Online loans with monthly payments in the Philippines

What are online loans with monthly payments

Online loans are loans that can be obtained on the websites of special services. For their registration, it is not required to visit the office of the organization that issues the money. It is enough to apply on the official resource of such a company.

To engage in online lending, a company must be registered with the DTI and SEC and have a physical office in the Philippines. This guarantees the protection of the borrower by the law, so do not be afraid to apply for a loan on the website of one of the platforms. Unfair attitude on her part is simply excluded. And if it does appear, you can always apply for the protection of your rights to the relevant authorities or to the court.

Lending terms

All credit services have similar conditions:

• interest rate from 10 to 12% per month;
• payment every 30 days (at the request of the borrower – more often);
• credit term — up to 180 days.

In the nuances, the conditions may differ, but usually they fit into this framework. For late payment, all organizations that issue loans charge penalties.

An important point is that on many platforms it is impossible to return a loan immediately after receiving it. For example, Digido only allows refunds if the customer has held the funds for at least 7 calendar days. At the same time, penalties for early repayment of the loan after this time are not charged.

The borrower must be over 18 years of age, be a resident of the Philippines and have an identity document. Other requirements, as a rule, are not presented.

How to apply for a loan online with monthly payments

Applying for almost all loan platforms is the same. To issue it, you will need to perform the following steps:

1. Go to the website of the lending platform.
2. Select the amount using the virtual slider.
3. Enter phone.
4. Agree with the terms of the loan.
5. Confirm sending the application.

After that, the user will be prompted to confirm the specified number using a unique SMS code. Once this is done, it is necessary to fill out a questionnaire with personal data and bank card details, to which the online loan will be transferred. In addition, almost all online lending services require you to send photos of documents and your own selfie with them.

The application is then submitted for review. It is performed not by living people, but by special software algorithms, so it is done extremely quickly – in just a couple of minutes.

Advantages of online loans with monthly payments

Online loans with monthly payments have the following advantages:

• Remote clearance. To apply, you do not need to visit the office of a credit institution, which is especially important for the Philippines. Classical banks are concentrated mainly in cities and at the same time do not provide many services online.
• Speed. Since the application for receiving money is considered by special algorithms, it takes only 3-5 minutes. In conventional banks, it takes much longer.
• Loyal conditions. Many lending platforms do not impose any requirements on the borrower at all. The only thing is to provide comprehensive information about yourself (including photographs of an identity document).

Another plus is that credit history is not so important. It is checked and taken into account, but money can also be received with poor performance – just the amount will be less, and the return period will be shorter.

Popular online loans in the Philippines

Next – an analysis of the most popular Philippine services where you can get an online loan on favorable terms.

• Digido

Digido is a Philippine instant loan service that provides them on the website and through a mobile application. The platform gives from 10,500 to 25,000 PHP at a rate of 11.9% per month. Loan term – up to 180 days. The amount of the first application must not exceed 10,000 PHP. The first online loan is issued on preferential terms – no interest is charged for 7 days. If you return the money on the 8th day, then there will be no additional costs for the loan at all.

• Kviku

Kviku is an international online loan service that also operates in the Philippines. It issues loans up to PHP 25,000 for up to 180 calendar days. The interest rate is 11.698% per month. Unlike Digido, there are no restrictions on the first loan – already during the initial application, you can specify any amount (but not more than 25,000 PHP). There are no benefits for new clients.

• Crezu

The Crezu service itself is not a lender, it is an aggregator of companies that issue quick loans without checking a credit history. However, the application can be submitted directly on the platform website. The conditions will depend on the lender that Crezu selects, so it varies from borrower to borrower.

• FinBro

FinBro offers online loans from PHP 1,000 to PHP 50,000. The requirements for the borrower are more stringent than others: reaching the age of 20 and having a permanent source of income. The loan term is up to a year, the rate is 11.5% per month. New customers can only borrow up to 10,000 PHP, however, they have a benefit – no interest is charged on the first loan.

• CashXpress

CashXpress offers instant online loans ranging from PHP 1,000 to PHP 20,000. The return period is determined individually for each client. The rate is 2.3% per day. If the user applies for a loan for the first time, the interest is less – 1% per day. When considering a request, credit history is not taken into account and you do not need to confirm income.

• Moneycat

The Moneycat platform offers online loans with monthly payments ranging from PHP 500 to PHP 20,000. The term of the loan can be from 3 to 6 months. The interest rate is 11.9% for 30 days. The requirements for the borrower are stricter than the standard ones – you must be at least 22 years of age and must have an official source of income. At the same time, it is not required to confirm the latter – it is enough to report it when applying for a loan.