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Online Loans of May 2023 in Philippines

Online
Apply for an online loan from companies verified by our specialists. On 29.05.2023 you have access to 16 loans with the rate starting from 0% per day. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 16

Updated:
06.04.2023
17:03
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
₱25000
Rate
i

Effective interest rate on the product

11,9% per month
Term
i

Loan term for the financial product

6 months
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
₱25000
Rate
i

Effective interest rate on the product

up to 0.16% per day
Term
i

Loan term for the financial product

180 days
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
Get the money you need online
Get the money you need online

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

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
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
₱1,000 - ₱50,000
Rate
i

Effective interest rate on the product

up to 0.6% per day
Term
i

Loan term for the financial product

up to 12 months
UnionBank
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
₱1,000 - ₱1,000,000
Term
i

Loan term for the financial product

1 - 12 months
BDO
BDO 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
₱1 000 000
Rate
i

Effective interest rate on the product

25.98% - 26.76% per year
Term
i

Loan term for the financial product

6 - 36 months
LoanLoad
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

up to 0.99% per day
Term
i

Loan term for the financial product

61 - 365 days
UnaCash
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
1000 - 50000
Rate
i

Effective interest rate on the product

up to 194% annual
Term
i

Loan term for the financial product

2 - 6 months
EasyCash
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
3000 - 10000
Rate
i

Effective interest rate on the product

up to 10%
Term
i

Loan term for the financial product

30 - 90 days

Online Loans Calculator in Philippines

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

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Interest rates on loans in the Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

Today 29.05.2023 Online Loan Application

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60 days

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0 ₱
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0 month
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Here is the average overpayment on a loan based on data from lenders in the Philippines.

202

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How to Get an Online Loan Today 29.05.2023

Fill out your application
Fill out your application

On our website you can fill out a short application form for a quick loan.

Pass a credit check
Pass a credit check

We will offer you to check your credit score online for free.

Send your application online to the suggested companies
Send your application online to the suggested companies

After checking your credit rate, you will be able to send your loan application to the appropriate companies.

Wait for a response from the lender
Wait for a response from the lender

If necessary, the lender will contact you to clarify the details.

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Get your loan!

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Reviews

DIGIDO
4
Margarita D
Margarita D
17.10.2022 at 12:26
The advantages of this app was good, they are very responsive and quickly answered you if you are able to get a loan or not.
Review
Kviku
1.6
Marygrace T
Marygrace T
18.04.2023 at 19:55
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
Marites P
Marites P
11.04.2023 at 22:50
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
Ryan P
Ryan P
10.04.2023 at 20:05
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
Finbro
5
user_134660
user_134660
04.02.2023 at 11:20
Great Online Loan. Low interest. No hidden charge. Full amount receive. Mababait at magagalang mga staff.
Review
Online Loans of May 2023

What is an Online Loan?

An online loan in the Philippines is a type of personal loan that is processed entirely online, from application to disbursement. Borrowers can apply for an online loan through a website or mobile app of an online lending company, and submit their requirements and information electronically. The loan application process is typically faster and more convenient compared to traditional bank loans, and the loan amount may range from PHP 7,000 to PHP 50,000 or more, depending on the lender. However, online loans generally have higher interest rates and fees than traditional loans, so borrowers should carefully review the terms and conditions before applying.

Some Common Features of Online Loans

Some common features of online loans in the Philippines are:

  1. Quick and easy application process: Borrowers can apply for an online loan through a website or mobile app, and submit their requirements and information electronically. The application process is usually quick and hassle-free.

  2. Minimal documentary requirements: Unlike traditional bank loans, online loans usually require minimal documentary requirements, such as proof of identification, address, and income.

  3. Short loan tenure: Online loans are typically short-term loans, with loan tenure ranging from 3 to 12 months.

  4. High interest rates and fees: Online loans generally have higher interest rates and fees compared to traditional bank loans, which is why borrowers should carefully review the terms and conditions before applying.

  5. Convenient disbursement and repayment: Once approved, the loan amount is usually disbursed directly to the borrower's bank account or debit card. Repayment can be made through various channels such as bank transfer, remittance center, payment centers, or 7-11.

How to Apply For a Online Loan?

To apply for an online loan in the Philippines, follow these steps:

  1. Research and compare online lending companies: Before applying for an online loan, it's important to research and compare different lenders to find the best loan product for your needs. Check the interest rates, fees, loan amount, and repayment terms of each lender to make an informed decision.

