Top 10 Legit Online Loan Apps & Platforms in the Philippines

Last Updated on – May 6, 2024 @ 2:28 pm

Disclaimer: Grit PH is not affiliated with any of the online lending platforms and banking institutions featured in this post. The sole purpose of this guide is to educate our readers with how online cash loans work and the best options available for them to choose from. 

Quick Take

Home Credit Philippines‘ cash loan tops our list. Users can take out a loan for as much as P150,000 and get approved in as fast as 1 minute. Their loan products are very accessible to consumers too, where you can apply via their app, through partner stores, or via telesales.

Sometimes, it’s inevitable.

No matter how hard you try to shove it down to the bottom of your list of options, borrowing money can be your best and quickest solution to a financial dilemma.

You might be thinking, “I don’t want to be in debt to anyone, especially to people I know. It’s embarrassing.”

Hey, we’ve all been there. Yes, it’s never easy to borrow something, especially if it’s money. That’s a fact. There’s a certain stigma surrounding the word “utang”. Our gut tells us to avoid it as much as we can.

Our study also shows that only 24.8% of adult Filipinos have debt amounting to more than P20,000:

But the reality is, it shouldn’t always be that way.

Borrowing money doesn’t necessarily mean we’re desperate. Just ask the millions of business owners who borrowed money to raise capital to start their venture. Or the student who was able to take her exam on time even though her parent’s remittance was a day late.

To these people, borrowing money is a tool. It’s something you use to move your current situation forward. In the TV Show, “Who wants to be a Millionaire?”, contestants can use a “lifeline” to help them answer the question. I’d like to think of borrowing and lending money the same way.

It’s a helpful answer to an otherwise difficult and time-sensitive problem.

What are Online Lending Companies?

Online lending companies, also known as online lenders or digital lenders, are companies that provide loans and other forms of credit over the Internet.

Online lenders often leverage technology to streamline the lending process and provide a more convenient and efficient service than traditional banks or credit unions.

These companies offer various types of loans, including personal loans, small business loans, mortgages, student loans, auto loans, and more. The process of applying for a loan is typically handled entirely online, with applications, approvals, and funds disbursement all done electronically.

Many online lenders use alternative data and sophisticated algorithms to assess risk and determine eligibility, allowing them to provide loans to borrowers who might not qualify for traditional loans. This includes borrowers with lower credit scores or without a long credit history.

Online lenders are typically characterized by:

  1. Speed and Convenience: The entire process can be completed online, often within minutes or a few hours. There’s no need to visit a physical branch or meet face-to-face.
  2. Flexibility: They often offer a wider range of loan products and may be more willing to tailor a loan to a borrower’s specific needs.
  3. Transparency: Fees, interest rates, and loan terms are often clearly presented upfront, allowing borrowers to compare options easily.
  4. Accessibility: They may provide services to underserved markets, such as individuals with lower credit scores, self-employed, or small business owners who might struggle to secure loans from traditional banks.

However, like any financial service, online lending also has its risks. These can include higher interest rates or fees than traditional banks, data security concerns, and the potential for predatory lending practices.

Therefore, it’s important to do thorough research and consider multiple lenders before deciding on an online loan.

Traditional Lending Companies vs. Online Lending Platforms

The willingness of Filipinos to try digital and cashless payment methods is proof that we’re slowly recognizing the benefits of online technologies.

Take E-commerce, for example. I’m willing to bet that you already purchased a product or service through popular sites like Lazada or Shopee. This e-commerce boom in the recent years is a clear signal that Pinoys are opening up to other methods of accomplishing financial transactions.

The same is true in the lending category. The rising popularity of online lending services shows there is a need for this type of service. Fast, convenient, and hassle free—things that can’t be said if you try to borrow money from the bank.

The following section aims to show us key advantages and disadvantages of Traditional and Online lending platforms.

Traditional Lending Companies

You can borrow larger amountsMore stringent approval process

Regulated by independent authorities

Requires more paperwork

Complies with banking regulations

Takes longer to get funded

Short-term loans for small amounts are still hard to get approved

Online Lending Platforms

Loans get approved fasterSince the process is done online, borrowers run the risk of getting their data hacked

Quick and 24/7 online application

Absence of independent regulatory authority for monitoring activities

Fewer requirements

Since process is done online, borrowers run the risk of getting their data hacked

Allows lending of small amounts for short-term periods

Max amount that can be borrowed is less than banks

Also Read: Complete Guide to Pag-IBIG Fund: Benefits, Loan Programs, & Online Registration

Types of Online Loans in the Philippines

1. Quick Cash Loans

A fast cash loan is a loan that you can apply to receive funds into your account directly and quickly. Fast personal loans are one option to pay for emergencies and other short-term borrowing needs.

Typical Requirements: 

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

Related: How to Get Student Loans in the Philippines

2. Seafarer Loans

Loans created and intended for sea-based Overseas Filipino Workers (OFWs)

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

3. Product Loans

Essentially a personal loan that’s made for the purpose of purchasing a specific product. Things like: gadgets, furniture, appliances, etc.,)

Typical Requirements:

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

4. OFW Loans

A type of loan that caters to the specific needs of Overseas Filipino Workers and their families. Some lenders offer it to OFWs who are just about to embark abroad for a work contract (not currently working yet).

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 

5. Salary Loans

A type of loan (amount is typically based on the pay period gross earnings of the borrower) that’s required to be paid in full or in installments when the borrower receives their next paycheck. 

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

6. Business Loans

A type of loan specifically offered to businesses who need capital for start-up or funding for expansion (growth).

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

7. Franchise Loans

Exclusive loan offering for individuals who plan on operating a franchise business.

