How to Get Fast Online Cash Loans in the Philippines

Last Updated on – Oct 24, 2022 @ 2:22 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. 

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.

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.

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What are Lending Companies?

A lending company is simply a stock corporation that uses the term “lending investor,” “lending company,” or any other term that describes its primary purpose/activity of lending money to people. These companies usually lend money from their own funds or the funds of less than 19 people. 

Lending companies give out loans in various amounts and interest rates that are agreed upon by all the parties involved in the deal/contract. 

It does not cover banks, financing companies, cooperatives, savings and loan associations, insurance companies, pawnshops, credit institutions, and investment houses that are regulated by law. 

Traditional Loans from Banks 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 Banks

Pros	Cons
❑ You can borrow larger amounts   ❑ Regulated by independent authorities ❑ Complies to banking regulations	❑ More stringent approval process   ❑ Requires more paperwork ❑ Takes longer to get funded ❑ Short-term loans for small amounts are still hard to get approved

Online Lending Platforms

Pros	Cons
❑ Loans get approved faster   ❑ Quick and easy application ❑ Less requirements ❑ Allows lending of small amounts for short-term periods	❑ Max amount that can be borrowed is less versus banks   ❑ Absence of independent regulatory authority for monitoring activities ❑ Since process is done online, borrowers run the risk of getting their data hacked

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

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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…)

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Top Online Loan Apps & Lending Platforms 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.

• Types of Loans being offered:
  • Cash Loan
  • Credit Card
  • Online Shopping (via tie-ups with product companies)
• Interest rates:
  • Varies depending on the terms of the loan (price, repayments)
• Loan Approval Duration:
  • Same day as purchase (done physically at their partner store)
• Maximum Limit for Loans:
  • Php150,000 for cash and product loans
• Requirements:
  • 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.

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2. 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: 11% for payment on a weekly basis within 21 days or 15% for payment in full within 30 days.
• Loan approval duration: 24 hours
• Maximum limit for loans: Php25,000
• Requirements and Application process:
  • Phone and ID.
  • Note that step 3 of their process requires that you sign up using your Facebook account.

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3. Cashalo

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

• Interest rates: 4.95% per month
• Loan approval duration: 1-2 business days
• Maximum limit for loans: Php10,000
• Requirements and application process:
  • Gov’t issued ID, payslip, company ID, bank account details. Download and install the app, register your account.

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4. 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: 0.1% to 0.4% per day
Maximum limit for loans: P1,000 to P25,000
Loan terms: 3 months to 6 months
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.

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5. Tonik’s Quick Loans

Tonik aims to revolutionize finance in Southeast Asia by providing access to a digital bank that is not intimidating, simple, and effective. Applying for a quick loan online has never been this easy thanks to Tonik. 

• Maximum Limit: P50,000
• Loan approval duration: within 24 hours
• Interest rates: 7% fixed monthly interest rate; 5.4% interest rate for those who link their salary payroll ATM card
• 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)
  • 1-month payslip

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6. 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: 3.5% depending on your loan terms (weekly, bi-weekly or monthly).
• Loan approval duration: 24 hours (business day)
• Maximum limit for loans: P5,000 up to P50,000
• 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

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7. Lendr

Lendr is considerably one of the biggest lending platforms in the country, seeing the company recorded a double-digit loan growth last year.

To be a one-stop loans shop showing all loan offers of all participating banks for faster, more convenient, dynamic, secure and engaging loan application experience is what Lendr is all about.

They will not be issuing you the money directly, rather, they serve as the broker between the borrower and the lender. By offering a variety of banks to choose from, they give more flexibility to the borrower.

• Interest rates: Depends on the bank the borrower will choose.
• Loan approval duration: Depends on the processing time of the chosen bank
• Maximum limit for loans: Dependent on your monthly salary
• Requirements and Application process:
  • Lendr Account & Lendr Profile
  • Fulfilled Loan Application Form
  • Required Loan Documents (i.e. Proof of Income, Valid Gov’t IDs, Proof of Billing, Certificate of Employment, Copy of ITR) that are scanned and uploaded via Lendr, and E-signature

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8. First Circle

First Circle is a Philippine-based financial technology lender that provides Small Medium Enterprises (SME) with supply chain financing to meet larger client demands.

