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Online Cash Loans in Philippines

Looking for online cash loans in the Philippines? Our list provides various options for personal loans, catering to different credit backgrounds. From finding loans for bad credit to securing the best rates, our platform enables you to compare and select the most suitable cash loan for your financial needs.
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
Finbro
Personal 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.

5
Recommended FinScore™
0
300
650
1000
to 50000.00 ₱
Term
i

Loan term for the financial product

to 1 years
Get the money you need online
Get the money you need online

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

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
Mazilla
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 - ₱25000
Rate
i

Effective interest rate on the product

30% - 365% APR
Term
i

Loan term for the financial product

91 - 720 days
CashMart
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.

3.4
Recommended FinScore™
0
300
650
1000
3000.00 – 30000.00 ₱
Rate
i

Effective interest rate on the product

from 0.06 %
Term
i

Loan term for the financial product

7 days – 28 days
Online Loans Calculator of February 2024 in the Philippines in Philippines

By inputting the loan amount, interest rate, and loan term, users can quickly calculate their monthly payment, total interest payable, and the total amount to be repaid, aiding them in making informed financial decisions.

Loan amount
i

Enter the desired loan amount

PHP
PHP
1000 ₱
50000 ₱
Loan term
i

Specify the loan term for the calculation

days
months
5
30
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 Cash Loans Online?

Cash loans online in the Philippines refer to financial products that allow individuals to borrow money through online platforms. These loans provide a quick solution for those facing unexpected expenses or financial emergencies. To apply for cash loans online, individuals typically need to fill out an online application form, submit necessary documents, and check eligibility criteria. The loan amount, interest rates, and loan terms can vary depending on the lending companies offering these services.

These online loans cater to the financial needs of individuals who require fast cash with quick approval processes. The application process is designed to be hassle-free, allowing borrowers to access funds swiftly. Valid ID, such as a driver's license or voter's ID, and supporting documents may be required during the application.

It's essential to note that the loan amount, interest rates, and loan terms may vary depending on the specific online loan company. Borrowers should carefully review the terms and conditions, including any processing fees or upfront fees, before finalizing the loan agreement. Additionally, maintaining a good credit history can positively impact the loan approval process.

Features

  1. Quick Approval. Cash loans online typically have fast approval processes, allowing borrowers to access funds swiftly, making them suitable for addressing urgent financial needs.

  2. Online Application. The entire loan application process is conducted online. Borrowers can fill out application forms, submit necessary documents, and check eligibility without the need to visit a physical location.

  3. Flexible Loan Terms. Some lending companies provide flexible loan terms, allowing borrowers to choose a repayment plan that aligns with their financial capabilities.

  4. Interest Rates. Interest rates vary depending on the lender and the type of loan. It's crucial for borrowers to understand the applicable interest rates and how they impact the overall cost of the loan.

  5. Supporting Documents. Borrowers may need to provide supporting documents, such as valid IDs (e.g., driver's license, voter's ID), to complete the application process.

  6. Repeat Customer Benefits. Returning borrowers may experience a more streamlined application process, and some lenders may offer incentives for repeat customers.

  7. Variety of Payment Channels. Cash loans online often provide multiple payment channels, giving borrowers flexibility in repaying the loan.

Pros and Cons

Pros

24/7 Online Application. Online loans provide the flexibility of applying for a loan at any time of the day. You can initiate the application process by downloading the app or visiting the website, making it a convenient option for emergencies.

Minimal Eligibility and Document Requirements. Borrowers with a valid government-issued ID can easily access online loans. The process often involves scanning or taking a photo of the ID, and in some cases, providing a selfie with the ID. Some loans may require additional documents like a certificate of employment for larger amounts or loans with monthly payments.

Convenient Loan Application Process. The entire loan application process can be completed using a smartphone or computer. There's no need to travel to a physical branch, as the online form can be filled out, and required documents can be uploaded electronically.

Easy and Quick Approval. Legitimate online loans with guaranteed approval in the Philippines are often available due to the streamlined application process. Since online lenders typically require fewer application documents, the approval process is quicker and more accessible.

No Bank Account Required. Online loans generally do not mandate a bank deposit account. While some lenders may ask for a nominated bank account, loan proceeds are often disbursed through partner remittance centers.

