How to choose the best online loan provider in the Philippines?

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In the Philippines, there is a growing number of online loan providers that offer a wide range of loan products with easy and convenient application processes. Whether you need a personal loan, salary loan, or business loan, you can apply online and get the funds you need without leaving your home.

However, with so many options available, it can be challenging to choose the best online loan provider that suits your financial needs. This article will discuss the factors to consider when selecting an online loan provider in the Philippines and provide you with the top providers in the market.

Factors to consider when choosing an online loan provider

Loan products:

Different online loan providers offer different types of loan products that cater to various financial needs. For instance, some providers specialize in personal loans, while others offer salary loans or business loans. It is crucial to choose a provider that offers the loan product that best suits your needs. You can check out online loan comparison sites like iMoney.ph or Pera247 to compare loan products from various providers and find the best fit.

Interest rates:

The interest rate is a critical factor to consider when selecting an online loan provider. The interest rate is the amount charged by the lender for borrowing money, and it can significantly affect the cost of borrowing. The effective interest rate (EIR) of personal loans in the Philippines ranges from 10% to 15%, which includes monthly interest charges and processing fees. It is essential to look for a provider that offers reasonable interest rates to avoid overpaying for your loan. You can check out the providers’ website or contact their customer service to inquire about their interest rates and fees.

Fees and charges:

Besides interest rates, online loan providers may charge additional fees and charges, such as processing fees, late payment fees, and prepayment fees, among others. These fees and charges can add up and significantly increase the cost of borrowing. It is crucial to look for a provider that offers transparent and reasonable fees and charges. You can compare the providers’ fees and charges on comparison sites or check their terms and conditions.

Application process:

Most online loan providers in the Philippines offer paperless and hassle-free application processes. You can apply through their website or mobile app and fill in your personal and financial information. However, the application process can vary from one provider to another, and some may require more documents or a longer processing time. It is essential to choose a provider that offers a quick and easy application process to save you time and effort. You can check customer reviews and feedback to evaluate the providers’ application processes and turnaround times.

Customer service:

Choosing an online loan provider that offers reliable customer service can give you peace of mind and assistance when you need it. Customer service quality can vary from one provider to another, and some may offer 24/7 customer support, while others may have limited hours. It is crucial to choose a provider that offers efficient and helpful customer service to assist you with your concerns and inquiries. You can check the provider’s website or social media channels for their customer service options or read customer reviews and feedback.

Top online loan providers in the Philippines

Digido PH

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / month

Loan amount

PHP 25,000

Approval in

5 minutes

First loan free

no

MoneyCat PH

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / month

Loan amount

PHP 20,000

Approval in

5 minutes

First loan free

no

Mazilla PH

Loan type

Short term

For a period of

728 days

Rate ()

365.00% / year

Loan amount

PHP 25,000

Approval in

5 minutes

First loan free

no

Crezu PH

Loan type

Long term

For a period of

4 months

Rate (PSK)

0.00% / month

Loan amount

PHP 25,000

Approval in

5 minutes

First loan free

no

Binixo PH

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / day

Loan amount

PHP 25,000

Approval in

15 minutes

First loan free

no

Credify PH

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / day

Loan amount

PHP 25,000

Approval in

15 minutes

First loan free

no

Soscredit PH

Loan type

Short term

For a period of

365 days

Rate ()

0.00% / day

Loan amount

PHP 20,000

Approval in

15 minutes

First loan free

no

LoanOnline PH

Loan type

Short term

For a period of

90 days

Rate ()

0.00% / day

Loan amount

PHP 25,000

Approval in

15 minutes

First loan free

no

Zaimoo PH

Loan type

Short term

For a period of

61 days

Rate ()

0.00% / day

Loan amount

PHP 25,000

Approval in

15 minutes

First loan free

no

Finbro PH

Loan type

Short term

For a period of

365 days

Rate ()

0.00% / day

Loan amount

PHP 50,000

Approval in

15 minutes

First loan free

no

CashXpress PH

Loan type

Short term

For a period of

90 days

Rate ()

0.00% / day

Loan amount

PHP 20,000

Approval in

15 minutes

First loan free

no

Finloo PH

Loan type

Short term

For a period of

30 days

Rate ()

0.00% / day

Loan amount

PHP 25,000

Approval in

15 minutes

First loan free

no

CashSpace PH

Loan type

Short term

For a period of

30 days

Rate ()

0.00% / day

Loan amount

PHP 25,000

Approval in

15 minutes

First loan free

no

PesoRedee PH

Loan type

Short term

For a period of

30 days

Rate ()

0.00% / day

Loan amount

PHP 20,000

Approval in

15 minutes

First loan free

no

Finami PH

Loan type

Short term

For a period of

365 days

Rate ()

0.00% / day

Loan amount

PHP 25,000

Approval in

15 minutes

First loan free

no

Tonik Bank Loan

Loan type

Short term

For a period of

730 days

Rate ()

0.00% / day

Loan amount

PHP 50,000

Approval in

15 minutes

Service Fee

β‚±500

PeroLoan PH

Loan type

Short term

For a period of

365 days

Rate ()

0.00% / day

Loan amount

β‚± 25,000

Approval in

15 minutes

First loan free

yes
5/5 - (15 votes)
CashLoanPH Changed status to publish 23/04/2023