When in need of quick cash loan online, you no longer have to resort to banks or pawnshops. Online lenders in the Philippines offer easy loans with minimal requirements and low interest rates. However, not all lenders are reliable or trustworthy, and some may charge hidden fees or scam you.
To help you find a legitimate online lender in the Philippines, CashLoanPH have compiled a list of 5 loan apps that you can trust for quick loans. These lenders offer loans that range from ₱2,000 to ₱50,000 with flexible repayment terms and low interest rates.
Top 5 Legit Online Lenders in Philippines
Home Credit
As one of the leading consumer finance providers in the Philippines, Home Credit offers cash loans, gadget loans, appliance loans, and bike loans. You can apply for a loan online using the Home Credit app or by calling their hotline. With only one valid ID and a selfie, you can borrow up to ₱50,000.
Juanhand
Developed by Wefund Lending Corp, Juanhand caters to customers with urgent financial needs, offering loans from ₱2,000 to ₱10,000. You can apply for a loan using the Juanhand app or by visiting their website. Approval only takes five minutes, and you can receive your cash in your bank account or e-wallet within 24 hours.
Finbro
Finbro is an online lending platform that provides cash loans from ₱3,000 to ₱50,000 without requiring any payslips or collateral. You can apply for a loan online using the Finbro app or their website. Approval only takes 10 minutes, and you can receive your cash in your bank account within 24 hours.
Tala
Tala is a global fintech company that provides access to credit for underserved consumers. With no collateral or paperwork required, you can apply for a cash loan ranging from ₱1,000 to ₱15,000 using the Tala app or their website. Approval only takes five minutes, and you can receive your cash in your bank account or e-wallet within 24 hours.
Cashalo
Cashalo is a mobile lending platform that offers affordable and accessible credit to Filipinos, including cash loans, salary loans, purchase loans, and travel loans. You can apply for a loan online using the Cashalo app or their website. With only one valid ID and a selfie, you can borrow up to ₱15,000.
Before applying for any loan, compare the interest rates, fees, terms, and conditions of different lenders. Always read the fine print and understand your obligations as a borrower. Only borrow what you need and what you can afford to repay on time.
To apply for a loan, you must be a Filipino citizen, at least 21 years old, have a valid ID, and have a stable source of income. Some lenders may require additional documents, such as proof of billing or proof of income.
Interest rates for each lender may vary depending on the loan amount, term, and other factors. For instance, Home Credit’s interest rate for a ₱10,000 cash loan with a 9-month payment term and a 40% down payment is 4.99% per month. Juanhand’s interest rate ranges from 9% to 15% per month, while Finbro’s interest rate is 0% for the first loan and 1.5% per day for subsequent loans. Tala’s interest rate ranges from 11% to 15% per month, and Cashalo’s interest rate varies based on the loan product.
What are the requirements for applying for a loan?
Qualifying for a loan may differ depending on the lending institution. Nevertheless, these are some general qualifications:
- Must be a Filipino citizen
- Must be at least 21 years old
- Must possess a valid ID
- Must have a consistent income stream
- Additional paperwork, such as evidence of billing or proof of income, may be required by some lenders. It’s recommended to inquire directly with the lender to understand their specific criteria.
What is interest rate for each online lender?
The interest rate for each online lender can differ based on various factors such as loan amount, loan term, and other relevant considerations. To obtain more information, you can visit their websites or apps. Here are some examples of interest rates for various online lenders, based on our search results:
- Home Credit: The interest rate for a Home Credit cash loan depends on the item’s price, down payment, and payment terms. For instance, a ₱10,000 cash loan with a 9-month payment term and a 40% down payment has a 4.99% monthly interest rate.
- Juanhand: The interest rate for a Juanhand loan can range from 9% to 15% per month. For a ₱5,000 loan with a 30-day payment term, the interest rate is 15% per month.
- Finbro: The interest rate for a Finbro loan is 0% for the first loan, and 1.5% per day for subsequent loans. For example, a ₱10,000 loan with a 30-day payment term has a 0% interest rate for the first loan and a 45% interest rate for the second loan.