In short, they cater to businesses who need the capital to increase production and provide them the potential to grow bigger.

They are a proud official finance partner of DTI and the first fintech company to be licensed by the Securities and Exchange Commission (SEC) in the Philippines.

• Interest rates: Starts at 1.39% per month (for their Revolving Credit Line) with a processing fee of 1.99% of the total loan amount per loan.
• Loan approval duration: 1 – 5 Days
• Maximum limit for loans: Php10,000 up to Php10,000,000
• Requirements and Application process:
  • Complete your TrustPass profile (their online profile for you and your business)
  • Submit your purchase orders or Invoice

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9. 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.

• Maximum amount: Php 3,000,000.00
• Interest rate: Interest varies depending on the type of loan
• Loan approval duration: Approval duration varies depending on the type of loan
• Requirements:
  • 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

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10. Blend.ph

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

• Types of Loans being offered:

• Loan Approval Duration:
  • Loan 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 Blend.ph and their other partner lenders like Netbank, Welcome Bank, Right Choice Finance, and Forbes Lending)

• Maximum Limit for Loans:
  • Php2 million
• Requirements:
  • Complete the online registration
  • Valid IDs

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11. CashWagon PH

This company operates under the financial arm of Green Money Tree Lending Corp. They also operate across several other countries in Southeast Asia. They focus on providing reliable microloans and financial services to those who don’t have immediate access to funds.

• Interest rates: They offer 0% interest on your first 10-day loan (zero fee)
• Loan approval duration: 1-2 business days
• Maximum limit for loans: Php6,000 for first-timers
• Requirements and application process:
  • Simply complete their application form online. Wait for approval.

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12. PeraJet

This company prides itself in being supervised under the Philippine Securities and Exchange Commission (SEC).

They were funded by WJA Investments, from Europe, and have been registered with the SEC since 2016.

• Interest rates (loans): No info posted. Please contact them at (02) 398 5065
• Loan approval duration: 24 hours
• Maximum limit for loans: Php35,000
• Requirements and application process:
  • Need to submit 1 Primary and 1 Secondary ID
  • Certificate of Employment, Proof of Address, Payslip, Company ID
  • Primary IDs:
    • Passport
    • Driver’s License
    • Professional Regulation Commission (PRC) ID
    • Unified Multi-Purpose ID Card
    • PRC ID
    • Voter’s ID / COMELEC ID
    • Government Service Insurance System (GSIS) e-Card
    • Social Security System (SSS) Card
  • Secondary IDs:
    • Integrated Bar of the Philippines ID
    • Company ID with name and photo
    • PAGIBIG/HDMF ID
    • PhilHealth Card
    • Postal ID
    • TIN ID
    • NBI Clearance
    • Certificate of Employment
    • Credit/Saving Card
    • Government Office and GOCC ID, e.g., Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
    • Department of Social Welfare and Development (DSWD) Certification

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13. Loan Ranger PH

The site boasts of using big data analysis to obtain the accuracy in its credit decision. They implement a fully-automated method of identifying credit score and potential of a customer to repay.

• Interest Rate: 9.75%
• Loan approval duration: Credit decision within 1 banking day
• Maximum limit for loans: P3,000 – P10,000
• Requirements and application process:
  • One valid government ID (scan copy or photo)
  • A Facebook account
  • A stable source of income (store owners and home-based workers/ freelancers are welcome to apply)

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14. Lend PH

Acting as a middleman between lenders and borrowers, Lend.PH does not directly provide the funds to its customers. Rather, they brand themselves as “a free hub for online direct payday lenders information and posting network”.

• Loan approval duration: Upon creation of a loan, you’ll need to wait for a lender to connect with you to fund your loan.
• Maximum limit for loans: TBD, depends on the deal with the lender
• Requirements and application process:
  • Simply create an account on their website.

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15. 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: No info available. Contact them at feedback@easycash.ph & loans@easycash.ph of inquiries
• Loan approval duration: 1-2 working days
• Maximum limit for loans: P20,000
• Requirements and application process:
  • Create an account via their website
  • Wait for approval confirmation

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16. Asteria

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: 0.8% per day
• Loan approval duration: 1 business day
• Maximum limit for loans: Php10,000 for first-time borrowers
• 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.

