Best Online Loans In Philippines With Quick Approval [Updated]
The Fintech industry in the Philippines has seen tremendous growth in recent years. As it made financial products more accessible, it also created new ones that empowered the people with more options better suited to the lifestyle and preference of every Filipinos.
Today, you no longer need to drive far to apply for a loan. The fintech industry in the Philippines has made it possible for financial products to be purchased online, and Filipinos can apply for one today.
These loans that you can apply for online are now more accessible than ever! Whether you’re a Pinoy working overseas (OFW) or just here at home!
Online Cash Loans
If you’re looking for some fast cash, these are the loans that are made just for you.
ACOM Revomax Personal loan
ACOM is a non-bank financial institution that originated from Japan. They offer financial services to consumers in a form of unsecured loans.
Familiar with quick cash loans? This loan is one but with an even better offer. Just like every other quick cash loan, ACOM Revomax Cash Loan promises a one-day loan approval and relatively less stringent requirement and application process. What sets this apart from others is that the amount you loan can increase over time until ₱500,000 whenever you complete a loan term.
One of the most unique offerings of ACOM’s instant cash loan is the ability to pay only the minimum amount (8%) of your outstanding balance. They have three channels where customers can apply for a loan – their mobile App, website, and their physical branches.
| Loan amount | ₱5,000 |
| Loan tenure | 6 months |
| Interest rate | 4.563% |
| Loan amount | ₱5,000 gradually increased up to ₱500,000 every successfully paying off a loan cycle |
| Loan tenure | 6 months |
| Interest rate | 4.563% |
Eligibility
- Filipino, 21 to 65 yrs old
- Working tenure at least three months
- Minimum income of at least ₱7,000
- An existing workplace landline phone and personal mobile number. However, this is not required for freelance ESL teachers & partner drivers/riders.
Document
Self-employed, freelance ESL teachers (51Talk, ACADSOC, Weblio, Rarejob, Bizmates, etc.) and freelance partner drivers/riders (Grab, Angkas, Lalamove, Foodpanda, etc.)
- 1 Valid Govt. Issued ID: (TIN, SSS, GSIS, UMID, Passport, Driver’s License, Postal ID, Voter’s ID, PRC, NBI Clearance)
- Income Certificate: Screenshot of the applicant’s company app reflecting consecutive pay periods that will make up the 1-month worth of pay.
- Proof of TIN: TIN Card, Recent BIR 2316, Company ID, Payslip (Not needed if ID or proof of employment contains the TIN).
For Employees
- 1 Valid Govt. Issued ID: (TIN, SSS, GSIS, UMID, Passport, Driver’s License, Postal ID, Voter’s ID, PRC, NBI Clearance)
- Proof of Employment: COE or Company ID, and Latest Payslip within 15 days or BIR2316
- Proof of TIN: TIN Card, Recent BIR 2316, Company ID, Payslip (Not needed if ID or proof of employment contains the TIN).
Repeat borrowers
- No more requirements are needed upon renewal.
Turn around time
- within 24 hours.
How to apply
- Log in to their website or download their App from Google Play (Android) or App Store (iOS).
- Click “Apply Online” on their home page banner.
- Indicate the amount you want to loan, use the slider to match the amount you want to borrow.
- You will be asked to sign in using either your Facebook account, email, phone number, or Apple account. Choose the one you’re comfortable with.
- Once logged in, you will be asked to enter your personal information, your bank account number, and upload your valid ID.
- Your application will be approved within 24 hours and the cash will be disbursed directly into your bank account.
Payment option
Your statement of account containing your outstanding balance will be emailed to you 14 days before the due date. It will also contain the details for your repayment such as the account number where you’ll send the payment. When you’re ready to pay, bring your statement of account to the following payment channels.
- Bayad Center or EC Pay kiosk at any 7 eleven branches.
- LBC
- Western Union
- Bayad Center Outlets
- Robinsons Payment Center
- Pera Hub
- EBIZ Gobeyond
- Villa Rica Pawnshop
- Requel Pawnshop
- Sinag Pawnshop
Fees
- Processing fee – ₱500 to ₱1,000 (depending on your loan amount)
- Lending fee ₱500
These are only one-time fees and are no longer applicable for loan renewals or your succeeding loan cycles.
