Quick Personal Loans. Find the Best Rates in Philippines

Quick
Need a quick loan in the Philippines? Our comprehensive guide offers a range of personal loan options, suitable for various financial situations. From loans for those with less-than-perfect credit to finding competitive rates, our platform helps you compare and choose the right quick loan for your needs. Begin your application process now for a swift financial solution.
Offers: 7
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
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
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
Quick Loans Calculator of April 2024 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
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Enter the desired loan amount

PHP
PHP
1000 ₱
50000 ₱
Loan term
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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
Quick Personal Loans. Find the Best Rates

What are Quick Loans?

Quick loans in the Philippines, commonly referred to as fast loans, encompass both salary loans and personal loans. These financial products provide rapid approval, typically ranging from 10 minutes to a few days. Local cooperatives and large commercial banks are among the various lenders offering these quick loans.

With the swift processing of these loans, borrowers gain immediate access to funds, making them an ideal financial solution for emergencies. The quick loan approval ensures that individuals can obtain the necessary funds precisely when required.

Features

  1. Fast Approval Times. Quick loans offer rapid approval, with processing times ranging from as little as 10 minutes to a few days, ensuring borrowers can access funds promptly.

  2. Flexible Loan Amounts. Borrowers have the flexibility to choose loan amounts based on their specific needs and financial requirements, providing a customized borrowing experience.

  3. Convenient Online Application. Many lenders facilitate an online application process, allowing borrowers to apply for quick loans conveniently from the comfort of their homes.

  4. Accessible Payment Channels. Quick loans typically offer multiple payment channels, making it convenient for borrowers to repay their loans through various means.

  5. Transparent Interest Rates. Lenders often provide clear and transparent information about interest rates, ensuring borrowers understand the cost of borrowing before committing to the loan.

  6. Quick Disbursement of Loan Proceeds. Once approved, quick loans ensure the swift disbursement of loan proceeds, allowing borrowers to address their financial needs promptly.

Pros and Cons

Pros

Fast Approval Times. Quick loans provide rapid approval, making them an excellent option for individuals in urgent financial situations.

Convenient Online Application. The availability of a personal loan application online process enhances convenience for borrowers, allowing them to apply from anywhere with an internet connection.

Flexible Loan Amounts. Borrowers can choose loan amounts based on their specific needs, providing a tailored borrowing experience.

Swift Disbursement of Loan Proceeds. Once approved, quick loans ensure the prompt disbursement of funds, addressing immediate financial needs.

Variety of Loan Products. Quick loans come in various forms, including salary loans and personal loans, catering to a diverse range of financial needs.

Cons

Higher Interest Rates. Some quick loans may come with higher interest rates compared to traditional loans, potentially increasing the overall cost of borrowing.

Short Loan Terms. The quick turnaround of these loans often results in shorter repayment periods, which can lead to higher monthly installments.

Potential for Debt Cycle. Due to the ease of obtaining quick loans, individuals may be at risk of entering a cycle of debt if they rely on these loans frequently.

Stringent Repayment Terms. While monthly installment payments are manageable, the terms and conditions of repayment can be stringent, with penalties for late payments.

Security Concerns. Online application processes may raise concerns about the security of personal and financial information, necessitating robust security measures.

How to Get a Quick Loan?

Apply for a loan

  1. Apply for a Loan. Begin the process by completing a registration form, which can be done at the lender's physical office, through their website, or using their fast cash loan app in the Philippines.

  2. Submit Loan Requirements. After filling out the form, submit the necessary loan requirements. If applying online, upload scanned or photographed copies of the required documents.

  3. Approval Process. Once you've submitted your application, the lender will assess it for approval. If approved, you may receive the loan amount promptly. However, if the loan is not instantly approved, you might need to wait for one to three days for disbursement. Larger loan amounts may require additional validation, leading to longer processing times.

  4. Receive Funds. Upon approval, you can either pick up the cash at the lender's office or have it deposited directly into your nominated bank account.

  5. Be Mindful of Processing Variations. It's essential to note that the fast cash lending process may differ among organizations. Each lender may have its own set of procedures and timelines, so borrowers should be aware of potential variations.

Requirements and Conditions

Conditions

  1. Loan Amount. The borrower needs to specify the desired loan amount based on their financial requirements. Lenders may have minimum and maximum loan limits.

