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Legit Loans. Apply for Personal Loans Online

Find secure and trustworthy personal loan options from licensed lenders in the Philippines. Our platform connects you with entities compliant with SEC regulations, offering clear terms and straightforward applications for your peace of mind.
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
Legit 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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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 Legit Loans in the Philippines?

In the Philippines, legit loans refer to financial arrangements offered by authorized lending entities that comply with the country's regulatory framework. Legitimate online loans are typically provided by licensed financing and lending companies that have obtained a Certificate of Authority from the Securities and Exchange Commission (SEC). These entities adhere to established legal provisions such as the Lending Company Regulation Act (Republic Act No. 9474) and the Truth in Lending Act (Republic Act No. 3765), ensuring transparency in loan terms and protecting borrowers from deceptive practices.

To distinguish themselves as legitimate, lending companies must meet specific criteria, including being established as stock corporations, using a substantial percentage of their funds for direct lending, and maintaining minimum paid-up capital requirements.

Features

  1. Legal Compliance. Legitimate loans are provided by authorized lending entities that comply with the regulatory framework set by the Securities and Exchange Commission (SEC) and other relevant government agencies.

  2. Transparent Terms. Borrowers benefit from clear and accurate statements of loan terms, as mandated by the Truth in Lending Act. Legitimate lenders ensure transparency in interest rates, repayment schedules, fees, and other relevant details.

  3. Secure Application Process. Legitimate online lenders employ secure online loan application processes to safeguard borrowers' personal information. This is crucial in compliance with the Data Privacy Act to prevent misuse of sensitive data.

  4. Reasonable Interest Rates. Legitimate lenders offer loans with interest rates within legal limits, avoiding exorbitant charges. The Usury Law may no longer be in effect, but lenders still adhere to fair and competitive interest rates.

  5. Flexible Repayment Options. Recognizing the diverse financial situations of borrowers, legitimate lenders often provide flexible repayment options, allowing borrowers to choose terms that suit their capabilities.

  6. Approval Process. Legitimate lenders follow a thorough yet efficient approval process, ensuring that borrowers receive timely decisions on their loan applications. This contributes to a hassle-free experience for borrowers.

  7. Loan Amounts. Legitimate loans come with reasonable and justifiable loan amounts, aligning with the borrower's needs and financial capacity. Lenders adhere to legal limits while providing sufficient funds for various purposes.

  8. Regulatory Oversight. Legitimate loans are subject to supervision and regulation by the SEC, ensuring that lending companies operate within the legal framework and maintain compliance with industry standards.

  9. Reputation. Reputable lenders, whether traditional banks or online platforms, have a positive track record in the industry. Borrowers can assess the legitimacy of a lender by considering their reputation for fair practices and customer satisfaction.

Pros and Cons

Pros

Legal Protection. Borrowers benefit from legal safeguards provided by regulatory bodies, protecting them from fraudulent or unauthorized lending practices.

Transparent Terms. Legitimate loans come with clear and transparent terms, ensuring borrowers understand the details of the loan agreement, including interest rates, fees, and repayment schedules.

Data Security. Legitimate online loan providers prioritize the security of borrowers' personal information, implementing measures to prevent unauthorized access and misuse, in compliance with data privacy regulations.

Cons

Stringent Approval Criteria. Meeting the requirements for legitimate loans may be challenging for some borrowers, as lenders often have stringent criteria to ensure creditworthiness.

Credit Checks. Legitimate lenders may conduct thorough credit checks, potentially leading to loan denials for individuals with poor credit histories.

Processing Time. The approval process for legitimate loans, particularly when choosing a traditional bank or credit union, may take longer compared to alternative, less regulated lending options.

How to Get a Legit Loan?

Apply for a loan

  1. Understand Your Financial Needs. Assess the specific purpose for which you need the loan. Determine the required loan amount and the repayment terms that align with your financial capacity.

  2. Research Legitimate Lenders. Identify reputable lending companies, either traditional banks or online platforms, that are authorized and regulated by the Securities and Exchange Commission (SEC).

