In recent years, online loans with monthly payments have become a popular financial solution for individuals who require quick cash for unexpected expenses or personal needs in the Philippines. These loans offer the convenience of applying for a loan at any time and location without submitting extensive documentation. Moreover, the approval process is usually quick, and borrowers can repay the loan over several months.
In this article, we will provide a detailed overview of five reliable online loans with monthly payments in the Philippines. CashLoanPH will discuss the features, requirements, and application process of each lending platform to help you find the most suitable loan for your financial needs.
#1. Finbro Online Loan
Finbro is a reliable online lender that offers loans up to ₱50,000 with a minimum salary requirement of ₱15,000 per month. The application process is easy and straightforward, requiring only one valid ID and a selfie. Moreover, no payslips are needed. The loan approval can take up to 48 hours, and the funds will be deposited directly into the borrower’s bank account.
One of the perks of applying for a loan with Finbro is that there is a processing fee of 0% for the first loan. Additionally, the platform has a user-friendly interface and provides excellent customer support to assist borrowers with any queries. All loan terms and conditions are transparent, ensuring that borrowers know what they are agreeing to before proceeding with the loan application.
#2. Banks offering online loans with monthly payments
Several top banks in the Philippines, including BDO Unibank Inc., Metropolitan Bank and Trust Company, Bank of the Philippine Islands, and Land Bank of the Philippines, offer online loans with fixed interest rates and a repayment term of up to three years. These banks have a long-standing reputation and are well-known for their secure and legitimate lending services.
The loan application process with banks can take longer compared to online lenders. Still, borrowers can benefit from lower interest rates and flexible repayment terms. Borrowers need to provide substantial documentation, including a valid ID, proof of income, and credit history report. Banks may also require borrowers to have a savings account with them to ensure that repayments are made on time.
MoneyCat is a new financial company in the Philippines that provides a loan within 24 hours of applying online. The maximum loan amount is ₱20,000, and the repayment term is up to 6 months. The application process involves filling out a registration form and undergoing a quick verification process that includes a selfie video and a valid ID.
MoneyCat also offers Digido loans and CS202003056, which are associated with the platform. The interest rates vary depending on the loan amount and the repayment duration, starting at 1.5% per month. The platform has received positive reviews from borrowers for its fast approval process and excellent customer service.
Digido is another reputable and licensed online lender in the Philippines that offers instant loans up to ₱10,000. The lending platform has a fully automated online portal and a mobile app for loan applications, which makes the application process easy and convenient. Digido does not require collateral for its loans, and borrowers can repay their loan over a period of 91 to 120 days.
The requirements for obtaining a loan from Digido are minimal and include a valid ID, proof of income, and a bank account. The loan approval process is quick, and most borrowers receive their loan amount within hours of applying. Digido also offers excellent customer support to assist borrowers with any queries or issues.
CashLoanPH is another reliable online lending platform that offers loans ranging from ₱4,500 to ₱25,000 with a repayment term of 3 to 12 months. The interest rates range from 0% to 427% APR, with the minimum APR being 0%. The platform also provides a repayment schedule to help borrowers understand their repayment obligations.
The loan application process with CashLoanPH is easy and straightforward, requiring only a valid ID and proof of income. The loan approval process is quick, and the funds are usually deposited into the borrower’s account within a few hours of approval. CashLoanPH also provides excellent customer support to assist borrowers with any queries or concerns.
Online loans with monthly payments have become a popular financial solution in the Philippines due to their convenience and fast loan approval process. Borrowers have access to several reliable online lending platforms such as Finbro, Digido, and CashLoanPH, as well as top banks such as BDO Unibank Inc., Metropolitan Bank and Trust Company, Bank of the Philippine Islands, and Land Bank of the Philippines.
When applying for an online loan with monthly payments, it is essential to read through the terms and conditions carefully, understand the interest rates, and the repayment terms to avoid any potential misunderstandings. By taking the time to research and compare the different lending options available, borrowers can find a suitable loan to support their financial needs conveniently.