In the bustling financial landscape of the Philippines, Online Loans Pilipinas, commonly known as OLP, stands out as a prominent online lending platform. In this article, we will explore the legitimacy of OLP, the intricacies of the loan application process, the loan terms and interest rates, the required documentation, and the numerous advantages and potential drawbacks of securing a loan from this well-established financial institution.
Loan type
Short termFor a period of
728 daysRate ()
365.00% / yearLoan amount
25000 ₱Approval in
5 minutesFirst loan free
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Loan type
Short termFor a period of
180 daysRate ()
0.00% / monthLoan amount
20000 ₱Approval in
5 minutesFirst loan free
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Loan type
Short termFor a period of
180 daysRate ()
0.00% / monthLoan amount
25000 ₱Approval in
5 minutesFirst loan free
no
Loan type
Short termFor a period of
180 daysRate ()
0.00% / dayLoan amount
25000 ₱Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
180 daysRate ()
0.00% / dayLoan amount
25000 ₱Approval in
15 minutesFirst loan free
noOnline Loans Pilipinas Review – Is This App Legit?
OLP operates under the legal umbrella of Online Loans Pilipinas Financing Inc., holding Registration No. CS201726430 and Certificate of Authority 1181. The company’s physical presence is evident on the 14th Floor of the Tycoon Centre, Pearl Drive, San Antonio, Pasig City. This official registration with the Securities and Exchange Commission (SEC) is a testament to OLP’s legitimacy and reliability, positioning it as one of the most trustworthy online lending companies in the Philippines.
Online Loans Pilipinas Review – How to Apply for a Loan
Applying for a loan through OLP is a straightforward process that offers flexibility to prospective borrowers. You can choose between two application channels: the official website or the mobile application. Here’s a step-by-step guide to each:
Mobile Application:
- Register using your mobile number.
- Receive a one-time password (OTP) to log in to the application.
- Fill in the required information, including personal details, employment data, bank account details, ID verification, and biometrics like face recognition and ID selfie.
Website Application:
- Select your desired loan amount.
- Enter your mobile number.
- Complete the application by providing the same details requested in the mobile app.
Before proceeding, it’s essential to carefully review the loan details, including the interest rates, repayment terms, and total amount due. Following the submission of your application, an OLP customer service representative will contact you to verify the information, and you’ll receive immediate feedback regarding your loan approval. OLP’s efficient approval process typically ensures that funds are disbursed within 24 hours.
Online Loans Pilipinas Review – Documentary Requirements
OLP has streamlined its loan application process, requiring only a few essential documents from borrowers. To be eligible for a loan, the applicant should meet the following criteria:
- Age between 22 and 70 years old.
- A stable source of income, whether through self-employment or traditional employment.
- A valid bank account capable of receiving funds through Instapay or popular e-wallets like Gcash, PayMaya, and Coins.PH.
Moreover, the following government-issued IDs are required as part of the application process:
- Tax Identification Number (TIN)
- Valid passport
- Professional Regulatory Commission ID
- Social Security System Number and ID
- Driver’s License
- Unified multipurpose ID card (UMID)
How Much Interest Does Online Loans Pilipinas Charge?
OLP adopts a transparent approach to interest rates and offers unique terms for first-time borrowers and regular clients. Here’s a breakdown:
First-time borrowers: OLP extends the benefit of 0% interest loans, provided the loan is repaid in full within 7 or 10 days. This competitive offer serves as an attractive proposition for individuals new to the platform.
Regular loans: For borrowers who have used OLP’s services in the past, the platform charges a flat daily interest rate of 1%. To illustrate, if you borrow PHP10,000 with a loan term of 10 days, you will need to repay OLP a total of PHP11,000. The daily interest amounts to PHP100, calculated as 10% of PHP10,000 multiplied by 10 days. Similarly, for 20-day and 30-day loans with a principal amount of PHP10,000, the interest due upon maturity stands at PHP2,000 and PHP3,000, respectively.
Late repayments incur a penalty of PHP700 and a compounding interest rate of 2% per day. In such cases, the 2% interest is added to the principal, subsequently contributing to the interest calculation on the following day. Additional surcharges may also apply and are included in the final repayment amount.
How to Repay Your Loan
Online Loans Pilipinas ensures that the repayment process is convenient and user-friendly for borrowers. The platform accommodates a variety of payment methods to cater to different preferences. The most common method employed by borrowers is to use Gcash for hassle-free repayments, allowing them to settle their dues from the comfort of their homes.
Additionally, OLP accepts payments through other popular e-wallets, such as PayMaya and Coins.PH. For Gcash payments, borrowers can initiate the process by selecting the “Pay Bills” option, choosing the “Loans” category, and locating “Dragon Loans,” which is affiliated with OLP. Subsequently, they should enter the 8-digit reference number provided by Online Loans Pilipinas, along with the desired payment amount.