Cons

Higher Interest Rates. Online loans tend to be more expensive than traditional personal loans due to their unsecured nature. Without collateral or guarantors, these loans rely solely on creditworthiness, leading to higher interest rates that can strain finances if not paid on time.

Shorter Loan Payment Terms. Many short-term online loans come with a repayment period as short as 30 days. Opting for a longer loan term may result in higher finance charges and interest rates.

Risk of Losing Money to Scammers. The lack of face-to-face interactions in online loan processes poses a risk of dealing with scammers instead of authorized lenders. There's a potential threat to identity theft through the information provided during the application.

Risk of Harassment by Online Lenders. Some borrowers may face the risk of harassment by online lenders, especially if there are challenges in repayment. It's crucial to choose reputable online lenders to avoid such issues.

How to Get a Cash Loan Online?

Apply for a loan

  1. Research and Choose a Reputable Lender. To get an online quick loan in the Philippines, find a reliable and legit lender in the Philippines. Consider reading reviews and checking customer feedback to ensure credibility.

  2. Check Eligibility Criteria. Review the eligibility criteria of the chosen lender. Typically, you'll need a valid government-issued ID, and some lenders may require additional documents like a certificate of employment.

  3. Prepare Necessary Documents. Gather the necessary documents, including a scanned or photographed copy of your valid ID. Some lenders may also require a selfie with your ID for verification.

  4. Visit the Lender's Website or Download the App. Access the lender's website or download their mobile app to start the online application process.

  5. Complete the Online Application Form. Fill out the online application form with accurate and up-to-date information. Provide details such as your personal information, contact details, and any required financial information.

  6. Upload Required Documents. Upload scanned or photographed copies of the required documents, such as your valid ID and any additional documents specified by the lender.

  7. Wait for Approval. Once you've submitted the application and required documents, wait for the lender to review and approve your loan. Legitimate online lenders often offer quick approval processes.

  8. Review Loan Terms. Carefully review the loan terms, including the loan amount, interest rates, and repayment terms. Ensure you understand all the charges and fees associated with the loan.

  9. Accept the Loan Agreement. If you agree with the terms, accept the loan agreement. Some lenders may require an electronic signature or confirmation.

  10. Receive Loan Disbursement. After accepting the agreement, the approved loan amount will be disbursed. Some lenders disburse funds through partner remittance centers, while others may ask for your nominated bank account.

  11. Repay the Loan on Time. Adhere to the agreed-upon repayment schedule. Be aware of the due dates, and make timely payments to avoid late fees and additional charges.

Requirements and Conditions

Conditions

  1. Loan Amount and Interest Rate. The approved loan amount and interest rate depend on factors such as the borrower's creditworthiness, income, and the lending company's policies.

  2. Fast Loan Approval. Online cash loans are known for their quick approval processes, allowing borrowers to access funds promptly.

  3. Due Date. Borrowers should be aware of the due date for repayments to avoid late fees and charges.

  4. Interest Rates and Fees. Lenders specify the interest rates and any processing fees associated with the loan. Borrowers should carefully review these terms.

  5. Loan Terms. The terms of the loan, including the repayment period, vary among lenders. Some offer short-term loans, while others may provide longer repayment options.

  6. Upfront Fees and Processing Fees. While some legitimate lenders may charge processing fees, borrowers should be cautious of upfront fees and excessively high processing fees.

Requirements

  1. Eligibility. To be eligible for a quick cash loan, borrowers usually need to be Filipino citizens or residents, aged between 18 and 65 years old.

  2. Valid Government-issued ID. Most online lenders require a valid government-issued ID, such as a driver's license, passport, or voter's ID, as part of the application process.

  3. Proof of Income. Lenders may ask for proof of income, such as payslips or a certificate of employment, to assess the borrower's ability to repay the loan.

  4. Bank Statements. Some lenders may request bank statements to verify financial stability and transaction history.

  5. Company ID (for employed individuals). Employees may be required to provide a company ID as part of the application process.

  6. Self-Employment Documentation (for self-employed individuals). Self-employed individuals may need to submit relevant documentation, such as business permits or income tax returns.