  3. Check Eligibility Criteria. Review the eligibility requirements of potential lenders. This may include age, income, employment status, and credit history.

  4. Gather Necessary Documents. Prepare the required documentation, such as proof of identity, proof of income, employment details, and any other documents specified by the lender.

  5. Verify Lender's Legitimacy. Ensure the lender holds a valid Certificate of Authority from the SEC. Check the SEC's list of registered lending companies to verify their legitimacy.

  6. Apply Online or In Person. Complete the loan application form either through the platform of an online lender or in person at their physical office, providing accurate and truthful information.

  7. Wait for Approval. Patiently wait for the lender to process your application. Legitimate lenders follow a thorough but efficient approval process.

  8. Review Loan Terms. Once approved, carefully review the loan terms, including interest rates, repayment schedules, and any associated fees.

  9. Sign the Agreement. Sign the loan agreement only if you fully understand and agree to the terms. Ensure there are no hidden clauses or undisclosed charges.

  10. Receive Loan Proceeds. Once the agreement is signed, legitimate lenders disburse the loan amount directly to your designated bank account or provide the funds through other agreed-upon methods.

Requirements and Conditions

Requirements

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

  2. Proof of Income. Recent payslips, income tax returns, or certificates of employment to demonstrate a stable source of income.

  3. Employment Details. Information about current employment, including employer's name, address, and contact details.

  4. Credit History. Some lenders may check the borrower's credit history to assess creditworthiness.

  5. Collateral (if required). Documentation related to any collateral, such as property or assets, if the loan is secured.

  6. Bank Statements. Recent bank statements to verify the borrower's financial stability and transaction history.

  7. Personal Information. Basic personal details, contact information, and sometimes references.

  8. Age Requirement. Borrowers must meet the minimum age criteria set by the lender, typically 21 years and above.

  9. Loan Purpose. Clarification on the intended use of the loan, whether it's for education, home improvement, medical expenses, or other purpose.

Conditions

  1. Interest Rates. Clear disclosure of the interest rates associated with the loan, ensuring compliance with legal limits.

  2. Loan Amount. Specification of the maximum and minimum loan amounts that the lender is willing to provide based on the borrower's eligibility and needs.

  3. Repayment Terms. Detailed information on the repayment schedule, including the frequency of payments (monthly, bi-monthly), and the total duration of the loan.

  4. Fees and Charges. Transparent disclosure of any application fees, processing fees, or other charges associated with the loan.

  5. Prepayment Options. Information on whether the borrower can make prepayments or settle the loan before the agreed-upon term, and if any penalties are applicable.

  6. Default Consequences. Clear communication of the consequences of defaulting on payments, including late fees and possible legal actions.

  7. Security Requirements. Clarification on whether the loan is secured or unsecured, and the type of security required, if applicable.

  8. Grace Period. Whether there is a grace period before the commencement of repayment, providing borrowers with some time before the first payment is due.

  9. Flexibility in Repayment. Some lenders offer flexible repayment options, allowing borrowers to adjust their payment schedules or make additional payments.

Best Places to Get a Legit Loan Today

UNO Digital Bank

UNO Digital Bank offers personal loans ranging from ₱10,000 to ₱200,000, with repayment terms spanning 6 to 36 months. The interest rates start at 1.79%, providing borrowers with a competitive option for their financial needs. UNO Digital Bank's digital platform aims to streamline the loan application process, making it a convenient choice for those seeking quick and accessible financial solutions.

Radiowealth Finance

Radiowealth Finance provides a diverse range of loan amounts, extending from ₱10,000 to ₱3 million, with flexible repayment terms spanning 3 to 36 months. The company caters to a broad spectrum of financial needs, offering borrowers versatility in choosing loan amounts and durations. Radiowealth Finance's approach positions it as a comprehensive financial service provider, addressing varying requirements with its customizable loan options.

Tala

Tala offers quick and short-term financial solutions, allowing borrowers to access up to ₱25,000 with repayment periods ranging from 15 to 61 days. The unique feature lies in the daily service fee, ranging from 0.43% to 0.5%, making it particularly suitable for those in need of short-duration loans. Tala's model emphasizes speed and accessibility, catering to individuals seeking swift and manageable financial assistance.

