10+ Types of Online Loans In The Philippines

Online loans in the Philippines are a convenient and accessible source of financing for individuals and businesses. With the increasing availability of technology, individuals and businesses can apply for loans from the comfort of their homes or offices, without the need for in-person visits to banks or loan offices.

The range of online loan types in the Philippines include personal loans, payday loans, instalment loans, cash advance loans, pawnshop loans, salary loans, OFW loans, seafarer loans, business loans, quick cash loans, product loans, and franchise loans.

Each type of online loan is designed to meet specific financial needs and has its own unique features and benefits. It’s important to compare the interest rates, fees, and repayment terms of different online loan providers before applying for a loan to ensure that you get the best deal for your needs.

10+ Types of online loans in the Philippines

In the Philippines, common types of online loans include:

1. Personal loans: unsecured loans offered to individuals for personal use.
2. Payday loans: short-term loans with high interest rates, intended to be repaid on the borrower’s next payday.
3. Instalment loans: loans that are repaid in equal monthly payments over a set period of time.
4. Cash advance loans: short-term loans intended to cover unexpected expenses.
5. Pawnshop loans: loans secured by an item of personal property, such as jewelry or electronics.
6. ……

Personal loans Philipines

Personal loans in the Philippines are unsecured loans that can be used for a variety of purposes, such as financing home improvements, consolidating debt, or covering unexpected expenses. Some common features of personal loans in the Philippines include:

1. Fixed interest rates: The interest rate on a personal loan is typically fixed, which means that it does not change over the life of the loan.
2. Repayment terms: Personal loans usually have a repayment term of 12 to 36 months.
3. No collateral: Personal loans are unsecured, meaning that they do not require collateral to be offered as security.
4. Loan amount: The loan amount available can vary, but is typically between PHP 10,000 to PHP 1,000,000.
5. Processing time: Online personal loan applications in the Philippines can be processed quickly, with funds often disbursed within 24 to 48 hours.
6. Credit score: To be eligible for a personal loan, borrowers typically need to have a good credit score.

It’s important to compare the interest rates, fees, and repayment terms of different personal loan providers before applying for a loan. Additionally, it’s recommended to only borrow what you can afford to repay to avoid falling into debt.

Payday loans Philipines

Payday loans in the Philippines are short-term loans intended to be repaid on the borrower’s next payday. They are usually offered by non-bank lenders and are designed to provide quick cash for emergency expenses. Some common features of payday loans in the Philippines include:

1. High interest rates: Payday loans typically have very high interest rates, sometimes as much as 20% or more per month.
2. Short repayment term: Payday loans have a short repayment term, typically ranging from 7 to 30 days.
3. Small loan amounts: Payday loans are typically small, with loan amounts ranging from PHP 2,000 to PHP 25,000.
4. No credit check: Payday lenders often do not conduct a credit check, making them accessible to borrowers with bad credit.
5. Easy application process: The application process for payday loans is typically quick and easy, with funds disbursed within 24 hours of approval.

However, it’s important to note that payday loans can be very expensive and can lead to a cycle of debt if not repaid on time. Borrowers who are unable to repay their payday loans on their next payday may incur additional fees and interest charges. As such, it’s recommended to consider alternative sources of financing, such as a personal loan from a bank, before taking out a payday loan.

Instalment loans Philipines

Instalment loans in the Philippines are loans that are repaid in equal monthly payments over a set period of time, usually ranging from 12 to 36 months. They are typically offered by banks and other financial institutions and are designed to provide borrowers with a more flexible and affordable option for borrowing. Some common features of instalment loans in the Philippines include:

1. Fixed interest rates: The interest rate on an instalment loan is typically fixed, meaning that it does not change over the life of the loan.
2. Repayment terms: Instalment loans have a longer repayment term compared to payday loans, giving borrowers more time to repay the loan.
3. Loan amount: The loan amount available can vary, but is typically between PHP 50,000 to PHP 1,000,000.
4. Collateral: Some instalment loans may require collateral, such as a car or a property, while others may be unsecured.
5. Credit score: To be eligible for an instalment loan, borrowers typically need to have a good credit score.
6. Processing time: The processing time for instalment loans can be longer compared to payday loans, as lenders may require more documentation and verification.

It’s important to compare the interest rates, fees, and repayment terms of different instalment loan providers before applying for a loan. Additionally, it’s recommended to only borrow what you can afford to repay to avoid falling into debt.

