11 Best and Legit Loan Apps in the Philippines 2023

There are many different loan apps in the Philippines. You can find a loan app to fit your specific needs, whether you need an online loan, a personal loan, or a business loan for business owners.

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In recent years, a handful of fintech companies have made it easy for Filipinos to apply for loans. With these loans having less rigid requirements than banks, it presents a unique opportunity for those who may not qualify for traditional loans or have the luxury of time to wait long for loan approvals.

Table of Contents

What are the Best Loan Apps in the Philippines?

Each loan app has its strengths and weaknesses. The best loan apps have higher loan amounts, lower interest rates, and longer loan terms than their competitors. Here are the top three loan apps in the Philippines overall.

tonik logo2

Tonik

Maximum Loan Amount: ₱50,000
Monthly Interest Rate: 6%
Maximum Repayment Term: 24 mos
home credit logo

Home Credit

Maximum Loan Amount: ₱150,000
Monthly Interest Rate: 0.25%
Maximum Repayment Term: 36 mos
billease logo

BillEase

Maximum Loan Amount: ₱40,000
Monthly Interest Rate: 3.49%
Maximum Repayment Term: 24 mos

Best Loan Apps with Lowest Interest Rates

If we only consider the interest rates and set aside other factors like loan amounts, loan terms, and of course, the safety and privacy of the borrower, here are the top ten loan apps with low interest rates.

Loan AppInterest Rate (per month)Details
1. PesoCash1.5%Read more
2. PesoQ1.5% - 1.8%Read more
3. Home Credit3%, but 32% downpaymentRead more
4. BillEase3.49%Read more
5. Maya Credit3.99% to 5%Read more
6. Cashalo3.95% - 5.99%Read more
7. Tonik6%Read more
8. GLoan (GCash Loan)1.59% - 6.57%Read more
9. JuanHand9%Read more
10. Digido3% - 12%Read more

Home Credit Philippines

  • App Store Rating: 4.8★ (18k reviews)
  • Play Store Rating: 4.7★ (444k reviews)
home credit app

Home Credit is a leading consumer finance provider in the Philippines. It offers online loanscredit cards, and other financial products to help customers access their needs. Home Credit works with a network of partner stores, so you can apply for a loan at the store where you’re making your purchase.

AspectValue
Loan Terms6 months to 36 months
Interest Rates32% downpayment,
3% per month
Loan Amount₱5,000 to ₱150,000

Home Credit Philippines is a great option for people looking to loan money when buying products and paying in affordable installments. The company offers competitive interest rates and offers a wide variety of loan products. Home Credit also offers a convenient online application process and fast approval times.

You can pay your Home Credit loan via GCash, online banking, or payment partners.

Highlights

  • Perfect for buying products in affordable monthly installments
  • Home Credit is available in Google Play, App Store, and Huawei App Gallery
  • Quickest loan approval as fast as 1 minute
  • Installment without a credit card
  • Excellent customer service

BillEase

  • App Store Rating: 4.5★ (7.4k reviews)
  • Play Store Rating: 4.7★ (130k reviews)
billease app

BillEase is the Philippines’ first installment loan app that allows people to pay for their online and offline purchases in monthly installments with 0% interest. That means there are no late payment fees, service charges, or hidden costs.

AspectValue
Loan Terms2 months to 24 months
Interest Rates3.49% per month
Loan Amount₱2,000 to ₱40,000

You can pay for your online or offline purchases monthly with 0% interest. It also has an AutoPay feature to avoid late payments and a budgeting and spending tracking feature to help you manage your finances.

If you are looking for a loan app with the lowest interest rate and flexible repayment options, BillEase is the best loan app for you.

Highlights

  • Suitable for online or offline purchase
  • BillEase is available in Google Play and App Store
  • AutoPay feature to avoid late payments
  • Simple to use, transparent pricing
  • Convenient loan access
  • Budgeting and spending tracking

Cashalo

  • App Store Rating: 4.2★ (7.5k reviews)
  • Play Store Rating: 4.1★ (167k reviews)
cashalo app

Cashalo is a popular loan choice in the Philippines for many reasons. For one, Cashalo offers a straightforward application process. All you need to do is fill out a short form and submit it online, and you can get approved for a loan in just a few minutes.

