Personal loans in the Philippines are very popular, cause a lot of people need short-term money asap. Of cause, many can use bank services and get money from one, but there are many Filipinos who can’t do it cause of bad credit score or other reasons.
Robocash is an international loan company which operates in the Philippines. It has great offer for new customers 0,01% loan up to PHP 10.000. Maximum loan period is 180 days! Only for Filipinos 21 - 70 years old. Remember to repay loan in time, so you were able to avoid late fee and pay less commission for the interest rate. If you apply for the loan PHP 20000; period 6 months, monthly payment will be PHP 5000 and total cost 2383 per month.
Moneycat Philippines is the online lender which provides fast salary loans for Filipinos. First loan with the 0,01% interest rate. For repeated loan is up to 11,90% per month. You can apply a loan online where never you are.
JuanHand is online loan app for Filipinos. Maxium loan amount is up to PHP 50.000. You can apply loan in 5 minutes. Interest rate 12% per month with additional fees from 10% - 20%
CashXpress Philippines (CXPH) - apply loan online and get you money on bank account in 10 - 15 minutes.
Kviku is the international lender that support online loans in the Philippines. The number of service customers constantly growing. Kviku provides installment loans for Filipinos. Want to know mode details? Follow the AdvanceLoans.ph article and find out more about this finance service: how to register, what are the terms, reviews, requirements, etc.
OLP or Online Loan Pilipinas - apply your online loan 24/7. Your loan can be for any purpose, just read terms before, and, if everything ok, get your money with the help of microloan company.
UnaCash is the the financial loan product for Filipinos. It allows to get the loan online up to PHP 30000. You can get your money up to 24 hour online or quicker.
Cashalo is the online app from Oriente group. It is one of the most popular lenders in the Philippines which provides quality service and loans up to PHP 15.000. Interest rate: 5,99% per month.
- Many Filipinos are still unbanked and don’t have any bank account.
- Near 2 from 10 in families save money in banks.
- People are interested in bank loans, but they are very strict requirements that intimate customers. Especially, when Filipinos want to take some small amount of money.
This is the main reason why many people practice other finance services: cash lenders or individual lenders (called “loan sharks”). The last one are very risky option.
Borrowers in the Philippines should know, that they can apply legal loan online without using banks or “loan sharks” services.
Loans in the Philippines
- Loans in the Philippines
- TOP Lending Services in the Philippines
- How to choose online loan service in the Philippines
- How to know if the lender is reliable and legal
- How everything works
- How much can you borrow
- Should You Get a Personal Loan
- Questions About Loans in the Philippines
- Advance Loans In The Philippines
Online loans in the Philippines become more accessible with the Internet. For today everyone can research any information he/she needs and apply for the loan online if the person needs money asap. Loan services becoming more and more popular, but not always it is the way to solve your financial issues, cause the borrower should repay the money back in time, and this is not easy. So, you can get cash loan online in the Philippines, but be careful of scam lenders and stay away from them.
- Of cause, loans from family
are the best option to borrow money and no documents needed, but relatives often forget to repay the money, and this influences the relationships very much in a negative way. - Also, there is one more good option to get a loan – from community cooperatives. For example, in villages, there are cooperatives that provide small loans for people on different needs.
- The 3d option is using the services of online lending companies.
TOP Lending Services in the Philippines
Quick loans are for asap situations: you need to give money back or buy something important.
You can divide personal loans in the Philippines on secure (require collateral) and unsecured (without collateral).
How to choose online loan service in the Philippines
Online loan is a serious matter that requires attention. You cannot apply for a loan anywhere in the Philippines. It should be a balanced decision, not a momentary when you need just to get money.
If you decide to apply for loans in the Philippines online, then it should be in a reliable financial company. Also, remember that if you are late, even the most reliable and kind-looking microcredit financial institution can make your life worse at times. Therefore, there is a choice of lesser evils, but if there is an opportunity to use a credit card, then use it and do not get into microcredits.
You can easily find a credit company online. The main thing is that these are really accredited companies, registered by SEC. Also, you should understand that it is quite difficult to find a suitable credit company in the Philippines, so it is important to consider the following criteria when searching:
- The company must be legal;
- The conditions should be interesting and feasible for you: interest rates, payment options, loan term, late fee, other fees, etc;
- The speed of obtaining a loans in the Philippines online is no more than 1 day or even 1 hour, cause you need money asap;
- Easy to apply online for a loan – it is also important;
- Penalties are acceptable: you must understand them and always check this option (final version in the contract) in order to accurately understand the consequences of delay;
- Company reviews are also important from other people.
This will be enough, so you could quickly decide in favor of a particular loan company in the Philippines. So, please take note of this information, cause that’s why loans in the Philippines are not easy thing.