Cash advance loans Philipines

Cash advance loans in the Philippines are short-term loans intended to provide borrowers with quick access to funds for unexpected expenses. They are usually offered by non-bank lenders and are designed to provide a fast and convenient solution for those in need of cash. Some common features of cash advance loans in the Philippines include:

1. High interest rates: Cash advance loans typically have higher interest rates compared to other types of loans, such as personal loans or instalment loans.
2. Short repayment term: Cash advance loans have a short repayment term, typically ranging from 7 to 30 days.
3. Small loan amounts: Cash advance loans are typically small, with loan amounts ranging from PHP 2,000 to PHP 25,000.
4. Easy application process: The application process for cash advance loans is usually quick and easy, with funds disbursed within 24 hours of approval.
5. No credit check: Cash advance lenders often do not conduct a credit check, making them accessible to borrowers with bad credit.

However, it’s important to note that cash advance loans can be very expensive and can lead to a cycle of debt if not repaid on time. Borrowers who are unable to repay their cash advance loan on their next payday may incur additional fees and interest charges. As such, it’s recommended to consider alternative sources of financing, such as a personal loan from a bank, before taking out a cash advance loan.

Pawnshop loans Philipines

Pawnshop loans in the Philippines are a type of secured loan where borrowers pledge an item of value, such as jewelry, electronics, or a car, as collateral. Pawnshops lend money based on the value of the item pledged, with loan amounts typically ranging from PHP 1,000 to PHP 50,000. Some common features of pawnshop loans in the Philippines include:

1. Fast and easy application process: Pawnshop loans have a quick and easy application process, with no credit check required.
2. Secured loans: Pawnshop loans are secured, meaning that the loan is secured by the item of value pledged as collateral.
3. High interest rates: Pawnshop loans typically have higher interest rates compared to other types of loans, such as personal loans or instalment loans.
4. Short repayment term: Pawnshop loans have a short repayment term, typically ranging from 30 to 60 days.
5. Renewable loan: Borrowers have the option to renew their pawnshop loan by paying the interest and fees, without having to repay the principal amount.
6. Confidential: Pawnshop loans are confidential, with no credit check or reporting to credit bureaus.

However, it’s important to note that pawnshop loans can be expensive and can lead to a cycle of debt if not repaid on time. Borrowers who are unable to repay their pawnshop loan may risk losing their pledged item. As such, it’s recommended to consider alternative sources of financing, such as a personal loan from a bank, before taking out a pawnshop loan.

Quick Cash Loans

Quick cash loans in the Philippines are a type of personal loan that provides fast access to funds for individuals who need cash quickly. They are typically unsecured loans, which means that they don’t require collateral. Some common features of quick cash loans in the Philippines include:

1. Easy application process: Quick cash loans have a simple and straightforward application process, with no credit check required.
2. Fast disbursal: Quick cash loans are designed to provide fast access to funds, with some loans disbursed within 24 hours of approval.
3. Loan amount: The loan amount available can vary, but is typically between PHP 10,000 to PHP 100,000.
4. High interest rates: Quick cash loans typically have higher interest rates compared to other types of loans, such as personal loans or business loans.
5. Short repayment term: Quick cash loans have a shorter repayment term, usually ranging from 7 to 30 days.
6. Repayment through payroll deduction: Some quick cash loans are repaid through payroll deduction, making it a convenient option for employees.

It’s important to compare the interest rates, fees, and repayment terms of different quick cash loan providers before applying for a loan. Additionally, it’s recommended to only borrow what you can afford to repay to avoid falling into debt.

Typical Requirements:

• Valid IDs (1 must be government-issued)
• Proof of billing
• Must be a regular employee
• Valid contact numbers and email address

Seafarer Loans

Seafarer loans in the Philippines are a type of personal loan specifically designed for seafarers, such as sailors and marine workers, who work on ships and spend long periods of time away from their families. They provide a convenient source of financing for seafarers who need funds for personal or family-related expenses. Some common features of seafarer loans in the Philippines include:

1. Easy application process: Seafarer loans have an easy application process, with no credit check required.
2. Loan amount: The loan amount available can vary, but is typically between PHP 10,000 to PHP 1,000,000.
3. Low interest rates: Seafarer loans typically have lower interest rates compared to other types of loans, such as payday loans or pawnshop loans.
4. Longer repayment term: Seafarer loans have a longer repayment term, usually ranging from 12 to 36 months.
5. Repayment through remittances: The loan is repaid through remittances from the seafarer’s overseas income, making it a convenient option for seafarers.
6. Available for seafarers: Seafarer loans are only available for seafarers who work on ships and have a steady source of income.

It’s important to compare the interest rates, fees, and repayment terms of different seafarer loan providers before applying for a loan. Additionally, it’s recommended to only borrow what you can afford to repay to avoid falling into debt.