ACOM Revomax Personal Loan is the only loan that offers a minimum amount (8% of the balance due) for the repayment
Radiowealth Finance Corporation (RFC) Personal Loan
RFC is one of the longest-running private finance/lending company in the Philippines. The company was established in 1964 and they pioneered (non-bank) offering car and appliance loans to Filipinos. Through the years, they have diversified their financial services granting an array of personal loan options to their customers.
| Loan amount | ₱20,000.00 - ₱150,000 Up to ₱1,000,000 if with collateral |
| Loan tenure | 3 to 12 months |
| Interest rate | 3.5% to 4% per month |
| Other fees | One-time 6% processing fee deducted from the approved loan amount. ₱200 notarial fee |
Eligibility
- Filipino citizen not younger than eighteen (18) years of age
- Residency of at least two (2) years, except if you are a new homeowner
- Good character and reputation
- A source of income. If employed, you should have been connected with your current employer for at least two (2) years with a minimum basic monthly salary of Php 18,000.
Documentary requirements
- 2 valid government ID’s (if employed, pls include company ID)
- Proof of Billingbilling
- Proof of Income (3-month payslip)
- Residential, Business, or Employment employment Address
- Certificate of Employmentemployment
- Business Barangaybarangay/ Businessbusiness/ DTI Permit permit (for business owners)
Additional Requirements For PDC Collection Payments
The latest deposit slip (on the checking account) that is not more than one week old.
How to apply for RFC Personal Loan
- Go to RFC’s website and hover over the “Products” tab found on the upper left-hand side of their website. If you’re on mobile, click on the drawer button at the upper right-hand side of the screen, it will present you the header options including the “Products” tab. Under the products tab, click on “Multipurpose loan”.
- There are eight types of multipurpose loans you can apply for. Choose which “Personal Loan” and click “Get It Now.”
- The next page is where you fill up all your basic personal information. Click “Next” once done.
- The last page is where you will need to fill in information about your source of income. You will also be required to upload your documents on this page. Click “Submit” once you’re done.
- You will receive a call within 24 to 48 hours from the time of application and you may claim your funds from the branch near you.
Given that you’re not too cash strapped to afford to wait for at least a week to get a loan, this is the best loan option that you have on the list. It has the lowest interest rate, more flexible terms, and bigger loan amount. You can better manage your cash flow by taking longer-term loans like the ones that RFC offers.
Cashwagon Cash Loan
Cashwagon Cash Loan
Zero Interest On Your First 10-Day Loan!
No collateral with low min. monthly income.Cashwagon, a subsidiary of Green Money Tree Lending Corp is an established service provider in the field of Information Technology solutions and Financial Technology (FinTech).
Their main focus in the Philippines is consumer financing online that offers access to online cash loans without any collateral requirements, complex approval procedures, or prolonged application waiting time.
Their business model utilizes the internet to enable clients’ easy access to their lending services, and they complement it by offering a quick turnaround time.
| Loan amount | ₱2,000 - ₱7,000 |
| Loan tenure | 10 days |
| Interest rate | 0% |
| Maximum loan amount | ₱20,000 |
| Loan tenure | 30 days |
| Interest rate | 20% |
| Total amount to be paid | ₱24,000 |
Eligibility
- Currently residing in the Philippines
- Loan applicant must be between 20 to 60 years old
- Employed for at least 1 year
Documentary requirement
- Payslips and/or COE
- Proof of address (utility bills)
Turnaround time
- Within 24 business from the time of application
How to apply
- Log on to their website.
- Fill in the application form.
- Wait for a call from Cashwagon
- Loan confirmation will be sent to you via SMS within 30 mins after the phone call.
- The money will be sent to your indicated bank account within minutes from receiving the SMS confirmation.
Payment option
Cashwagon can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:
- 7-Eleven (Using Dragonloans)
- Bayad Center
- SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket)
- Robinsons Department Store and Supermarket
- Cebuana Lhuillier
- LBC
- Landbank ATM
Cashwagon offers quick cash for those who need immediate funds to meet financial obligations. The application is also hassle-free and can be done in just a few minutes. The documentary requirement is very minimal and release of funds is also very convenient as it’s directly transferred to your bank account or debit card.
While the application process is indeed hassle-free, this comes with a short payment term and steep interest rates in return. First-time applicants will also be limited to a maximum amount of ₱7,000 pesos, which is to be repaid within 10 days. Meanwhile, repeat borrowers will be able to borrow as much as ₱20,000 but are only given up to 30 days for the repayment.
If you’re in dire need of cash due to some emergency and payday is still a week away, perhaps their loan program best suits your immediate needs right now.
Tala Philippines
Tala is a global microfinance company that delivers its financial services solely through their app. Other than the Philippines, they also operate in Mexico, Tanzania, Kenya, and India, with over a million customers in their platform to date.
You can conveniently apply for their loan on the go through their app, but their maximum loan amount may not be sufficient for people with big-ticket needs.
