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Online loans of May 2022 in Philippines

Apply online loans from companies verified by our specialists. On 27.05.2022 you have access to 4 loans with a rate of 0% per day. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

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Interest rates on online loans in 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.

Interest rates on online loans in Philippines

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Online loans of May 2022

Online loans in the Philippines

Uncertainties abound in life; whether you are financially stuck or need immediate cash to sort through certain expenses, a loan can always come to the rescue. An online loan may provide additional finances for trips, home remodeling, medical necessities, or school fees/education.

In January 2022, the Philippines' overall population was 111.8 million, with 76.01 million Internet users. According to Kepois, their number climbed by 2.1 million.

Everyone wants to be able to do everything from the comfort of their own home in today's virtual world. In the financial sector, this is also possible. From evaluation to loan funding, the entire loan application process in the Philippines can be done virtually from the comfort of a lender's home and has been widely accepted by Filipinos.

What is an online loan?

Emergencies are unavoidable, and no one knows when one will strike. A loan is recommended to avoid these financial uncertainties putting a burden on your pocket, and the ideal approach to secure the cash is from the comfort of your own home. Almost 80% of adult Filipinos, or 52 million people, cannot apply for bank loans.

Online loan organizations, often referred to as money lender companies, have made it feasible to secure loans virtually. They aren't traditional banks but rather online loan provider businesses. Many of these online money lending organizations in the Philippines give loans without requiring borrowers to provide numerous documents, collateral, or a guarantor, as with traditional lenders. Same-day online processing periods of a few hours are available from online loan providers, a great way to avoid the long queue at the conventional banks. With access to the Internet and the required documentation, applying for an online cash loan in the Philippines is straightforward, precise, and hassle-free. For many individuals, modern, anonymous methods of applying for a cash loan online are more appropriate and far less daunting. Taking the online way generally eliminates biases, stereotyping, and other drawbacks.

What are the major types of online loans?

Loans in the Philippines are classified into two major types: secured and unsecured loans, and both have advantages and disadvantages. A secured loan requires collateral, which can be in the form of property or assets, in the event of non-payment. While unsecured loans do not require collateral or a guarantor, you can pay them back in cash; personal loans, student loans, and salary loans are common instances of unsecured loans.

Unsecured loans

Financial institutions that provide unsecured loans are typically not concerned about lending large quantities of money since they know they will recoup their money through loan repayments or sell the borrower's promised assets. If you default on a secured loan, you may lose more than just the asset you pledged as security. You may also pay more than originally agreed upon in the loan. If the asset is insufficient to meet the loan amount, you will be accountable for the difference.

Secured loans

Secured loans will require the availability of collateral before payment can be made, and they are most commonly used for small enterprises. It also offers a lower interest rate than an unsecured loan because no collateral or guarantor is required. Most online loans are unsecured; In the Philippines, unsecured loans are suited for those who make money with their property. They are not at risk of losing their house if they have a financial dispute with their lender. One downside of unsecured loans is that the loan amount may be insufficient to satisfy your specific financial demands if you are approved for a personal loan without security.

Personal loans

The most prevalent type of online loans in the Philippines is a personal loan. It's an installment loan in the sense that you can use it for anything, from business to paying school fees or debt consolidation. This means you can spend the money in any way you wish, without restrictions imposed by the lender. Many Filipinos prefer personal loans because of the low interest rate and lack of restrictions.

OFW loans

This type of online loans is available for overseas Filipino workers and their families who require a loan to complete a work contract. Some lenders make it available to OFWs who are set to travel on a work assignment abroad.

Quick cash loans

These are short-term cash loans that must be repaid regularly. The loan is one alternative for covering unexpected expenses and other short-term borrowing needs. Borrowers can simply go to their lender's website and look for the available instant loan options, there are many companies that offer paperless quick cash personal loans, which only requires one document for identification.

Salary loans

This is a short-term loan that must be paid in full or in installments when your next salary or earnings arrives. The amount is often dependent on the borrower's gross wages during the pay period. If you want to apply for a salary loan, you can either contact a loan provider or check out multiple options available online. There are many lenders who offer salary loans on the basis of the income proof submitted by the borrower.

