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Consumer Loans. Apply for Personal Loans Online

Find the leading Consumer Loan providers in the Philippines with our curated list. Offering competitive rates and simple online applications, these loans are designed to meet your personal needs efficiently. Whether for emergencies or personal projects, find your ideal solution today.
Offers: 4
Updated:
10.02.2024
20:27
MoneyCat
Instant cash loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱20000
Rate
i

Effective interest rate on the product

11,9% per month
Term
i

Loan term for the financial product

6 months
DIGIDO
Instant online loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4
Recommended FinScore™
0
300
650
1000
10500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

from 11.90 %
Term
i

Loan term for the financial product

3 days – 6 days
Kviku
Online Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

to 0.16 %
Term
i

Loan term for the financial product

2 months – 6 months
Get the money you need online
Get the money you need online

Use our quick loan matching system with a free credit check!

TALA
Tala Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.95
Recommended FinScore™
0
300
650
1000
1000.00 – 15000.00 ₱
Rate
i

Effective interest rate on the product

to 0.50 %
Term
i

Loan term for the financial product

21 days – 1 months
Consumer Loans Calculator of February 2024

Your ideal online loan with a free credit check in the Philippines, just a few clicks away.

Loan amount
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Enter the desired loan amount

PHP
PHP
10000 ₱
2000000 ₱
Loan term
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months
days
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120
City
Reviews
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review

What are Consumer Loans?

Consumer loans in the Philippines refer to financial products designed to meet the varied needs of individuals. These loans, also known as personal loans, cater to different purposes such as home improvements, education, car purchases, debt consolidation, and other personal expenses. Financial institutions, including online and traditional lenders, provide a range of consumer loans with varying terms and conditions.

Features

  1. Types of Consumer Loans. Consumer loans in the Philippines encompass a broad range of products, including personal loans, auto loans, installment loans, and others tailored to specific purposes such as education or debt consolidation.

  2. Secured and Unsecured Options. Borrowers can choose between secured consumer loans, which require collateral like property or vehicles, and unsecured consumer loans, which do not necessitate collateral but may have higher interest rates.

  3. Repayment Terms. Consumer loans offer different repayment terms, allowing borrowers to select a schedule that aligns with their financial capabilities. Common options include equal monthly payments for closed-end consumer loans and flexible terms for open-end consumer loans.

  4. Interest Rates and APR. Interest rates on consumer loans can be fixed or variable. Fixed interest rates remain constant throughout the loan term, providing predictability for borrowers, while variable rates may change based on market conditions.

  5. Monthly Payments. Borrowers typically make monthly payments towards their consumer loans, whether it's for a personal loan, auto loan, or installment loan. The equal monthly payments facilitate better budgeting for borrowers.

Pros and Cons

Pros

Flexible Repayment Terms for Monthly Payments. Many consumer loans offer flexible repayment terms, allowing borrowers to choose a schedule that suits their financial situation. This can make monthly payments more manageable.

Versatility in Loan Types. Consumer loans serve various purposes, such as home improvements, education, or large purchases. This versatility allows individuals to choose a specific loan type that aligns with their financial goals and needs.

Access to Immediate Cash with Payday Loans. Payday loans can provide quick access to cash for individuals facing urgent financial needs, offering a short-term solution for unexpected expenses before the next paycheck.

Debt Consolidation Options. Debt consolidation loans in the Philippines allow borrowers to combine multiple debts into a single, more manageable loan. This can simplify financial management and potentially lead to lower interest rates in the future.

Cons

Higher Interest Rates for Unsecured Loans. Unsecured loans, which don't require collateral, may come with higher interest rates in the Philippines. This can result in increased overall repayment costs for borrowers.

Risk of Default and Missed Payments. Borrower defaults and missed payments can have serious consequences, negatively impacting credit scores and potentially leading to additional fees and penalties. It's crucial for borrowers to adhere to regular payments.

Potential for Increased Debt. Consumer loans, especially with easy access to credit, can lead to increased debt if not managed responsibly. This may affect an individual's purchasing power and long-term financial stability.

Complexity of Loan Terms. The terms and conditions of consumer loans in the Philippines can be complex, with various fees and charges. Borrowers may find it challenging to navigate these

How to Get a Consumer Loan?

Apply for a loan

  1. Determine Your Loan Purpose. Identify the specific purpose for the consumer loan, whether it's for home improvement, education, or other needs. This helps in choosing the right type of loan.

  2. Check Your Credit Score. Obtain and review your credit score. A good credit score increases your chances of loan approval and may lead to more favorable terms.

  3. Research Lenders and Loan Types. Explore various financial institutions offering consumer loans in the Philippines. Understand the terms, interest rates, and types of loans available to find the best fit for your needs.

  4. Gather Necessary Documentation. Prepare required documents such as proof of income, identification, and any additional paperwork specific to the chosen loan type. Complete the application form accurately.

  5. Submit Application and Await Approval. Submit your loan application to the chosen financial institution. Wait for the approval process to be completed, and if approved, review the terms before accepting the loan.

