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Installment Loans. Find and Compare Personal Loans with Competitive Rates

Navigate through a range of installment loan options available in the Philippines on our platform. We help you sift through various personal loan choices suited for different credit backgrounds, facilitating your search for a loan that matches your financial needs. Our service provides an overview and comparison of terms and rates, ensuring you make an informed choice.
Offers: 5
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!

BillEase
Blissful Shopping. Easy Billing
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.

4.13
Recommended FinScore™
0
300
650
1000
to 40000.00 ₱
Rate
i

Effective interest rate on the product

to 3.49 %
Term
i

Loan term for the financial product

1 days – 12 days
Tonik Bank
Shop Installment 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-₱100,000
Rate
i

Effective interest rate on the product

7% per month
Term
i

Loan term for the financial product

up to 24 months
Installment Loans Calculator of February 2024

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

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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 Installment Loans in the Philippines?

Installment loans in the Philippines are a prevalent financial tool that allows individuals to borrow a specific amount of money and repay it in equal monthly installments. These loans cater to various needs, providing a flexible and manageable approach to handling financial responsibilities. The repayment period and terms vary depending on the type of installment loan, offering borrowers the convenience of addressing specific financial goals, such as debt consolidation, home improvements, or purchasing a vehicle.

One of the most common forms of installment loans in the Philippines is the personal installment loan, which serves as a versatile option for borrowers seeking fixed monthly payments and competitive interest rates. These loans contribute to the financial landscape by offering individuals a structured method to address significant expenses without the burden of repaying a lump sum amount, aligning with the diverse financial needs of Filipino households.

Features

  1. Fixed Monthly Payments. Borrowers benefit from a predictable budgeting structure as installment loans typically involve fixed payments that the borrower pays monthly. This helps individuals plan their finances more effectively and avoid unexpected fluctuations in repayment amounts.

  2. Variety of Loan Types. From personal installment loans to auto loans, home renovation loans, education loans, and more, the Philippines provides a diverse range of installment loan options to cater to various financial needs and goals.

  3. No Collateral Required for Some Loans. Unsecured installment loans, such as personal loans, do not require borrowers to provide collateral. This reduces the barrier to entry for individuals who may not have valuable assets to pledge.

  4. Various Loan Amounts. Installment loans in the Philippines cater to a spectrum of financial needs, offering varying loan amounts to accommodate both small and large expenses. Borrowers can choose the loan amount that aligns with their specific requirements.

  5. Diverse Lending Institutions. Borrowers can access installment loans from a variety of sources, including traditional banks, online lenders, credit cooperatives, and peer-to-peer lending platforms. This diversity enables individuals to choose a lending institution that aligns with their preferences and needs.

Pros and Cons

Pros

Flexible Repayment Structure. The installment format allows borrowers to spread the repayment over several months, making it more manageable and accommodating for various financial situations.

Versatility in Usage. Installment loans cater to a diverse range of needs, including debt consolidation, home improvements, education expenses, and emergencies, providing borrowers with financial flexibility.

Access to Quick Funds. Many online lenders offer swift approval processes, providing borrowers with rapid access to funds in times of urgency or unexpected expenses.

Cons

Higher Interest Rates for Some Borrowers. Individuals with less-than-ideal credit may face higher interest rates and fees, making the overall cost of the loan more expensive than the initial borrowed amount.

Impact on Credit Score. Failing to make timely payments on installment loans can adversely affect the borrower's credit score, potentially limiting their access to credit in the future.

Risk of Debt Accumulation. If not used responsibly, installment loans can contribute to debt accumulation, especially if borrowers take on multiple loans simultaneously without a clear repayment strategy.

How to Get an Installment Loan?

Apply for a loan

  1. Assess Your Financial Needs. Identify the specific purpose of the loan, whether it's for debt consolidation, home improvements, education, or another financial goal. Determine the amount you need to borrow, keeping in mind your ability to repay.

  2. Check Your Credit Score. Obtain a copy of your credit report to understand your creditworthiness. A higher credit score may qualify you for better interest rates, while a lower score might result in higher rates.