How to apply for an online loan?

There are multiple online loan providers registered in the Philippines, where most of these provide paperless, instant loans. The process to apply for an online loan differs for every provider. The basic steps involve the following-

  • Go to the Website or App of the loan provider, and click on Apply.

  • Now choose the Type of loan you want to select.

  • After that, fill in all your details in the Application form.

  • Then, on the following page, you will receive a confirmation that signifies a successful application for a loan. Similarly, you will also get an auto-generated email with details regarding your application. However, there are some lenders who then redirect you to the lender's application page for further processing.

  • Once you have confirmed all the details, you will be required to fill in all your personal identifications and upload the necessary documents.

  • Once you have done and submitted your final application, you will receive a call from the lender within 24 hours from the time of application.

  • After everything has been confirmed, your loan application will be processed depending on the lender. the money will be released within a time span of 24 to 120 business hours from the approval.

What are the main requirements for getting an online loan?

In contrast to traditional banks, online lending is less stringent, straightforward, and requires less documentation. In the Philippines, there are numerous lending organizations, most of which are paperless and hassle-free. The eligibilities differ depending on the loan's attributes, the validation, and the company; The most common are listed below.

  • The applicant must be at least 18 years old.

  • The applicant must be a resident who lives in the Philippines.

  • The applicant must have lived at the same residence for at least a year.

Required documents to obtain an online cash loan in the Philippines

Some online lending institutions in the Philippines that offer online cash loans require minimal documentation, which varies by lender. Some only want one form of identification and a selfie with the document, while others require the most recent paycheck statement and the most recent utility bill. It is not officially necessary to confirm income; most companies accept account statement copies or online banking screenshots.

  • 3 months of payslips (if employed) or bank statements (freelancer/self-employed)

  • Certificate of employment (for those who are employed) or Income Tax Return (for self-employed)

  • 2 valid government photo IDs

  • Utility bill as proof of residence

Although it is not required to provide proof of income, most employers will accept copies of account statements or screenshots from online banking.

Online loan application process in the Philippines

Once you've decided on a lender, conduct thorough research, visit the lender's website or app, and register by inputting the loan amount, tenure, and other information. You must first fill up and apply within the stipulated time frame, which can only be done when you have found a lending partner that can meet your needs. For example, if you have an emergency and need the loan as quickly as possible, you should choose a lender that can accept the loan application in one day. The majority of loan businesses approve applications within one or two days. A response to the email should arrive within a few hours, primarily via the email address supplied, and the money will be duly disbursed.

What are the ways one can get an online loan?

There are several forms of online cash loans for different people in various financial situations that require an urgent loan. Online loans, for example, for OFWs, entrepreneurs, and normal salaried employees. Online loans in the Philippines are for a short time, ranging from 7 days to 12 months. Payday lenders offer short-term loans of 7 to 6 months, whereas banks offer longer-term loans of 3 to 12 months. The first loan size for most businesses in the Philippines does not exceed ₱10,000. The sum is increased for consecutive loans, usually up to ₱25,000.

This is also influenced by the credit history and the terms of an online loan company chosen by you. To choose the best loan company in the Philippines, it is recommended to go through the loaning companies, read their terms and policies, and speak to a customer representative to understand if the offer is suitable.

How to repay an online loan debt?

The process of repayment differs from lender to lender. The repayment should be done according to the terms mentioned in your loan application. Below are some of the commonly available repayment options.

Online repayment

Depending on the lender you have selected, you will get multiple online loan repayment partners available. You can simply go to the lender's website and check the available options. Some of the commonly available online repayment partners are Gcash and PayMaya.

Over-the-counter repayment

Users who don't have access to online e-payment solutions can use an over-the-counter payment system to deposit their pending dues. They can simply check the lender's website to know which options are available. After that, they can visit any of these stores and deposit their payment. Some of the commonly available options include 7-eleven stores, BDO Union Bank, Bayad Centre, Robinson department store, etc.

Repayment through remittance centers

If a user doesn't have access to any of the above-mentioned payment methods, some lenders also provide repayments via remittance centers. They can check out the available options through the lender's website.