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

8. 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…)

Top Online Loan Apps in the Philippines

Before we dive into the list, an important note: The SEC continues to monitor and crack down on illegal online lending sites1 who harass and violate their borrowers privacy2

One of the main reasons we created (and continuously update) this guide is to help steer you away from questionable online lending platforms who violate its user’s privacy and rights. Grit is not affiliated with any of the online lending platforms mentioned on the following list. 

Our goal is to simply educate our readers with how online cash loans work and provide a quick summary of some of the most popular and legit online lending programs for easy reference.

Here’s a list of the top Online Lending Services you can use today.

1. Home Credit PH

It operates as the Philippine arm of global consumer finance company Home Credit Group which has a presence in 11 countries across the globe.

Their core business is non-cash, no-collateral in-store financing to qualified mass market consumers seeking to purchase appliances and other gadgets. Right now, they also offer cash loans to customers via the Home Credit PH app.

Interest Rates:The lowest interest rate is 1.83%. (varies depending on the terms of the loan price and repayments)
Maximum Loan Amount:PHP 150,000
Loan Approval DurationSame day
Loan Terms6 – 60 months
Loan ProductsCash loan, Credit Card, Buy Now Pay Later


  • 2 valid IDs (one government-issued)
  • Filipino between 18-68 years old
  • Employed/Self-employed

How to Apply:

There are 3 ways to get access to Home Credit’s various loan products:

  • Download and apply via the Home Credit app
  • Apply via Telesales – by calling the following numbers:
    • Landline: (02) 7753 57141
    • Smart, Sun, PLDT, TNT: 1 800 10 234 3000
    • Globe & TM: 1 800 8 905 0303
  • Apply through their wide network of partner stores. You can use their partner store locator here.

2. Maya Bank

Maya Personal Loan is a lending service offered by Maya Digital Bank. It allows eligible individuals to borrow funds up to ₱250,000 for various purposes like home improvements, debt consolidation, or education expenses.

Interest Rates:Effective interest rate of 1.40% per month (0.83% add-on rate)
Maximum Loan Amount:PHP 250,000
Loan Process Durationinstant approval
Loan Terms6 months
Loan Productspersonal loans


  • 21 – 65 years old
  • Active (with transactions) and upgraded Maya account

3. GLoan

GCash has grown in popularity due to the rise of digital transactions and the convenience it provides, especially in areas where access to traditional banking services is limited. Additionally, it provides its users with access to loan services through GLoan.

Interest Rates:1.59% – 6.57%
Maximum Loan Amount:PHP 125,000
Loan Process Duration1 minute for pre-qualified GCash users (high GScore)
Loan Terms5 – 24 months
Loan Productspersonal loans, buy now pay later


  • Verified Gcash account with a high GScore

4. Tala

Tala is an online lending platform that operates through their Android app. It’s targeted mainly to people who need quick cash loans for as small as Php1000.

Interest Rates:0.5% per day
Maximum Loan Amount:PHP 25,000
Loan Approval Duration24 hours
Loan Terms2 months
Loan ProductsCash loan

Requirements and Application process:

  • Phone and ID.
  • Note that step 3 of their process requires that you sign up using your Facebook account.

5. Tonik Bank Credit Builder Loan

The Tonik Bank Credit Builder Loan offers competitive interest rates starting at 4.84% per month, swift approval within 24 hours, and flexible terms ranging from 6 to 12 months.

With simple documentation requirements and a focus on building credit, it’s an attractive option for those seeking smaller loans and looking to improve their credit score.

Interest Rates:monthly add-on interest rate starts at 4.84%
Maximum Loan Amount:PHP 20,000
Loan Approval Duration24 hours
Loan Terms6 – 12 months
Loan Productscredit builder loan, buy now pay later

Required Documents:

  • One 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)
  • Tonik Account (download the app via App Store or Play Store)

6. Atome Cash

Atome is a leading buy now, pay later platform in Asia. The company is now providing cash loans for users in the Philippines, accessible directly through their app.

Interest Rates:Not Available at the moment
Maximum Loan Amount:PHP 50,000
Loan Process Duration24 hours
Loan Terms2 – 12 months
Loan Productscash loan, credit card, buy now pay later


  • Completed application form (via the app)
  • Government-issued ID

7. ACOM Philippines

ACOM Co., Ltd. is a consumer finance company based in Tokyo, Japan. It is one of Japan’s leading consumer finance companies, and now provides a range of financial services, including unsecured loans, in the Philippines as well.

Interest Rates:4.988% per month (59.86% APR)
Maximum Loan Amount:PHP 500,000
Loan Process Duration3-5 days
Loan Terms6 – 10 months
Loan ProductsREVOMAX – unsecured loan of up to P500,000


  • Government-issued ID
  • Proof of employment (SSS/TIN)
  • Monthly salary of at least P10,000

8. Digido

Formerly known as Robocash, this online lending platform offers a fast and convenient way for Filipinos to access loans. Digido boasts a wide array of loan products such as auto loans, home loans, and personal loans.

Interest Rates:11.9%
Maximum Loan Amount:PHP 25,000
Loan Approval Duration24 hours
Loan Terms3 – 6 months
Loan ProductsCash loan

Requirements and application process:

  • Complete the application form, and submit your ID and phone number.
  • Indicate how you want to transfer your loan. Digido has partnered with various major retailers so you can use this loan in many ways.
  • Confirm your consent for this online loan. You will receive confirmation through text or telephone. Then, your loan amount will be transferred in real-time.

9. AEON Philippines

AEON Credit Service Co., Ltd., based in Japan, has established subsidiaries and operations in several countries across Asia, including the Philippines. It focuses on serving customers in the regions where AEON Group retail facilities are present.

