TOP 5 Legit Online Loan Apps With Low Interest Rate in Philippines
Top 2 Best Legit Online Loan in Philippines with Low Interest Rate 24/7 personal lending, fast cash, quick instant approval. To get 100% approval submit 2-3 applications
Tips: Apply to many lenders to increase loan approval.- Finapps - Online Loans Pilipinas Financing Inc.
- Address: Unit 79 Bathurst St, Liverpool NSW 2170, Australia
- Phone number: support@finapps.ph
- Max APR: 145%
- Term: 90-180 days
- Age: 22-70
- Cost example: You apply for PHP 10000₱ for 3 months, your monthly payment will be only 1190₱ per month, total amount 13570₱ (APR 145%)
- Cashspace
- Address: Tartu mnt 52-166, 10115 Tallinn, Estonia
- Phone number: support@cashspace.ph
- Max APR: 143%
- Term: 91-180 days
- Age: 21-70
- Cost example: You apply for PHP 20000₱ and choose repayment over 6 months, your monthly payment will be only 5000₱ per month, your total cost of the loan will be 2,383₱ per month (APR = 143%)
Annual Percentage Rate (APR)
The annual percentage rate of charge is the total cost of the credit, which usually includes the interest rate, the fee and other charges for the year, or other similar rate calculated in accordance with local law, expressed as a percentage. The annual interest rate calculation does not include the costs of defaulting on the credit agreement.
Penalty or renewal policy information
If the loan is not repaid on time, the lender may charge a penalty of the total amount for each day of delay. In the event of late repayment without the agreement of the lender, the lender may unilaterally transfer the debt collection to third party companies.
Repaying the loan on time creates a good credit score that increases your chances of getting a better loan in the future.
Borrow responsibly
Quick loan online will be suited for you if
There are unplanned costs, but you need to pay for a service or purchase now.
There are no debt payments.
If the loan payment does not exceed 40% of your monthly income.
Quick loan online will not be suited for you if
The loan is taken to repay other debt obligations.
If you are planning a purchase that does not fit your financial situation.
If you know for certain that you will not be able to repay the loan within the stated time.
Borrow responsibly when evaluating repayment options. Before borrowing, read the terms and conditions of your credit agreement to make sure you can meet them.
5 Easy steps to Apply online loans App Philippines
Select products
Choose a fast loan product that meets the conditions and needs.
Complete loan application
Fill out the application form for loan application, take a personal photo with your ID / CCCD.
Receive review results
Receive notification of loan approval result via SMS or Email within minutes.
Loan disbursement
After the loan application is approved. The money will be transferred to your bank account.
Loan payment
Loan payment via bank transfer, e-wallet or collection points.
FAQ About Loans App in the Philippines
What is quick online loan Philippines?
Quick loans app online in the Philippines, also known as online loans, borrowing money with only ID card, borrowing money without collateral, borrowing money without meeting is the peer-to-peer lending model (P2P lending) that just appeared in Philippines in the years recently, but quickly popularized and accepted by many people.
Quick loans online help borrowers to solve financial difficulties in a short time, with very simple procedures (Just need ID card, phone number, bank account) with time Quick disbursement (5 minutes – 24h)
This is a form of online loan without meeting, no mortgage of assets, no assessment of ability to repay. Applying for a 100% online loan, borrowers do not need to go to the finance company to complete loan procedures and review. Accordingly, borrowers only need to provide all required information via the lender’s website / app to quickly borrow from 5.000 – 25.000 PHP.
Once approved, the loan will be transferred directly to the borrower’s bank account.
Advantages of quick online loans app 24/24 Philippines
The convenience and simplicity are the advantages of 24-hour online loans at financial institutions.
With fast online loan, you just need to sit at home and use the smartphone directly registered on the phone, receive money very quickly in just 15 minutes.
In addition, the online loan application – websites with loan procedures are also extremely simple, just need an ID card or ID card to borrow.
