Are you in search of the best loan apps with the lowest interest rates in the Philippines? Good news, they do exist! Thanks to the ever-growing Fintech industry, loan applications can now be conveniently processed through your smartphone and valid ID.

The COVID-19 pandemic has had a severe impact on our economy, particularly affecting regular employees, startups, and small business owners. If you fall into any of these categories or are simply curious about the best online loan apps available in the Philippines, keep reading.

Many companies claim to be the best in the field, but few can guarantee fast approval times like the top online loan app in the Philippines. This app is ideal for those in need of quick cash to cover expenses.

Gone are the days of physically going to the bank and dealing with the hassle of providing extensive documentation and waiting in long lines. In the fast-paced world of technology, the Philippines offers some of the best online loan options available. Check out our list of the top 10 online loans with monthly payment options.

#1. Digido Philippines

Have you heard about Digido Philippines? They offer an instant online loan of 10,000 pesos for emergency bills payments and even business capital in as fast as 5 minutes. The company is legit and fully legal, registered with SEC Registration No.: 202003056 and Certificate of Authority No. 1272. They have a fully automated lending system that upholds lending rules and regulations without compromise, and they don’t indulge in unethical practices such as inflating higher interest rates for those with bad credit history or imposing hidden charges and upfront commissions.

To get started with Digido, you can visit their website digido.ph or download their mobile app on Google Play Store. You can borrow with a minimum of 10,000 up to 25,000 pesos for 180 days for repeated loans. You can create your account on their platform and provide your desired loan amount and personal data such as your cellular phone number and employment details. If approved, your money will be transferred within a few hours.

All Filipino residents who are 21 to 70 years old and currently employed are eligible to apply for Digido loans. No collateral or guarantors are needed, and you can choose from several payment options such as bank transfer, remittance center, 7-Eleven, Dragonpay, and offline branches.

The first loan of PHP 1,000 to 30,000 offers no interest for seven days, perfect for those building a credit history. Digido Philippines has a maximum annual loan rate of 143% or 11.9% per month. You can use their loan calculator to help you decide before taking out a loan.

#2. Online Loans Pilipinas

Online Loans Pilipinas is a financing company in the Philippines that is registered with the Securities and Exchange Commission (SEC). Their registration number is CS201726430 and Certificate Authority No. 1181. With four easy steps, you can get a cash loan from them.

First, complete the loan application form online, which takes only 3 minutes. You can loan a minimum of PHP 1,000 to PHP 7,000 and as much as PHP 8,000 to PHP 20,000 for repeated borrowers.

Second, use their online loan calculator to choose your desired loan amount, provide your mobile number, and create your account.

Next, wait for your loan to be approved, which usually doesn’t take more than a few minutes. If approved, the money will be transferred to your account via InstaPay in less than 5 minutes.

Eligibility requirements include being at least 22 years old up to 70 years old, a Philippine resident, and having a valid bank or e-wallet account. You only need to present one valid ID (TIN, Passport, PRC, UMID, SSS, Driver’s License).

Online Loans Pilipinas offers multiple repayment channels, including over-the-counter payments, Gcash, Coins.ph, or online banking via Dragonpay. You can even get an extension of up to 30 days if you encounter unforeseen circumstances. Plus, if you pay on time on your first payment, you can get your first loan free of a 0% interest charge. Their office is located at Unit 1402-06, 14th Floor Tycoon Centre, Pearl Drive, San Antonio, Pasig City. You can visit their website at olp.ph, or you can download their mobile app in Google Playstore and Huawei AppGallery.

#3. MoneyCat Loan

Moneycat offers fast and easy financial solutions to its customers through its online platform and mobile app. With a simple and straightforward registration process that takes only 5 minutes, customers can expect money transferred to their account within 24 hours. The company is legitimate under the name MoneyCat Financing Inc. with a Certificate of Authority granted by the Securities and Exchange Commission.

Customers choose MoneyCat because of its simplicity, speed, and convenience. To qualify for a loan, interested individuals must meet certain eligibility criteria such as being at least 22 years old, Filipino residents, and employed individuals or selected professionals. No income confirmation or references are required, just sign up with your name, mobile phone number, and email.