  3. Compare Lenders. Explore different lending options, including traditional banks, online lenders, credit cooperatives, and peer-to-peer platforms. Consider factors such as interest rates, fees, eligibility criteria, and customer reviews.

  4. Gather Required Documentation. Lenders often require proof of identity, income, and other financial details. Prepare documents such as government-issued ID, proof of income, and proof of residence.

  5. Check Eligibility Requirements. Understand the eligibility criteria set by the lender, including minimum income requirements and credit score thresholds.

  6. Compare Interest Rates. Compare the interest rates offered by different lenders to find the most competitive option. Aim for the lowest interest rate to reduce the overall cost of the loan.

  7. Read the Fine Print. Carefully review the terms and conditions of the loan agreement, including repayment schedules, fees, and any penalties for late payments.

  8. Apply Online or In-Person. Depending on the lender, you can either apply for an online installment loan through the lender's website or visit a physical branch. Online installment loans often provide quick approval and convenience.

  9. Wait for Approval. Once you've submitted your application, await approval from the lender. Some online lenders offer rapid approval, while traditional banks may take longer.

  10. Receive Funds. Upon approval, the lender will disburse the loan amount directly to your bank account. Ensure your bank account information is accurate to avoid delays.

Requirements and Conditions

Requirements

  1. Proof of Identity. Government-issued ID, such as a passport, driver's license, or national ID.

  2. Proof of Income. Recent payslips, income tax returns, or other documents demonstrating a stable source of income.

  3. Proof of Residence. Utility bills, rental agreements, or other documents confirming your current address.

  4. Credit Score. Lenders may check your credit score to assess your creditworthiness.

  5. Employment Details. Information about your employment status, including the name of your employer and duration of employment.

  6. Bank Statements. Recent bank statements may be required to verify your financial stability.

  7. Contact Information. Valid phone number and email address for communication purposes.

  8. Age Requirement. Borrowers typically need to be of legal age, which is 18 or 21 years old, depending on the lender.

  9. Debt-to-Income Ratio. Some lenders may consider your debt-to-income ratio to ensure you can comfortably manage the loan repayments.

  10. Collateral (for Secured Loans). If applying for a secured installment loan, you may need to provide collateral such as property or a vehicle.

Conditions

  1. Interest Rates. Lenders specify the interest rates applicable to the installment loan. Rates may be fixed or variable.

  2. Repayment Period. The agreed-upon duration for repaying the loan is usually in equal monthly installments.

  3. Loan Amount. The maximum and minimum amounts that borrowers can request. This depends on the borrower's financial profile and the lender's policies.

  4. Fees and Charges. Any upfront fees, origination fees, or other charges associated with the loan.

  5. Late Payment Fees. Penalties for missed or late payments. Borrowers should be aware of these fees and strive to make timely payments.

  6. Prepayment Options. Conditions regarding whether borrowers can pay off the loan before the agreed-upon term and if there are any penalties for doing so.

  7. Eligibility Criteria. Specific requirements that borrowers must meet, including credit score thresholds, income levels, and employment status.

  8. Grace Periods. Some lenders may offer a grace period before imposing late fees, providing borrowers with a window for making delayed payments without penalties.

  9. Security Requirements. Details about any collateral required for secured loans.

  10. Automatic Payments. Some lenders may provide the option for borrowers to set up automatic payments to ensure timely repayments.

  11. Credit Reporting. Lenders may report borrowers' payment history to credit bureaus, impacting credit scores positively with on-time payments and negatively with late payments.

Best Places to Get an Installment Loan Today

Home Credit Philippines

Home Credit Philippines, a part of the global consumer finance company Home Credit Group, has become a key player in making installment purchases accessible to consumers without credit cards. With a vast network of over 7,000 shops and partnerships with more than 2,000 retailers in the country, Home Credit provides financing options for individuals looking to make significant purchases through installment plans. By offering alternatives to traditional credit card financing, Home Credit aims to meet the diverse financial needs of consumers across the Philippines.

Tonik

Tonik introduces its Shop Installment Loan, providing individuals with an opportunity to make substantial purchases of up to P100,000 without the need for a credit card or downpayment. Notable for its user-friendly approach, this loan option is favored by those seeking convenience. Tonik's Shop Installment Loan stands out with a competitive low-interest rate of 7%, which can further reduce to 4.25% when supported by the official receipt of the purchase. This offering positions Tonik as a viable choice for those seeking affordable and accessible financing solutions.