  2. Loan Term. Quick loans typically come with a predetermined loan term, indicating the duration within which the borrower must repay the loan.

  3. Interest Rate. Lenders will disclose the applicable interest rate, representing the cost of borrowing. Borrowers should be aware of whether the interest is fixed or variable.

  4. Monthly Payments. The borrower must understand the structure of monthly payments, including the amount and due date, to ensure timely repayments.

  5. Repayment Details. The conditions regarding loan repayment, including the due date, payment channels, and any penalties for late payments, should be clearly communicated.

Requirements

  1. Citizenship. Must be a Filipino citizen.

  2. Age. Should be at least 21 years old and not more than 60 years old at the maturity of the loan.

  3. Stable Source of Income. Must have a stable and verifiable source of income.

  4. Documentation. Borrowers must provide valid government-issued, photo-bearing ID/s; proof of income, which may include payslips, income tax return (ITR), or other relevant documents; Certificate of Employment for employees; business registration documents, such as DTI and SEC Certificates, for business owners.

Best Places to Get a Quick Loan Today

TALA

Apply for a loan

Tala is a renowned quick loan provider in the Philippines known for its user-friendly application process and swift approval. Borrowers can access up to PHP 25,000 for short-term financial needs, making it a popular choice for those seeking immediate funds. Tala employs a transparent daily flat fee structure, simplifying the cost calculation for borrowers.

TALA

ACOM

Apply for a loan

ACOM is a notable lending institution that offers substantial loan amounts, reaching up to PHP 500,000. This lender provides flexibility in repayment with options for 6 or 12 months. The interest rate of 4.988% ensures a competitive offering in the market, making ACOM an attractive choice for individuals with varying financial requirements.

ACOM

AEON

Apply for a loan

AEON Credit Service stands out for its personalized approach to lending, determining loan amounts based on credit evaluations. Borrowers can choose between 6- or 12-month repayment periods, providing flexibility in managing their financial commitments. With an interest rate of 2.25%, AEON Credit Service offers a favorable solution for those looking for tailored lending options.

AEON

Digido

Apply for a loan

Digido is a versatile lending platform offering loans ranging from PHP 1,000 to PHP 25,000. The company provides a customizable loan term, allowing borrowers to tailor the repayment schedule to their preferences. The variable interest rates, ranging from 0% to 1.5%, make Digido a flexible choice for individuals with different financial needs and preferences.

DIGIDO

Ways to Receive the Money

  1. Cash Disbursement. Many lenders offer the option for borrowers to receive the loan amount in cash. This could involve visiting the lender's physical office to collect the cash.

  2. Bank Deposit. The loan amount can be directly deposited into the borrower's nominated bank account. This method is convenient and ensures that the funds are securely transferred.

  3. Online Transfer. Some lenders facilitate online transfers, allowing borrowers to receive the loan amount electronically. The funds are transferred to the bank account specified by the borrower during the application process.

Things to Pay Attention To

  1. Interest Rates. Understand the interest rates associated with a quick loan. Compare rates from different lenders to ensure you're getting a competitive offer. High-interest rates can significantly impact the total cost of borrowing.

  2. Repayment Terms and Conditions. Carefully review the repayment terms, including the loan term, monthly payments, and any penalties for late payments. Choose a loan with terms that align with your financial capacity to avoid potential challenges during the repayment period.

  3. Fees and Charges. Be aware of any additional fees and charges associated with the quick loan. This may include a processing fee, service fee, or penalties for early repayment. Understanding the complete fee structure helps in assessing the overall cost of the loan.

  4. Lender's Reputation and Credibility. Research the reputation and credibility of the lender. Choose reputable financial institutions or lenders with positive customer reviews. Check if the lender is regulated by relevant authorities to ensure a fair and transparent lending process.

  5. Loan Amount and Purpose. Evaluate the loan amount offered by the lender and ensure it meets your specific financial needs. Additionally, consider if the loan can be used for various purposes or if it is specifically designed for a particular financial need.

How to Repay a Quick Loan?

  1. Understand Repayment Terms. Review the loan agreement to understand the repayment terms. This includes the loan term, monthly payment amounts, due dates, and any other relevant details.

  2. Set Up a Repayment Plan. Based on the repayment terms, create a repayment plan that fits your budget. Ensure that you have a clear understanding of when each installment is due and the preferred payment method.