Best Places to Get an Online Loan Today

ACOM

Apply for a loan

ACOM is known for providing loans of up to PHP 500,000 with flexible repayment terms of 6 or 12 months. Borrowers appreciate the competitive interest rate of 4.988%, making it an attractive option for those seeking quick financial solutions.

ACOM

Radiowealth Finance

Apply for a loan

Radiowealth Finance stands out by offering loans ranging from PHP 10,000 to PHP 3 million. The repayment terms are diverse, spanning 3 to 36 months, providing borrowers with flexibility. Approval is subject to the lender's thorough evaluation process.

Tonik

Apply for a loan

Tonik has gained popularity for its loan amounts ranging from PHP 250,000 to PHP 5 million. With repayment terms extending from 12 to 60 months, Tonik offers borrowers flexibility. The annual interest rate of 6.99% makes it a competitive choice in the online lending market.

Tala

Apply for a loan

For those in need of smaller amounts, Tala allows borrowers to access loans of up to PHP 25,000. The platform offers short-term repayment options, with terms of up to 61 days. Tala charges a daily flat fee of 0.5%, providing simplicity in fee structures.

TALA

SB Finance

Apply for a loan

SB Finance caters to a broader range of financial needs, offering loans from PHP 30,000 to PHP 2 million. Borrowers can choose from flexible repayment terms, ranging from 2 to 48 months. The interest rates vary from 1.2% to 3.5%, providing options for different financial situations.

SB Finance Personal Loan

Ways to Receive the Money

  1. Bank Transfer. Lenders often transfer the approved loan amount directly to the borrower's nominated bank account. This is a secure and widely used method, offering easy access to funds.

  2. Remittance Centers. Some lenders partner with remittance centers where borrowers can receive the loan proceeds in cash. Borrowers can visit these centers to collect the funds, providing a convenient option for those without a bank account.

  3. E-Wallets. With the rise of digital finance, some lenders disburse loan amounts to borrowers' e-wallets. Borrowers can then use the funds digitally for transactions or transfer them to their bank accounts.

  4. Cheques. In some cases, lenders may issue a cheque for the approved loan amount. Borrowers can then deposit the cheque into their bank accounts.

Things to Pay Attention To

  1. Interest Rates and Fees. Carefully review the interest rates associated with the online cash loan. Understand the total cost of borrowing, including any processing fees or hidden charges. Compare rates among different lenders to choose the most cost-effective option.

  2. Repayment Terms. Examine the repayment terms offered by the lender. Understand the duration of the loan and whether it aligns with your financial capabilities. Be aware of any penalties for late payments and consider the impact on your budget.

  3. Credibility of the Lender. Choose reputable and licensed lenders. Check customer reviews, testimonials, and ratings to gauge the credibility of the lending institution. Avoid dealing with unlicensed or suspicious online lenders to prevent potential scams or fraudulent activities.

  4. Loan Amount and Eligibility. Understand the maximum loan amount you can qualify for and ensure it meets your financial needs. Review the eligibility criteria, including required documents and credit checks. Ensure you meet the necessary requirements before applying for the loan.

  5. Terms and Conditions. Thoroughly read and understand the terms and conditions of the online cash loan. Pay attention to clauses related to early repayment, loan extensions, and any other contractual obligations. Be aware of the implications of defaulting on payments.

How to Repay a Cash Loan Online?

  1. Understand Repayment Terms. Carefully review the repayment terms specified in your loan agreement. This includes the loan amount, interest rate, repayment schedule, and any associated fees or charges.

  2. Due Dates and Payment Channels. Take note of the due dates for your loan repayments. Lenders may offer various payment channels, such as online banking, mobile apps, or partner remittance centers. Be aware of the available options for making payments.

  3. Set Up Automatic Payments. Some online lenders provide the option to set up automatic payments. This ensures that your monthly repayments are deducted from your designated bank account on the specified due dates. Check with your lender if this option is available.

  4. Online Banking. Use your online banking account to make loan repayments. Log in to your bank's online portal or mobile app, navigate to the payments section, and follow the instructions to transfer the funds to the lender. Ensure you provide accurate account details.

  5. Mobile Payment Apps. If your lender supports mobile payment apps, you can use them to make loan repayments. Follow the app's instructions to transfer the funds to the lender. Confirm the accuracy of recipient details to avoid payment issues.