Pros and cons of an online loan

Online loans have various advantages, which explains why they are popular in the Philippines. If you want to secure a loan for a start-up, a car, or even a new house, there are various benefits to using online loans.


Easy application and quick approval. The mobile Internet and an automated applicant verification system have made it possible to apply for a loan quickly and have it put into a bank account in a short period. There are numerous online lending apps that you can easily download from your mobile phone to apply for a personal loan. A prospective lender can now acquire a list of Internet lending companies by typing things like "loans near me open now" or "best online loans." There is no need to wait days or months for employees to review and approve an application. This comfort is especially significant during a pandemic when individuals are urged to stay at home and avoid social situations. Online loans allow you to apply for a loan at any time of day or night, which makes them an excellent solution for individuals who want money for an emergency.

The high approval rate of applications. As communication technologies have matured, online loan transactions have evolved and improved. Numerous applications can be checked and confirmed simultaneously due to the automated software's fast work rate. This assures the prospective lender of a prompt response to the application. Since the conditions for borrowers are minimal, online loans do not exceed ₱100,000 and are provided for a short period. So, other prospective lenders have a good opportunity of having their applications examined and validated quickly.

Lack of collateral. Even if it appears too good to be true, a lender or borrower can apply for an Internet loan with few documents and no collateral. Unlike traditional banks, which require collateral, an Internet loan provider does not. The main guarantee is a selfie with your documents, ranging from a genuine government ID to scanned documents.

Opportunity to grow credit history. In contrast to first-world countries, the Philippines lacks centralized credit reporting. Even if your credit score isn't perfect, you can still apply and get approved by several leading firms in the Philippines; some allow their prospective clients to grow their credit history with them, be extremely thorough in completing required paperwork, and submit the requirements as soon as possible. Though it is preferable to have a solid credit history because it increases the likelihood of being approved for a rapid loan, many leading organizations do not always require it. Some online lenders offer co-sign loans, which allow you to add someone to your loan application who may have a higher credit score or income, increasing your chances of acceptance.

This also enables the expansion of small and medium-sized businesses that are just getting started and have little or no credit history. The maximum loan amount will be lower for first-time customers, but these applications will grant bigger maximums as they continue to pay the dues on time.

Bank accounts not required. Unlike a typical bank, which often requires you to open a bank account, a deposit account is not required to acquire an online loan in the Philippines. This prevents an unscrupulous third party from taking advantage of you. However, certain lenders may want your chosen bank account. Nevertheless, loan revenues are frequently distributed through partner remittance centers.


There are two sides to a coin; there is another side to the positivity of an online loan in the Philippines. Here are the cons of securing an online loan in the Philippines.

High risk. Desperation causes borrowers to apply to any lending company online without conducting sufficient research, which puts them and their finances at risk. Fraudsters are hunting for desperate Filipinos to entice. Borrowers risk having their data hacked because the process is done online; scammers might use the information supplied during the loan application to steal an identity.

Higher interest and maximum rates. Since the loan is unsecured, the interest rate will be significantly greater than regular bank loans. While the maximum amount that may be borrowed is less than that of banks, the maximum limit may not be sufficient to pay your expenses because the maximum amount you can loan is significantly lower than that of typical bank loans. If you do not pay on time, the high-interest rates and finance charges might hurt your finances.

Shorter tenure period. While it is preferable to have a shorter loan term to avoid being in debt for as long as possible, it can also entail larger monthly payments. Short-term credit can make an individual or enterprise reliant on it, which is bad for comparison because it is unsustainable in the long run. It is critical to exercise caution and avoid becoming trapped in a never-ending cycle of borrowing. You can choose a longer loan period but expect higher financing costs and interest rates.

Legal regulation of the online loans market in the Philippines

Security is of the utmost importance. The reputation of an online lending organization for keeping its customers' information secure and confidential is crucial to its success.

While many small company owners and individuals may be concerned about whether online loan firms in the Philippines are safe, it should be mentioned that the finest online lenders do prioritize the security of their customers and applicants. The Securities and Exchange Commission (SEC) registers legitimate lending companies in the Philippines (SEC). The new framework licenses new online lending platforms and current enterprises wishing to provide credit products and services. It was made available on November 19, 2021.