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17. Kiva.org

Kiva is an online lending platform that taps into the power of crowdfunding. Kiva is an international nonprofit, founded in 2005 and based in San Francisco, with a mission to fight poverty and assist budding entrepreneurs through their platform.

One thing to note, however, is that when I tried to sign up as a borrower, the site said you have to be located in the US. You can be a lender though if you’re from the Philippines.

• Interest rates: From their site: Kiva never charges interest on loans, and never takes a fee from lenders. 100% of funds lent on Kiva go to funding loans.
• Loan approval duration: 30-60 days
• Maximum limit for loans: Up to $10,000
• Requirements and application process:
  • Register and sign up on their website. Submit requirements as needed.

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18. UpLoan

Uploan requires that your employer is Uploan-accredited before you can borrow. They follow a more stringent process as the repayments will be tied with your payroll (salary deduction). They do offer higher loan amounts (up to Php100,000).

• Interest rates: 12-40.5% per annum
• Loan approval duration: 1-2 business days
• Maximum limit for loans: Php100,000
• Requirements and application process:
  • Create an Uploan wallet via their website. Your employer should be accredited with Uploan.

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19. UPFinance

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%
• Loan approval duration: 24hrs – 120hrs
• Maximum limit for loans: Php100,000

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20. PawnHero

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. 

• Loan interest rates: Starts at 2.99% per month
• Maximum/minimum limit for loans: Any amount (no minimum/maximum)
• Approval duration: 1 day after item is picked up from address
• Other requirements: 2 government valid IDs only

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21. Advance

Advance is an online salary loan provider that caters to businesses and companies who would like to provide the option of short-term salary advances to their employees.

Types of Loans being offered:

• Salary loan advance

Interest rates:

Advance doesn’t charge any monthly interest, only a processing fee.

Loan Approval Duration:

Advance can review and approve your request in as fast as two minutes. You can view transaction details, statements, payment schedules, etc., via your Advance dashboard.

Maximum Limit for Loans:

Eligible employees can advance up to 50% of their monthly salary, anytime.

Requirements:

Advance is available for the regular employees for accredited company partners. Employees must be 21‐60 years old and a Filipino citizen.

Once your company has partnered with Advance, simply enroll for an account online then submit your personal and employee details (you’ll be asked to provide a valid ID).

Once approved, you’ll be provided a credit limit.

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22. SeekCap

SeekCap is an online marketplace for business loans for micro, small, and medium enterprises (MSMEs). As a business owner, you can access and apply for various loan products from multiple lenders.

Currently, SeekCap offers business loans from UnionBank of the Philippines, Esquire Finance Inc., Zenith Capital Credit Group, Right Choice Finance Inc, SeedIn Technology, RAFI Micro-Finance, and Bangko Kabayan.

Types of Loans being offered:

• Business loans

Interest rates:

Currently, SeekCap lenders offer various interest rates and their lender on-board, UnionBank of the Philippines, plots 2% interest rate per month on their available loan products in SeekCap.

Loan Approval Duration:

Can be completed within 24 hours.

Maximum Limit for Loans:

Maximum available loan is P20 million.

Requirements:

• Your business (sole proprietorship/partnership/corporation) must be operational for at least 2 years. 
• As a representative or owner, you are at least 25 years of age
• Filipino Citizen and Resident
• No existing loans with UnionBank of the Philippines

Document requirements:

• Sole Proprietorship
  • DTI Certificate
  • Mayor’s Permit/Business Permit
  • Proof of Sales – Bank Statement of at least 6 months
  • Proof of Billing – Electricity
• Corporation
  • SEC Articles of Incorporation / Cooperation, whichever is applicable 
  • SEC Amended Articles of Incorporation / Cooperation, whichever is applicable, including By-Laws 
  • By-Laws with SEC Certificate of Registration 
  • Current General Information Sheet (GIS)
  • Notarized SEC Certificate Using UBP Template
  • Mayor’s Permit/Business Permit
  • Proof of Sales – Bank Statement of at least 6 months
  • Proof of Billing – Electricity 

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23. BillEase

This installment loan app allows Filipinos to pay for online and offline purchases with 0% interest. It doesn’t have service charges, late payment fees, and other hidden costs. 