Interest Rates:2.25%
Maximum Loan Amount:Subject to credit evaluation.
Loan Process Duration24 hours
Loan Terms6 – 12 months
Loan Productspersonal loan, furniture loan, appliance loan


  • 2 valid IDs
  • Proof of Billing
  • Proof of Income

10. JuanHand

This loan app provides instant lending as well as other personalized financial services geared towards Filipinos regardless of their credit history.

Interest Rates:0.3% per day
Maximum Loan Amount:PHP 15,000
Loan Approval Duration5 minutes
Loan Terms1 – 6 months
Loan ProductsCash loan

Requirements and application process:

  • Download the JuanHand app and sign up using your mobile number
  • Complete your profile with the required personal information and contact information
  • Click apply
  • If denied, re-submit the application according to the hint.

Honorable Mentions: Other Online Lending Platforms worth Checking Out

While we’ve highlighted some prominent online lending platforms, there are several other options worth exploring for those seeking financial assistance.

These platforms encompass a variety of features, from competitive interest rates to innovative loan products, providing borrowers with additional choices to consider.

RFC Loan

RFC, established as Radiowealth back in 1935, started as a car and radio manufacturer before fully transitioning into one of the most stable financing institutions in the country in the mid-90s.

This lending platform boasts various products from corporate lending, SME loans, and multi-purpose cash loans – providing access to these services to Filipinos from the countryside.

Interest Rates:Interest varies depending on the type of loan
Maximum Loan Amount:PHP 3,000,000.00
Loan Process DurationApproval duration varies depending on the type of loan
Loan Terms3 – 36 months
Loan ProductsCash loan, Financing loan


  • 2 valid government IDs (if employed, include company ID)
  • Proof of Billing
  • Proof of Income (3-month payslip)
  • Residential, Business, or Employment Address Map
  • Certificate of Employment
  • Business Barangay/ Business/ DTI Permit (for business owners)
  • Fill out the application form here
SB Finance

SB Finance is a collaborative venture between Security Bank Corporation and Bank of Ayudhya (Krungsri) from Thailand. The company offers a diverse range of both secured and unsecured loan products in the Philippines.

Interest Rates:1.2% – 3.5%
Maximum Loan Amount:PHP 2,000,000
Loan Process Duration5 banking days
Loan Terms2 – 48 months
Loan Productspersonal loans, collateral loans


If Employed:

  • One valid government-issued photo ID
  • Certificate of Employment and Compensation issued within the last six months
  • Latest ITR
  • Latest monthly payslip

If Self-Employed:

  • One valid government-issued photo ID
  • Latest 1-year Audited Financial Statement (AFS) with at least the previous year’s comparative financials
  • SEC Registration / DTI Certificate
  • Business Permit / Mayor’s Permit
  • Latest GIS (if corporation)
  • Latest bank statements (three months)
  • List of three trade references (at least one supplier and one customer) with contact details

For online application, fill out the form here. For branch application, download the form here


Cashalo is a mobile-app (Android and iOS) that provides a fast, affordable, and secure access to quick funds.

Interest Rates:3.95%
Maximum Loan Amount:PHP 7,000
Loan Approval Duration1 – 2 business days
Loan Terms1 – 3 months
Loan ProductsCash loan

Requirements and application process:

Gov’t issued ID, payslip, company ID, bank account details. Download and install the app, register your account.

CashMart PH

This Singapore-based company was established in 1969 and have extended their reach here in the Philippines. They have a variety of loan products that range from Personal loan, Salary Loan, Car Loan, and OFW Loan.

Interest Rates:1.12% – 22.40%
Maximum Loan Amount:PHP 30,000
Loan Approval Duration24 hours
Loan Terms1 – 5 months
Loan ProductsPersonal loan, Car loan, OFW loan, Salary loan

Requirements and Application process:

  • Two proof of billings (Meralco, water bill, cable, internet, or PLDT bills)
  • and at least one valid government ID/Company ID with one-month payslip

They are a peer-to-peer (P2P) lending platform which aims to provide a safe and accessible place connecting lenders and borrowers.

Interest Rates:1% -8%
Maximum Loan Amount:PHP 2,000,000
Loan Approval DurationLoan application will be posted for auction for a period of 14 days (for P2P lending)

Loan processing is 24-48 hours (for direct loans via and their other partner lenders like Netbank, Welcome Bank, Right Choice Finance, and Forbes Lending)
Loan Terms3 – 36 months


  • Complete the online registration
  • Valid IDs

Types of Loans being offered:

Loan typeInterest RateLoanable AmountLoan Terms
Personal loan1.5% – 3% per month (based on risk type)P50,000 – P2,000,00012 – 36 months
Fast loan8% per monthP10,000 – P40,0003 – 6 months
Seafarer loan3.5% per monthP50,000 – P500,0002/3 of contract period
Business loan1.5% – 3% per month (based on risk type)P100,000 – P2,000,0003 – 36 months
Salary loan3% per monthequivalent to 1 month salary1 – 6 months
Franchise loan2% per monthP50,000 – P2,000,00012 – 36 months
Auto-sangla loan1.5% per monthP10,000 – P3,000,0006 – 24 months
Educational loan3% per monthP20,000 – P30,0001 – 6 months
EasyCash PH

EasyCash is a local financial services company that use scalable infrastructure and technology to build an online platform for lending and borrowing for Filipinos.

Interest Rates:10% (plus 15% processing fee)
Maximum Loan Amount:PHP 10,000
Loan Approval Duration1 – 2 working days
Loan Terms1 – 3 months
Loan ProductsCash loan

Requirements and application process:

  • Create an account via their website
  • Wait for approval confirmation

Asteria is based on Makati and received full license from the SEC. Their goal is to, “provide online, hassle-free service to our new and existing clients.”

Interest Rates:0.9% per day
Maximum Loan Amount:PHP 20,000
Loan Approval Duration24hrs – 120hrs
Loan Terms3 months
Loan ProductsCash loan

Requirements and application process:

  • Register for an account. Confirm enrollment via email.
  • Note that you’ll be asked to submit requirements (IDs) before you can complete the loan request.