Billease

Billease stands out as an instant credit provider catering to various online purchases, offering individuals up to Php40,000 in credit with a flexible repayment period ranging from 30 days to 12 months. Beyond online purchases, Billease extends its utility by allowing users to pay bills and buy load through its user-friendly app. With a focus on versatility and ease of use, Billease provides a streamlined financial solution for those looking to manage their expenses and payments efficiently.

Atome

As a prominent Buy Now Pay Later brand in Asia, Atome has forged partnerships with over 5,000 leading online and offline retailers in fashion, beauty, lifestyle, fitness, and homeware. Offering credit limits of up to Php15,000 for non-credit card holders and up to Php30,000 for those with existing credit cards, Atome provides a flexible credit solution for a diverse range of consumers. With a focus on convenience and accessibility, Atome contributes to reshaping the retail financing landscape by empowering individuals to make purchases on their terms.

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. Direct Deposit to Bank Account. The most common method is a direct deposit to the borrower's bank account. Once the loan is approved, the lender transfers the funds directly to the specified bank account.

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

  3. Cash Payout. In certain cases, especially for smaller loan amounts, lenders may offer a cash payout. Borrowers can visit a physical branch or an affiliated partner to receive the funds in cash.

  4. Digital Wallets or Mobile Apps. With the rise of digital banking, some lenders transfer funds to digital wallets or mobile apps. Borrowers can access the money through these platforms.

Things to Pay Attention To

  1. Interest Rates. Understand the interest rates associated with the installment loan. Compare rates from different lenders to ensure you secure the most favorable terms.

  2. Fees and Charges. Be aware of any upfront fees, origination fees, or other charges associated with the loan. Transparent disclosure of fees is crucial for accurate cost assessment.

  3. Repayment Terms. Review the repayment terms, including the duration of the loan and the frequency of payments. Ensure it aligns with your financial capacity and goals

  4. Penalties for Late Payments. Clarify the penalties for late or missed payments. Understanding these penalties helps borrowers avoid unnecessary financial strain and potential damage to their credit score.

  5. Prepayment Options. Check if there are prepayment options and whether there are penalties for paying off the loan early. Some borrowers may prefer the flexibility to settle the loan ahead of schedule.

  6. Eligibility Criteria. Understand the eligibility criteria set by the lender. This includes credit score requirements, income thresholds, and other factors that may impact your ability to qualify for the loan.

  7. Loan Security. If the loan is secured, understand the implications for collateral. Know the risks associated with using assets as security for the loan.

  8. Credibility of the Lender. Research and verify the credibility of the lender. Choose reputable institutions or lenders with positive customer reviews to ensure a trustworthy borrowing experience.

  9. Loan Repayment Plan. Review the loan repayment plan, including the total amount to be repaid and the breakdown of monthly installments. This helps in budgeting and understanding the long-term financial commitment.

  10. Impact on Credit Score. Understand how the installment loan will impact your credit score. Timely payments can positively contribute to your credit history, while late payments can have adverse effects.

  11. Hidden Terms and Conditions. Carefully read the entire loan agreement, including the fine print. Look out for any hidden terms or conditions that may have implications for the overall cost and repayment process.

  12. Customer Support. Assess the quality of customer support provided by the lender. Knowing that there is reliable support available can be crucial in case of queries or issues during the loan term.

  13. Alternative Options. Explore alternative borrowing options and compare them with installment loans. This may include considering personal loans from different sources or exploring other financing solutions.

  14. Reviews and Testimonials. Read reviews and testimonials from other borrowers who have used the same lender. This can provide insights into the customer experience and the lender's reputation.

How to Repay an Installment Loan?

  1. Understand the Repayment Schedule. Review the loan agreement to understand the repayment schedule. Identify the due date for each monthly installment.

  2. Set Up Automatic Payments. Whenever possible, set up automatic payments through your bank or the lender's platform. This ensures that payments are made on time, reducing the risk of late fees and penalties.

