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Emergency Loans. Сhoose and Apply for Personal Loans Online

Facing financial emergencies in the Philippines? We offers a curated selection of online emergency loans to meet your urgent needs. Whether you're dealing with bad credit or seeking the best rates for personal loans, we provide comprehensive comparisons to help you make an informed decision.
Offers: 6
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

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CIMB Bank
Personal 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
₱30,000 - ₱1,000,000
Rate
i

Effective interest rate on the product

24% - 36% per year
Term
i

Loan term for the financial product

12 - 60 months
Tonik Bank
Quick 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
₱5,000-₱50,000
Rate
i

Effective interest rate on the product

7% per month
Term
i

Loan term for the financial product

up to 24 months
Metrobank
Personal 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
up to ₱1,000,000
Rate
i

Effective interest rate on the product

30.124% - 51.178% per year
Term
i

Loan term for the financial product

up to 36 months
Emergency 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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The amount you want to receive

PHP
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10000 ₱
2000000 ₱
Loan term
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Specify the loan term for the calculation

months
days
3
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 Emergency Loans in the Philippines?

Emergency loans serve as financial tools designed to offer swift and convenient access to funds, primarily intended to provide assistance when individuals are confronted with situations demanding immediate financial attention. Whether faced with unexpected medical expenses, urgent home repairs, or unforeseen job loss, these loans aim to address pressing financial needs promptly.

In the Philippines, emergency loans encompass various types, ranging from personal loans provided by banks and lending institutions to salary loans tailored to the borrower's monthly income. Additionally, specialized loans such as those dedicated to Overseas Filipino Workers (OFWs) and government-backed initiatives like SSS Emergency Loans or Pag-IBIG Fund Calamity Loans contribute to the array of options available.

Features

  1. Quick Access to Funds. Emergency loans are characterized by rapid approval processes and disbursement, often allowing borrowers to access the needed funds within a short timeframe, sometimes as quick as 24 hours.

  2. Versatility in Use. Borrowers have the flexibility to utilize emergency loan funds for various purposes, including but not limited to medical bills, home repairs, car maintenance, or handling unexpected job loss.

  3. Various Loan Types. In the Philippines, individuals can choose from different types of emergency loans, such as personal loans, salary loans, OFW loans, government-backed loans (SSS Emergency Loans, Pag-IBIG Fund Calamity Loans, PhilHealth Emergency Loans), pawn loans, and microloans from microfinance institutions.

  4. Flexible Repayment Terms. Lenders often offer manageable repayment terms, allowing borrowers to tailor their payment schedules based on their financial capacity. This flexibility helps individuals navigate the repayment process more smoothly.

  5. Online Application. Many lenders facilitate online application processes, enabling borrowers to borrow money from the convenience of their homes. Online applications often streamline the submission of necessary documents and enhance overall accessibility.

Pros and Cons

Pros

Transparent Terms. Reputable lenders provide clear terms and fee structures, allowing borrowers to understand the costs associated with the loan.

Flexible Repayment. Emergency loans often come with manageable repayment terms, providing borrowers with flexibility in aligning payments with their financial situation.

Government Support Programs. Specialized loans supported by the government, such as SSS Emergency Loans and Pag-IBIG Fund Calamity Loans, offer additional assistance during calamities or public health crises.

Microloans for Small Amounts. Microfinance institutions offer smaller amounts of credit with lower interest rates, suitable for individuals facing emergencies or looking to improve their quality of life.

Cons

Interest Rates. Some emergency loans may come with higher interest rates, especially for those with less favorable credit histories.

Limited Borrowing Amounts. Depending on the type of loan, whether it is an unsecured personal loan such as credit card cash advances or a secured loan such as a title loan, borrowers may face limitations on the amount they can borrow, potentially restricting their ability to cover larger expenses.

Eligibility Criteria. Meeting certain eligibility criteria, such as credit history, stable income, and citizenship, may be challenging for some individuals.

Potential for Debt. If not managed carefully, taking on an emergency loan could lead to additional financial strain, especially if the borrower struggles with repayment.

How to Get an Emergency Loan?

Apply for a loan

  1. Evaluate Your Financial Situation. Before applying for an emergency loan, assess the urgency and necessity of the funds. Consider alternative solutions and ensure that taking on an emergency personal loan is the most viable option.

  2. Research Lenders and Loan Types. Explore different lenders and the types of emergency loans they offer. Consider factors such as interest rates, repayment terms, and eligibility criteria. Common options include unsecured personal loans, salary loans, government-backed loans, pawn loans, and microloans.