How to know if the lender is reliable and legal
How to know if the loan company you are applying to is legal? It is important to understand, but it is not always clear what you need to pay attention to in order to see what’s what. Moreover, there are a lot of fraudsters in the Philippines market, but there are several things by which you can determine the legality of a credit company in the Philippines:
1) Must be certified by SEC
All credit companies that legally want to work must register with the Securities and Exchange Commission (or SEC). This registration is an acknowledgment by the authorities that the business is eligible to operate in the Philippines;
2) The official website of the loan company must have full contact information with a real physical address
This is important, because if questions arise, something needs to be agreed upon, a working contact with the credit company is needed, and if there is no such thing, then this puts the lender in doubt. And questions can be different: from clarifications on the contract to loan repayment. Who wants to apply for a loan online in the Philippines, if it is impossible to contact a credit office? The physical address is also important, as it is another confirmation that the company really exists.
3) Transparent conditions for borrowers
The advertiser is interested in the landowners’ attitude to loans responsibly. Then the risks will be lower, and this leads to better conditions for interest rates. Do not forget, you do not need to apply for a loans in the Philippines online if you have not figured out all conditions.
4) No prepayments
Loan companies that operate legally do not require any prepayments, there is no such thing, so please do not be fooled by this. Lenders work only in the format when they issue an online loans in the Philippines, and then charge interest for the days of using the loan.
5) When registering, only basic information is asked
If, filling out the online questionnaire, you see something suspicious. For example, there are a lot of information fields, strange questions, then this is already a signal that something may be wrong and it would be better to double-check the credit company in all parameters before applying for a loan in it.
AdvanceLoans provides up-to-date information on credit services in the Philippines. But, all the same, do not forget to double-check the information and, especially, re-read the agreement of the loan company! And better several times! Be careful, learn from the mistakes of others, do not get fooled by advertising and interest-free loans, although some offices issue loans in the Philippines on almost such terms at 0.01% per day, which is also not bad.
How everything works
To take a quick loans in the Philippines you need to enter into an agreement with the loan originator/lender. For this, you need to choose the loan service, amount, and period of the loan, read all terms, in the order, you understand all rules and, if everything ok, agree = promise to repay money according to the exact terms in the contract. If the borrower will do it in time, he/she will pay only the commission for the days’ loan was used. If the borrower will not do it in time, the lender can add a fine and increase commission, so in total borrower:
- will need to repay much more money;
- credit score will be spoiled.
Here we talk more about unsecured loans, where interest rate
Of cause, better use bank personal loans, but not all can effort it, so then you need understand all responsibility of taking such unsecured loans in the Philippines!depends on the service can be 0,01% – 3,00% per day depending on the service.
To repay money people usually use their credit cards, cause it faster and easier or borrower can do it with the bank service.
How much can you borrow
Reply to this question you need to understand how much you need? For what goals he/she wants to take the money? How much can you repay and in what period? Where borrower will take money when a deadline to repay will come? Does the borrower have other options to get money, what will be the best one?
For example, for the instant cash loans in the Philippines Robocash service offers one the best options: up to PHP 25,000 for the period 3/4/5/6 months! 1st loan is only for PHP 10,000 but interest rate is near 0,01%!
Should You Get a Personal Loan
There are a lot of different types of loans in the Philippines, but personal loans cover your asap needs. It can have low and high-interest rates and manly don’t require any collateral, but it doesn’t mean you should apply for the loan, you need to know when it is normal and when is not:
| To consolidate the debt | To pay off credit card debt |
| To refinance the other loan | For some asap expenses |
| Some home improvements | To pay medical costs |
| For the education | To improve the credit score |
Don’t forget to:
- Check if your credit score is good;
- Compare the terms of all lenders.
Questions About Loans in the Philippines
đĸ How To Apply For The Personal Loan In The Philippines In 2020?
Personal Loans or unsecured loans are very popular in the Philippines already several years. Everyone from 18+ years can apply one with the help of:
website – applying with the online application, for example Moneycat Philippines, Robocash,
mobile application – from such lenders as Tala, Cashalo, Online Loan Pilipinas, etc.
â Who Can Apply The Loans In The Philippines?
Mainly people who reach 20+ years age. Only the citizens of the Philippines.
đ° What Are The Best Lenders In The Philippines 2020?
â What Filipinos should know about online loans PH?
The main point is, that every borrower should understand before applying for the loan how he/she will repay one. Also, you need to understand if a loan is really needed to you, perhaps you could avoid applying for the personal loans in the Philippines?
Remember: you spend other people’s money, but will give back yours!
Advance Loans In The Philippines
Name: Loans Online In The Philippines
Description: AdvanceLoans - loan comparison website in the Philippines. Interesting blog about Fintech in Philippines and Asia. Apply for your online loan now!
Summary
If you want to know more about Loans in the Philippines, Sri Lanka, etc., you should know in details terms of each loan service. Also, you need to understand the advantages and disadvantages of lenders.
Pros
- quick loans online – it is one of the fastest ways to get money for a short period of time
- no need a lot of documents
- everything online, but you can get money also in the centres
Cons
- enough risky to be late with repayment and get into the financial troubles
- high interest-rates
- not always transparent terms
- a lot of scams
- your credit score can be spoiled