SB Finance

SB Finance provides personal loans ranging from ₱10,000 to ₱2 million, offering flexible repayment terms spanning 3 to 48 months. The interest rates vary between 1.25% to 2.5%, providing borrowers with options that suit their financial preferences. As part of the Security Bank group, SB Finance integrates the reliability of an established financial institution with a diverse range of loan products, addressing the varying needs of borrowers.

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 Bank Deposit. The most common method is a direct deposit to the borrower's bank account. Once the loan is approved, the funds are transferred electronically to the specified account.

  2. Check Issuance. Some lenders issue a physical check representing the loan amount, which borrowers can then deposit into their bank accounts.

  3. Mobile Wallet Transfer. In the era of digital finance, some lenders offer disbursements through mobile wallet platforms, allowing borrowers to access funds through their smartphones.

Things to Pay Attention To

  1. Interest Rates. Understand the interest rates associated with the loan, ensuring they are within legal limits. Compare rates among different lenders to secure the most favorable terms.

  2. Fees and Charges. Scrutinize all fees and charges, including application fees, processing fees, and late payment penalties. Transparent disclosure of these costs is crucial for accurate financial planning.

  3. Loan Terms and Repayment Schedule. Thoroughly review the loan terms, including the repayment schedule. Ensure the terms align with your financial capacity and preferences.

  4. Credibility of the Lender. Verify the legitimacy of the lending institution. Check for a valid Certificate of Authority from the Securities and Exchange Commission (SEC) and research the lender's reputation.

  5. Hidden Clauses in Agreements. Carefully read and understand the loan agreement. Pay attention to any hidden clauses or undisclosed terms that may impact the overall cost of the loan.

  6. Customer Reviews and Testimonials. Research customer reviews and testimonials about the lender. Feedback from other borrowers can provide insights into the lender's reliability and customer service.

  7. Loan Purpose Restrictions. Confirm whether the lender imposes any restrictions on how you can use the loan funds. Some loans may be designated for specific purposes, and violating these terms could have consequences.

  8. Prepayment Options. Inquire about prepayment options and associated penalties. Understanding if you can settle the loan early and any potential costs involved is crucial.

  9. Security Requirements. If the loan is secured, understand the type of security required and the implications of defaulting on the loan in relation to the collateral.

  10. Consequences of Default. Be aware of the consequences of defaulting on payments, including late fees, penalties, and potential legal actions. This understanding is crucial for responsible financial management.

  11. Regulatory Compliance. Ensure the lending institution complies with all relevant regulations and legal requirements. This includes having the necessary licenses and adhering to the rules set by the Securities and Exchange Commission.

  12. Communication Channels. Verify the availability of communication channels with the lender. It's essential to have clear lines of communication for addressing queries, concerns, or changes in financial circumstances.

  13. Loan Purpose. Confirm that the loan amount aligns with your intended purpose. Borrowing more or less than necessary may impact your financial stability.

  14. Flexibility in Repayment. Assess the lender's flexibility regarding repayment options. Some lenders may offer the ability to adjust payment schedules or make additional payments.

How to Repay a Legit Loan?

  1. Know Your Repayment Schedule. Understand the agreed-upon repayment schedule outlined in the loan agreement. This includes the frequency of payments (monthly, bi-monthly) and the total duration of the loan.

  2. Set Up Automatic Payments. Consider setting up automatic payments through your bank to ensure timely and consistent repayments. This minimizes the risk of missing due dates.

  3. Monitor Your Bank Account. Regularly check your bank account to ensure you have sufficient funds to cover the scheduled repayments. Insufficient funds may result in penalties or bounced payments.

  4. Prepay When Possible. If your financial situation allows, consider making extra payments or paying off the loan before the scheduled term. Check with the lender to understand any prepayment penalties or conditions.

  5. Understand Late Payment Consequences. Be aware of the consequences of late payments, including late fees and potential impacts on your credit score. Communicate with the lender if you anticipate any challenges in meeting payment deadlines.

