Installment Loans: Best Buy Now Pay Later Apps in the Philippines

Last Updated – May 6, 2024 @ 1:01 pm

Quick Take

What’s the best Buy Now, Pay Later loan in the Philippines?

If your priority is to enjoy zero interest, Atome is an excellent option, especially since they offer a credit limit of up to PHP 200,000.
 
Home Credit also offers one of the best Buy Now, Pay Later loans in the country, with its low-interest rates and highly customizable payment plans. This allows you to afford expensive purchases through affordable installments.

For decades, there was only one real “cashless” way of paying for stuff. And that was through credit cards

Nowadays, not only are there multiple digital payment options and mobile wallets accessible to every Pinoy, but there are also several ways now to pay via credit without the need for a credit card

What is Buy Now, Pay Later?

“Buy Now, Pay Later” (BNPL) is a financing arrangement that allows consumers to purchase goods or services immediately and pay for them over time, typically through installments.

This payment option usually involves little to no interest if payments are made on time, and it often doesn’t require a traditional credit check at the point of sale.

It’s essentially a line of credit that you can borrow and access anytime when purchasing products online or in-store, with a preset maximum amount.

How Installment Loans Work?

It works exactly how it sounds — once approved for an account — you’ll be provided with an initial credit balance which you can use for all sorts of purchases and payments.

And just like a credit card, you can use it to pay in installments!

Pretty useful, especially if you’ve been having a hard time getting approved for one.

With this option, you get to enjoy its core benefits without having to apply for a traditional card.

Also Useful: Best Reloadable Prepaid Cards (Visa/Mastercard) in the Philippines

Pros & Cons of Buy Now, Pay Later Solutions in the Philippines

Buy now, pay later schemes enable buyers to make purchases without having to pay the item or service outright.

They are offered the option to pay it later or in installments over a given period of time for a certain interest. In a way, it’s like having a credit card in terms of utility and convenience. 

But just like a credit card, due discipline is necessary when leveraging such payment schemes. If you miss a payment, you’ll incur fees and penalties that can easily snowball into larger amounts if left unpaid.

Let’s take a closer look at the advantages and disadvantages of using BNPL services so we can avoid such traps while maximizing its utility. 

Pros

  • Purchase items or services without spending cash outright
  • Ability to pay in installments
  • Easier to apply for and get approved compared to credit cards
  • Well-integrated in merchant check-outs

Cons

  • Fees and interest will be applied when you miss a payment
  • Some work as deferred interest, meaning if you default on the loan, you’ll have to pay all accumulated interest
  • May lead to impulse purchases

Used wisely, BNPL services offer a legit solution during times when you need to make a purchase but don’t have the money for it. The installment option lets you take home the item now and pay in specific amounts (making it easier to pay for). Just make sure to be diligent in making the payments to avoid fees and late charges.


13 Best Installment Loan & “Buy Now, Pay Later” Apps in the Philippines

In this article, we’ll take a look at these options and explain how they work — and show you our top picks for the best online credit line for shopping — credit card not required.

Below are some of the top online loans with monthly payments in the Philippines:

1. Home Credit

Servicing more than 7,000 shops and partnering with more than 2,000 retailers in the country, Home Credit has made purchases through installments an option for consumers who don’t have a credit card.

Home Credit Philippines is under the Home Credit Group, a global consumer finance company with a presence in 13 countries across the world.

How to apply for Home Credit

To sign up, simply visit one of their partner stores where you plan to make a purchase then complete Home Credit’s application form (requires 2 valid IDs – one should be government-issued).

Or download their app and sign up for an account.