UPFinance is an online lending platform that aggregates the best offers from various lending institutions in the Philippines.

The platform provides detailed information (including loan calculators) for the different loan products available from the banks, lending companies, and cooperatives they promote.

Interest Rates:0.4% – 5%
Maximum Loan Amount:PHP 100,000
Loan Approval Duration24hrs – 120hrs
Loan Terms3 – 60 months
Loan ProductsPersonal loans

PawnHero is the first online pawnshop in the country. Leading the modernization of one of the oldest industries in the world (started in ancient China over 3,000 years ago).

Their technology allows their users to appraise their items online and offers the convenience of doing all the necessary steps at home. PawnHero accepts valuable items (for collateral) that range from cameras, smartphones, designer bags, jewelry, gaming consoles, laptops, TVs, watches, tablets, sunglasses, to speakers. 

Interest Rates:3.5% – 4.99% per month
Maximum Loan Amount:Any amount (no minimum/maximum)
Loan Process Duration1 day after the item is picked up from the address
Loan Terms3 months (can be extended upon request)
Loan ProductsPawn loan


  • 2 government valid IDs
  • Collateral item

Vidalia Lending Corp. effectively combines conventional credit practices with the latest technology, resulting in a constantly improving credit evaluation system that learns and optimizes using monthly loan repayment and delinquency data.

Borrowers can avail themselves of loans ranging from ₱5,000 up to ₱500,000. Vidalia is supported by a team of experienced private investors with extensive knowledge of the local Financial Industry.

Interest Rates:4% – 6%
Maximum Loan Amount:PHP 500,000
Loan Process Duration24 hours
Loan Terms2 – 12 months
Loan Productspersonal loans, salary loans, business loans, e-commerce loan


  • 2 valid IDs
  • Proof of billing

Finbro, an online lending platform in the Philippines, specializes in providing quick cash loans to manage unexpected financial needs.

Interest Rates:6% (plus 9% processing fee)
Maximum Loan Amount:PHP 50,000
Loan Process Duration10 minutes – 24 hours
Loan Terms12 months
Loan Productspersonal loans


  • 1 valid ID
  • Completed loan application form
  • Selfie
  • Stable monthly income

With its user-friendly registration and quick fund transfers, MoneyCat simplifies the entire borrowing experience. 

What’s unique about this loan provider is that your first loan with MoneyCat is interest-free. To apply for a loan, you just need to fill out a short online registration form. This will just take 5 minutes of your time. There’s no need for complex paperwork or time-consuming bank visits.

Interest Rates:Free for first loan, 11.9% monthly thereafter (194% max APR)
Maximum Loan Amount:PHP 20,000
Loan Process Duration24 hours
Loan Terms3 to 6 months 
Loan Productscash loan


  • Must be 22 years old or older
  • A Filipino and currently residing in the Philippines
  • Currently working or have a stable source of income
  • Have a personal (active) mobile phone number
  • Have a bank account
  • Have any of the following IDs – SSS, UMID, TIN, driver’s license, passport, or voter ID. 

PesoLoan is the go-to choice for people looking for inclusive and accessible digital financial services. With PesoLoan, borrowers can access loans of up to P50,000, provided they maintain a good credit record with the company.

One of the standout features of PesoLoan is its flexibility in loan repayment. The company offers a variety of payment channels, including options such as GCash, 7-Eleven, MLhuillier, RDPawnshop, QR Code, and Bank Transfer. 

Additionally, PesoLoan takes pride in its quick and straightforward loan application process, which takes just three minutes to complete. Borrowers can expect their loan applications to be assessed within 24 hours. 

Interest Rates:20% common interest
Maximum Loan Amount:PHP 50,000
Loan Process Duration24 hours
Loan Terms91 to 120 days
Loan Productscash loan


  • Must be at least 18 years old
  • Filipino citizen 
Online Loans Pilipinas

Online Loans Pilipinas specializes in online micro and consumer financing. Its mission is to improve the financial well-being of its customers.

Their application process is very simple. It only requires just one valid ID. There’s no need for collateral, payslips, or proofs of billing. 

For returning customers, Online Loans Pilipinas offers an attractive incentive. By repaying your loan on time, you can qualify for an increased loan amount of up to P20,000 on your subsequent loans. Borrowers can also request a 30-day extension for their repayment period.

Interest Rates:0% if you pay back on your first payment date, 143% maximum APR
Maximum Loan Amount:PHP 20,000
Loan Process Durationless than 5 minutes
Loan Termsup to 30 days (borrowers can get a 30-day extension)
Loan Productscash loan


  • Must be 22 – 70 years old
  • Located in the Philippines (nationwide)
  • Employed individuals or selected professionals
  • Have a valid bank or e-wallet account 

How to Get Fast Cash Loans in the Philippines

Getting a fast online cash loan in the Philippines involves a few general steps, though the exact process can vary depending on the lender.

Here are some basic steps:

Step 1: Choose a Lender

Research and select a reputable online lender that operates in the Philippines. We have listed some well-known platforms above. Make sure the lender is registered and operates legally.

Step 2: Check the Requirements

Each lending platform will have its own set of eligibility criteria and requirements.

Common requirements often include being a Filipino citizen, being of legal age (at least 18 years old), having a valid government-issued ID, having a stable source of income, and possessing a bank account or e-wallet (like GCash) for fund transfer.

Step 3: Apply Online

Once you’ve chosen a lender and made sure you meet the requirements, you can apply for the loan through the lender’s website or mobile app.

You will typically need to fill out an application form with your personal details, loan amount, and loan duration.

