Best Legit Online Loan Apps in Philippines

In these difficult times, borrowing money may be necessary, particularly if your financial situation has been severely impacted by the pandemic. Borrowing money may be the best and quickest option to cope with a financial issue, no matter how deep down the list you try to bury it.

Due to this, numerous Filipinos tried to get personal loans, but unfortunately or for some reason like a bad credit history, they don't qualify to get the online loans that they greatly need. On this account, Filipinos in need of quick cash often turn to reputable online financing companies.

When having an online loan application in financial institutions, it's important to only get loan application to a legitimate lending company that has the SEC or Securities and Exchange Commission licenses to protect yourself from any scams and unsecured loans.

For that reason, we've done the legwork for you and prepared a list of the best online lending companies that have been verified by the SEC as legitimate finance or lending businesses.

1. BillEase

While it was originally designed as a "buy now, pay later" program for online purchases, BillEase has now expanded to include a "Cash Disbursal" function that lets users withdraw their available BillEase credit as cash.

Filipinos may use this installment loan app to make both online and in-store purchases with no interest charged. It does not have any additional fees for things like late payments or servicing.

Interest rates: 0% to 3.49% per month | Loan Amount: Php 500 – Php 40, 000 | Tenure: 30 days – 12 months | Speed: Instant

Recommendation: Great match for people who are looking for a fast cash loan that has low-interest rates.

2. Cashalo

Cashalo is now one of the top lending applications used to pay by installments for shopping purchases, and it has over a thousand partner locations countrywide. So, if you don't have a bank account or credit card, this is a fantastic option.

Cashalo is more than just a pay later app for instant purchases. If you need money for anything other than shopping, you may get a cash loan using their app.

Interest rates: 0% to 5.99% per month | Loan Amount: Php 1, 000 – Php 12, 000 (Higher loan limit becomes available as you pay on time through the app) | Tenure: 3 to 8 months | Speed: Less than 24 hours | Fees: 0% to 10% processing fee. Late penalties may apply. 

Recommendation: Best fit for people who are looking for installment shopping loans in the Philippines.

3. GLoan by GCash

Active GCash users don't have to search far to get a credible lending app. Borrow up to Php 25, 000 in minutes with GLoan by GCash, and the funds will be put immediately into your GCash wallet. As long as your GScore is high enough, you don't need any additional requirements to get your personal loan approval.

Interest rate: 2.89% standard per month but may differ per GCash user | Loan Amount: Php 5, 000 – Php 25, 000 (Higher loan limit becomes available as you pay on time through the app) | Tenure: 9 to 12 months | Speed: Instant | Fees: 0% to 10% processing fee. Late penalties may apply. 

Recommendation: Best suitable fit for people who are active GCash users.

4. My Home Credit App

Home Credit's basic non-cash loan offers in-store financing options for appliance or gadget purchases, and it's gaining popularity throughout the nation. Also, My Home Credit app provides access to a cash loan, which is quite easy to get in the Philippines online. Through the mobile app, borrowers need to simply upload to valid IDs to get the loan proceeds.

Interest rate: 2.5% to 5.5% monthly interest rate (depends on loan amount) | Loan Amount: Php 3, 000 – Php 150, 000 (Higher loan limit becomes available as you pay on time through the app) | Tenure: 3 to 30 months | Speed: 1 minute to 1-hour approval; get cash as fast as 5 minutes | Fees: ₱500 processing fee. Late penalties may apply. 

Recommendation: Best option for people who are searching for an online loan app that has long-term high-value loans.

5. UnaCash

Providing a line of credit, UnaCash helps Filipinos bridge financial gaps. The flexible loan terms offered by this "buy now, pay later" service are especially helpful to people who are using credit for the first time.

Interest rate: 3% to 16% monthly | Loan Amount: Php 1, 000 – Php 50, 000 | Tenure: 2 to 6 months | Speed: Up to 24 hours of approval time | Fees: None though late penalties may apply. 

Recommendation: Most appropriate for first-time users who need a high-loan limit.

How to Borrow Money Online in the Philippines

Now that you know the best online loan app for you, you won't have to worry about getting an unsecured loan. Online cash loans apps have more lax qualifying requirements than traditional banks. The following requirements should serve as a minimum starting point:

• A current Philippine resident
• Required one-year residency at current address.
• Must be employed or self-employed
• The candidate must have worked for the same company for at least a year.
• Income of at least Php 6, 000 a month but some online lending companies don't require it
• Must have a valid email address and bank account number.

It's easy and quick to apply for a personal loan in online loan apps. Depending on the loan company, the loan application process may be completed in a few easy steps:

A. Download the loan app and register.

B. Specify your preferred loan conditions and upload any necessary documents such as the online loan application form. Then make sure to confirm with the loan agreement indicated in the online lending apps. Make sure to check the credit limit from the money lending corp.

C. Be patient while you wait for the online loan approval.

D. Wait to get you quick cash loans.

Put Your Personal Loans into a Good Investment with Lumina Homes

Make sure to put your personal loans into good use by getting a sustainable investment such as a house and lot in the Philippines.

You can now have alternative means to get your lifelong dream to have a space you can call your own with your preferred online lending platform without worrying about your credit history.

Lumina Homes, the leading housing segment from Vista Land, offers affordable house and lot for sale to every Filipino with over 50 project sites nationwide and amenities that can be paid for by getting a housing loan.

This affordable house and lot from Lumina can be purchased in a flexible payment method either through bank loans or in-house financing, giving more options to homebuyers in the Philippines.

Don't put your online loans into impulsive expenditures and put them instead into a more profitable and secured investment with Lumina Homes!