Steps for Home Credit Application:

  1. Prepare 2 valid IDs
  2. Visit any partner store and choose the goods you want to buy.
  3. Their sales agent will assist you with the application process. 
  4. Once approved, pay for the down payment. The remaining balance will be split into monthly installments.
Requirements for Home Credit
  • Filipino citizens aged 18-68
  • Employed (at least 3 months) or Self-employed
Credit Limit

Home Credit currently offers several types of loan options on their website with varying maximum loan amounts. Here’s a breakdown of some of their main offerings:

Product LoanDown payment of 20-40%, depending on the item’s price and installment offer available. Usually comes with a 0% interest term.
QwartaCredit line up to PHP 10,000 that you can use to buy load, pay bills, and for QR payments
Cellphone InstallmentComes with Home Credit Protect (gadget insurance).
Items that you can purchase with Home Credit
  • Gadgets (such as mobile phones, tablets, gaming consoles, and laptops)
  • Home Appliances
  • Electronics (such as TVs, HIFI, and Cameras)
  • Furniture
  • Musical instruments
  • Gym equipment

2. GCash

GCash offers several loan products through its Fuse Lending service, catering to different financial needs of its users in the Philippines:

GCredit

GCredit lets you borrow up to Php30,000 credit line of GCash. It allows you to make purchases using your GCash even with zero balance.

This could be handy if you’re out of cash or GCash balance but need to pay bills or make a purchase.

This is only available to GCash users who are fully-verified and have high GScores (can be done through regular use of the app and its various offerings).

The interest rates can vary from 1% to 7% per month based on the user’s GScore, and are prorated, which results in lower interest fees if you’re able to pay early.

Requirements for GCredit

Must be a fully-verified GCash user with high GScores. Your GScore reflects your overall trust score from using GCash. 

How to apply for GCredit
  1. To apply for GCredit, open the GCash app.
  2. Click on the Manage Credit icon.
  3. Make sure that your Verification Details are accurate.
  4. Enter the necessary personal details and other info.
  5. You will receive a notification when your GCredit application has been approved.
  6. Once your application has been approved, you will now be able to use GCredit as a funding source when you pay with QR or pay your bills.

Related: AMEX via Gcash – and other virtual pay cards in the Philippines

Items that you can purchase with GCredit
  • Any items that can be purchasable with GCash (using the QR code or online)
  • Bill payments and similar transactions

GCash GGives

Aside from their GCredit and GLoan, GCash has launched a “buy now, pay later” service that allows users to purchase items from partner merchants and pay in installments.

Users can choose installment periods of 3, 6, 9, 12, 15, 18, or 24 months.

The interest rate for GGives ranges from 0% to 5.49%, again depending on the user’s GScore and loan term.

GGives allows users to purchase the items and services from over 100,000 GGives partner merchants and pay it via a flexible installment plan – covering a wide range of stores including supermarkets and pharmacies​

How to apply for GCash GGives

There are two ways you can apply for GCash GGives:

  1. Thru the GCash app (see steps below)
  2. By dialing *143# (USSD) for Globe/TM subscribers and following the prompts
Steps for GCash GGives application

If you meet the eligibility requirements for GGives, you can activate this service through the GCash app by following these steps:

  1. Open the GCash app: Log in and tap “View All GCash Services” on your dashboard.
  2. Access Financial Services: Scroll to the Financial Services section and select the GGives icon.
  3. Verify Personal Information: Review your pre-filled personal information and tap “Next.”
  4. Confirm Details: If no changes are needed, confirm your details by tapping “Next” again.
  5. Accept Terms: Agree to the Fuse Lending policies by checking the boxes, then tap “Activate My GGives” to complete the registration.
  6. Confirmation: A screen will confirm your successful registration. Tap “Back” to return to the GCash Dashboard and start using GGives.

You will also receive a confirmation via SMS and email, or you can check the Application Success page in the GCash app for registration approval.

Requirements for GCash GGives
  • Must be 21 to 65 years old
  • Must be a Filipino national
  • Your GCash profile needs to be fully verified via the GCash app
Credit Limit
  • Applicable for items priced from Php1,000 to Php30,000
  • Installment terms of 3, 6, 9, 12, 15, 18, and 24 months
Items you can buy with GCash GGives
  • Convenience store items
  • Food
  • Pharmacies
  • Retail
  • Services
  • Supermarkets
  • Transportation
  • GLife purchases

3. Tonik’s Shop Installment Loan

Want to make a big purchase but don’t have the money yet? Tonik’s Shop Installment Loan can help you get up to P100,000

This loan doesn’t require any credit card or downpayment, which makes it a top choice for people who want ease. 

