit unions might require borrowers to make scheduled monthly payments through their bank accounts. Sometimes, you may have to visit your bank or credit union branch to make direct deposits on your cash loan debt.

Pros and cons of taking a cash loan

Many financial institutions offer quick loans to borrowers depending on their eligibility to borrow a certain amount. You can apply for a loan to meet your financial needs, whether for home upgrades, education, or even investing in a business. Besides, such loans can help you in times of emergencies because most online cash lenders approve loans fast. However, not everyone regards loans to be appropriate. Some people think that loans are expensive.


  • Flexible repayment plans. Most loans have flexible repayment plans that allow you to make a scheduled payment. Most lending institutions remind borrowers to pay their loans before the deadlines.

  • Necessary during emergencies. Taking a cash loan can help you solve your immediate financial needs because they are immediately transferred to your bank account.

  • You can choose from different lenders: Borrowers can access a quick loan from different lenders and choose which loan product suits their needs. Depending on the type of lender you choose, you can determine the amount of loan you can request and the total interest you will be needed to pay back on top of the principal loan amount.

  • Easier to manage. Borrowers can manage their loans easily by making early repayments. This is necessary to avoid penalties for late payments.

  • Fast approval from online cash loan lenders. Borrowing from online lenders takes only a few minutes because of loans’ fast approvals. You can also get extra cash on your subsequent loans if you make your installments as scheduled.


  • Interest rates can get higher, especially when you have to repay the loan within a short time. Interest rates also depend on the type of a loan and a lender.

  • Fees and penalties for late payments are usually high, especially for online lenders with minimal requirements, faster approval, and less paperwork when you apply for a loan.

  • Taking a loan can increase your debt portfolio. Some loans can also hurt your credit score when you fail to make a scheduled payment as agreed upon with the bank.

Legal regulation of the cash loan market in the Philippines

Cash loan providers in the Philippines are regulated and governed by the Securities and Exchange Commission (SEC). Each credit organization must adhere to the Lending Company Regulation Act (R.A. No. 9474), a stock corporation that has been formally registered and licensed by the Securities and Exchange Commission (“SEC” or “Commission”). SEC requires that lending institutions meet the Lending Company Regulation Act before actively involving in or entering into the business of lending activities in the Philippines.

Besides, the BSP, which is the Philippines Central Bank acting through its Monetary Board, is mandated by law to ensure that domestic banks, which are at least majority-owned by Filipinos, control at least 60% of the resource. To achieve this aim, the BSP functions via its Monetary Board.

Three main pieces of domestic legislation apply to corporate lending and secured financing in the Philippines:

  • Republic Act No. 386 (the Civil Code): The primary piece of domestic legislation that applies to corporate lending and secured financing.

  • Act No. 3135 (An Act to Regulate the Sale of Property under Special Powers Inserted in or Annexed to Real Estate Mortgages)

  • Republic Act No. 11057 (the Personal Property Security Act (PPSA)

Other legal regulations of the loan market include allowable interest rates that financial institutions can charge borrowers. Under the Usury Law, the present rate of legal interest rate in lending in the Philippines is 6% per annum.

The real cost of a cash loan

A cash loan provides borrowers with a viable alternative to financing. Cash loan providers in the Philippines extend their financial help to borrowers through an easy and fast application and approval process, encouraging many borrowers in need of immediate funds to benefit from these products. Besides, legitimate lenders are registered by the Philippines Securities and Exchange Commission (SEC), allowing them to operate in the country.

Many lenders extend loans to individuals, whether employed, self employed, or even businesses, to meet their financial burdens. Borrowers can get cash loans with low monthly installments from lenders (online or offline). They also benefit from long-term loans if they make early payments and maintain a good credit rating with the ender. For online cash loans, the easy process of loan applications can enable borrowers to access a loan at any time of the day or night. However, other offline lenders, such as Union Bank, can take longer to approve your loan. Nowadays, a cash loan has become more convenient and simpler to access because a credit organization can provide fast cash loan proceeds. To apply for these fast loans, simply download the lender’s app or go to their website to begin the loan application procedure.

In addition to the many benefits of cash loans that users can access and make a monthly payment, regular borrowers can also increase their loan limits and have a chance to apply for the maximum amount a lender provides. Considering that these loans are approved within a business day, and borrowers can access them instantly, even by cash pick from the branch, they can solve borrowers’ immediate financial needs.

However, cash loans are expensive in the long run. Some lenders might provide a loan term that appears cheap because you can access the cash faster. However, the real cost of the loan becomes higher than the principal amount you borrowed if you are to pay it back within a short time. Furthermore, some lending institutions have hidden charges; hence, increasing the cost of the loan. When you take a loan from online payday lenders, the total interest you pay is also likely to be higher than the agreed amount if you default payment because of the additional charges or fees your loan will attract. Therefore, you must consider these factors before confirming the loan term of every financial product you request from a lending institution.

Moreover, bank and credit union loans attract higher interest rates and involve long application processes. Besides the basic eligibility and documentation requirements, bank and credit union loans often require borrowers to have collateral when applying for a loan. Whether quick loans, online loans, or offline loans, one common feature of all of them is that you have to pay back with an interest on top of the principal amount borrowed. Because borrowers often give their personal banking information when taking a loan, such information might get to the person, leading to scamming. In most cases, lenders try as much as possible to ensure that their loaning systems are secure for borrowers by ensuring that only an authorized representative handles customers. However, scammers can launch cyberattacks on lenders’ platforms and get unauthorized access to borrowers’ information, such as phone numbers, to use such information for cybercrimes. You run the risk of losing money to con artists if you are targeted.

Because online loans are conducted without face-to-face encounters, you may also be dealing with a fraudster rather than a lender’s authorized agent. Scammers may steal your identity by using the information you submit throughout the loan application process. Therefore, you should carefully study every lending institution to ascertain that your information is safe.


Getting a fast loan can help borrowers seek an emergency or other financial needs. Before taking a loan, you need to confirm that you qualify for it and that the loan fits your needs. Borrowers must also consider additional documentation and provide personal requirements needed to approve the various types of loans. At the same time, confirming the loan terms and ascertaining hidden charges, additional fees, or total interest that you will pay back when you take a loan is necessary.

Most lenders do not have a processing fee and take only a few minutes to process the loan. Cash disbursement or bank transfer can also take a business day for most lenders, especially online lenders. Borrowers can use a loan calculator to establish the total interest of any loan proceed before accepting the loan terms. Besides, depending on the type of loan you take, it is necessary to provide your bank account because most lenders make bank transfers after loan approval.

Borrowers can avoid the unpleasant consequences of taking a loan by determining the real cost of any loan. It is important to consider the amount of loan, cost of fees, flexibility of repayment, loan terms, the interest charged, and the total amount of loan to be repaid at the end of the repayment period. Doing so will help you decide on any type of financing, whether as an individual or a business, and can save you from unpleasant consequences such as losing collateral when you cannot repay the loan.