Requirements and Conditions

Requirements

  1. Proof of Income. Provide documentation demonstrating a stable source of income, such as pay slips, employment certificates, or business income records.

  2. Valid Identification. Submit a valid government-issued ID, such as a passport, driver's license, or government-issued ID card, to verify your identity.

  3. Proof of Residence. Present documents confirming your current address, such as utility bills or residence certificates, to establish your residential status.

  4. Credit History. Lenders may request your credit history to assess your creditworthiness. A positive credit history enhances your chances of loan approval.

  5. Employment Details. Furnish information about your employment, including the name of your employer, job position, and length of employment, as this helps lenders evaluate your stability.

Conditions

  1. Interest Rates. Understand the applicable interest rates, whether fixed or variable, and how they may impact your overall loan cost.

  2. Repayment Terms. Review the repayment terms, including the duration of the loan and the frequency of payments (e.g., monthly), to ensure they align with your financial capabilities.

  3. Fees and Charges. Be aware of any associated fees and charges, such as processing fees or late payment penalties, to accurately assess the total cost of the loan.

  4. Collateral Requirements (if applicable). If the loan is secured, understand the collateral requirements and the potential risk of losing the pledged asset in case of non-payment.

Best Places to Get a Consumer Loan

  1. UNO Digital Bank is known for its innovative approach to banking and offers various consumer loan products with competitive rates and convenient digital banking services.

  2. Radiowealth Finance is a trusted financial institution in the Philippines, providing consumer loans tailored to different needs, including personal loans, salary loans, and business loans.

  3. SB Finance, a subsidiary of Security Bank Corporation, offers a wide range of consumer loan products, including personal loans, auto loans, and home loans, with flexible terms and competitive rates.

  4. ACOM is a reputable financial institution that provides consumer loans, such as personal loans and salary loans, with straightforward application processes and quick approval times.

Best Places to Get a Loan Today

Digido

Apply for a loan

Digido is an online loan company in the Philippines, offering non-collateral cash loan services. They provide a fully automated online portal for a seamless loan application process. Key features include:

  • Automated application process.
  • Loans for various purposes, including emergency and OFW loans.
  • No collateral required.
  • Online loan calculator.
  • Transparent interest rates, with a commitment to fair lending practices.
  • Loan accessibility for unbanked individuals.
  • Secured operations, fully licensed and registered under the SEC.

Digido

MoneyCat

Apply for a loan

MoneyCat is an online payday loan provider in the Philippines, offering efficient financial solutions with an easy-to-navigate online registration form. Their features include:

  • Swift approval process, usually within 24 hours.
  • Flexible loan amounts ranging from PHP 500 to PHP 20,000.
  • Convenient application methods via website or mobile app.
  • First loan free of charge for new users.
  • Licensed by the SEC, ensuring reliability and legitimacy.

MoneyCat

Finbro

Apply for a loan

Finbro is an online lending platform providing quick loans with durations of up to 12 months and amounts ranging from ₱1,000 to ₱50,000. Their service includes:

  • Online application process that can be completed in 15 minutes.
  • Transparent conditions with no extra costs.
  • 24/7 service availability.
  • Data protection for users.
  • Higher interest rates for repeat loans.
  • No mobile app for accessibility.

Finbro

Kviku

Apply for a loan

Kviku is an online lending institution known for providing short-term loans with a fully automated online service. Their main features are:

    • Simple and user-friendly loan procedures.
    • 24-hour approval process.
    • No hidden fees or charges.
    • 100% online lending experience.
    • Competitive interest rates at 0.16% daily.
    • Flexible repayment terms up to 180 days.
    • Registered and authorized by the SEC, ensuring reliability.

Kviku

Ways to Receive the Money

  1. Bank Transfer. Lenders often transfer loan funds directly to the borrower's designated bank account. This is a secure and convenient method, allowing borrowers quick access to the funds.

  2. Cash Payouts. In some cases, especially with smaller loan amounts, lenders may provide borrowers with cash payouts. This method is commonly used for payday loans or smaller personal loans.

  3. Digital Wallets. With the rise of digital banking, some lenders may disburse funds to borrowers' digital wallets or mobile banking accounts, facilitating quick and easy access to the loan amount.

  4. Remittance Centers. For borrowers who do not have a bank account, lenders may partner with remittance centers, allowing borrowers to receive their loan funds in cash at designated locations.

Things to Pay Attention To

  1. Interest Rates. Be aware of the interest rates associated with consumer loans, especially for unsecured personal loans and car loans. Fixed interest rates provide stability, while variable rates may change over the loan term.

  2. Repayment Terms. Understand the monthly payment schedule and repayment terms for installment loans, closed-end consumer loans, and open-end consumer loans. This includes the duration of the loan and the frequency of monthly installments.

  3. Secured vs. Unsecured Loans. Differentiate between unsecured and secured loan options. Secured loans, such as home equity loans, require collateral, while unsecured personal loans do not. Collateral can affect the interest rate and carry higher risk for the borrower.