It also has a low interest rate of 7%. When you present the official receipt of your purchase, this can go down to 4.25%. 

How to apply for Tonik Shop Installment Loan
  1. Download the Tonik App and sign up for an account.
  2. On the Tonik App dashboard, select Loans, then click Shop Installment Loan. 
  3. Select the product category you are interested to buy
  4. Input the amount you need
  5. Provide additional information 
Requirements for Tonik Shop Installment Loan
  • Filipino citizens residing in the Philippines
  • Must be 23 to 58 years old
  • Must be presently employed
  • Valid TIN
  • Valid ID (Philippine Passport, Philippine Driver’s License, Unified Multi-Purpose ID (UMID), Social Security System (SSS) ID, Professional Regulation Commission Identification Card (PRC ID), Card type Postal ID)
Items you can purchase with Tonik Shop Installment Loan 
  • Gadgets
  • Home Appliances & Electronics
  • Laptops, Computers, and Gaming Consoles
  • Mobile Phones
  • Furniture

Check out their list of partner stores for more details.

Related: Best Gadget Loans in the Philippines


4. Atome

Launched in December of 2019, Atome (pronounced as “A-To-Me”) stands for “Available to Me”. This company is a leading Buy Now Pay Later brand in Asia. They have partnered with over 5,000 leading online and offline fashion, beauty, lifestyle, fitness, and homeware retailers.

Atome is a member of the Advance Intelligence Group, a Series-D AI-driven technology company located in Singapore. They operate across South and Southeast Asia, Latin America, and Greater China.

Atome’s Pay Later offers up to PHP 200,000 credit limit at 0% interest for up to 40 days.

How to apply for Atome
  1. Download and install the Atome app (Google Play Store and/or Apple App Store)
  2. Upon opening the app you will be asked to input your mobile number.
  3. Once inside you may then set up your payment method and also verify your account. 
  4. Await Verification Approval (Up to 2 days).
Requirements for Atome
  • At least 18 years old
  • Have a valid I.D. / Government issued I.D.
  • Valid e-mail address
  • A debit or credit card issued by a financial institution
  • Downloaded the app and successfully verified
Items you can purchase using Atome
  • Fashion
  • Lifestyle
  • Fitness
  • Homeware
  • Beauty
  • Any Items that can be purchased with Atome via partner merchants:
    • Charles & Keith
    • The SM Store (Only In-Store)
    • Rustan’s
    • Zalora

5. Cashalo PayLater

Cashalo offers up to Php2,000 credit limit with 0% interest when you pay on time.

PayLater credit can be used to buy vouchers from their E-Store in the app, or offline with their partner merchants.

How to apply for Cashalo PayLater
  1. Download and install the Cashalo app (Appstore and Google Play Store)
  2. Sign up using your mobile number and complete all the required details.
  3. Click apply and wait for the approval.
Requirements for Cashalo Paylater
  • Cashalo is available to all Filipinos 21+ who are employed or with a steady income.
  • Valid govt. issued ID
  • Proof of billing/address 
  • Work information (valid work ID and recent payslip) 
  • Nominated bank account details
Items that you can purchase with Cashalo Paylater

Any items that can be purchasable using Cashalo Paylater credit via partner merchants

  • Gadgets
  • Clothes
  • Appliances
  • Etc.,

6. Billease.PH

Billease offers up to Php 40,000 instant credit for various online purchases. They also offer a personal loan payable within 30 days or up to 24 months.

Aside from purchases, you can also use your Billease credits to pay bills and buy load through the app. 

Requirements for Billease
  • At least 18 years old with a stable source of income
  • Latest proof of income
  • Proof of billing
  • 1 Valid government ID
How to apply for Billease.PH
  1. Complete their online application form. Processing takes 1 business day.
  2. You will receive an email confirming the approval (or rejection) of your application. 
Items that you can purchase with Billease
  • Any items that can be purchasable using Billease credit via partner merchants like Lazada
    • Gadgets
    • Clothes
    • Appliances
    • Etc.,

9. Plentina

Plentina is a financial technology company based in the Philippines that offers a “Buy Now, Pay Later” (BNPL) service.