Typical Requirements:

• Filipino Citizen
• Valid IDs
• Meets lender’s minimum monthly basic salary requirement
• Contract of employment with POEA validation, Seaman’s Book, Seafarer’s Registration Certificate, Proof of Embarkation or Disembarkation, Allotment Certificate
• Proof of billing

Product Loans

Product loans in the Philippines are a type of loan that provides financing for the purchase of specific products, such as appliances, electronics, or vehicles. They are typically offered by retailers or manufacturers of the products being purchased. Some common features of product loans in the Philippines include:

1. Loan amount: Product loans typically have a fixed loan amount, based on the cost of the product being purchased.
2. Interest rates: Product loans typically have lower interest rates compared to other types of loans, such as personal loans or credit cards.
3. Repayment terms: The repayment term can vary, but is typically between 6 months to 5 years.
4. Easy application process: Product loans have a simple and straightforward application process, with no credit check required.
5. Convenient repayment: Some product loans may have convenient repayment options, such as automatic deductions from a bank account or salary.
6. Product warranty: Product loans often include a warranty for the purchased product, providing additional protection for the borrower.

It’s important to compare the interest rates, fees, and repayment terms of different product loan providers before applying for a loan. Additionally, it’s recommended to have a clear understanding of the costs involved and the ability to repay the loan on time to avoid falling into debt.

Typical Requirements:

• Valid IDs (1 must be government-issued)
• Proof of billing
• Must be a regular employee
• Valid contact numbers and email address

OFW Loans

OFW loans in the Philippines are a type of personal loan specifically designed for overseas Filipino workers (OFWs). They provide a convenient source of financing for OFWs who are working abroad and need funds for personal or family-related expenses. Some common features of OFW loans in the Philippines include:

1. Easy application process: OFW loans have an easy application process, with no credit check required.
2. Loan amount: The loan amount available can vary, but is typically between PHP 10,000 to PHP 1,000,000.
3. Low interest rates: OFW loans typically have lower interest rates compared to other types of loans, such as payday loans or pawnshop loans.
4. Longer repayment term: OFW loans have a longer repayment term, usually ranging from 12 to 36 months.
5. Repayment through remittances: The loan is repaid through remittances from the OFW’s overseas income, making it a convenient option for OFWs.
6. Available for OFWs: OFW loans are only available for OFWs who are working abroad and have a steady source of income.

Typical Requirements:

• Filipino Citizen
• Valid IDs
• Meets lender’s minimum monthly basic salary requirement
• Latest Contract of Deployment Copy of Working Visa
• POEA Overseas Employment Certificate
• Proof of residency/billing

Salary Loans

Salary loans in the Philippines are a type of personal loan that is specifically designed for employees who receive a regular salary. The loan amount is typically based on the borrower’s income and is meant to be repaid through salary deductions over a set period of time. Some common features of salary loans in the Philippines include:

1. Easy application process: Salary loans have an easy application process, with no credit check required.
2. Low interest rates: Salary loans typically have lower interest rates compared to other types of loans, such as payday loans or pawnshop loans.
3. Longer repayment term: Salary loans have a longer repayment term, usually ranging from 12 to 36 months.
4. Loan amount: The loan amount available can vary, but is typically between PHP 10,000 to PHP 100,000.
5. Repayment through salary deductions: The loan is repaid through automatic salary deductions, making it a convenient option for borrowers.
6. Available for salaried employees: Salary loans are only available for salaried employees and require proof of income and employment.

It’s important to compare the interest rates, fees, and repayment terms of different salary loan providers before applying for a loan. Additionally, it’s recommended to only borrow what you can afford to repay to avoid falling into debt.

Typical Requirements:

• Filipino Citizen
• Valid IDs
• Latest payslips
• Copy of ITR
• Certificate of Employment
• Meets lender’s minimum monthly basic salary requirement
• Proof of residency/billing

Business Loans

Business loans in the Philippines are a type of loan designed to help small and medium-sized businesses access financing to cover their operating expenses, invest in new equipment or expand their operations. Some common features of business loans in the Philippines include:

1. Loan amount: Business loans can range from a few thousand pesos to millions of pesos, depending on the size and needs of the business.
2. Collateral: Some business loans may require collateral, such as property or equipment, to secure the loan.
3. Interest rates: Business loans typically have higher interest rates compared to other types of loans, such as personal loans.
4. Repayment terms: The repayment term can vary, but is typically between 6 months to 5 years.
5. Documentation requirements: Business loans typically require a range of documents, such as financial statements, business plans and tax returns, to evaluate the creditworthiness of the borrower.
6. Purpose: Business loans can be used for a variety of purposes, such as working capital, equipment purchases, or expansion.

