Searching for the best online loans with monthly payments in the Philippines? You’d be fortunate to know that there are many options. If you find yourself strapped for cash with an emergency expense, there are places you can turn to and get those extra funds that you need until your next paycheck arrives. This guide will walk you through the best online loan providers in the Philippines with affordable monthly payment terms so you can choose what works for your financial needs.
Online Loans vs Traditional Loans
First off, it is important to distinguish what makes online loans different from traditional loans. Digital and cashless payment methods have grown in popularity in the Philippines. These loan options capitalize on digital technologies to make money more accessible to Filipinos and to easily track their loan status.
If you don’t need a large sum of cash, which traditional banks would be ideal for, then you can choose online loan providers in the Philippines. The latter makes it possible to get instant approval with less stringent requirements. You can also send your application online, which means you don’t have to go to the lending company’s physical office to process your application.
The only downside with most online loans with monthly payments in the Philippines is that you can get a shorter term period. However, this is mainly because the cash you can borrow is lower than what most banks can offer. This type of cash loan is ideal to cover any unexpected expenses rather than for big purchases.
Best Online Loans with Monthly Payments in the Philippines
If you need cash quickly and want to pay them off in affordable monthly installments, you have several options in the Philippines. Below is a list of the top online loan options in the Philippines.
1. Home Credit PH
Home Credit cash loan is one of the most popular online loans with monthly payments in the Philippines. This loan product and the provider are recommended for anyone who wants to start a small business, renovate a home, or need funds to cover an emergency expense. You can borrow as much as PhP 150,000 from Home Credit. Home Credit is the Philippine arm of a global financial company, which is known as the Home Credit Group.
Home Credit loans are available to qualified mass-market consumers. Most people know them as an in-store financing provider for buying appliances and gadgets, but they also offer cash loans.
The key features of the Home Credit cash loan are the following:
- Low monthly installment payments
- Fast cash approval and releasing
- Easy requirements
- No hidden charges
As mentioned above, the maximum amount you can borrow is PhP 150,000. The interest rate of the cash loan varies according to the payment terms. To apply for a Home Credit cash loan, you must submit the following requirements:
- Two valid IDs
- The applicant must be employed or self-employed
- The applicant must be at least 18 years old
There are three easy steps you must follow to apply for a Home Credit Cash Loan.
Step 1: Launch the Home Credit app on your phone and go to the Cash loan page. Make sure you have an existing Home Credit account. If not, you can make one.
Step 2: Specify your preferred loan amount (max of PhP 150,000). Fill out the form with the required personal details.
Step 3: Click submit and wait for the loan offer. Once you have a loan offer, it means your application was approved.
The interest rate for Home Credit cash loans is 0-3% per year (depending on the payment terms). The loan terms are from 6 months to 36 months.
2. Tala Philippines
Tala Philippines is a digital lending platform in the country. This platform offers quick and easy online loans with monthly payments for borrowers. This app is available for Android devices and provides quick online cash loans starting at PhP 1,000.
Tala is one of the first lending companies to offer a mobile-first approach to lending. This means that you can complete the entire loan process on your mobile phone. You can also access other financial services through the app.
The downside to this online loan provider is that the interest rate is steep. The interest rates begin at 11% to as much as 15% per month. The loan approval only takes 24 hours and there is a maximum limit of PhP 25,000 for the loan amount.
To process your application, you must present your ID and then sign up for the app (if you don’t already have an account).
The interest rate of 11% applies if you choose to pay every week, or 15% if you can pay off the loan in 30 days.
Digido is formerly known as Robocash. This online lending platform in the Philippines provides a convenient way for Filipinos to obtain cash loans online. Digido provides various loan products such as personal loans, home loans, and auto loans.
Digido is an SEC-registered company providing a fully automated lending system. Therefore, your application will be evaluated based on the data provided upon application. You can go to the website to process your application or download the mobile app via Google Play Store.
To apply for a loan, you must fill out the application form with the relevant information. You must also provide your ID and phone number. Confirm your consent for the online loan and you will be notified via text. Your approved loan amount will be transferred in real-time.
To sum it up, the maximum loan amount for Digido is PhP 25,000. The interest rate is 0.1 to 0.4% per day. The loan terms for Digido loans are 3-6 months.
Cashalo is another familiar name in the Philippines’ online lending industry. This company is one of the go-to options for anyone looking for quick cash online. They have a straightforward application process that can be completed online. Applicants can get approval within minutes.
Cashalo is available for mobile devices for Android and iOS users. The app makes it seamless to process your application and they have competitive rates, which is why it is one of the most popular in the Philippines.
The loanable cash amount via Cashalo is from PhP 1,000 to PhP 10,000. The interest rate starts at 3.95% to 5.99% a month. Meanwhile, the loan terms range from 15 days to 6 months.
To process your application, you must submit any government-issued IDs, company ID, pay slip or proof of income, and bank account (where the approved loan amount will be deposited). You must first download the app and register an account to apply for a loan.
Tonik is another online lending company in the Philippines known for revolutionizing the world of finance in the country. To start with, it dubs itself a “neobank.” This means that they don’t have a physical branch and they operate mainly on a digital platform.
The Tonik bank app provides Filipinos access to quick cash loans. This loan product is a good option for Filipinos looking for cash for unexpected emergencies without any collateral.
To apply for a loan, you must present one valid ID (ideally, a government-issued ID) and a 1-month payslip. If you qualify, you will get approval within 24 hours. Since it is a digital bank, convenience is one of the primary reasons why Filipinos choose this option to get a cash loan. You can process your application on your phone, which saves time and effort.
You can borrow as little as PhP 5,000 to as much as PhP, 50,000 via Tonik. The interest rate ranges from 5.42 to 7% a month. The loan term is from 6 to 24 months.
JuanHand is another loan app available to Filipino consumers. It offers a quick and easy way for consumers to apply for a loan through their mobile phones.
It is recommended for Filipinos looking for an affordable loan app because the interest rate is only 0.3% per day. They also have a user-friendly app, which makes it easy to use even if you are new to using JuanHand. The mobile app is available for Android and iOS users.
JuanHand offers up to PhP 50,000 in cash loans. The loan term can be as short as 1 month or as much as 6 months.
To apply for a loan, you must download the JuanHand app on your phone. Sign up with your mobile phone number and fill out the application form with the required personal details. When you’re done, click Apply to submit your loan application.
There are also Philippine banks that offer online loans with monthly payments. You can look into them if you want to get access to extra cash. However, do take note that borrowing from a bank will require you to go through a more stringent application process. There will also be more paperwork involved and the approval takes longer. The upside to borrowing from traditional Philippine banks is that you can borrow a larger sum of money, which makes it a good option if you have a big project.
Currently, banks in the Philippines offering online loans include Citibank, BDO, BPI, and RCBC, just to name a few. You can contact your preferred bank directly about their online loan offerings and monthly payments.