The platform aims to provide easy access to credit for essential purchases such as groceries, medicine, and online shopping, particularly for those who may not have extensive access to traditional banking services.

The app offers loans starting from as low as PHP 100 up to PHP 20,000, with a straightforward application process that can be completed quickly.

Once verified, users can access various loan offers, which they can use at numerous partner merchants including major platforms like Shopee, Lazada, Smart, foodpanda, and 7-Eleven, among others​​.

Loan repayments can be made conveniently through the app using payment channels like GCash, GrabPay, or over-the-counter at 7-Eleven stores.

Requirements for Plentina
  • Mobile phone number
  • Personal information
  • 1 Gov’t-issued ID
How to apply for Plentina

Download and install the Plentina app to get started. A short application process will be held to get your personal info and provide you with a credit score.

Once approved, you’ll be qualified for credit which you can use with Plentina partner merchants.

Where can you use Plentina?
  • 7-11 in-store items
  • SMART & PLDT (load, bills, etc…)
  • Shopee
  • Lazada
  • Zalora
  • PureGold
  • foodpanda
  • McDonalds
  • Jollibee
  • Southstar Drug
  • Grab
  • Robinsons Supermarket, Department Store, Easymart, Appliances
  • SM Store

10. Lazada Loan

Lazada Loan is a service that allows you to purchase items in Lazada via credit through a loan with one of its partner creditors.

Their accredited partners include Home Credit, TendoPay, BillEase, UnaPay, Mocasa, Digido, Cashalo, JuanHand, and InvestEd. The loan will be credited to your Lazada wallet.

Requirements for Lazada Loan

It will vary depending on the partner creditor you’ll receive the loan from. The most common requirements are:

  • Government-issued ID
  • Proof of billing
  • Latest payslip
How to apply for Lazada Loan

You can apply either via the official Lazada app or website. On the official app, click the wallet icon in the top right corner. Select “Loans”.

You now have the option to choose which among Lazada partner vendors you want to get a loan from (see list of partners above).

Once approved, your requested loan amount will be credited to your Lazada wallet.

Items you can purchase with Lazada Loan

Basically, everything that is available in Lazada. 


11. Shopee SPayLater

This is a feature within Shopee’s official app that lets users have the option to buy an item and pay for it later. It also allows for installment payment options on such purchases.

Currently, only select Shopee customers can opt to use the SPayLater feature. 

Requirements for Shopee SPayLater

Users must have the latest version of the Shopee app installed. A valid gov’t-issued ID is needed and you must include your latest ID photo with complete personal information during registration for SPayLater.

How to apply for SPayLater

1. Open the Shopee app and click the SpayLater option under the “Me” tab. 

2. Click “Activate Now”.

3. Enter the OTP code sent to you via SMS

4. Upload a valid government-issued ID.

5. Complete the registration form by providing all required information.

6. Before hitting Next, make sure to read the Terms and Conditions.

7. Undergo the facial verification process.

8. Shopee will process the application. You will receive a notification if your SPayLater application has been approved.

Credit Limit & Interest Rate

Users can use SPayLater for purchases up to PHP 50,000.

Interest rates vary between 1% and 5% per month based on the total order value. Late payment fees range from 2.5% to 5% per month. Additionally, a processing fee of 0% to 2% of the total amount may be applied.

Items you can purchase with Shopee SPayLater

All items and products that you can purchase within Shopee.


12. CLiQQ Loans

CliQQ Loans is a feature within CLiQQ that allows users to loan specific amounts which they can use to fund their CLiQQ wallets.

The loans will be provided by third-party merchants (TendoPay, lendpinoy, venio, and Plentina) that CLiQQ has partnered with. 

