Best loan app Philippines with fast approval and low interest is an instrument to most Filipinos nowadays. They do not have to go to brick-and-mortar banks or lending institutions to apply for a loan. They can now apply online using their smartphones. Getting the loan proceeds is just a few minutes away with an internet connection.
11.9%/mo; Up to 10K for first-time borrower;
Loan up to
P25,000
1 Valid ID only, 5 Mins Application, Fast Approval
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Digido Philippines Review
11.5%/mo; 0% for first-time borrower;
Loan up to
P20,000
1 Valid ID only, 5 Mins Application, Fast Approval
Get Your Money Now
MoneyCat Philippines Review
P7,000 at 0% for first-time borrower;
Loan up to
P20,000
1 Valid ID only, 5 Mins Application, Disburse to GCash
Get Your Money Now
Online Loans Pilipinas Review
Thanks to modern technology, the Fintech companies in the Philippines can now offer easy cash loans without collateral to most qualified Filipinos. Borrowers do not have to present many documents; 1 valid ID is enough. Sometimes, their latest payslip can improve the approval rate significantly.
Best Loan App Philippines: Know the Two Types of Loans
- The first type is called Secured Loan
- The second type is called Unsecured Loan
What is a Secured Loan?
A Secured Loan is a loan that needs collateral. The borrower’s assets, like a car, land, or house, can be collateral of the loan. These are just a few examples; something of value can be collateral, the list may differ by each lending company.
What is an Unsecured Loan?
An Unsecured Loan is a type of loan that does not need any collateral. What does it mean? It simply means that any Filipino of legal age, mostly from 21 years old and older, can apply for a loan as long as they have sources of income.
Due to the advancement of technology, many Fintech companies are now offering quick cash loans via the internet to Filipinos. Thus Online Loans or Online Cash Loans became a household name.
Any Filipino can now borrow money using their smartphones, and often, the application will only take as fast as 5 minutes. The approval could take place as fast as 30 minutes. The money can be disbursed to the borrower’s chosen method, like a bank or cash remittance center, like M Lhuillier, in as quick as 1 hour to 1 day.
Know The Different Categories of Unsecured or Secured Loans
Categories | Secured / Unsecured | Online Application |
Personal Loans | Both | Yes |
Salary Loans | Often unsecured | Yes |
Calamity Loan | Based on remittance | Yes / Branch |
Car Loan | Secured | Office / Bank branch |
Home Loan | Secured | Office / Branch |
Gadget or Product Loan | Unsecured | Yes / Branch / Store |
Business Loan | Secured | Yes / Bank Branch |
Credit Cards | Both | Online / Bank Branch |
Other Revolving Credit Lines | Unsecured | Yes |
Shop Now Pay Later | Unsecured | Yes |
- Personal loans — there are different private lending companies and banking institutions that offer personal cash loans to qualified borrowers. Interestingly, Digital banks like CIMB Bank and Tonik Bank are offering quick cash personal loans to Filipinos, employed or self-employed to help them with their financial needs. In most cases, personal loans are unsecured loans. This is a very convenient way to get a funding for a small business or home repairs. However, for CIMB Bank Personal Loan, the applicant must be earning at least 15,000 Pesos in order to qualify for the loan. CIMB Bank can lend up to 1,000,000 Pesos to the qualified individual. This cash loan can be paid up to 60 months or 5 years. Interestingly, personal loans is not just limited to CIMB Bank or Tonik Bank, most banks in the Philippines offers personal loans though.
- Salary Loans — often times, salary loans or payday loans is accessible through cash loan apps and it is very popular in the Philippines (Best loan app Philippines). These loan apps in the Philippines is the easiest way to borrow money by using your Smartphone. The loan amount for salary loans is relatively smaller compared to personal cash loans. Salary loans online or online quick cash loans are mostly payable in a short term, from 7 days to 30 days. Although, some cash loan apps offer longer term for repeat borrowers. More so, salary loans online charges higher interest rates compared to personal loans.
- Calamity Loan — Government agencies like Home Development and Mutual Fund (Pag-IBIG), and Social Security System (SSS) will help members financially through calamity loan when their place of residences are declared by the government under state of calamity. Meaning, Filipinos who are not actively paying premiums on these agencies will not qualify for a loan.