Step 4: Submit Necessary Documents

You may be asked to upload or email copies of certain documents, such as government-issued IDs, proof of income (like payslips or bank statements), or proof of address.

Step 5: Wait for Approval

After you’ve submitted your application, the lender will review it. Many online lenders use automated systems that can approve loans within minutes or hours. However, some applications might take longer.

Step 6: Receive the Funds

Once approved, the loan will be disbursed to your specified bank account or e-wallet. The time this takes can vary between lenders.

Step 7: Repay the Loan

Ensure that you repay your loan on time to avoid late fees or penalties, and to maintain a good credit history.

Most platforms will have several repayment options, including bank transfer, payment at a physical location, or through an e-wallet.

    Note: While online loans can be a convenient way to get cash quickly, they often come with higher interest rates and fees compared to traditional bank loans.

    Always borrow responsibly, and be sure to read and understand the terms and conditions of your loan before you agree to them.

    Tips on how to get your online loan application approved faster in the Philippines

    1. Know what type of loan you need

    The first step is deciding what you will be using the money for. Decide on the amount and choose if you want to go for a secured or unsecured loan.

    Secured means you have to put up something as collateral for your loan. Unsecured loans are more lenient in terms of requirements but have generally lower ceilings for the max amount you can request.

    Types of Personal Loans in the Philippines

    Personal Loans takes the biggest share in the loan market because of the simplicity and ease of access in funding a myriad of financial reasons and obligations. For the financially savvy out there, it is an open-ended loan where the principal is paid over a fixed term along with applicable charges.

    Personal loans can be categorized into 4 types:

    1. Secured Loan – Approved on the basis of collateral. For example, a time deposit account held by the borrower from the same bank. In general, the interest rate is lower compared to unsecured loans due to the security factor. Application and paperwork is simpler as well because the bank already has your information through the account you have with them. Suitable for borrowers with no/low credit history.
    2. Unsecured Loan – No collateral is required. Banks and lenders rely on the information and credit history they will get from you. Interest rates are slightly higher due to the higher risk involved. Strict screening process is required in order to determine the terms that will be granted to the borrower.
    3. Personal loan for OFWs – Tailor made loans for Overseas Filipino Workers. Available in both secured and unsecured packages.
    4. Top Up Loan – Does exactly how it sounds like—top up your existing loan. Gives borrowers an option to borrow more money and add it on top of their existing loans.

    Secured and Unsecured Loans

    Since almost all current loans fall under these two types, it’s a good idea to get a quick view of each strengths and weaknesses.

    Secured Loans

    Access to larger amounts for your loanFailure to pay the dues in full may result to your collateral to be taken away

    Easier to apply for and get approved (due to the security factor)

    There are some secured loans that penalize early repayments

    Extension of repayments are accepted

    Unsecured Loans

    Pros Cons
    Quick and easy way to borrow cashOnly viable if you have good credit history and sufficient income

    More flexibility with regards to repayment terms

    Interest rates are generally higher

    2. Build a good credit rating

    In the Philippines, we don’t have a centralized credit reporting like first world countries. This means banks and creditors rely on other means to determine if you have a good credit history.

    TransUnion, one of the biggest credit reporting agencies, have reports they show to Metrobank, BPI, HSBC, and Citibank showing who have good credit histories.

    Non-partner banks go to Consolidated Cancelled Credit Cards (CCAP 4) or Bankers Association of the Philippines Credit Bureau to obtain the same info. Bottomline is, strive to pay your dues on time and keep overall dept low.

    What is Credit Report?

    You might have seen this article mention “Credit Report” or Credit history several times. What is it, exactly? In a nutshell, it’s a detailed report of your credit history. Lenders rely on these reports to determine if you are eligible to take a loan. They also use this to determine the terms if you get approved.

    Here’s what you need to remember: A good credit report means a higher chance of getting your loan approved and getting better interest rates.

    Can you still borrow with bad credit history?

    Here’s the good news: Yes, you can still borrow money even with bad credit history.

    The process will just be more difficult and may require you to complete a ton of paperwork, more background checks, and possibly longer wait times.

    Here are tips you can follow to get better success in getting your loan approved even with bad or negative credit history:

    • Be super thorough with the completion of required documents
    • Submit the requirements as early as you can
    • Don’t request for several loans at the same time
    • Spend time looking and reviewing the best possible lenders
    • Patience is a virtue

    Related: 10 Best Credit Cards in the Philippines

    3. Choose the right lender

    Each bank or online lending platform have its own strengths and weaknesses. The key is to find the one with the best features that match your preferences.

    How to Identify Legit Online Loans in the Philippines?

    Identifying legitimate online loans can sometimes be a challenge, especially with the rise of online scams. However, the following tips can help you determine the legitimacy of an online lender:

    1. Check Registration and Licenses: A legitimate lender should be registered and licensed by the appropriate financial regulatory bodies. In the Philippines, for instance, online lending platforms should be registered with the Securities and Exchange Commission (SEC).
    2. Investigate Online Presence: Legitimate companies will likely have a professional website and possibly social media presence. Be wary if the lender only operates via a mobile app and doesn’t provide any other business information.
    3. Look for Contact Information: A legitimate lender will provide contact information such as a physical address, email, or phone number. You can try reaching out to confirm their legitimacy.
    4. Read the Fine Print: Be sure to read all the terms and conditions before accepting a loan. Legitimate lenders will clearly state the loan’s interest rate, fees, repayment terms, and any penalties for late or missed payments.
    5. Check for Secure Website: If you’re applying for a loan online, make sure the lender’s website is secure. The URL should start with “https://” (the ‘s’ stands for secure), and there should be a padlock icon next to the URL.
    6. Read Customer Reviews and Complaints: Look at reviews or complaints about the lender from other customers. Sites like the Better Business Bureau or your local SEC can be good resources.
    7. Trust your instincts: If something seems too good to be true, it probably is. High-pressure sales tactics, urgent communications, or pushy requests for personal information are all red flags.