Loan repayment options are flexible and can be made through online banking, e-wallets, or over-the-counter payment centers. MoneyCat advises customers to pay earlier if payment terms fall on the weekend to avoid interest rate increase. Payment terms can range from 3 to 6 months with an interest rate of 11.9% per month and a maximum APR of 145%.

#4. UnaCash

Unacash is a financing company in the Philippines that offers the quickest cash loan in the country. With just five minutes, you can get your loan approval without any hassle. The company is operated by Digido Finance Corp, a financing company that is licensed by the SEC with Registration No. CS202003026 and Certificate of Authority No. 1272. Their office is located at 15th Floor The IBP Tower, Jade Drive, Ortigas Center, San Antonio Pasig City 1605.

To apply for a loan at Unacash, you can visit their website at unacash.com.ph or download their mobile app from Google Playstore or Huawei Appl Gallery. The loan amount ranges between Php 1,000 and Php 50,000, and the application process is straightforward. You just need to fill out the necessary information on their loan calculator, select your monthly loan terms, and click the “Apply Now” button. Approval only takes less than 24 hours.

One unique feature of Unacash is its credit line, which allows approved borrowers to cash out or buy items from partner merchants with a “buy now, pay later” scheme at 0% interest. To be eligible, you must be at least 18 years old, a Filipino citizen, and have a valid email address and mobile number. You don’t need a bank account or credit card to use Unacash. Payment options include e-wallets such as GCash and online bank transfers using the Unacash app. Alternatively, borrowers can also pay offline at Unacash’s partner stores such as 7-Eleven, Bayad Center, Cebuana Lhuillier, M Lhuillier, and The SM Store.

Interest rates range from 3% to 10% per month, depending on the borrower’s credit score. The low-interest rate of 194% APR is payable in monthly installments from 1 to 6 months, depending on the borrower’s chosen terms.

#5. Kviku

Kviku Lending Co. Inc offers cash loans up to Php 25,000 with repayment terms of 60 to 180 days. The loan can be disbursed in just 5 minutes upon approval.

To apply, visit their website kviku.ph and choose the desired loan amount and payment terms. The application process only requires filling in an online form and submitting one valid government ID. Approval can be received within a few minutes via SMS. The money can be transferred to the borrower’s bank account within 60 minutes. The daily interest rate for the installment loan is 0.16%.

The company operates legally under SEC Registration No. CS201918702 and with Certificate of Authority No. 3169 and can be found at 18A Trafalgar Plaza, 105 H.V. Dela Costa St., Salcedo Vill. Makati City. Repayment options include paying with a bank card or by depositing cash into their bank account. Early repayment is also possible within 60 days from the start of the contract.

The borrower must be a Filipino citizen aged between 20 to 55 years old with an active mobile number registered on their website.

#6. Tala Philippines

TALA Philippines offers fast, flexible, and secure loans that are easily accessible through their mobile app. With a turnaround time of 24 hours and loan approval within 5 minutes, Tala Philippines is a registered and trustworthy financial partner operating under SEC Registration No. CS201710582 and Certificate of Authority No. 1132.

As a global technology company, Tala provides accessible financial services to various locations worldwide, including Kenya, Mexico, the Philippines, and India. The app can be downloaded from Google Playstore or AppGallery, and the application process is straightforward, taking only a few minutes to complete. Applicants can choose their desired loan amount and loan terms, and disbursement options include cashout through Padala Centers, nominated bank accounts, or Coins.ph.

To increase their chances of approval, applicants must have a valid government ID and an Android mobile phone. Valid government-issued IDs include SSS ID, UMID, Voter’s ID, Passport, Driver’s License, PRC ID, or Postal ID. Payment partners include 7-Eleven, Cebuana, M Lhuillier, or Coins.ph, and borrowers can opt to pay in full or in installments on or before their due date.

Tala’s effective APR ranges from 183% to 191%, and borrowers are never charged more than the amount of their service fee. Interest and payments do not compound or accrue, and the interest rate is one-time, with a daily interest rate of 0.5% for 21 or 30 days, with rates of 11% and 15%, respectively.