This financial services provider is among the well-established private lending companies in the country. They have more comprehensive loan products which cater to a wider demographic and more varied financial needs of Filipinos. They have many branches across the country and one can also choose to do a walk-in application in their branches.
Their basic financial offering is their salary loan:
| Loan amount | ₱20,000 - ₱100,000. |
| Loan tenure | 12 months |
| Interest rate | 2.5% per month or 30% per annum |
| Total amount to be paid (*max. loan amount) | ₱26,000 to ₱130,000 |
| Repayment (*max. loan amount) | ₱2,167 to ₱10,833 |
Eligibility
- Applicant must be at least 1 year employed
- The employer must be in the top 10K list of corporations
- Must be at least 21-60 years old
- Minimum basic salary equivalent of at least ₱25,000
Documentary requirements
- COE (3 months old)
- 2 Months Latest Payslip
- Company ID
- Proof of Billing (Latest)
- Government-issued ID
How to apply
- Log on to their website and click the apply now button.
- Fill in your information on their application page.
- Upload the necessary documents.
- Wait for a call from their representative 24 hours upon the submission of the application.
- GDFI will contact you by phone and email once your application is approved.
Turn around time
- 3 to 5 business days
Payment option
Global Dominion only accepts payments through their payment partners, which are the following:
- 7-Eleven (Using ECPAY)
- Palawan Express
- iRemit
- Cebuana Lhuillier
- Mlhuillier
- truemoney
Tala has very minimal requirements, however, it also comes with higher fees and interest rates in the shorter term. It may not be ideal for people who can’t cope with bulk payment or who are just financially incapable of doing so. It’s a quick cash solution with a quick repayment scheme.
Pros: Quick approval and minimal requirement
Cons: Too many fees and very short payment term
.
Asteria Personal Loan
Asteria Lending Personal Loan
Fast Approval Loan With No Collateral.
Cash is disbursed in as fast as 48 hours.Asteria Lending Inc. is another rising fintech company operating in the Philippines that offers cash loans through online application. They offer a more comprehensive range of financial products from personal and salary loans, to business and car loans (soon). They will basically match an applicant’s financial need with specific financial products. The company was established to provide personal loans in the Philippines with a goal to provide online, hassle-free service to its clients.
Other than providing clients easy access to their financial products, they also offer long-term financial solutions that offer flexible payment terms.
Currently, Asteria has two types of loans that you can apply for: Personal Loan and Salary Loan. Here’s a quick reference for these types of loans.
| Loan amount | ₱2,000 - ₱20,000 |
| Tenure | 61 days, 10 weeks, or 3 months |
| Interest rate | 0.8% per day |
| Total amount to be paid (*max. loan amount) | ₱29,760 for 61 days ₱32,000 for 10 weeks ₱34,400 for 3 months |
| Repayment (*max. loan amount) | ₱7,440 x 4 installment for 61 days ₱6,400 x 5 installment for 10 weeks ₱5,733 x 6 installment for 3 months |
Eligibility
- Currently residing in the Philippines
- Applicants can be salaried, self-employed or professional
- Minimum net monthly income of ₱15,000
Documentary requirement
- UMID, New TIN ID, New PhilHealth ID, and Driver License.
- Proof of address (utility bills)
- Two (2) months latest payslips
- A bank account under the applicant’s name where funds will be transferred.
Turnaround time
- Within 48 business hours from the time of application
Despite having almost the same maximum loan amount, interest rates, and payment term, the two loan products come with slightly different qualifications. The salary loan’s repayment will vary depending on the borrower’s salary dates, while the personal loan will have a specified due date set upon the discretion of Asteria.
How to apply
- Log on to their website.
- Register by clicking the APPLY NOW button
- Fill out the online application form and upload the necessary documents.
- Wait for 24 business hours after you have uploaded the complete documentary requirement.
- Notification via text message and email will be sent to the borrower upon loan approval. Alternatively, borrowers can log on to their Asteria online account to check the application status.
- Repayment instructions are also provided in the notification upon loan approval, it can also be found on borrowers’ Asteria account online.
Payment option
Asteria can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:
- 7-Eleven (Using Dragonloans)
- Bayad Center
- SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket)
- Robinsons Department Store and Supermarket
- Cebuana Lhuillier
- LBC
- Landbank ATM
Asteria’s offering is among the most flexible ones in the unsecured online cash loans in terms of repayment. Though banks offer better interest rates, the screening process is more stringent and strict. If you’d rather skip the lengthy process because you need funds right away and are willing to compromise with a bigger interest rate, this loan service provider might suit your needs.
However, do keep in mind their maximum loan amount isn’t big enough to cover many big-ticket items. If you’re just in need of immediate cash to fund some immediate day-to-day expenses, their loan product may just work for you.