Requirements for CliQQ Loans
  • 1 Valid Government Issued ID – (Passport, Driver’s License, Company ID, TIN, SSS, Postal ID, Voter’s ID, PRC, NBI Clearance, National ID)
  • Personal Details – (Legal Name, Present & Permanent Address, Source of Income & Nature of Work)
How to apply for CliQQ Loans
  1. Visit the Cliqq website and click “Loans” on the upper right menu. On the CliQQ Loans page, select your preferred lender. 
  2. Complete all the required fields on the application page and click Submit.
  3. If approved, you’ll receive a text or email that contains a code for the loan amount you requested for. 
  4. Redeem the code in your CliQQ wallet. The amount will be reflected in real-time.
Items you can purchase with CliQQ Loans

Use it to purchase items at 7-11 stores or at CliQQgrocery.com


13. Skyro

Skyro is a product loan provider in the Philippines managed by Advance Finance Solutions, Inc. and Jungle Lending, Inc.

Interest Rates:starts at 2.9% per month
Credit Limit:PHP 250,000
Loan Process Duration30 minutes
Loan Terms6 – 12 months
Loan Productsproduct loan

Requirements:

  • 1 valid ID
  • Fully accomplished online application form via their website
  • Scheduled call with one of their representatives

How to shop in installments without a credit card in the Philippines

Here’s the quick answer: Use the services we mentioned above!

A credit card can be a great tool for managing your purchases (the installment option is very useful), but let’s face it, it can be a pain to get one. 

The good news is that the services we mentioned above offer the core benefits of having a credit card (credit line and installment options) and you can use it at both online shopping sites and physical retailers. 

Each service we mentioned above caters to a particular need, and it’s just up to you to decide which one will work best in your situation.

For example, Home Credit and Flexi are great options for in-store purchases (physical retailers) since they usually have representatives there who offer assistance if you want to pay in installments. 

GCredit is useful if you use GCash often and need a quick source of credits for paying bills or making purchases.

Tendo Pay and Cashalo are perfect for smaller purchases in Lazada and other merchants (quick application and approval process).

For a bigger credit line, Billease and UnaPay are your best bet. 

And with the broad range of goods and services now available at various online platforms, you now have access to thousands of products and the ability to pay for them in installments without the need for a credit card. 


How to pay “Buy Now, Pay Later” installment loans in the Philippines

Now that you know how Buy Now Pay Later schemes work, the next obvious question will be, “How do I pay my loan back?”

In general, paying your BPNL loan is easy as it can be done through popular repayment methods such as GCash, Bayad Center, 7-11, Maya, bank transfer, and others. 

Just note that each lender will have a specific list of repayment channels that works with their service. As a tip, check this info prior to taking a loan so you can make sure that the repayment channels will be of your preferred choice.


Installment Loan FAQs

Still got questions about installment loans? We’ll answer them below.

What are the requirements for applying for an installment loan?

First, you have to be at least 18 or 23 years old to apply. You also need to be employed or self-employed.

Documents like a valid ID, proof of billing/address, work information, and TIN also need to be presented.

What is the interest rate for an installment and buy now, pay later loans in the Philippines?

There are BNPL services that offer 0% interest like Atome and Security Bank Pay Later Mastercard.

However, some BNPL services start at 3% to 7%. Some platforms determine the interest rate based on your risk-level as a borrower.

What is the repayment period for an installment loan?

This can range from 30 days to 24 months or more, depending on the platform/service of your choice.

Can I pay off my loan early? What happens if I miss a payment on an installment loan?

Usually, there are prepayment penalties that lenders charge to those who want to pay their loans early. If you miss a payment on your loan, you also need to settle late fees. Your credit score may also decrease.

What is the approval process for an installment loan?

Applying for an installment is usually quick and simple. You just need to confirm your identity and enter your personal data. This process usually takes no more than 5 minutes.

After inputting your desired loan amount and terms, the actual approval process may take 10 minutes to a few hours.

If your application is approved, you can expect payment in your bank account or debit card within 24 to 48 hours.

What should I consider before taking out an installment loan?

There are a few things to keep in mind when taking out an installment loan.

First, you need to make sure that you can afford to take out the installment loan in addition to your other expenses. Next, do you prefer a longer loan tenure or a shorter one?