  6. Maintain Communication with the Lender. If you encounter financial difficulties, communicate with the lender promptly. Some lenders may offer temporary solutions or modified repayment plans to accommodate unforeseen circumstances.

  7. Retain Payment Records. Keep detailed records of all loan repayments, including transaction confirmations, receipts, and any correspondence with the lender. This documentation can be useful for reference and dispute resolution.

  8. Check for Interest Rate Changes. Stay informed about any changes in interest rates, especially if you have a variable-rate loan. Changes may affect the amount you need to repay.

  9. Financial Counseling if Needed. If you experience financial challenges that impact your ability to repay the loan, consider seeking financial counseling. Professionals can guide managing debt and creating a sustainable repayment plan.

  10. Complete Payments on Time. Strive to complete all payments on time to maintain a positive credit history. Timely repayments can enhance your creditworthiness for future financial transactions.

Alternatives

  1. Home Equity Loans. Home equity loans allow homeowners to leverage the equity in their property to secure a loan. The loan amount is determined by the difference between the property's market value and the outstanding mortgage balance.

  2. Salary Loans. Salary loans, often offered by employers or financial institutions, allow employees to borrow against their future salaries. These loans are typically structured to be repaid through salary deductions.

  3. Credit Unions. Credit unions are member-owned financial cooperatives that provide various financial services, including loans, to their members. Members pool their resources to offer affordable credit options.

  4. Peer-to-Peer (P2P) Lending. P2P lending platforms connect borrowers directly with individual lenders, bypassing traditional financial institutions. Borrowers can access funds from a network of individual investors willing to lend money at agreed-upon terms.

Editorial Opinion

Legitimate loans play a vital role in providing individuals with the financial means to address diverse needs, from urgent expenses to long-term investments. When acquired from authorized and regulated lenders, these loans offer a secure avenue for accessing funds, often with transparent terms and fair interest rates. They contribute to financial inclusivity by accommodating various credit profiles and purposes. However, borrowers must exercise due diligence in understanding the terms, fees, and conditions associated with these loans. The regulatory framework set by authorities ensures a level of consumer protection, emphasizing the importance of choosing reputable lenders.

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 is the legit online loan app in the Philippines?

In the landscape of legit online loan apps in the Philippines, Digido and Cashalo stand out as notable examples. Digido, a digital lending platform, offers Filipinos access to quick and secure personal loans, providing flexibility in loan amounts and repayment terms. Similarly, Cashalo, operated by Oriente Express Techsystem Corporation, has gained recognition for its user-friendly mobile application, simplifying the loan application process.

These apps adhere to regulatory standards and provide transparent terms, making them reliable choices for individuals seeking convenient and legitimate online lending solutions. As with any financial decision, borrowers are encouraged to carefully review the terms, conditions, and interest rates before engaging with these or any other online lending platforms.

What is the legit fast cash loan online in the Philippines?

For a legitimate fast cash loan online in the Philippines, consider ACOM Loan, which ensures approval within one day. The application process is straightforward—either visit any ACOM branch or apply online, requiring only a valid ID, proof of employment, and proof of TIN. ACOM Loan provides amounts up to ₱500,000 with diminishing interest rates, starting at 4.988% for early payments or a minimum of 8% of the Outstanding Principal Balance.

Another convenient option is the Tala Cash Loan, accessible through your Android smartphone, offering on-the-go cash assistance. This instant cash loan is ideal for unforeseen financial challenges, providing amounts from ₱1,000 to ₱25,000 with a flat daily fee as low as 0.5%. Approval takes just a few minutes, making it a swift solution for minor financial issues.

Are online loans legit?

Online loans, when obtained from legitimate and duly regulated lenders, can offer a convenient and efficient way for individuals to access financial assistance. Reputable online lenders adhere to regulatory standards, obtain necessary certifications, and ensure transparency in their terms and conditions. The digital platform often streamlines the application and approval process, providing borrowers with quicker responses and access to funds. However, it is crucial for individuals to exercise caution and conduct thorough research before engaging with online loan providers. The online landscape also attracts entities engaging in unauthorized lending activities, necessitating scrutiny of a lender's legitimacy.