OFW Loans
Are you working overseas? Need additional funds to buffer your finances? It doesn’t matter whether you’re currently based abroad, you’re set to come back soon for a vacay (balikbayan), or you’re to be deployed soon, these providers have the loans tailor-fit to your needs.
South Asialink Finance Corporation OFW Loan
This finance company is among the big leagues of private financial service providers that offer consumer loan products. They have branches across the country and can accommodate walk-in applicants.
Being one of the biggest established private lending companies in the Philippines, their consumer loans are quite competitive and diverse, and in some cases comparable to services offered by banks.
Loan features
| Loan amount | ₱20,000 - ₱250,000 |
| Loan tenure | 12 months |
| Interest rate | 1.5% per month or 18% per annum |
| Total amount to be paid (*max. loan amount) | ₱295,000 |
| Repayment (*max. loan amount) | ₱45,000 |
Eligibility
- Age 21 to 59 years old
- At least ₱20,000.00 monthly income
- A co-maker who meets the following criteria
- A Filipino Citizen
- 21-59 years of age upon loan maturity.
- Must have a steady source of income.
Documentary requirement
- 2 Photo Issued ID (1 Government and 1 Company ID)
- 2 Latest Proof of Billing
- 2 months Latest Payslip
- 3 Months Latest Bank Statement
- Latest Certificate of Employment
Co-maker documentary requirements
- Latest 2×2 picture (3pcs)
- Photocopy of 2 valid IDs (Company ID, Passport, Driver’s License, SSS, etc.)
- Proof of Billing (electricity, telephone, water bills)
Turnaround time
One to three business days from the time an application together with the documents are submitted.
How to apply
- Register on their website.
- Fill in your full name, email address, and preferred password.
- A confirmation email will be sent to your email address.
- After signing up for an account, you can then log-in and upload the required documents for the loan that you want to apply for.
- Wait for a call within 24 hours upon application for verification of your documents.
- Another call will be given to you upon loan approval.
Payment option
Repayment can be done through their partner payment centers, which are M Lhullier and Cebuanna Lhullier.
Their loan product, rates, and tenure are standard offerings. However, if you take comfort in borrowing money from an established loan company other than a bank, South Asia Link is the next best thing. Just make sure you take all the factors in their loan product into consideration and make sure it will not hinder your cash flow in the long run.
Business Loans
While individuals have a range of online options when it comes to personal loans, even business entities and professionals can now have quick access to funds online. Check out the latest business loansbfrom our list to help you take your business to the next level, with some extra funding of course!
Welcome Bank Business Loan
Welcome Bank is a subsidiary of Welcome Financial Group, a specialized retail banking provider from Korea established in 2002. They offer a wide range of financial solutions to retail consumers from credit lines and loans, to banking products such as savings accounts, to digital banking services.
One of their offerings to the retail market in the Philippines is their Business Loan. This loan option caters to small and medium business owners in the country, offering them access to financial services that can enable them to expand their businesses. It comes with a fairly reasonable eligibility requirement, one that shouldn’t give our local entrepreneurs a hard time to qualify for.
Loan features
| Loan amount | ₱50,000 - ₱2,000,000 |
| Loan tenure | Repayment options of 12, 24, or 36 months. |
| Interest rates | 3% monthly interest rate. |
| Other fees | Processing Fee – 3% of Approved Loan Amount Notarial Fee – ₱400 Documentary Stamp Tax – Approval Loan Amount / 200 * 1.5 |
Eligibility
Welcome Bank requires their loan applicants to meet certain eligibility requirements and provide the following documents.
- Filipino citizens at least 21-65 years of age
- Registered business must be operating for three years; or for professionals such as doctors – one year in practice.
- With a minimum net monthly income of ₱40,000.00 a month
- Must have a valid landline or postpaid number.
Documentary requirement
- Fully accomplished loan application form.
- Two Valid Government IDs
- Three months Bank Statement
- DTI Permit / SEC Registration
- Latest Mayor’s Permit
- Latest ITR with Audited Financial Statements (optional)
- Utility Bill (under your residential address)
- Three Trade Reference / List of Suppliers
Turnaround time
two to three business days from the time an application together with the documents are submitted.
Payment option
Loan repayment is only through (Post Dated Checks) PDCs.
How to apply
click the link below.
If you are still looking for similar options and find the selections above limited, you can review our full list of online cash loans in the Philippines to help you find which product is best suited for your financial needs. Compare loan details, eligibility requirements, tenure, and approval duration, then apply directly online for fast and convenient application process.
This article was originally published in December 2018 and is updated to keep information relevant and up to date.
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