It’s important to compare the interest rates, fees, and repayment terms of different business loan providers before applying for a loan. Additionally, it’s recommended to have a clear understanding of the business’s financials and future plans to increase the chances of loan approval and ensure that the loan is used effectively.

Typical Requirements:

• Valid IDs
• Latest ITR with BIR stamp
• Latest bank statements
• Valid DTI Registration docs
• Valid Business or Mayor’s Permit
• Valid DTI Registration docs

Additional requirements for partnerships/corporations:

• Valid DTI/SEC Registration documents and GIS
• Partnership / Board Resolution documents
• Continuing Suretyship Agreement

Franchise Loans

Franchise loans in the Philippines are a type of loan specifically designed to help entrepreneurs finance the purchase of a franchise business. Franchise loans can provide financing for the initial investment required to start a franchise business, such as equipment, inventory, and working capital. Some common features of franchise loans in the Philippines include:

1. Loan amount: Franchise loans can range from a few hundred thousand pesos to millions of pesos, depending on the size and needs of the franchise business.
2. Interest rates: Franchise loans typically have lower interest rates compared to other types of loans, such as personal loans or business loans.
3. Repayment terms: The repayment term can vary, but is typically between 5 to 7 years.
4. Collateral: Some franchise loans may require collateral, such as property or equipment, to secure the loan.
5. Requirements: Franchise loans may have specific requirements, such as a minimum credit score, a certain level of business experience, or a strong business plan.
6. Support: Franchise loans often include support from the franchisor, such as training, marketing, and ongoing business support.

It’s important to compare the interest rates, fees, and repayment terms of different franchise loan providers before applying for a loan. Additionally, it’s recommended to thoroughly research the franchisor and the franchise business to ensure that it is a good fit for the entrepreneur and to increase the chances of success.

Typical Requirements:

• Valid IDs
• Franchise Certificate
• Latest bank statements
• Valid DTI Registration docs
• Valid Business or Mayor’s Permit
• Valid DTI Registration docs

Pawn Loans

Loans that are collateral-based – in which the loan is secured by valuable items owned by the lendee (and will be given back when the loan is repaid). Typical Requirements:

• Government-issued IDs
• Collateral (valuable items such as jewelries, gadgets, etc…)

10 Online Loan Apps & Lending Platforms 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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

Get loan

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

₱500

Get loan

PeroLoan PH

Loan type

Short term

For a period of

365 days

Rate ()

0.00% / day

Loan amount

₱ 25,000

Approval in

15 minutes

First loan free

yes

Get loan

Some important notes on online loan types in the Philippines

Here are some important notes on online loan types in the Philippines:

1. Interest rates: Online loan interest rates can vary significantly between different loan providers. It’s important to compare interest rates before applying for a loan to ensure you get the best deal for your needs.
2. Repayment terms: Online loan repayment terms can range from a few weeks to several years, depending on the type of loan. Make sure you understand the repayment terms and have a plan to repay the loan on time.
3. Loan fees: Online loans may come with additional fees, such as processing fees, origination fees, or late payment fees. Be aware of all fees associated with the loan and factor them into your overall loan cost.
4. Eligibility criteria: Online loan providers may have specific eligibility criteria, such as minimum credit score, minimum income, or proof of employment. Make sure you understand the eligibility criteria and meet them before applying for a loan.
5. Loan security: Some online loan providers may require collateral or a co-signer to secure the loan. Be aware of the loan security requirements and whether you are comfortable providing them.
6. Loan purpose: Online loans may be used for a variety of purposes, such as personal expenses, business expenses, or the purchase of specific products. Make sure you understand the purpose of the loan and how it will benefit you.
7. Reputable loan providers: It’s important to choose a reputable and licensed online loan provider to ensure the safety of your personal and financial information. Do your research and choose a provider with a good reputation and positive customer reviews.

By keeping these notes in mind, you can make an informed and responsible decision when choosing an online loan in the Philippines.

Conclusion

Online loans in the Philippines are a flexible and convenient source of financing for individuals and businesses. Whether you need funds for personal expenses, to start a business, or to purchase a specific product, there is an online loan type available to meet your needs.

However, it’s important to be aware of the risks and responsibilities that come with borrowing money. Before applying for an online loan, it’s crucial to thoroughly research different loan providers, compare interest rates, fees, and repayment terms, and to have a clear understanding of the loan costs and your ability to repay the loan on time.

By being informed and responsible, you can make the most of the benefits that online loans can offer and avoid falling into debt.