#7. Unapay

UnaPay is a legitimate financing company that offers a buy now and pay later scheme through installment payments. To apply, simply complete the registration form on their website unapay.com.ph, which takes under 10 minutes to fill out if you have all the necessary documents – a primary ID and proof of income. Pre-approval is granted within 5 minutes, with final approval following shortly after. The overall process would take up to 48 hours if something needs verification depending on the contact points’ availability.

All Filipino citizens aged 18 to 60 years old are eligible to apply as long as they have a valid email address and mobile number. The company does not require a bank account or credit card.

UnaPay sends an email with the loan amortization schedule and an SMS notification or reminder close to the due date. To pay your loan online, visit their website and click on “REPAYMENTS,” where you can choose to pay via online partners like GCash or online transfers such as Unionbank, BDO, BPI, RCBC, PNB, or Metrobank.

The interest rates for UnaPay’s loans range from 3% to 16% per month, depending on the client’s credit score. There are no processing fees or hidden charges, making it a transparent and reliable option for those in need of financing. UnaPay is a legit company, registered as a corporation with a Certificate of Authority No. 1272 to Operate as a Financing Company issued by SEC with the Registration No. CS202003056.

#8. CashAlo

Cashalo is a lending platform which offers a range of loan services including cash loans, Lazada loans, and buy now pay later offers. Once approved, your loan will be deposited within 24 hours or even as quickly as 30 minutes.

Cashalo is operated and financed by Paloo Financing Inc. and is located in Taguig City, Philippines.

To apply for a loan, download the Cashalo mobile app on Google Playstore or AppGallery, and fill out the registration form with your personal and work information. You will also need to provide a government-issued ID, proof of billing, company ID or payslip for verification purposes.

Payments can be made through online banking, over-the-counter or via payment centers such as 7Eleven stores. Cashalo offers low interest rates starting from 3.95% up to 5.95% depending on the loan amount, with a one-time processing fee of up to 4%. Late payment may subject the borrower to additional fees under their loan agreement.

#9. LoanChamp

LoanChamp offers FlexLoan, a versatile cash loan option for Filipinos. With a fast credit decision within 1 hour during operating hours of 10 AM to 7 PM on weekdays, LoanChamp is a swift, innovative and reliable financial technology solution.

The minimum loan amount available is Php 2,000, and the maximum is Php 20,000, with loan payment terms ranging from 61 days to 180 days. Applicants must be at least 20 years old, Filipino citizens, and have a valid government ID, mobile number, and active social media account. Employed individuals must submit their payslip or Certificate of Employment, while self-employed individuals must submit their ITR or Business Permit.

Applicants should be aware that interest rates range from 0.35% to 0.50% of the loan amount, and there is an upfront processing fee of 5% of the loan amount, as well as a loan disbursement fee and handling fee of P0 to P65. Missed payments are subject to late payment fees and penalty rates. Trust LoanChamp to provide every Filipino with the perfect FlexLoan option.

#10. BillEase

BillEase is a financing service offered by First Digital Finance Corporation that allows for affordable installments on various online merchants. There is a high chance of being instantly approved, with a maximum waiting period of one banking day if not. Interested individuals can apply through their website or mobile app, selecting their desired loan amount and installment terms. After submitting the necessary requirements, eligible applicants will receive an initial credit limit approved which they can use on Lazada or any of BillEase’s merchant partners.

To qualify, applicants should be at least 18 years old with a stable source of income and provide valid IDs, proof of income, and proof of billing. Installments can be paid through various channels, including direct bank transfer, e-wallet, 7-Eleven, or over-the-counter payment. With a low interest rate of only 3.49% monthly, users can also take advantage of 0% APR on select merchants when they sign up.

In conclusion, in the past, banks were the preferred choice for loans due to their security and flexibility. However, emergencies can arise without warning and accessing the necessary documents and funds can be limited. Online loans have now become the easiest and most accessible option, with fast disbursement of funds. In today’s world, safety and remote accessibility are preferred, and Financial Technology has revolutionized lending for Filipinos, particularly the unbanked and unemployed. It is important to understand that loans can be helpful for financial well-being as long as they are taken responsibly. Misunderstanding about loans can lead to debt and stress, but being a responsible borrower and managing finances well can promote good financial health.