Everything You Need to Know About Loan Online
Whether to use it on a big purchase or to cover unforeseen expenses, having cash to spare is always a good thing. But running a little short is inevitable at times, especially in the wake of an emergency. This is where applying for a loan comes in handy.
Sure, conventional loans such as those provided by SSS or Pag-IBIG can be a lot of help, but sometimes it incurs a long waiting game for the application to push through. Not to mention, it could take a while for the proceeds to be disbursed into your account.
Luckily, there are now easier ways to borrow money from reputable institutions and get your loan processed within minutes of application. This is where Loan Online comes into play.
What is Loan Online?
Quite simply, it is a financial aggregator for microloans. They curate various microloan options that are optimal for you. In a nutshell, it is a one-stop-shop for anyone interested in applying for a quick loan. Loan Online also works hand-in-hand (in a way) with Jeff App. As a subsidiary of the latter, it helps lenders get additional information about their applicants in the fastest way possible paving the way for the possibility of loans approved and released in no time.
The eligibility criteria tend to be more accommodating to people who have a low income. It also doesn’t take more than a few taps on the phone to accomplish the application process.
Advantages of online loans
- No Collateral – With online loans, you don’t need to have a collateral or a guarantor to be eligible
- 100% Online Process. You would only need a phone to apply.
- Fast Process. The loan approval process takes as fast as 5-30 minutes.
- Same Day Payment. When approved, money will be deposited into the borrower’s account as fast as 30 minutes up to 24 hours.
- Simple Procedure. Most lenders would only require a valid ID to be eligible to apply for a loan.
- Low Loan Limit. Maximum loan allowed is only ₱25,000.
- High Interest Rate. Fast money loans tend to have higher interest rates compared to conventional consumer loans.
- Service Fee. Most of these loans will incur a service fee.
- Short Terms. Most fast loan terms is only for 30 to 180 days.
What do you need when applying through Loan Online?
To apply for an online loan, you simply need a few things:
- Valid ID
- Bank Account or E-wallet – this is where the borrowed money will be deposited
- Phone number – this is where you will be verified
- Age – you would need to be at least 20-70 years old to be eligible to apply
How does it work?
Applying for an online loan is very easy. You just need to:
- Use the Loan Online website or Jeff App to find the right online loan for you
- Visit the partner website and complete the application process
- Wait for the approval
- Receive the cash and make sure your repayments are on time
Who are the partner loan providers?
There is a wide array of online loan providers affiliated with Loan Online and Jeff App. A few of the notable ones are the following:
Digido – One of the few instant online loan providers that provide comfortable repayment terms. They provide a wide range of loans from 0% interest rate to non-collateral loans amounting up to ₱25,000.
Digido offers consumer loans with annual returns for terms ranging from 3 to 6 months with the loan disbursement within minutes.
Cashwagon – They provide cash loans for individuals with a monthly income of as low as ₱6,000 with a max financing amount of ₱20,000 to be paid within 1 month.
Approval process for a Cashwagon loan is 1 day with an interest rate of up to 12% with no need for collateral or guarantor.
MoneyCat – Provides quick cash loans of up to ₱20,000 payable within 180 days. Terms for Moneycat loans is from 3-6 months with an interest rate of 11.9% per month.
Loan approval and disbursement for Moneycat loans can be as fast as 30 minutes. Payment for loan shall be through various method through DragonPay.
Online Loans Pilipinas – They also provide financial loans up to ₱20,000 with 0% interest if you pay back on the first payment date. You can complete the application form within 3 minutes and be approved and receive your money in less than 5 minutes using InstaPay and that’s even on holidays!
Repayment for Online Loans Pilipinas can be done through GCash, 7-11, online banking or via 5000+ Online Loans Pilipinas branches nationwide.
Borrow from as low as ₱500 up to ₱25,000Low minimum monthly income requirement on ₱10,000
What do you need to be mindful of?
Like any form of lending service, make sure you do everything right when applying for an online loan. One thing you need to ensure is that the lending company you’re working with is legit and is registered through the SEC. This will be of great assistance in the event of an untoward incident. The authorities would need to track their physical office in the country, so it’s crucial that they are recognized by the SEC.
Another thing to be careful about are interest rates. Before submitting your application, take time to compare different lenders and pick the one with terms that best suit your payment ability. Understand that deviating from your payments can greatly affect your credit score. Read all the fine print so you are 100% aware of what you’re getting into.
Remember, online loans are just like any other financial product. There is a lot of responsibility involved, so it’s crucial to set your priorities straight. That way, you can come up with a financial strategy to combat the onset of unnecessary financial chaos.