  3. Check Eligibility Requirements. Review the eligibility criteria of your chosen lender. Typical requirements include being a Filipino citizen or permanent resident, being at least 21 years old, having a valid government-issued ID, and demonstrating a stable source of income.

  4. Gather Necessary Documents. Prepare the required documents, which often include a valid ID, proof of income, proof of residence, and other specific documents depending on the lender. Having these documents ready beforehand expedites the application process.

  5. Choose the Type of Application. Decide whether to apply online or in-person. Online applications offer convenience, while in-person applications may be necessary for certain lenders that require physical document submission.

  6. Compare Loan Offers. Compare the terms and conditions of different lenders to find the most favorable option for your needs. Pay attention to interest rates, fees, and repayment terms.

  7. Start the Application Process. Initiate the application process by filling out the necessary forms and providing the required documentation. Be accurate and honest in your application to ensure a smooth approval process.

  8. Wait for Approval. Patiently await the lender's review and decision. Approval times vary, with some lenders offering rapid approval processes. Clarify the expected timeline to manage your expectations.

  9. Receive the Funds. If your application is approved, the lender will disburse the funds. The method of disbursement may include bank transfer, check issuance, or cash pick-up, depending on the lender's policies.

Requirements and Conditions

Requirements

  1. Citizenship or Residency. Borrowers typically need to be Filipino citizens or permanent residents. Some lenders may have specific residency requirements.

  2. Age. The minimum age requirement is commonly 21 years old, although it can vary. Some lenders may have age restrictions for certain types of loans.

  3. Valid Government-Issued ID. Borrowers are usually required to present a valid government-issued ID, such as a driver's license, passport, or Social Security System (SSS) ID.

  4. Stable Source of Income. Lenders often seek assurance of a stable source of income. This can include employment, business income, or remittances for Overseas Filipino Workers (OFWs).

  5. Credit History. While not always a strict requirement, some emergency personal loans, especially personal loans, may consider the borrower's credit history. Individuals with a higher credit score may be eligible for more favorable terms.

  6. Proof of Residence. Lenders may ask for proof of residence, which can include utility bills or other documents verifying the borrower's address.

  7. Documentation for Specific Loans. For obtaining a payday loan proof of employment, payslips, and an employment certificate may be required. For OFW loans you may need proof of overseas employment, remittance records, and personal identification may be necessary.

  8. Completed Application Form. Borrowers will need to fill out the lender's application form, providing accurate and truthful information.

Conditions

  1. Interest Rates. Lenders specify the interest rates applicable to the loan. Borrowers should carefully review and compare interest rates to ensure affordability.

  2. Repayment Terms. Lenders outline the duration of the loan and the frequency of repayments. Shorter-term loans may have higher monthly payments but lower overall interest costs, while longer-term loans offer lower monthly payments but potentially higher total expenses.

  3. Loan Amounts. Lenders specify the maximum and minimum loan amounts they are willing to provide based on the borrower's eligibility and financial capacity.

  4. Fees and Charges. Borrowers should be aware of any application fees, processing fees, or other charges associated with the loan. Transparent lenders provide clear information on all associated costs.

  5. Repayment Methods. Lenders may offer various repayment methods, such as automated payments, flexible repayment dates, and the option to make additional payments. Borrowers should choose a method that aligns with their financial situation.

  6. Credit Score Considerations. For loans that consider credit history, lenders may set minimum credit score requirements for eligibility.

  7. Eligibility Criteria. Lenders specify additional eligibility criteria beyond basic requirements, including income thresholds or specific employment conditions.

  8. Approval and Disbursement Times. Lenders communicate the expected timeline for loan approval and disbursement. Some lenders offer rapid approval processes to ensure timely access to funds.

  9. Government-Backed Loan Conditions. For loans supported by the government, such as SSS Emergency Loans or Pag-IBIG Fund Calamity Loans, specific terms and conditions may apply, including favorable repayment periods.

  10. Microloan Terms. Microfinance institutions may offer more lenient eligibility criteria, lower interest rates, and more flexible repayment terms compared to mainstream lenders.

Best Places to Get an Emergency Loan Today

UNO Digital Bank

UNO Digital Bank provides an excellent emergency loan option with its simple approval process and instant fund disbursement to the borrower's designated UNO savings account. With a loanable amount ranging from ₱10,000 to ₱200,000, a monthly add-on interest rate as low as 1.79%, and flexible tenure options of 6 to 36 months, UNO ensures a convenient and swift solution for financial emergencies. The processing time is as fast as seven banking days, and the processing fee is 3% of the loan amount or ₱500, whichever is higher, deducted from the loan proceeds.