Cashalo offers very competitive interest rates, making it an affordable option for many borrowers. In addition, Cashalo offers flexible repayment terms, so you can choose a plan that best suits your needs. Cashalo is a great choice for anyone in the Philippines looking for a quick and easy loan.

AspectValue
Loan Terms15 days to 6 months
Interest Rates3.95% to 5.99% per month
Loan Amount₱1,000 to ₱10,000

Cashalo also offers flexible repayment terms, so you can choose a plan that fits your budget. Cashalo is a trusted and reputable lender, so you can be confident that you’re getting a fair deal. Choose Cashalo for your next loan and you’ll be sure to get the best possible terms.

Highlights

  • Flexible repayment terms
  • Cashalo is available in Google Play (for Android Phone) and App Store (for iPhone)
  • Simple online application process
  • Quick approval times
  • Competitive interest rates

GLoan (GCash Loan)

  • App Store Rating: 3.2★ (63k reviews)
  • Play Store Rating: 3.8★ (1.88M reviews)
gloan in gcash app

GLoan or GCash Loan is a mobile loan app offered by GCash, a leading e-wallet provider in the Philippines. The loan app provides a quick and easy way to access cash loans for urgent needs or unexpected expenses. You can loan up to Php 125,000 with a low interest rate of 1.59% to 6.57% per month, making it an affordable option for borrowers.

The repayment terms are also flexible, ranging from 14 days up to 24 months, giving borrowers enough time to pay back the loan without causing financial strain. Read our detailed post if you want to know how to loan in GCash via GLoan.

AspectValue
Loan Terms14 days to 24 months
Interest Rates0% for 14 days,
1.59% to 6.57% per month
Loan Amountup to ₱125,000

GLoan is a good loan app for anyone who needs quick and affordable access to cash. It is particularly useful for those who do not have access to traditional banking services or have difficulty obtaining loans due to a lack of collateral.

Highlights

  • GCash is available on Google Play and App Store
  • Stability: run by one of the biggest fintech companies in the Philippines – GCash
  • Easy application process: can be completed entirely online in a few minutes
  • Fast approval time: loan disbursement in as fast as 24 hours
  • No collateral: accessible to a wider range of borrowers
  • Discounted interest rate: if you pay your loan on time
  • Qualification is based on how often you used the GCash app‘s features

Tonik Bank

  • App Store Rating: 4.5★ (11k reviews)
  • Play Store Rating: 4.5★ (71.6k reviews)
tonik app

Tonik describes itself as a “neobank“. A neobank is a digital bank that doesn’t have physical branches. The Tonik Bank app offers fast and easy loans in the Philippines. Tonik is a great option for people who need quick cash because it offers loans of up to PHP 50,000 with no collateral required.

Tonik Bank offers retail financial products including deposits, loans, savings accounts, payments, and cards on a highly secure platform

If you’re new or want to learn more, read our detailed review of Tonik Bank.

AspectValue
Loan Terms6 months to 24 months
Interest Rates5.42% to 7% per month
Loan Amount₱5,000 to ₱50,000

Tonik is also a convenient option because it can be used from the comfort of your own home. You can apply for a loan and receive the money in your bank account within 24 hours.

tonik welcome email

Tonik is a digital lending company that offers fast and easy loans in the Philippines. The company is committed to providing fair and transparent loans with no hidden fees or charges.

