It’s always desirable to have cash resources to cover immediate requirements in times of uncertainty and emergencies. The economy in the world we live in is prone to oscillations, forcing people to face challenging market times for many reasons. As a result, loans online are rapidly gaining traction, with many Filipinos choosing for quick and simple loans to meet their income needs.
The Philippines is known for having just an average economy, which means that most people earn just enough to meet their basic necessities. It also implies that many people do not have enough money to invest, buy substantial assets, save for emergencies, or even pay for schooling.
Get yourself out on a tight spot-on money. An online loan is a non-traditional sort of loan obtained over the internet from a private lender, which may include personal loans or student loans. Although online lenders are unable to function without a physical location, they often handle applications through their app or website.
Legitimate online lending apps or sites are a more convenient manner of borrowing, from filling out an online loan application form to getting authorized for a loan with no requirements needed. Repayments may be done through the online lender’s partner banks and remittance centers, and loan funds are frequently transferred within 24 hours.
Technology has made it easier for the general population to gain access to the best online loan sites. Online loans are fairly similar to traditional methods of obtaining money from lenders, but they have instant loan that have the benefit of being timelier and more convenient.
Upfinance is a website that compiles all of the current loan offerings in the Philippines. Online loans can let you complete the entire borrowing procedure online, with best online loans in the country, from selection and evaluation to loan funding without really having to step foot inside a bank branch. They can be a handy method to borrow money and give Filipinos comprehensive financial services information and assist them in selecting the best deal.
To offer a basic explanation of the two types of consumers of loans, secured and unsecured, secured loans are those in which the borrower has put up collateral as security for the loan. Non collateral loan is also known as unsecured loan. If the borrower defaults, there is nothing to seize and sell.
Listed below are the Top 10 Online Loan programs in the Philippines which are considered as the best loans. It’s all accessible and will surely provide financial assistance:
Table of Contents
1. Robocash
– More than 95 percent of loan requests are met by the firm, which specializes in providing online loans to Filipinos.
· Interest rates: 0% – 11,9% per month
· Loan term: 1 – 6 months
· Maximum loan amount: 25,000 PHP
2. MoneyCat
– MoneyCat is a global finance firm that has just expanded into the country. We can help you with any of your financial concerns. On how to make a loan, you will be properly counseled and directed.
· Interest rate: 0% – 11,9% per month
· Loan term: 1 month
· Maximum loan amount: 20,000 PHP
3. AEON Credit
– ÆON Credit released various products such as the Personal Loan, Tricycle Loan, and Vehicle Loan in line with its aim to provide a wide variety of consumer financial services as well as a means of livelihood to the Filipino people.
· Interest rates: 2% per month
· Loan term: 6 – 24 months
· Minimum loan amount: 100,000 PHP
· Processing Fee: 1,000 PHP
4. Cashalo Loan Application
– Cashalo is a fintech website that provides Filipinos with digital credit, allowing individuals to improve their financial situation.
· Interest rates: 10% per month
· Loan term: up to 1,5 months
· Maximum loan amount: 10,000 PHP
5. MeLoan
– MeLoan is the Philippines’ first Fintech service that provides loans to students and employees.
· Interest rates: 15% per month
· Loan term: 1 month
· Maximum loan amount: 10,000 PHP
6. Cashwagon
– Cashwagon is a fast-growing fintech startup that uses a unique digital platform to give consumers with access to a variety of financial products.
· Interest rates: From 12% per month to 45% per month
· Loan term: up to 6 months
· Minimum loan amount: 20 000 PHP
7. Easycash
– The financial firm that created an online loan and borrowing platform for Filipinos using scalable infrastructure and technology.
· Interest rates: 24% per month
· Loan term: up to 2 months
Maximum loan amount: 20 000 PHP
8. Asteria
– The firm is based in Makati and has gotten a full SEC license. Their goal is to provide online, hassle-free service to our new and existing customers.
· Interest rates: 27% per month
· Loan term: up to 3 months
· Maximum loan amount: 20 000 PHP
9. FundKo
– Lenders have a selection of authorized loans to pick from. Its main goal is to collect payments from borrowers and distribute the money to lenders.
· Interest rates: 10% – 35% per month
· Loan term: up to 3 months
· Maximum loan amount: 10 000 PHP
10. CashCat
– A financial institutions’ premier marketing consultancy firm.
· Interest rates: 45% per month
· Loan term: up to 1 month
· Maximum loan amount: 10 000 PHP
It’s crucial to understand if taking out a loan online in the country is legal. Every authorized lending firm in the Philippines must register with the Department of Trade and Industries and pay tax. At UpFinance, we make certain that everything we do complies with existing regulations. We also ensure that our partners receive the finest service possible by keeping them up to date. We carefully choose companies with the lowest interest rate and the best terms.
Many online moneylenders offer easy-to-follow tutorials that explain how the application process works. We believe you will find this information useful, therefore we have outlined the major steps below:
- Click the “Apply” button on the right-hand side of the name of the loan product you choose in the product list above. Fill in the application form.
- You will be sent to a website indicating that your application was successful, and you will also receive an automatic email containing information about your application. You can also be sent to the lender’s application website.
- Upload the necessary documents, which may include your name, Philippine Identification Card, amount of credit you want, and so on.
- Within 24 hours (1 working day) of submitting your application, you should hear from the lender.
- Depending on the lender, the money might be issued in as little as 24 hours or as long as 5 days after approval.
Interested about UpFinance? and want to learn more about it? Follow this link.