Metrobank Personal Loan

Metrobank Personal Loan stands out as a versatile financial solution, offering borrowing options from ₱20,000 to ₱1 million. Ideal for various purposes, including medical emergencies, business ventures, debt consolidation, vacations, or home renovations, Metrobank boasts an easy online application process with minimal document requirements. The loan features a monthly add-on interest rate of 1.25% to 1.75%, tenure choices of 12 to 36 months, and a processing time of around 7 business days. There's a ₱1,500 disbursement fee.

Tonik

Tonik, the Philippines’ first all-digital bank, presents an accessible online loan solution through its Flex Loan product. This unsecured loan offers quick approval, with applications processed in as little as a day, making it an ideal choice for urgent financial needs. Tonik's Flex Loan ranges from ₱20,000 to ₱250,000, with a low monthly add-on interest rate starting at 1.7%. The loan tenure extends up to 24 months, the minimum monthly income requirement is ₱15,000, and the processing fee is ₱1,000.

CIMB Personal Loan

CIMB Personal Loan stands out for its fully digital application process, allowing borrowers to complete the loan application in just a few minutes. With swift disbursement to CIMB accounts within a day and up to two days for other bank accounts, CIMB's Personal Loan offers one of the fastest processing times in the country, making it an excellent choice for addressing emergency expenses. The loanable amount ranges from ₱30,000 to ₱1 million, with a monthly add-on interest rate between 1.12% and 1.95%. The tenure options span from 12 to 60 months, and the minimum monthly income required is ₱15,000. There is a loan disbursement fee of 1% of the principal amount if disbursed to a non-CIMB account.

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 can transfer the approved loan amount directly to the borrower's bank account. This method provides a secure and convenient way to access funds.

  2. Check Issuance. Some lenders issue a physical check for the approved loan amount. Borrowers can then deposit or cash the check at their convenience.

  3. Mobile Wallet Transfer. In the digital age, lenders may offer the option to transfer the loan funds to the borrower's mobile wallet or electronic payment platform. This provides a quick and electronic means of accessing the money.

  4. Online Payment Platforms. Funds may be transferred to online financial platforms, allowing borrowers to manage their money digitally. This method is suitable for those who prefer conducting financial transactions online.

Things to Pay Attention To

  1. Interest Rates. Understand the interest rates associated with the loan. Lower interest rates mean you'll pay less over the loan's lifetime. The interest rate significantly impacts the total cost of the loan. Comparing rates across lenders helps you choose a more affordable option.

  2. Loan Terms and Duration. Evaluate the loan's duration. Shorter-term loans might have higher monthly payments but lower overall interest costs, while longer-term loans offer lower monthly payments but potentially higher overall expenses. Choosing a loan term that aligns with your financial goals ensures manageable payments without unnecessary long-term financial strain.

  3. Application Fees and Other Charges. Be aware of application fees, processing fees, or other charges. Look for lenders with transparent fee structures. Hidden fees can significantly impact the total cost of the loan. Transparent lenders provide clear information on all associated costs.

  4. Repayment Methods. Consider the repayment schedule. Automated payments, flexible repayment dates, and the ability to make additional payments can make managing the loan easier. A repayment plan aligned with your financial situation ensures timely payments, maintaining your financial health and positive credit profile.

  5. Credibility and Reputation of the Lender. Read reviews, check for complaints, and ensure the lender is licensed and compliant with regulations. A reputable lender provides clear terms, excellent customer service, and reliable support throughout the loan process.

  6. Loan Approval and Disbursement Times. Clarify the expected processing time. Some lenders offer rapid approval and disbursement processes, ensuring you receive the funds promptly. Understanding the timeline is crucial, especially in emergencies where quick access to funds is essential.

  7. Loan Amount. Determine the maximum and minimum loan amounts offered by the lender based on your eligibility. It ensures that the loan amount meets your financial needs and that you're not borrowing more than necessary.

  8. Credit Score Considerations. Be aware of the lender's credit score requirements, especially for loans that consider credit history. Understanding the role of your credit score helps you choose loans that align with your credit profile.

How to Repay an Emergency Loan?

  1. Understand Repayment Terms. Review the loan agreement to understand the repayment terms. Take note of the due dates, installment amounts, and any other conditions specified by the lender.