    It’s important to do your due diligence and understand the terms of any loan before you agree to it. Don’t hesitate to ask questions or seek advice if you’re unsure about anything.

    How to Avoid Online Loan Scams

    Here are some general tips on how to avoid such scams:

    • Don’t Rush: Avoid lenders that pressure you to sign on the dotted line. Legitimate lenders will not rush you into a loan and will ensure you understand the terms and conditions before signing.
    • Beware of Upfront Fees: Be wary of lenders asking for fees upfront before you’ve received the loan. While some legitimate loans may require certain fees, these are typically deducted from the loan amount or paid along with the repayments.
    • Avoid Guaranteed Approval Offers: Be skeptical of lenders who offer guaranteed approval regardless of credit score. Reputable lenders usually check your creditworthiness before granting a loan.
    • Protect Personal Information: Never share your personal information online unless you’re sure the company is legitimate and the website is secure.

    Remember, if something seems too good to be true, it probably is.

    4. Borrow for the right reasons

    Borrowing money is a great tool for busting you out in dire financial situations as well as funding personal endeavors.

    Just make sure that you are borrowing because you need it for something important. A lot of people go into debt because “they had to” buy a new TV or smartphone but not responsible enough to pay their monthly bills.

    Important: Build an Emergency Fund.

    When to take Business & Personal Loans

    At the surface, the answer to this one is quite obvious. For funding any business venture, go for a Business loan. For (almost) anything else, take a Personal loan.

    However, there are underlying principles that you need to ask yourself before borrowing a huge sum. Aside from doing your due diligence researching all terms and conditions for each bank, following these 3 basic rules in borrowing money will help keep things in perspective.

    1. Don’t request for a loan for funding your personal consumption, like products or travel expenses.
    2. Personal loans are typically best in times of emergency
    3. Loans should be used as a tool to advance your asset value. For example, if you take a loan to buy a multicab-van to make your business deliveries faster, it will pay for itself over time due to the time savings it brings your business. It also allows you to reach and serve more potential customers which results to more profit.

    Another question you should ask is, “Is taking a personal loan the best solution to my problem?”

    And to help you find some answers, here’s a quick rundown of the pros and cons of requesting a personal loan:

    Allows you to borrow more than a credit cardHigh interest rates

    EMI of Personal loans are fixed monthly, which translates to easier tracking and budgeting

    The idea of “lesser interest rates with higher loan amounts” might tempt you to borrow more than what you need

    Rate of Interest is Fixed in most cases.

    You can get charged a pre-termination fee for paying off your loan early

    You can choose the length of the repayment period

    5. Consider Alternatives

    Explore alternative borrowing options such as personal loans from traditional banks, credit unions, or borrowing from friends and family, which may offer better terms or lower interest rates.

    6. Understand Terms and Fees

    Carefully read and understand the terms and conditions of the loan, including interest rates, repayment schedule, and any associated fees to avoid surprises later on.

    7. Plan for Repayment

    Create a repayment plan and budget to ensure you can make timely payments and avoid late fees or penalties, prioritizing loan repayment to maintain financial stability.

    Online Loan FAQs

    What are online loans?

    Online loans are financial products that allow individuals to borrow money over the internet without the need for physical paperwork or visits to a bank branch.

    These loans are typically processed and disbursed quickly, often within 24 hours.

    How much can I borrow with an online cash loan?

    Loan amounts vary depending on the lender and the borrower’s creditworthiness. Some lenders offer small loans starting from a PHP 15,000, while others may provide larger amounts up to PHP 500,000.

    What are the interest rates for online loans in the Philippines?

    Interest rates vary among lenders and may be fixed or variable, which typically range from 1% – 7% per month.

    Rates are often influenced by factors such as the borrower’s credit history, loan amount, and repayment term. It’s important to carefully review the interest rates and terms before applying for a loan.

    How long does it take to get approved for an online loan?

    Approval times can vary but are generally faster than traditional bank loans. Many online lenders offer instant or same-day approval, with funds disbursed within 24 hours of approval.

    Are online loans safe?

    While there are reputable online lenders, borrowers should be cautious and research lenders thoroughly to avoid scams or predatory lending practices. It’s essential to verify the legitimacy of the lender (registered with the SEC), read reviews, and ensure the website is secure before applying for a loan online.

    What happens if I miss a payment on an online loan?

    Missing a payment on an online loan can result in late fees, additional interest charges, and damage to your credit score. It’s crucial to communicate with the lender if you’re experiencing financial difficulties to explore options such as payment extensions or restructuring.

    Can I repay my online loan early?

    Many online lenders allow borrowers to repay their loans early without incurring prepayment penalties. Early repayment can help save on interest costs and improve your credit score by reducing your overall debt burden.

    Complete list of SEC’s Recorded Online Lending Platforms in the Philippines

    Below is the full list of online lending platforms operating in the Philippines (based on the records of the Security and Exchange Commission as of November 29, 2021).