  3. Save the Due Dates. Mark the due dates on your calendar or set reminders on your phone. This helps you stay organized and prevents unintentional missed payments.

  4. Monitor Your Bank Account. Regularly check your bank account to ensure that there are sufficient funds for automatic withdrawals or manual payments.

  5. Contact the Lender in Case of Difficulty. If you anticipate difficulty making a payment, contact the lender in advance. Some lenders may offer temporary solutions or alternative arrangements to help you through financial challenges.

  6. Make Extra Payments if Possible. If you have the financial capacity, consider making extra payments or paying off the loan early. Check with the lender to ensure there are no prepayment penalties.

  7. Keep Track of Payment History. Regularly review your payment history and statements. Ensure that payments are accurately recorded, and contact the lender if you notice any discrepancies.

  8. Complete Repayment on Schedule. Follow the repayment plan diligently and complete all payments according to the agreed-upon schedule. This ensures a successful and satisfying conclusion to the loan term.

Alternatives

  1. Credit Cards. Credit cards provide a revolving line of credit that allows users to make purchases and pay them off over time. Some credit cards offer installment plans for larger purchases, allowing users to convert their outstanding balance into fixed monthly payments.

  2. Payday Loans. A payday loan is a short-term, high-interest loan typically intended to cover expenses until the borrower's next payday. These loans are characterized by their quick approval process and minimal eligibility requirements, with repayment often due in a lump sum on the borrower's next paycheck. While they offer fast access to funds, payday loans often come with high fees and interest rates, making them a costly form of borrowing.

  3. Pawnshop Loans. Pawnshops provide loans secured by personal collateral, such as jewelry, gadgets, or valuable items. Borrowers receive cash, and the pawned item serves as collateral until the loan is repaid.

  4. Online Cash Advances. Online lending platforms offer short-term cash advances with quick approval processes. These loans are designed to address immediate financial needs and are repaid in a lump sum on the borrower's next payday.

Editorial Opinion

In navigating the landscape of financial options in the Philippines, individuals should carefully evaluate installment loans and their alternatives based on their specific needs and circumstances. While installment loans offer structured repayments and flexibility, other products such as personal loans, credit cards, and cash advances present alternative avenues with distinct features. The choice between these options depends on factors like interest rates, repayment terms, and the purpose of the borrowing.

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 types of installments?

Various forms of installment credit cater to different financial needs, with common examples including mortgage loans, auto loans, personal loans, and student loans. Certain credit cards, typically considered a form of revolving credit, also provide installment options for specific purchases, adding flexibility to the range of installment credit available to consumers.

What are examples of installment payments?

  1. Auto Loan. Borrowers can finance the purchase of a vehicle by making monthly installment payments over a predetermined period, typically ranging from a few months to several years.

  2. Mortgage Loan. Homebuyers often opt for mortgage loans, where they make regular installment payments to repay the borrowed amount over an extended period, allowing them to own a home while distributing the cost over time.

  3. Personal Loan. Borrowers seeking funds for personal expenses, such as debt consolidation, home improvements, or emergencies, can opt for personal loans with fixed installment payments.

  4. Student Loan. Students financing their education often rely on student loans, where they make installment payments to cover tuition, fees, and living expenses during their academic journey.

  5. Credit Card Instalment Plan. Some credit cards offer installment plans for specific purchases, allowing cardholders to convert a large transaction into smaller, more manageable payments over time.

  6. Online Buy Now, Pay Later Service. Some online platforms and services enable customers to make immediate purchases and pay for them in installments, offering flexibility in online shopping.

What is the easiest installment loan to get approved for?

The ease of getting approved for an installment loan can vary based on several factors, including the borrower's credit history, income, and the type of loan sought. Generally, personal loans are often considered more accessible for a broad range of applicants. These loans typically do not require collateral, making them unsecured, and lenders may evaluate factors beyond just credit scores, such as employment history and income stability. Online lenders and certain financial institutions offer personal loans with simplified application processes and quicker approval times compared to traditional banks, making them more accessible for individuals with diverse financial backgrounds.

Additionally, some lenders specialize in providing installment loans for individuals with less-than-perfect credit histories. While the interest rates for such loans might be higher, they can serve as viable options for those facing credit challenges.