- Car Loan — A Car loan might not be popular to the low income earners, but it is still good to mention that in the Philippines, you can get your dream car through a secured loan. Most banks in the Philippines will allow their depositors to get a car under financed. However, banks thoroughly look at one’s credit standing or credit score before financing a car loan. Both employed and self-employed Filipinos may qualify for an auto loan if they can present complete requirements. For example, BPI Auto Loan by Bank of the Philippine Islands required an employed applicant to sign their auto loan forms, plus the borrower needs to submit 3 months payslip, certificate of employment, and the previous year’s BIR form 2316 that contains the applicant’s gross annual income from his employer. This is a secured loan, because in reality, the borrower does not own the car yet, until he fully paid the full financed amount. If the borrower defaults the loan, or cannot pay anymore, the bank can take away the car, and forfeit all previous payments.
- Home Loan — Home loans is a secured loan. In the Philippines, the easiest way to avail a home loan is true Home Development and Mutual Fund (Pag-IBIG Housing Loan). However, the applicant must be an active Pag-IBIG member to do so. An interested person can look for a housing project in the Philippines that allows Pag-IBIG financing. Since this is a secured loan, the applicant don’t have the rights of the property yet, until he fully paid the entire financed value of the house. Mostly, home loan through Pag-IBIG can be payable up to 30 years.
- Gadget or Product Loan — In the Philippines, Filipinos can also loan non-cash products such as smartphones, computers and laptops, appliances, home furnitures, beds and so much more. Home Credit Philippines is popular amongst Filipinos when it comes to gadget and product loans. Interestingly, this is an unsecured loans. No collateral. For example, an applicant can go to an appliance store or a gadget store that is offering Home Credit financing. He can present at least two valid IDs, one is primary ID such as TIN and UMID by SSS. However, the borrower must prepare money for downpayment, and the amount of the downpayment varies per product. This is a fixed monthly installment for 9 months to 12 months. A borrower who pays his monthly installment on time for 11 months, Home Credit Philippines can waive the 12th month due as a reward for a good paying habit.
- Business Loan — If a person has an existing business, he may avail a business loan. A business loan can be secured or unsecured. For example, Security Bank offers SME Business Express Loan. This type of loan is offered for small and medium sized enterprises. A sole proprietor, who needs additional capital for the daily operations of his business, for instance, can borrow up to 5,000,000 Pesos without collateral. However, the business must be operating for 3 years, and must be profitable for the latest taxable year. Most banks in the Philippines are offering different types of business loans. That’s why Filipinos who are working their way to achieve financial freedom can get as much help as they want, most especially if they doing their best to improve their credit score.
- Credit Cards — in most cases, a credit card is unsecured loan. However, unsecured credit cards can only be enjoyed for people who have a good credit standing with a bank. Back in the old days, it was easier to apply for a credit card with the help of an agent, but things changed already. That’s why some banks are offering secured credit cards. Secured credit cards is secured by a deposit. An applicant must open a deposit account, and his deposit will be held by the bank as collateral for his credit limit. BDO, RBC and other banks in the Philippines are offering secured credit cards for people who want to apply for a credit limit regardless of his credit standing.
- Other Revolving Credit Lines — aside from physical credit cards, Fintech companies are now offering revolving credit lines to select Filipinos through mobile apps. One of the best example of a loan of this type is REVI Credit by CIMB Bank, and GCredit by GCash. With the help of a popular e-wallet GCash, credit companies or banks like CIMB Bank can look at a person’s credit score through GCash GScore. Ordinary Filipinos, even without an existing bank account, can gradually build his credit score by using GCash. In order to enjoy all the benefits and features within GCash, a user must verify his account. Verification is fast and easy.
- Shop Now Pay Later Online — Since Shopee and Lazada are very popular in the Philippines, so Fintech companies are also offering shop now pay later schemes to online shoppers. Shopee and Lazada are online shopping malls that are already household names. One of the loan apps that received good feedback from borrowers is BillEase. BillEase offers shop now pay later credit lines that can be used with Lazada and other online stores. Shopee, on the other hand, has a built in credit line to select Shopee users — SPayLater. SPayLater is different from BillEase, since SpayLater is an exclusive credit feature within Shopee and qualified users who activated SPaylater can only use his credit within Shopee only. Regardless, both of these loan apps help Filipinos shop online even without the budget yet.
11.9%/mo; Up to 10K for first-time borrower;
Loan up to
P25,000
1 Valid ID only, 5 Mins Application, Fast Approval
Get Your Money Now
Digido Philippines Review
11.5%/mo; 0% for first-time borrower;
Loan up to
P20,000
1 Valid ID only, 5 Mins Application, Fast Approval
Get Your Money Now
MoneyCat Philippines Review
P7,000 at 0% for first-time borrower;
Loan up to
P20,000
1 Valid ID only, 5 Mins Application, Disburse to GCash
Get Your Money Now
Online Loans Pilipinas Review