    19F Lending Philippines IncorporatedCS2019044712916Pesoclick, Quickpeso, Amihan
    2Acom Consumer Finance CorporationCS2017248971140ACOM – Fast Cash Loan. Simple.
    3Aeon Credit Service (Philippines) IncCS2013007891055Aeon Credit Service Mobile App
    4And Financing CorporationCS2018409301187LendPinoy
    5Armorak Lending IncCS2019082712988Ayudas, Weloan
    6Asialink Finance CorporationA199711768570Asialink Mobile CRM App
    7Asiasource Financial IncCS2014125671085MotorcycleLoan, QuickCash, UtangOnline
    8Asteria Lending Inc. Doing Business under the name and style of CashbazaarCS2016038531813
    9Cash Mart Asia Lending (website)
    10Cashbee Lending Services
    11CashMum Lending Investors Corp.CS2021023363413Cashmum
    12Cashtrees Lending CorpCS2020024283245Happylend, Creditcash, Cashmore
    13Cashxpress South East Asia Lending IncCS2019510882918
    14CEPAT Kredit
    15Codeblock Lending Inc.CS2019136813059Kpeso, Opeso, OKpeso
    16Convenience Cash Lending Corp.2020090002200-053319Zada Cash, Bloom Cash
    17Copperstone Lending Inc.2021050012959-043454Pesoforrest, Pococash, Blue Peso, Moca Moca, Peso Buffet, Load Cash, Quickla
    18Creditable Lending CorporationCS2018175162749EasyPeso
    19Deltapeak Lending Inc.CS2017204432380“”
    20DF Credit Lending CorporationCS2020024303244Funpera
    21Digido Finance CorpCS2020030561272Unapay, Unacash, (website)
    22Discovery Credit Solutions Inc.CS2020008393213
    23Dolphin Lending Investor, inc.CS2019118973037PesoGO, Microloan
    24Easycash Lending Company, IncCS20101882640Easycash
    25E-Borrow Lending Corp.2020100002616-0303333Halika Cash
    26Elending Lending Inc.CS2019123833044Pocketcash
    27Excellent Era Lending Service CorpCS2019130443056Support
    28Fast Coin Lending CorpCS201900002773140Cashcow, Cashguard, Cocopeso
    29Fcash Global Lending IncCS2018038131149Fast cash, Fcash, Fastcash VIP , Fast cash loan
    30Fesl Lending Investor Corp.CS2020036123271Start Loan, Pondo Loan, First Cash
    31Fidoph Lending CorporationCS2018251012832Fidoph Philippines, www.
    32Finance Technologies Inc. Doing Business under the name of PitacashCS2019023691200Pitacash
    33Fingertip Lending CorpCS20200700010533298Big Loan
    34First Circle Growth Finance CorpCS2016054771108“”
    35First Digital Finance CorporationCS2015163471101FDFC, Balikbayad, Loan Ranger , Billease,
    36Flash Cash 101 Lending Corp.CS2019153173083Valley loan, Lemon Loan
    37FT Lending Master Philippines CorpCS2019108633025FT Lending/Go cash
    38Fuse Lending Inc.CS2016176221897Gcredit
    39Global Dominion Financing, Inc.CS200305834530“;;;;;;;”
    40Got-IT Lending Inc.CS2019098403006Eagle Wallet, Pera Bag, Pera U bag
    41Grab Financial Services Philippines, IncCS2019059771210GrabFinance (website), Grab Finance (within the Grab application)
    42HC Consumer Finance PhilippinesCS2013013541071My Home Credit
    43Hi-fin Lending inc.CS2019109953027Peso Wallet, Credit Cash
    44HT Financial lending Services (PH) CorpCS2019054552930HICASH-PESO, CASH LOAN ONLINE ON-DEMAND
    45Hupan Lending Technology Inc.CS2019011972879Cashme, Cashwow
    46iDIRECT Finance Company Inc2021080023709-02F-21-0010-64Direct Loan
    47Inclusive Credit Lending Inc.CS2019099283007Pinoy Peso
    48Joywin Lending Investor, Inc.CS2018262472859Lemon Loan
    49Jungle Lending IncCS2020022233249Jungle (
    50Just Smile Lending CorporationCS2020113423379FreshApp
    51Kayamo Atlas Lending
    52Kidmmanj Lending
    53King Cash Lending Investors IncCS2021045543442Insta Cash
    54Kusog Pera Lending Inc.CS2019166693118Kusog Pera, SnaPera
    55Kviku Lending Co.
    56Leapgen Lending Inc.CS2019157173089Pesohaus
    57LF Lending ServicesCS2020012943225Facebook – LF Lending Services, Instagram – LF Lending Services, Linked In – LF Lending Services
    58LHL Online Lending, Inc.CS2019166993119Pautang online, Pautang Peso
    59Link Credit Lending Investors IncCS2019146443072Ipeso, Pesoin
    60Loan Star Lending Group CorpCS2012098221238
    61Lucky Shell Fintech Lending, IncCS2019129953055LuckyPeso , MayPera, MiPeso
    62Magician of Money Lending Corp.CS2019183913157PeraMoo
    63Makati Loan, Inc.CS2019172093130Peso Cash Loan
    64Mali Lending CorpCS2019076622968Mabilis Cash
    65Masaganang Buhay Finance Philippines CorporationCS2018240081185Pesoloan
    66Microdot Lending CorporationCS2019512872921MF cash, Credit Cash, Credit Peso, Peso loan mart, Cash Baka, Cash Mabilis, Go Peso,Instant Loan, Timely Loan
    67Moneycat Financing Inc.CS2019530731254Moneycat. Ph, One click
    68Mr Angel Credit Corp.CS2014243341669QLO Quick Loans Online (website)
    69Mycash Lending Investors Inc.CS2018409872814Paghiram, Peso Online, PHPocket
    70Myloan Lending Investor Inc.CS2019001972866PesoCash
    71Neuroncredit Financing Company Inc.CS2018163381178Atome PH
    72New Cross Credit and Financing Gate PH Inc.CS2016288161288Uploan PH
    73Online Loans Pilipinas Financing, Inc.CS2017264301181Online Loans Pilipinas
    74Paloo Financing IncCS2018002091162Cashalo
    75Pera247 Lending CorporationCS2017343392582Pera247
    76Peso Redee Financing Co. Inc.CS2018045641165Peso Redee
    77Philippine Castrout Lending CorporationCS2019104073015Pesomio, Mocasa, cashoyo
    78Philippine Microdot Financing Corp.CS2019073501214Pautang Peso, Borrow Peso, King Loan, Loan peso, Lendpeso Market, Loan Quick, Cash Cloud, Cash Star, Free Peso, Going Loans, Peso Network, Red Cash
    79Philippine RUP Financing
    80Philippine Top Platinum Lending
    81Philippine Vastness Lending CorporationCS2019184013158Vplus
    82Plentina Lending, plentina
    83Populus Lending CorporationCS2019143903066Pesopop, PesoCow, NewCash, Luckyloan
    84Prima Fintech (Philippines) Lending CorporationCS2019511002917Pautang Cash, Prima Cash, Flip Cash, Manup, Light Kredit, Peso pocket, Prima Loan
    85Prime Global Finance CorporationA199610344185PG Finance
    86Putu Novi Financing CorporationCS2019135991230Dami Credit
    87Qcash Finance CorporationCS2019189161253Logicash, Pesoflash, Pesobox
    88Quark Financing Corp.CS202000009161274Madali Loan
    89Radiowealth Finance Company Inc.AS9600005A173Loan Application Portal (via RFC Website)
    90Right Choice Finance CorpCS2016120581189myRCF, myRightChoice
    91Royal Yohoo Lending Investors CorporationsCS2019061452940Happypera2
    92Scoreone Financing CorpCS2019199951257E-Perash
    93Seamoney (Credit) Finance Phil IncCS2020053821279Spaylater , Sloans
    94Second Pay Financing, IncCS2019080381217Mmloan, Ez loan
    95Singularity lending Inc202106001543-59I-21-0007-15Lpeso, Pesoplus
    96Snapcash Lending Inc.CS2018048362658Masayacash, Peso2you, CashniJuan, Peso2go, Jetpeso
    97Sofi Lending
    98Sumisho Motor Finance CorporationCS2009176911007Sumisho
    99Summerset Lending IncorporationCS2019037332906Easy Pera
    100Sumulong Financing, IncCS2019157121238Gopeso, Grabpeso, Fastpeso
    101SunCash Lending Investor Corp.CS2018257072846Suncash
    102Sunloan Lending Investors CorporationCS2019005652872Cashola, Peso Plus
    103Sunprime Finance Inc.CS2019166981241LoanQuickCash, LoanOnline, CashCash, OnlineUtang, CarFinance
    104Supreme Money Lending
    105Surity Cash Lending Investors CorpCS2019101853013Surity Cash
    106Tala Financing Philippines IncCS2017105821132Tala
    107Tekwang Lending Corp.CS2019113693032Tekcash
    108Temple Tech Finance Corp.CS2018207321228Tendopay
    109The Mandala Lending Corp.CS2020055673300Facebook: The Mandala Lending Corp,Twitter: The Mandala Lending Corp Instagram: The Mandala Lending Corp The Mandala Lending Corp. online advertisements
    110Toyota Financial Services Philippines CorporationCS200251691256“Toyota Financial Services Philippines Corporation website,and KINTO web and mobile application”
    111Transnational Financial Services Inc1386291017Transnational Financial Services Inc
    112Treasure Bowl Fintech Lending Corp.CS2019163403101Wow Pera, Zippeso
    113Umbrella Lending Investor IncCS2019143033068Umbrella Lending Investor
    114Unistar Credit and Finance CorporationCS200528016902FundEasy Website
    115U-Peso Lending Investors Corp.CS2018166912739PesoQ
    116U-Peso.PH Lending CorpCS2018149082718Upeso, Pera4u, Peralending, Loanmoto
    117Vamo Lending Inc.CS202000009153261Vamo
    118Vidalia Lending CorpCS200813771279Vidalia App
    119Warm Cash Lending Corp2021030009095-023427Honey Loan
    120WeFund Lending Corp.CS2018256722844Juanhand, Junahand, Kidlat Peso
    121XLKash Lending Corp.CS2019173093136Xlkash Lending
    122Y Finance Inc.CS2018004941163LoanChamp
    123Yinshan Lending IncCS2019001082860Happycash
    124Yulon Finance Philippines CorporationCS2018061191167Yulon Finance’s website (