All online lending organizations in the Philippines must present an entire business and operational plan, including process, flows on customer onboarding and know-your-client processes, consumer protection policies, and service level agreements within one year after issuance.

Before choosing an online lending company, it's important to conduct research and deal solely with an SEC-licensed online lender. Online loans are equally as safe as traditional loans. To be confident about the online lending organization, it is best to complete a fact check. Following are some pointers to assist you in assessing the security of any online loan application you may be considering

It should be a legally registered entity. The Department of Trade and Industry (DTI) and The Securities and Exchange Commission (SEC) require every financing and lending companies that legally operate online and cater to Filipinos to be registered with them. Online lenders will have to answer to the SEC and other relevant government bodies if they violate the restrictions, resulting in their license being revoked and earning them penalties.

It should have a secure website. One of the aspects to check for when validating an online lending firm is a secure website. Check to see if the website is using SSL. A secure website displays a URL and employs the HTTPS protocol and the padlock symbol to demonstrate security compliance. Scammers will avoid prominently publicizing their costs on their websites or divulging them when requested. Receiving a loan approval notification in your name without applying for one scream of illegal soliciting.

Good customer engagement and reviews. Before securing a loan, you should undertake extensive research by checking for positive and negative evaluations from past applicants. This will provide insight into how the firm runs and interacts with its consumers. Even if the reviews cannot be completely balanced, some may be complaints that ignore the positive aspects, while the rest may be false or from competitors. Regardless, it is critical to monitor for reviews and interaction.

What is the maximum loan amount?

For most enterprises in the Philippines, the first loan does not exceed ₱10,000. For repeated loans, the amount is frequently increased to ₱25,000. This is also determined by your credit history and the stipulations of an online loan provider that you have selected. Applying for too many loans indicates that you're a high-risk client. This may notify loan providers that you are truly in financial distress, which may negatively influence your loan application.

The commission for late payment is different for each lender and can reach up to 10% of the loan amount. In non-payment of contributions, most credit companies turn to collection agencies for help. If the payment is not made, it will affect the borrowers' credit history, and, likely, other lenders will not approve their applications in the future. In the event of a default, legal action may be taken. Many online lenders also provide payment calculators to assist in calculating the monthly cost of various loan amounts.

What is the real cost of an online loan?

Before applying for an online loan, it is important to know its real cost. The total cost includes the following; interest (APR), origination fees, late fees, and early payoff penalty. By combining all these factors, the user can get the real cost of a loan.

APR is the primary cost that most people care about, but that's not all. There are three more parts the borrower should be aware of.

Origination fees, which can also be taken as a commission that is usually between 1% to 5% for lending money.

For example, if you want ₱ 2000 as a personal loan, and the lender you select has an origination fee of 5%, the actual amount you will receive will be ₱ 1900, but the total sum owed to the online lender will be ₱ 2000, plus interest.

Late fee is another major cost appreciator. If by any means you miss the payment on its due date, you will be charged a late fee based on the number of days the payment was delayed.

The early payoff penalty is also known as a prepayment penalty. In case the borrower wants to pay their debt as soon as possible, there is a term mentioned in the contract that deals with pre-payment. In most cases, there is a prepayment penalty of up to 5% on the total principal outstanding.

Furthermore, the lender can also apply a rollover fee if the loan amount is prolonged for another period.

However, there are many online loan providers who abstain from charging early payoff penalties, origination fees, or heavy late fees. Borrowers can use the comfort of online comparison to get the correct data and choose a suitable option accordingly.


Legitimate online loan apps in the Philippines can be an easy solution to all financial emergencies and uncertainties; they quickly become relevant in the country, providing Filipinos with an easy route out of financial tension. Applying for Internet loans necessitates extensive investigation to determine whether the lender is registered and legitimate. Read and comprehend the terms and policies before submitting any loan applications. If your online loan application is rejected, you can only resubmit after 6 months.

Legitimate lenders may charge application, credit report, or appraisal costs, which you will be aware of before applying because legitimate lenders make these fees known to you. It could be a fraud if you are unaware of any unexpected payments. If you don't want to be surprised by any additional fees or expenses, you need to understand how Internet lending organizations operate and be responsible enough to repay the loan on time.