Interest rates: 0% to 3.49% per month
Loan terms: 2 months to 24 months
Loan approval duration: Approval can be immediate or up to one day
Maximum limit for loans: P2,000 to P40,000
Requirements:

• At least 18 years old with a stable source of income
• Latest proof of income
• Proof of billing
• 1 government-issued ID

Application process:

• To use BillEase, submit an application form and wait for your approval.
• Once approved, an initial credit limit will be set for you and this can be used to purchase from over 800+ merchants.

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24. 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 limit for loans: up to P15,000
Loan approval duration: 5 minutes
Loan terms: up to 6 months
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.

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25. UnaCash

UnaCash helps Filipinos fill financial gaps through a credit line. This can be used to cash out or pay for items from partner merchants. This “buy now, pay later” service also boasts flexible loan terms which is extremely beneficial for those using a credit line for the first time.   

Interest rates: 0% to 16%
Loan approval duration: 24 hours
Maximum limit for loans: P1,000 to P50,000
Loan terms: 2 months to 6 months
Requirements and application process:

• Download the app
• Fill in your personal information
• Select the loan terms
• Wait for approval
• Get your money

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26. Fastloans PH

Operated since 2018, Fastloans.ph is a financial platform to advise and evaluate reputable online loan products in the Philippines.

Customers have the opportunity to search, compare and choose the best financial company and bank products based on criteria such as interest rate, loan period, loan amount, position geographical location.

Types of Loans being offered: online loan, pawn online, open credit cards, unsecured loans, car loans, home loans
Interest rates: starts at 20%
Loan Approval Duration: within 2-24 hours
Maximum Limit for Loans: PHP 25,000

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Getting Online Loans from Banks in the Philippines

We’ve curated a list of all the top banks in the Philippines along with the basic terms and requirements.

Citibank

Citibank’s personal loan offering promises to allow you to live your best life and plan it your way, with flexible terms of 1 to 5 years available. If you meet their requirements, you can get approved for the loan in 24 hours with no collateral or guarantor required. 

Interest rates: Depends on the terms of the loan (price, repayments)

Loan approval duration: As fast as 24 hours
Maximum loan amount: Up to P2,000,000 (subject to approval)
Requirements and Application Process: 

• One valid government ID with photo and signature
• (For Employed) Latest Income Tax Return (BIR Form 2316 or latest 1-month full payslip
• (For Self-Employed) Latest Income Tax Return (BIR Form 1701) and Audited Financial Statements (AFS) of the business with independent auditor’s report and balance sheets and tax receipt

Affiliate Disclosure: We’re an affiliate of Citibank. We earn through commissions when people sign up for any of Citibank’s products using our link (above). The earnings we get from the commissions is solely used to maintain this website, but if you’d prefer for us to stay poor, here’s the non-affiliate link 🙂

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BDO

Maximum Limit: Php 1,000,000.00
Interest Rates: Fixed rate of 17.07% per annum, 1.25% per month add-on, 1.30% per month for 6-month tenure
Required Documents:

• Photocopy of the latest BIR Form 2316 or W2 signed by employer’s authorized representative (MANDATORY)
• Original Certificate of Employment and Income (COEI) issued in the last three (3) months indicating status, length of service and breakdown of compensation
• Photocopy of last full month pay slip

Apply Online

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BPI

Maximum Limit: Php 1,000,000.00
Interest Rates: 14.40% p.a
Required Documents:

• Government-issued photo-bearing ID (Passport, Driver’s License, SSS, PRC, etc.)
• 3 months original pay slip and/or Latest Income Tax Return with BIR or Bank stamp (BIR Form 2316)

Apply Online

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SB Finance

Maximum amount: Php 2,000,000.00
Monthly add-on rate: 1.89%
Loan approval duration: 5 banking days
Requirements: 

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. 