- Tala: The interest rate for a Tala loan can range from 11% to 15% per month. For a ₱5,000 loan with a 30-day payment term, the interest rate is 15% per month.
- Cashalo: The interest rate for a Cashalo loan varies depending on the loan product. For instance, a Cashaloan cash loan of ₱5,000 with a 15-day payment term has a 4.95% monthly interest rate.
How to Choose the Best Online Lender for Your Needs
If you are looking for a quick and convenient way to borrow money, you might consider applying for an online loan. These loans are available from a variety of lenders, through their websites or apps, and unlike traditional loans, they don’t require a physical visit to a branch, extensive documentation, or long waiting periods for approval. With just an internet connection and a valid ID, you can apply for a loan anytime and anywhere.
However, not all online loans are the same. To choose the best lender for your needs, you should consider several factors such as interest rates, fees, terms, and customer reviews. Here are some tips on how to compare various online lenders and find the most suitable one for your situation:
Interest Rates
Comparing online loans should involve looking at the interest rate, which is the percentage of the loan amount that you must pay back on top of the principal. The interest rate can vary depending on the loan amount, loan term, and other factors. Generally, a lower interest rate is better because it means you will pay less money in total for your loan. However, some lenders may offer low-interest rates but charge high fees or impose strict conditions, so it’s essential to read the fine print and calculate the total cost before applying.
In the Philippines, several online lenders have different interest rates. For example:
- Home Credit’s interest rate for a cash loan depends on the price of the item, down payment, and payment terms. A ₱10,000 cash loan with a 9-month payment term and 40% down payment has an interest rate of 4.99% per month.
- Juanhand’s interest rate ranges from 9% to 15% per month, and a ₱5,000 loan with a 30-day payment term has an interest rate of 15% per month.
- Finbro’s interest rate is 0% for the first loan and 1.5% per day for subsequent loans. A ₱10,000 loan with a 30-day payment term has an interest rate of 0% for the first loan and 45% for the second loan.
- Tala’s interest rate ranges from 11% to 15% per month, and a ₱5,000 loan with a 30-day payment term has an interest rate of 15% per month.
- Finally, Cashalo’s interest rate varies depending on the loan product, with a ₱5,000 Cashaloan cash loan with a 15-day payment term having an interest rate of 4.95% per month.
Fees
When comparing online loans, it is important to consider the fees that come with the loan. Apart from the principal and interest rate, fees can significantly affect the cost of your loan. These fees may include service fees, processing fees, late fees, prepayment fees, and other charges. To avoid unnecessary charges, it is recommended that you carefully read the terms and conditions and understand what fees are applicable to your loan before applying.
Here are some examples of fees charged by online lenders in the Philippines:
- Home Credit: Home Credit charges a service fee of ₱150 which will be deducted from the approved loan amount. For instance, if you are approved for a ₱3,500 loan, you will receive ₱3,350.
- Juanhand: Juanhand charges a service fee of ₱100 which will be deducted from the approved loan amount. If you are approved for a ₱5,000 loan, you will receive ₱4,900.
- Finbro: Finbro does not charge a processing fee for the first loan, but charges a 10% processing fee for subsequent loans. For a ₱10,000 loan with a 30-day payment term, the processing fee is 0% for the first loan and ₱1,000 for the second loan.
- Tala: Tala charges a service fee of 11% to 15% of the loan amount, depending on the repayment schedule you choose. For a ₱5,000 loan with a 30-day payment term, the service fee is ₱750 if you choose to pay weekly or ₱500 if you choose to pay monthly.
- Cashalo: Cashalo charges a processing fee of 4% of the loan amount and a disbursement fee of ₱100. For a ₱5,000 loan with a 15-day payment term, the processing fee is ₱200, and the disbursement fee is ₱100.
Terms and Conditions
When comparing online loans, it’s important to consider the terms and conditions, which outline the rules and regulations governing your loan agreement with the lender. These terms and conditions include important details such as the loan amount, repayment schedule, penalties, and other important information that can affect your rights and obligations as a borrower. It’s crucial that you carefully read and understand the terms and conditions before agreeing to an online loan and clarify any doubts or questions you may have with the lender.