For those opting to use PayMaya or Coins.PH, OLP provides a Dragonpay link, where borrowers need to input their name, email address, payment amount, and the invoice or reference number. The source dropdown menu allows the selection of Coins.PH or PayMaya. An alternative payment method is through online banking using the Dragonpay Link, where users can choose their bank from the source dropdown menu instead of their e-wallet.
For borrowers without e-wallet accounts, OLP offers the convenience of over-the-counter payments through an extensive network of payment partners, which includes:
- Cebuana Lhuillier
- RD Pawnshop
- Palawan Pawnshop
- 7-Eleven
- Bayad Center
- LBC
- SM Customer Service
- Robinson’s Business Center
To initiate payments through 7-Eleven, borrowers must create a bill payment transaction to “Dragonloans” on the CLIQQ Kiosk or the Cliqq Mobile App. The required information, such as the reference number, is filled out, and the printed barcode is presented to the cashier.
When opting for over-the-counter payments at Bayad Center, borrowers should complete a Bills Payment Transaction Form, designating DragonPay as the biller. A similar process applies to LBC, SM Customer Service, Robinson’s Business Center, Cebuana Lhuillier, RD Pawnshop, and Palawan Pawnshop.
Can You Reapply Immediately After Repaying the Loan?
OLP has designed its repayment process to be automated and borrower-friendly. Reapplication is contingent on the specific terms of the previous loan. The rules governing repayment and reapplication are as follows:
- Loans with a maturity period of 7 to 10 days must be settled on the due date itself.
- Loans extending over a 15-day term can be repaid in full after 8 days.
- For loans with a 21-day maturity, full repayment can be made after 11 days.
- Loans with a 30-day term can be settled in full after 15 days.
Once the repayment has been successfully processed and verified, borrowers will receive an SMS notification from Online Loans Pilipinas, indicating that their payment has been posted. At this point, borrowers are eligible to reapply for a new loan, should the need arise.
Customer Service
Online Loans Pilipinas places great importance on customer satisfaction and provides multiple avenues for borrowers to seek assistance and address any concerns. The following methods are available to reach out to OLP’s dedicated customer service team:
- Contact Us Form: The company’s website features a “Contact Us” form. To use this method, borrowers are required to fill in their registered mobile number, full name (matching the submitted IDs), and provide a detailed outline of their concern. OLP’s customer service team diligently reviews and responds to these inquiries within a 24-hour timeframe.
- 24/7 Customer Service Hotline: For immediate assistance, borrowers can contact the 24/7 customer service hotline at (02) 405-5171, as of December 2021.
- Email Support: Borrowers have the option to send an email directly to the dedicated email address at [email protected]. This avenue is convenient for those who prefer written communication.
Pros of Borrowing from Online Loans Pilipinas
Online Loans Pilipinas offers numerous advantages to borrowers, making it a standout choice among loan apps in the Philippines. These advantages include:
- Rapid Loan Approval: OLP is known for its swift loan approval process, ensuring that borrowers can access funds when they need them without prolonged waiting times.
- Minimal Documentary Requirements: Borrowers are spared from an extensive paperwork trail, as they only need one of five valid government-issued IDs, simplifying the application process.
- No Payslip or Proof of Employment Required: OLP distinguishes itself by not mandating payslips or other employment documentation as prerequisites for obtaining a loan.
- Competitive Daily Interest Rates: Among online loan applications in the Philippines, OLP boasts one of the most competitive daily interest rates, providing borrowers with cost-effective solutions.
- Convenient Repayment Options: OLP has established partnerships with banks, payment centers, and e-wallet applications, making loan repayment a convenient and hassle-free process.
- Loan Prolongation: Borrowers who find it challenging to settle their loans by the due date can take advantage of OLP’s loan prolongation option. By making an initial payment of at least 30% of the pending balance, borrowers can extend their loan term by an additional 30 days, providing greater flexibility.
Conclusion
Online Loans Pilipinas emerges as a reliable source of emergency cash when needed. The platform distinguishes itself with a quick approval process, simplified documentary requirements, competitive interest rates, and flexible repayment options. While late repayments trigger penalties, OLP provides borrowers with an opportunity for prolongation, requiring only a 30% initial payment to extend the loan by 30 days. Moreover, OLP’s SEC registration and commitment to ethical lending, collection, and data management practices reaffirm its status as a lending institution that borrowers can unequivocally trust.
In conclusion, Online Loans Pilipinas stands as a credible and efficient financial partner for individuals seeking quick and hassle-free access to funds, offering a range of services tailored to the unique needs of borrowers in the Philippines. With a commitment to transparency and customer satisfaction, OLP has carved a niche for itself in the competitive landscape of online lending in the Philippines.