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HSBC

Maximum Limit: Php 500,000
Interest Rates: Fixed rate of 14.52% – 15.48% per annum
Required Documents:

• Latest Income Tax Return (ITR) or BIR Form and original pay slip (one whole month)
• Photocopy of valid photograph-bearing ID with proof of nationality and date of birth (i.e. Passport, Driver’s License or any Government-Issued ID such as PRC ID, SSS card type ID or BIR card type ID)
• Proof of residential address (PORA)
• Signed Terms and Conditions with Global Consent Clause
• If foreign national, any of the following additional documents will be required:(1) Copy of valid resident visa or; (2) Copy of valid non-resident visa considered by BSP as eligible for peso loans

Apply Online

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CIMB

Maximum limit: Php1,000,000.00
Loan term: 12 to 60 months
Monthly add-on rate: 1.12% to 1.95%
Requirements: 

At least one (1) valid primary ID from the list of valid IDs:

• Driver’s License (or its variants including conductor’s license, student permit, temporary permit
• Passport 
• Professional Regulation Commission (PRC) ID 
• SSS – Social Security System 
• Unified Multipurpose ID (UMID) 
• Postal ID 
• Voter’s (COMELEC) ID Card 

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RCBC

Maximum Limit: Php 1,000,000.00
Interest Rates: 6.08% per annum, 1.40% per month add-on
Required Documents:

• Accomplished Application Form
• Certificate of Employment and Compensation or latest 2 months Payslip or ITR;
• Copy of Valid Government IDs;
• TIN;
• 1 month latest utility bill

Apply Online

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UCPB

Maximum Limit: Php 300,000
Interest Rates: Fixed rate of 18.00% per annum, 1.50% per month add-on
Required Documents:

• Fully-accomplished UCPB YES Loan application form
• Certificate of Income and Employment or Contract of Employment
• Latest ITR
• Three (3) month’s Payslips.
• Proof of residence billing
• Proof of Deposits or Bank Certification on deposits
• Valid IDs (i.e. Passport/Driver’s License/SSS ID/ GSIS ID)
• 1×1 or 2×2 Pictures two (2) pieces

Apply Online

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Security Bank

Maximum Limit: Php 1,000,000.00
Interest Rates: 16.68% – 20.28%
Required Documents:

• Photocopy of company ID with clear photo and signature
• Photocopy of one (1) valid government-issued photo ID with three (3) specimen signatures
• Latest one (1) month payslip
• Latest BIR Form 2316 or latest certificate of employment

Apply Online

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EastWest Bank

Maximum Limit: Php 2,000,000.00
Interest Rates: 17.88% – 20.28%
Required Documents: 

• Completely filled-out and signed EastWest Bank Personal Loan Application Form
• Photocopy of one (1) valid photo-bearing digitized I.D.
• Photocopy of BIR FORM 2316/W2 (Tax Withheld)
• Photocopy of Latest one month pay slip
• Valid credit card reference or latest Statement of Account of the existing credit card
• Original copy of Certificate of Employment stating salary and position

Apply Online

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Related: The Complete List of PayPal Bank Codes & SWIFT Codes (BIC) of Philippine Banks

Tips on how to get your online cash 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

Pros	Cons
❑ Access to larger amounts for your loan   ❑ Easier to apply for and get approved (due to the security factor) ❑ Extension of repayments are accepted	❑ Failure to pay the dues in full may result to your collateral to be taken away   ❑ There are some secured loans that penalize early repayments

Unsecured Loans

Pros	Cons
❑ Quick and easy way to borrow cash   ❑ More flexibility with regards to repayment terms	❑ Only viable if you have good credit history and sufficient income   ❑ 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.

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:

Pros	Cons
❑ Allows you to borrow more than a credit card   ❑ EMI of Personal loans are fixed monthly, which translates to easier tracking and budgeting ❑ Rate of Interest is Fixed in most cases. ❑ You can choose the length of the repayment period	❑ High interest rates   ❑ The idea of “lesser interest rates with higher loan amounts” might tempt you to borrow more than what you need ❑ You can get charged a pre-termination fee for paying off your loan early

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Complete List of SEC’s Recorded Online Lending Platforms [2022]

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).

1. SEC.gov.ph
2. Privacy.gov.ph