  2. Choose a lender and visit their website: Once you've selected a lender, visit their website and click on the "Apply Now" or "Get Started" button.

  3. Fill out the application form: Provide your personal information, such as name, address, and contact details, as well as your employment and income details. You may also need to submit supporting documents, such as proof of identification, address, and income.

  4. Submit your application: Once you've filled out the application form and uploaded all the necessary documents, submit your application online.

  5. Wait for approval: The lender will review your application and supporting documents, and notify you of the approval or rejection of your loan application within 24 hours.

  6. Receive your loan: If your loan application is approved, the loan amount will be disbursed directly to your bank account or debit card within 24 hours to 5 business days, depending on the lender.

  7. Repay your loan: Repay your loan according to the agreed repayment terms, which may include monthly or bi-weekly payments.

Requirements

The requirements for applying for an online loan in the Philippines may vary depending on the lender, but generally, you will need the following:

  1. Proof of identification: A valid government-issued ID such as a passport, driver's license, or voter's ID.

  2. Proof of income: You will need to provide documents that show your income, such as pay slips for employed borrowers or bank statements for self-employed borrowers.

  3. Proof of address: You will need to provide a document that verifies your address, such as a utility bill or bank statement.

  4. Bank account: You will need to have a bank account under your name, as the loan amount will be disbursed to this account.

  5. Email address: You will need to have an active email address to receive notifications and updates on your loan application.

Ways to Get a Online Loan

Unlike traditional loans, online loans are specifically designed to be processed and disbursed online, so the ways to receive funds are more limited. Generally, the most common ways to receive funds from an online loan are:

  1. Bank transfer. This is the most common way to receive funds from an online loan. Once your loan is approved, the lender will transfer the loan amount directly to your bank account. You can then withdraw the funds or use them to make purchases.

  2. E-wallet or mobile wallet. Some online loan providers allow you to receive funds directly to your e-wallet or mobile wallet, such as GCash or PayMaya. This is a convenient option if you prefer to use digital payments for your transactions.

  3. Debit card. Similar to payday loans, some online loan providers offer loans that are disbursed onto a debit card. If you're approved for a loan, the funds will be loaded onto the card, which you can use to withdraw cash or make purchases.

It's important to check with the lender about the available options for receiving funds and choose the one that's most convenient and secure for you.

Pros and Cons

Pros of Online Loans

  1. Convenience. One of the biggest advantages of online loans is the convenience they offer. You can apply for a loan from the comfort of your home or office and the application process is generally faster and easier than traditional loans.

  2. Faster approval. Online loan providers usually offer faster loan approval times compared to traditional lenders. This means that you can get access to the funds you need in a shorter amount of time.

  3. Lower requirements. Online loan providers usually have lower requirements for eligibility compared to traditional lenders. This means that more people may be able to qualify for an online loan.

  4. Competitive rates. Because online lenders don't have the same overhead costs as traditional lenders, they can offer more competitive interest rates and fees.

Cons of Online Loans

  1. Higher interest rates. While online loans can offer competitive rates, they can also have higher interest rates than traditional loans, especially for borrowers with bad credit.

  2. Risk of fraud. Online loan scams are a real threat, and it can be difficult to differentiate between a legitimate lender and a scammer. You need to do your research and make sure you are working with a reputable lender.

  3. Limited face-to-face interaction. With online loans, there is no in-person interaction with the lender. This can be a disadvantage if you prefer a more personal touch or if you have questions that need to be addressed.

  4. Short repayment terms. Online loans typically have shorter repayment terms compared to traditional loans, which can result in higher monthly payments. You need to make sure that you can afford the payments before taking out an online loan.

Rates

Online loan rates vary depending on the lender and the type of loan you are applying for. Generally, online loans can have higher interest rates compared to traditional loans, especially if you have a poor credit score. Interest rates for online loans can range from 0.8% to 3% per day, which translates to an annual percentage rate (APR) of around 10% to 36%.

It's important to note that interest rates are just one aspect of the overall cost of a loan. You should also consider any additional fees or charges that may be associated with the loan, such as processing fees or late payment fees. Be sure to read the terms and conditions carefully before applying for an online loan and compare rates and fees from different lenders to ensure that you are getting the best deal possible.