Here are some examples of terms and conditions for online lenders in the Philippines:
- Home Credit offers cash loans ranging from ₱2,000 to ₱50,000 with payment terms from 9 to 24 months. Payment can be made via bank transfer, GCash, or partner payment channels. Additionally, Home Credit offers insurance products to protect your loan in case of unforeseen events.
- Juanhand offers loans ranging from ₱1,000 to ₱12,000 with payment terms from 7 to 61 days. Payment can be made through bank transfer or partner payment channels. Juanhand also allows for loan extensions if needed.
- Finbro offers loans ranging from ₱1,000 to ₱50,000 with payment terms from 7 to 30 days. Payment can be made through bank transfer or partner payment channels. Finbro also provides a cashback of up to 20% if loans are repaid on time.
- Tala offers loans ranging from ₱1,000 to ₱15,000 with payment terms from 21 to 30 days. Payment can be made through bank transfer or partner payment channels. Tala also offers access to higher loan amounts and lower fees for borrowers with a good repayment history.
- Cashalo offers various loan products such as Cashaloan, Cashacart, and Cashaquick, with loan amounts, payment terms, and interest rates varying depending on the loan product chosen. Payment can be made through bank transfer or partner payment channels, and using the app regularly can lead to discounts and rewards.
Customer Reviews
When comparing online loans, it’s important to consider customer reviews. These reviews are feedback from previous or current borrowers who have used the services of the online lender and can provide insights into their quality, reliability, and credibility. Reviews can help you gauge the level of satisfaction, trustworthiness, and reputation of the lender, as well as identify any issues, problems, or complaints that other borrowers have encountered. Therefore, you should always check customer reviews before applying for an online loan.
You can find customer reviews on various platforms, including Google Play Store, App Store, Facebook, and Trustpilot. It’s important to look for recent, relevant, and authentic reviews that are balanced, objective, and constructive.
Here are some examples of customer reviews for online lenders in the Philippines:
- Home Credit has a rating of 4.3 out of 5 stars on Google Play Store based on over 1 million reviews. Positive reviews praise Home Credit for its fast approval, easy application, and friendly customer service, while negative reviews mention high interest rates, hidden charges, and poor communication.
- Juanhand has a rating of 4.2 out of 5 stars on Google Play Store based on over 100 thousand reviews. Positive reviews commend Juanhand for its low interest rates, flexible payment terms, and convenient process, while negative reviews criticize slow verification, system errors, and rude agents.
- Finbro has a rating of 4.5 out of 5 stars on Google Play Store based on over 10 thousand reviews. Positive reviews appreciate Finbro for its zero interest rate for the first loan, high loan amount, and fast disbursement, while negative reviews mention high interest rates for subsequent loans, strict requirements, and limited payment channels.
- Tala has a rating of 4.6 out of 5 stars on Google Play Store based on over 500 thousand reviews. Positive reviews compliment Tala for its high approval rate, quick process, and helpful customer service, while negative reviews report technical glitches, delayed feedback, and strict policies.
- Cashalo has a rating of 4.1 out of 5 stars on Google Play Store based on over 100 thousand reviews. Positive reviews acknowledge Cashalo for its affordable interest rates, various loan products, and easy repayment options, while negative reviews express low loan limits, long approval times, and frequent calls.
Conclusion
When it comes to borrowing money for personal or business needs, online loans offer a convenient and accessible option. However, not all online loans are the same. It is crucial to compare online loans based on their features, fees, terms and conditions, and customer reviews before applying for one.
Comparing online loans can help you find the best loan that fits your needs, preferences, and budget while avoiding any potential risks, scams, or pitfalls associated with online lending. By doing so, you can have a hassle-free and satisfying online loan experience.
If you are in the Philippines and looking for online loans, you can refer to our list of online loan providers. You can also use our online loan calculator to get an estimate of your monthly repayments and interest rates. Start comparing and happy borrowing!
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