If you’re in need of financial assistance in the Philippines, you might want to consider online loans. With the advancement of technology, online loans have become increasingly popular because of their convenience and accessibility. Online loans in the Philippines are a great way to obtain quick cash without having to go through the lengthy process of applying for a traditional loan.
In 2023, there are many online loan providers in the Philippines to choose from. Each provider offers different loan options and features, making it challenging to select the best one that suits your needs. To help you make an informed decision, we have compiled a list of the top online loan providers in the Philippines that you can consider.
#1. Finbro Online Loan
Finbro Online Loan is an online loan provider that only requires one valid ID and a selfie to apply, with no payslips required. The maximum loan amount is ₱50,000, with a minimum salary requirement of ₱15,000/month. The first loan has no processing fee, making it an attractive option for first-time borrowers.
MoneyCat is another online loan provider that offers loans from ₱500 to ₱20,000 with fast approval. The annual percentage rate (APR) is 145%. However, the interest rate may be higher for some borrowers depending on their creditworthiness.
#3. Tala App
Tala App offers fast and flexible loans from ₱1,000 to ₱15,000 with a fast loan application process. Tala App’s application process is entirely online, and the loan disbursement takes only a few minutes. However, the interest rate may be higher for some borrowers depending on their creditworthiness.
PesoCash is an online loan provider that offers loans of up to ₱10,000 with no collateral and no hidden fees. The repayment terms are flexible to suit your needs. PesoCash also provides excellent customer service, making it a reliable choice for borrowers who require financial assistance.
#5. Online Loans Pilipinas (OLP)
Online Loans Pilipinas (OLP) is an online loan provider that offers fast and easy loans 24/7 with a processing fee of 0%. The loan amounts range from ₱1,000 to ₱20,000. OLP’s application process is simple and entirely online, making it an ideal choice for borrowers who require quick cash.
#6. MoneyTree Quick Loan
MoneyTree Quick Loan is an online loan provider that offers instant loans with no collateral required. The loan amounts range from ₱2,000 to ₱10,000. MoneyTree Quick Loan’s application process is quick and straightforward, making it an attractive option for borrowers who need cash urgently.
Flashcash is an online loan provider that offers fast online loans with no collateral required. The loan amounts range from ₱1,500 to ₱20,000. Flashcash’s loan application process is quick and easy, making it a suitable option for borrowers who need cash immediately.
#8. Robocash PH (now DiGiDo)
Robocash PH (now DiGiDo) is an online loan provider that offers free loans of up to PHP 10,000 for each new client. Robocash PH has a straightforward application process, making it an attractive option for borrowers who need quick cash.
#9. My Cash
My Cash offers quick loans in the Philippines with no hidden fees. The loan amounts range from ₱2,000 to ₱10,000.
#10. Juanhand App
Juanhand App is a legit loan app in the Philippines that offers low-interest loans. The app provides loans up to ₱10,000 with no collateral and flexible repayment terms.
When applying for an online loan, it’s essential to note that the effective interest rate (EIR) of personal loans in the Philippines ranges from 10% to 15%. The EIR is the rate that measures the actual cost of borrowing your money loan, which is composed of monthly interest charges and processing fees. Therefore, it’s crucial to read the terms and conditions carefully and compare different loan providers to find the best option that suits your needs.
In conclusion, if you’re looking for an online loan in the Philippines in 2023, consider the top online loan providers mentioned above. Remember to read the terms and conditions, calculate the effective interest rate, and compare lenders before applying for a loan.