Online Loan Calculation

Sure, let's assume you are applying for an online loan of ₱20,000 with a repayment term of 12 months and an interest rate of 1.5% per month. Here's how you can calculate the total cost of the loan:

  1. Calculate the total interest: Total interest = loan amount x interest rate x loan term in months Total interest = ₱20,000 x 1.5% x 12 = ₱3,600

  2. Calculate the monthly payment: Monthly payment = (loan amount + total interest) / loan term in months Monthly payment = (₱20,000 + ₱3,600) / 12 = ₱2,633.33

So, the total amount you would need to repay over the 12-month loan term would be ₱20,000 (loan amount) + ₱3,600 (total interest) = ₱23,600.

Keep in mind that this is just an example and the actual interest rates and fees may vary depending on the lender and your individual circumstances. It's always a good idea to shop around and compare rates and terms from different lenders before applying for an online loan.

Alternatives to Online Loans

There are several alternatives to online loans that you can consider, depending on your financial situation and needs. Here are some options:

  1. Personal loans from banks: You can apply for a personal loan from a bank if you have a good credit score and meet their eligibility criteria. The interest rates may be lower than online loans, but the application process may take longer.

  2. Credit unions: Credit unions are non-profit financial organizations that offer loans to their members. They may have lower interest rates than traditional banks and may be more flexible with their repayment terms.

  3. Credit cards: If you only need a small amount of money, you can consider using a credit card to pay for your expenses. However, you should be aware of the interest rates and fees associated with credit card use.

  4. Family and friends: You can also consider borrowing from family and friends if they are willing to lend you money. This can be a cheaper and more flexible option, but it's important to have a clear repayment plan in place to avoid any misunderstandings.

  5. Government financial assistance programs: Depending on your financial situation, you may be eligible for government financial assistance programs such as the Social Security System (SSS) Salary Loan, Government Service Insurance System (GSIS) Emergency Loan, or the Department of Trade and Industry (DTI) Pondo sa Pagbabago at Pag-asenso (P3) Program.

In the Philippines, online lending platforms and fintech companies are regulated by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).

In 2019, the SEC issued Memorandum Circular No. 18, Series of 2019, which mandates online lending platforms to register with the SEC before they can operate legally. The circular requires online lenders to disclose all fees, charges, and interest rates to their borrowers and to comply with the Truth in Lending Act.

The BSP also regulates online lending platforms and has issued guidelines on digital financial services to ensure the protection of consumer rights and the stability of the financial system. The BSP requires online lenders to comply with anti-money laundering and counter-terrorism financing regulations and to maintain sufficient capitalization.

Moreover, the BSP requires online lending platforms to provide transparent pricing and full disclosure of loan terms, fees, and charges. They are also required to have reasonable collection practices and to ensure the privacy and security of their borrowers' personal information.

Overall, the government has implemented regulations to ensure the responsible operation of online lending platforms and to protect consumers from predatory lending practices. It's important for borrowers to carefully review the terms and conditions of any online loan before accepting it and to deal only with licensed and registered online lenders.

FAQ

Are online loans legal?

Yes, online loans are legal in the Philippines. However, online lending platforms and fintech companies that operate in the country are regulated by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).

In order to operate legally, online lenders must comply with various regulations and requirements, such as registering with the SEC, disclosing all fees and charges to borrowers, and complying with anti-money laundering and counter-terrorism financing regulations. They are also required to provide transparent pricing and full disclosure of loan terms, fees, and charges, as well as to ensure the privacy and security of their borrowers' personal information.

It's important for borrowers to carefully review the terms and conditions of any online loan before accepting it and to deal only with licensed and registered online lenders.

What's The Loan Renewal Process For Online Loans?

Renewing an online loan is easier and faster if the borrower has paid and completed the previous loan promptly. Some lenders may ask for updated proof of income while others may only require the borrower to sign a few documents. If a loan application is rejected, the borrower can only reapply after 6 months.

How Do I Use An Online Loan Calculator?

To use an online loan calculator, the borrower needs to enter the desired loan amount and payment term. The calculator will then show available loan packages that match the borrower's information and sort them by interest rate. It will also provide a computation of the monthly repayment. The borrower can then click on the "Apply" button beside each lender to proceed with the application.

What Happens When I Default On My Loan?

If a borrower defaults on a loan, most online lenders will hire a collection agency to pursue payment. This will negatively affect the borrower's credit history with the lender and could also affect future loan applications with other lenders. While jail time is not a common sanction for defaulted loans, legal action may be taken by the creditor to coerce payment of unpaid debts.