Some online loan apps Philippines also support 0% interest rate for the first loan and interest rate incentives for old customers to repay well.
Disadvantages of quick online loans 24/24
Online quick loan forms require simple procedures, no need to prove income, so the loan limit is not high, up to only 25k PHP.
Short loan period of only 7 – 90 days is also an advantage of online loans.
Who Can Apply The Loans In The Philippines?
Mainly people who reach 20+ years age. Only the citizens of the Philippines. Have Bank Card and Mobile Phone.
Low loan limit, short loan period
With a low loan limit (from 5.000-25.000 PHP), a loan period of 7-30 days, this form of loan is only suitable for customers who need to borrow a small amount of money in a short time and have the ability to pay pay the loan on time.
Can I register loan if I have bad dept?
Loan websites/apps introduced on Loans Online Philippines all support loans to people with bad debts on CIC.
What should be noted when borrowing money online?
Although it brings many benefits to borrowers, online loans app Philippines also inject hidden risks that borrowers need to pay attention to before borrowing.
Be careful when providing information
Most online lending websites / apps require borrowers to provide personal information such as phone numbers, facebook, zalo, relatives’ phone numbers … to perform debt reminder / collection operations when debt arises. term. Therefore, borrowers need to be careful when providing information so that it does not affect themselves, family and friends.
Banned Loan Apps Philippines
Many loan mobile application were already banned by SEC. Some of them were scam projects, some not. For sure not all scam projects were closed, so be aware about it and choose only legal and popular services with history and trust among Filipinos. Choose your online Loan Apps Philippines and solve your financial problems quickly and with the terms you need.
Can I cancel my loan application before I receive the money?
You can cancel your loan application at any time before signing the contract. Because after signing the contract, the loan amount will be disbursed immediately. In this case, you can only pay the full balance (including principal + service fees and interest).
Late payment loan (past due) is OK?
For the most convenience you should pay the loan on time. In case of late payment, late payment fee will apply.
Can I register more than one loans app Philippines service at a time?
You can completely apply for many loan services at the same time if you can ensure the ability to repay, and meet the loan conditions from your lenders.
Loan payment period and interest rates
Annual loan interest rate is 30%, maximum – 365%. Loan period is from 91 days to 2 years.
Example of online loans app Philippines calculations
If you take out a loan for 30.000 PHP at 4.5% monthly interest for 3 months, you will pay 4050 PhP extra by the loan due date.
So, you will, in fact, pay 34.050 PhP. See below for calculations of interests, so that you can figure out the amount of repayment (including interest) for average service users.
Loan amount – 30.000 PhP, monthly interest – 4.5%, loan term – 3 months. 4.5(%) * 3(months) = 13.5% for the 3 months (13.5% * 30.000 PhP (loan amount)) /100% = 4.050 PhP (accrued interest) 30.000 PhP + 4.050 PhP = 34.050 PhP is the amount payable in three months.
In the event of overdue payment, the penalty is 0.10% of the amount daily, but not to exceed 10% of the loan amount. In the event that the payment is substantially overdue, information will be submitted to a credit rating agency.
A loan extension may be granted if the creditor is informed in a timely manner (prior to the due date of the loan) and interest is paid for the initial loan period. There are no additional fees for a loan extension.
What happens if the loan is not paid off
In the event that a payment of the loan or loan interest is overdue, the creditor is forced to apply an overdue fee. These fees are applied if, for example, a bank transfer takes longer than usual. However if you do not respond for a long time, an overdue fee will be charged in the amount, on average, of 0.10% of the initial loan amount and, on average, 0.03% of the amount of consumer loans and credit cards.
If you fail to comply with the terms of the loan, your information may be submitted to a credit rating agency, which may adversely affect your credit history and credit rating. The amount owed may be submitted to a debt collection agency for debt collection.
A loan extension may not be granted if the amount is past due. When you pay your loan on time, you build a good credit history, which improves not only your credit rating but also your chances of better loan offers in the future.