  3. Automatic Deductions. Some lenders offer automatic deductions from your bank account for monthly payments. Check with your lender if this option is available and convenient for you.

  4. Online Payments. Many lenders provide online platforms or mobile apps for convenient loan repayments. Set up an online account with the lender to make payments electronically.

  5. Bank Deposits. If specified by the lender, you may deposit the monthly payments directly into the provided bank account. Ensure that you include necessary details such as the account number and reference number.

  6. Over-the-Counter Payments. Some lenders allow borrowers to make payments over the counter at their physical offices or authorized payment centers. Confirm the available options with your lender.

  7. Early Repayment. Check if there are any penalties or fees associated with early repayment. If not, consider paying off the loan before the scheduled term to save on interest.

  8. Monitor Due Dates. Keep track of your loan due dates and ensure that payments are made on time. Late payments may result in penalties or affect your credit score.

Alternatives

  1. Personal loans are a versatile financial product that can be used for various purposes, such as emergencies, debt consolidation, or major expenses. They typically have longer repayment terms and lower interest rates compared to quick loans. Major banks in the Philippines, such as BDO, BPI, and Metrobank, offer personal loan products.

  2. Credit cards provide a revolving line of credit that can be used for purchases or cash advances. They offer flexibility in repayments, allowing users to pay the minimum amount due or the full balance. Leading credit card providers in the Philippines include BDO, Metrobank, and Citibank.

  3. Salary loans are specifically designed for employed individuals who need quick access to funds. They are based on the borrower's salary and often have lower interest rates compared to other quick loans. Companies like SSS Salary Loan and Tala offer salary loans to eligible members.

  4. Cooperative loans are offered by cooperatives and are a community-based lending option. They often have favorable terms and may prioritize the welfare of their members. Various cooperatives across the Philippines provide cooperative loans. Examples include NATCCO (National Confederation of Cooperatives) and PLDT Employees Credit Cooperative.

Editorial Opinion

In the realm of financial services, the accessibility of quick loans has undeniably reshaped the landscape, providing individuals with the means to address urgent financial needs. The streamlined nature of the loan application process, especially with features like pre-qualification and fast approval, has brought a level of convenience that aligns with the fast-paced demands of modern life. From a consumer standpoint, this has translated into a valuable resource, allowing individuals to navigate unforeseen expenses or seize time-sensitive opportunities.

However, it is imperative to tread cautiously amid the allure of quick loans. As with any financial transaction, understanding the terms, including processing fees and interest rates, is pivotal. Credit history also plays a role, in influencing both eligibility and the overall cost of borrowing. While quick loans offer a swift remedy, customers should exercise prudence, ensuring that the convenience of immediate financial relief does not compromise their long-term financial well-being. Regulatory measures, such as those instituted by the Bangko Sentral ng Pilipinas, aim to strike a balance, fostering a lending environment that is both accessible and protective of consumer interests. It remains crucial for borrowers to engage with financial products responsibly, viewing them as tools that, when used judiciously, can contribute positively to financial stability.

Methodology

At 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.

Additional resources

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

Sources

FAQ

How do I apply for a quick loan in the Philippines?

To apply for a quick loan, you can start by filling out the user-friendly online loan application form available on the lender's website or through their mobile app, often accessible on Google PlayStore. Ensure that you provide accurate details and any supporting documents required, such as a valid ID and proof of income.

What factors affect my eligibility for a fast loan?

Eligibility for a fast loan is influenced by several factors, including your credit history, total monthly income, and the specific requirements outlined in the loan application. Lenders may also assess your ability to pay, and pre-qualification may help you gauge your likelihood of approval without impacting your credit score.

Can I pre-qualify for a quick cash loan in the Philippines?

Yes, many lenders offer pre-qualification options to help you assess your eligibility and potential loan amount. This step allows you to gauge the terms, such as the total amount, interest rates, and monthly payments, before formally submitting your loan application.

How long does it take to get approval for a fast loan?

The approval process for a fast loan can vary, but it typically takes a relatively short time, ranging from a few minutes to a business day. Some lenders prioritize quick approval to ensure borrowers have prompt access to the loan proceeds, particularly in urgent situations.

Are there any additional fees associated with quick loans in the Philippines?

Yes, it's important to be aware of potential fees. Quick loans may involve processing fees, as well as other charges, which can impact the total cost of the loan. Review the terms and conditions, including any fees or charges mentioned in the loan agreement.