    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.



    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 (, 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


    1. jose alberto says

      i am intending to engage in online lending as a possible investment While the mechanics of putting up a company are easy for me being a lawyer, I think the online part of it requires internet technical knowledge including the right software for this type of business as well as the right personnel to head the operations. With these needs in mind would you be in a position to give advice? I will appreciate a candid response.
      Joe Alberto

      • jasonacidre says

        Hey Jose,

        Thanks for dropping by. Did a bit of research on that early last year, and found a couple of platforms that allow you to start your own online-based lending platform (using their existing tools/embeddable calculators). The one that I noticed to be quite active in the local market these days is Robocash, where you can get commissions for every qualified lead they can close through your site/platform.

    2. Mary says

      I personally have tried 5 of these apps namely Atome, Cashwagon, Pondo Peso, Fast Cash and TALA Philippines and observed them for quite a few months for a subjective opinion. TALA Philippines is actually the best credit app in terms of reliability and low interest/service fees. For instance, while other apps charge P700 – P800 fee for a borrowed amount of P3,000, TALA just charges P330. The amount you can borrow eventually increases if you’re a diligent payer. The payment term is longer too. Most importantly I guess, there are no irritating and annoying collection agents who would endlessly call you reminding you of your obligation to pay. And when I say irritating, it is to the maximum level.

    3. Calvin says

      Has anyone tried Qcash? I saw it on a list of banned online lending platforms via NDC. Still seeing it available on Google app stores. seems like a viable option if they are still in service?

    4. Catherine A . Ty says

      Hello 🙂 I have a question , when you want to apply for online emergency loans , do you need to pay fees and is it legit to have transactions with these websites? Thank you 🙂

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