  2. Set Up a Repayment Plan. Create a detailed repayment plan that fits your budget. Consider your monthly income, essential expenses, and other financial obligations. Ensure that you allocate sufficient funds for loan repayments.

  3. Choose a Repayment Method. Check the repayment methods offered by the lender. Options may include automatic bank transfers, direct deductions from your salary (for salary loans), or manual payments through designated channels.

  4. Automated Payments. If possible, opt for automated payments. Set up automatic transfers from your bank account to the lender on the scheduled due dates. This reduces the risk of missing payments and incurring late fees.

  5. Additional Payments. If your financial situation allows, consider making additional payments to settle the loan faster. Check with the lender if there are any penalties or restrictions for early repayment.

  6. Communicate with the Lender. In case you encounter financial difficulties, communicate with the lender proactively. Some lenders may offer flexibility or alternative arrangements during challenging times.

  7. Monitor Bank Statements. Regularly monitor your bank statements to confirm that loan repayments are processed correctly. Address any discrepancies promptly by contacting your lender.

  8. Financial Counseling. If you're struggling with repayments, seek financial counseling. Some lenders or external organizations may provide assistance and guidance to manage debts effectively.

  9. Understand Late Payment Consequences. Be aware of the consequences of late payments, including late fees and potential impacts on your credit score. Timely repayments contribute positively to your credit profile.

  10. Keep Contact Information Updated. Ensure that the lender has your updated contact information. This facilitates communication and ensures you receive important notifications about your loan.

  11. Monitor Credit Score. Regularly check your credit score to ensure it remains in good standing. Timely loan repayments positively impact your creditworthiness.

Alternatives

  1. Credit Card Instalment Plans. Some credit cards offer installment plans for significant purchases, converting them into fixed monthly payments with lower interest rates compared to regular cash advances.

  2. Pawnshop Loans. Pawn valuable items for a loan. Pawnshops provide loans based on the appraised value of items like jewelry, electronics, or collectibles. Repay the loan to retrieve your items.

  3. Peer-to-Peer Lending. Engage in peer-to-peer lending platforms where individuals lend money to each other. These platforms may offer more flexible terms compared to traditional lenders.

  4. Line of Credit. Consider applying for a personal line of credit, which functions similarly to a credit card but may offer lower interest rates for cash withdrawals.

Editorial Opinion

In examining emergency loans in the Philippines, it is evident that these financial tools serve a vital purpose in providing quick access to funds during unexpected situations. While offering immediate relief, borrowers should exercise caution and thoroughly understand the terms and conditions associated with these loans. The variety of options, including personal loans, salary loans, and government-backed programs, caters to diverse needs. However, it is essential for individuals to assess their financial capacity and explore alternatives, considering factors like interest rates, repayment terms, and potential impacts on credit. An informed approach and careful consideration of available resources can help borrowers navigate unforeseen challenges with financial resilience.

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

How can I get money urgently?

If you need money urgently, there are several options to explore. One quick solution is to consider borrowing from friends or family, provided you have a reliable support system. Another option is to approach your local bank for a personal loan, especially if you have a good credit history. Additionally, you can explore online lenders that offer quick approval and disbursement of funds, although it's crucial to carefully review the terms and interest rates. In urgent situations, selling unneeded items or taking up short-term gig work can also provide immediate cash. Ultimately, the best approach depends on your specific circumstances and the level of urgency, so it's essential to assess the available options and choose the one that aligns with your financial needs and capabilities.

How do I get money quickly with bad credit?

Getting money quickly with bad credit can be challenging, but there are options tailored to individuals with less-than-perfect credit histories. Bad credit emergency loans, often offered by online lenders, specialize in providing swift financial assistance without placing heavy emphasis on credit scores. These loans typically have higher interest rates to mitigate the risk associated with bad credit, but they offer a more accessible avenue for those facing urgent financial needs. It's crucial to compare different lenders, carefully review terms, and ensure that the repayment plan aligns with your budget.

How to get an instant loan in 5 minutes?

Obtaining an instant loan in 5 minutes typically involves utilizing online platforms offered by certain financial institutions. UnionBank Personal Loans, for instance, provides an example of a streamlined process for quick access to funds. Through their online application portal, applicants can submit required documents electronically, and the bank employs advanced technology for rapid verification and approval.

While the speed of approval may vary based on individual circumstances and the lender's policies, leveraging digital platforms and responsive technologies allows for expedited loan processing.

The instant nature of these loans often comes with higher interest rates, and applicants should carefully review terms and conditions before proceeding with such swift lending options.