  4. Credit Scores and Increased Risk. Pay attention to the impact of credit scores on your loan application. A positive credit history may result in better terms. Recognize that open-end loans, such as credit cards, may carry increased risk if not managed responsibly.

  5. Principal Loan Amount and Loan Repayments. Know the principal loan amount you're borrowing and how it affects your loan repayments. Whether it's for refinance loans or educational loans, understanding the principal amount helps in assessing affordability and repayment capacity.

How to Repay a Consumer Loan?

  1. Understand Repayment Terms. Familiarize yourself with the repayment terms, including the monthly payment amount, due date, and any additional fees or charges associated with late payments.

  2. Set Up Automatic Payments. Whenever possible, consider setting up automatic payments through your bank account. This ensures timely payments and reduces the risk of missed deadlines.

  3. Monitor Your Account. Regularly monitor your bank account to ensure that there are sufficient funds to cover the monthly loan payments. Be aware of the due dates to avoid late payments.

  4. Explore Payment Options. Check with the lender for available payment options. Many lenders in the Philippines offer various methods, such as online payments, bank transfers, or over-the-counter payments at designated locations.

  5. Plan for Extra Payments. If your financial situation allows, consider making extra payments or paying off the loan early. This can help reduce the overall interest paid and shorten the loan term.

Reasons for Getting Rejected for a Consumer Loan

  1. Low Credit Score. Lenders may reject a consumer loan application if the borrower has a low credit score. This can impact the approval for both closed-end consumer loans and open-end consumer loans.

  2. High Debt-to-Income Ratio. A high debt-to-income ratio, where the borrower's existing debts are substantial compared to their income, can result in the rejection of the loan application, especially for fixed loans with fixed interest rates.

  3. Inadequate Documentation. Incomplete or inaccurate documentation, such as proof of income for loan repayments, may lead to the rejection of the application, impacting both open-end loans and closed-end loans.

  4. History of Missed Payments. A history of missed payments on previous loans or credit accounts can negatively affect credit scores and lead to rejection, particularly for fixed interest rate loans.

  5. Limited Credit History. Limited or no credit history may result in rejection for loans where a positive credit history is often a crucial factor.

  6. Failure to Meet Repayment Terms. If the borrower fails to meet the specified repayment terms, including the repayment term and monthly installment requirements, lenders may reject the application for various types of loans.

Alternatives

  1. Salary loans are a common alternative, allowing individuals to borrow against their future salary. These loans are often offered by employers or financial institutions, providing quick access to funds with repayment deducted from the borrower's salary.

  2. Cash advances are short-term loans or advances provided by credit card issuers. Cardholders can withdraw cash from ATMs or receive checks against their credit limit. However, it's important to note that cash advances often come with higher fees and interest rates.

  3. Payday loans are short-term, unsecured loans designed to cover expenses until the borrower's next payday. These loans are known for their quick approval process but typically come with higher interest rates.

  4. Credit cards serve as a flexible financial tool allowing individuals to make purchases and pay later. They provide a revolving credit account, and if used responsibly, can be a convenient alternative to traditional loans. However, it's crucial to manage credit card balances to avoid high-interest charges.

Editorial Opinion

Consumer loans in the Philippines play a pivotal role in facilitating financial flexibility for individuals, offering a spectrum of options tailored to diverse needs. While open-end consumer loans, such as credit cards, empower consumers with flexibility and convenience for variable spending, closed-end consumer loans, like installment loans, provide structured financing for specific purposes. However, it's imperative for consumers to exercise caution, as certain loan types, including fixed loans and closed-end loans, may carry higher interest rates, emphasizing the importance of comprehensive financial literacy to make informed decisions. The industry's transparency, coupled with responsible borrowing practices, remains essential for fostering a balanced consumer lending landscape in the Philippines.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.

  3. Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.

  4. Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.

  5. Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.

  6. Research the lender's reputation through customer reviews, complaints, and feedback available online.

Methodology

In Finanso, we've carried out a comprehensive analysis of over 50 lenders in the Philippines, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

FAQ

What are the 2 most common types of consumer loans?

The two most common types of consumer loans are installment loans and revolving credit accounts. Installment loans, like personal loans, involve borrowing a fixed amount with a predetermined repayment schedule. Revolving credit accounts, such as credit cards, offer a flexible credit limit that users can repeatedly borrow and repay as long as they stay within the set limit.

Is a consumer loan the same as a personal loan?

While the terms are often used interchangeably, a consumer loan is a broader category encompassing various loan types, including personal loans. A personal loan is a specific form of consumer loan typically used for personal expenses such as debt consolidation, home improvement, or emergencies.

What are the benefits of a consumer loan?

The benefits of consumer loans include providing financial flexibility for various needs, allowing individuals to access funds for large purchases, emergencies, or other expenses. Additionally, consumer loans can help build credit history when managed responsibly, and certain types, like installment loans, provide structured repayment plans for budgeting.