As much as you can, avoid taking out loans that charge an extremely high interest rate. Even if you think you can afford it, you can still get trapped in debt since it will be harder to pay off in the long run.

Which stores in the Philippines offer BNPL options?

Major retailers (such as SM, Robinsons Malls, Ayala Malls, etc…), both online and physical, offer BNPL. This includes popular e-commerce platforms like Lazada and Shopee, as well as various other retail stores across different sectors.

What is the maximum amount I can purchase using BNPL?

The maximum amount depends on the BNPL provider and your creditworthiness. It can range from a few thousand to tens of thousands of Philippine Pesos.

Can I use BNPL for online purchases?

Yes, BNPL is widely used for online shopping in the Philippines, with many e-commerce sites integrating these payment options (via PayMongo and Plentina).

Is BNPL a better option than using a credit card?

BNPL can be a better option for those who want to avoid high-interest rates of credit cards, as long as payments are made on time. However, credit cards offer rewards and better consumer protection.

BNPL loans vs. Credit Card installments?

Choosing between Buy Now, Pay Later (BNPL) loans and credit card installments in the Philippines depends on your financial needs, spending habits, and priorities.

BNPL loans are attractive for their simplicity and accessibility. They often do not require a credit check, making them accessible to a wider range of consumers.

BNPL plans allow you to make purchases and split the cost into several installments, typically without interest if paid on time.

However, they usually cover shorter periods and might come with high late fees if you miss a payment.

Additionally, BNPL loans are limited to participating merchants and might not offer the same consumer protections as credit cards, such as dispute resolution[​efn_note]myFICO[/efn_note]​.

Credit card installments, on the other hand, offer more extensive consumer protections and flexibility. Credit cards are accepted more widely, and the installment plans they offer can sometimes extend up to 36 months with little to no interest, depending on the terms set by the bank and your payment behavior.

Credit cards can also help build your credit history if used responsibly, and they often come with additional benefits such as cash back, rewards points, and purchase protection1.

If you prioritize flexibility and wider acceptance, along with the potential benefits of rewards and building a credit history, credit cards might be the better option. If you need quick access to finance a purchase without a credit check, and you plan to pay it off quickly, BNPL could be more suitable2.

Can I return items bought through BNPL?

Yes, but the return policy depends on the retailer. Returns typically result in a refund or adjustment of your outstanding BNPL balance.

Disclaimer: Grit PH strives to post up-to-date information on all investment, banking, and other financial products we feature. However, information may change without notice. Therefore, we do not guarantee the accuracy of the information listed on the website, including those provided by third parties at any particular time. 

It is best to review the updated terms and conditions of your chosen financial institution. Grit PH is not affiliated with the companies mentioned in the article. All testimonials and opinions are representative only of the writer’s experience, but the results will be unique to each individual.

Sources

  1. CardRates.com
  2. NerdWallet

About Amiel Pineda

Amiel Pineda is the Head of Content at Grit PH.

He started freelance writing in 2010 doing product reviews and tech news. In 2018, he became a full-time freelancer, writing in the financial space and creating content for clients in various niches.

Prior to freelancing full-time, he worked 7 years in the financial services industry for a Fortune 500 company.

He also writes on his personal blog, Homebased Pinoy (https://homebasedpinoy.com/), where he shares tips and guides as a work-from-home freelancer, along with NFT-game guides.

Education: Technological Institute of the Philippines (Bachelor of Science in Electrical Engineering)
Focus: Freelancing, Entrepreneurship, Financial Products, Investing & Personal Finance

Reader Interactions

Comments

  1. Ivan says

    It is important to understand your loans. There are Installment Card Loans – This type of financing is applied by borrowing an amount when you turn out to be qualified effortlessly. You are then tendered the product and it is yours to make use up until you pay it off its whole sum. The regularity often ranges from 12 months, 18, 24 months additionally 30 years to 36 months as well as 72 months . With this type of financing, you can use your revolving credit score.

Leave a Reply

Your email address will not be published. Required fields are marked *