  6. Remittance Centers. For lenders offering payment through remittance centers, visit the designated centers to settle your loan repayments in cash. Ensure you bring any required reference numbers or documents provided by the lender.

  7. Early Repayment. If you have the means to do so, consider repaying your cash loan online earlier than the agreed-upon schedule. Check if there are any penalties or fees associated with early repayment.

Alternatives

  1. Traditional Banks. Explore personal loan options from traditional banks, such as BPI, BDO, or Metrobank. These financial institutions often provide personal loans with fixed interest rates and clear repayment terms. Visit your local branch or explore their online platforms to discover the available loan products tailored to your needs..

  2. Credit Cooperatives. Consider credit cooperatives like CARD Bank or Pag-IBIG Multi-Purpose Loan, community-based organizations that extend financial services, including loans. Credit cooperatives often offer more flexible terms and potentially lower interest rates than some online lenders..

  3. Peer-to-Peer Lending. Explore peer-to-peer lending platforms like Blend PH, where borrowers connect directly with individual lenders. This alternative presents competitive interest rates and serves as a viable option to traditional banking, providing a diverse range of loan products.

  4. Credit Cards. Utilize credit cards from reputable companies like BPI, Citibank, or Metrobank for short-term financing needs. While convenient, exercise caution regarding high-interest rates, ensuring responsible usage to prevent accumulating excessive debt. Familiarize yourself with the terms and conditions of the credit card providers to make informed financial decisions..

Editorial Opinion

In recent years, online fast cash loans have gained popularity in the Philippines, offering a convenient solution for individuals facing financial emergency situations or seeking quick funds for various needs. The accessibility of quick cash loans has provided a lifeline for those who require immediate financial assistance. This financial tool caters to the fast-paced nature of today's society, offering swift approval processes, often without the need for extensive documentation.

However, the landscape of online quick loans in the Philippines comes with its nuances. While these services can be a timely and efficient resource, borrowers should exercise caution. It's imperative to scrutinize the terms and conditions thoroughly, considering factors such as interest rates, processing fees, and any upfront fees that may be associated with the loan. Responsible borrowing entails choosing legitimate lenders, ensuring transparency in the lending process. Additionally, borrowers should be aware of their own financial capacity to avoid falling into cycles of debt. As the online fast cash loan industry continues to evolve, finding the best online loans necessitates a balanced approach, weighing the convenience against the potential financial implications, and making informed decisions that align with individual needs and circumstances.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 lenders in 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.

Additional resources

To learn more about Loans and best practices in Philippines, check out some of the following resources:

Sources

FAQ

How do I know if an online loan is legit?

Determining the legitimacy of an online loan provider in the Philippines is crucial to safeguard your financial interests. Legitimate online loan providers are officially registered with the Securities and Exchange Commission (SEC). You can verify their registration through official channels or the SEC website, ensuring compliance with legal and regulatory standards such as the Corporation Code and the Lending Company Regulation Act.

What documents are usually required when applying for an online cash loan?

The documentation requirements may vary among lenders, but common documents include valid government-issued IDs, proof of income, and proof of residence. Some lenders may request additional documents, such as bank statements or company IDs, to assess the borrower's creditworthiness and ensure the legitimacy of the application.

How quickly can I expect to receive the funds after my online cash loan is approved?

The speed of fund disbursement varies among lenders, but one of the advantages of online cash loans is the rapid approval and disbursement process. In many cases, borrowers can expect to receive the funds within a day or even within a few hours after loan approval.

Can I apply for an online cash loan if I am self-employed or do not have a traditional job?

Yes, many online cash loan providers in the Philippines accommodate self-employed individuals. While the specific requirements may vary, being self-employed is often considered as a viable source of income. Ensure you have the necessary documentation, such as business permits or financial statements, to support your application.

Are online cash loans suitable for individuals with a less-than-perfect credit history?

Yes, some online cash loan providers in the Philippines cater to individuals with varying credit histories. While a good credit history may improve loan terms, there are lenders who offer options for those with less-than-perfect credit. However, borrowers should be prepared for potentially higher interest rates in such cases.