Highlights

  • Offers fast and easy loans in the Philippines
  • Digital bank: Tonik is a digital bank that offers services that actually help you save
  • Secure platform: Tonik offers fast, easy, and secure transactions on a highly secure platform
  • Loan products: Tonik provides loan products to consumers on a highly secure digital banking platform
  • Deposit products: Tonik provides deposit and savings accounts to consumers on a highly secure digital banking platform
  • Unique saving features: Tonik offers unique saving features such as its Solo Stash and Group Stash products, as well as Term Deposits
  • Tonik is available in Google Play and App Store
  • No collateral or credit history required
  • Apply for a loan and receive the money in your bank account within 24 hours
  • Minimal documents required

JuanHand

  • App Store Rating: 4.7★ (21k reviews)
  • Play Store Rating: 4.0★ (73.5k reviews)
juanhand app

JuanHand is a loan app in the Philippines that offers quick and easy loans to users. JuanHand is different from other loan apps because it offers several unique features that make it an ideal choice for users in the Philippines.

It offers a lower interest rate than other loan apps, making it a more affordable option for users. JuanHand is also a more user-friendly app with an easy-to-use interface that simplifies applying for and managing your loan.

AspectValue
Loan Terms1 month to 3 months
Interest Rates0.3% per day
Loan Amount₱2,000 to ₱15,000

Highlights

  • Fast online cash loans: JuanHand provides fast online cash loans to Filipinos in need of quick access to cash
  • Easy application: To apply for a loan, simply download the JuanHand app, sign up using your mobile number
  • Privacy policy: JuanHand has a privacy policy that outlines how user data is collected, used, and shared
  • Legitimacy: JuanHand is a legitimate online lending company that provides financial help to Filipinos

PesoQ

Play Store Rating: 4.4★ (140k reviews)

pesoq app

PesoQ is a popular loan app in the Philippines that provides an easy-operation, no-collateral online peso lending platform for cash loans and credit. It provides fast and easy loans to Filipinos in need of quick access to cash. With its flexible loans, mobile app, and SEC registration, PesoQ has become a popular choice for many Filipinos.

AspectValue
Loan Terms3 months to 6 months
Interest Rates0.05% to 0.06% per day
Loan Amount₱5,000 to ₱20,000

There are many reasons why people choose PesoQ over other lenders, but some of the most common reasons include the following:

  • It offers low interest rates for its loans, making them more affordable for borrowers.
  • They offer various loan products, so borrowers can find a loan that meets their needs.
  • They have a strong customer service team that is available to help borrowers with any questions or concerns they may have.

Highlights

  • Fast and easy approval: PesoQ offers fast and easy loan approval within minutes
  • Flexible loans: PesoQ provides various types of legit online loans to meet various needs
  • Mobile app: PesoQ operates solely online and receives loan applications through a dedicated mobile application
  • SEC-registered: PesoQ is registered with the SEC, making it a legitimate online lending company in the Philippines

PesoCash

Play Store Rating: 4.4★ (98.6k reviews)

pesocash app

PesoCash is a popular loan app in the Philippines that provides safe online loans to Filipinos in need of quick access to cash. It allows users to access quick and easy loans in the Philippines. The app offers loans of up to PHP 10,000 with no collateral and no hidden fees. With its SEC registration, privacy policy, and fast approval process, PesoCash has become a popular choice for many Filipinos.

AspectValue
Loan Terms3 months to 12 months
Interest Rates0.05% per day
Loan Amount₱4,000 to ₱10,000

Highlights

  • Safe online loans: PesoCash provides safe online loans to Filipinos in need of quick access to cash
  • SEC-registered: PesoCash is registered with the SEC, making it a legitimate online lending company in the Philippines
  • Privacy policy: PesoCash has a privacy policy that outlines how user data is collected, used, and shared
  • Fast approval: PesoCash offers fast loan approval within 24 hours
  • Convenient access: PesoCash is available on both Android and iOS devices, making it convenient for Filipinos to access the loan app

Digido

  • App Store Rating: 4.4★ (9.2k reviews)
  • Play Store Rating: 4.2★ (25.3k reviews)
digido app

Digido (formerly Robocash) is a popular loan app in the Philippines that provides fast and reliable online loans to meet various needs

Digido Finance Corp. is a state-licensed online lending company that started in 2021. With its automated loan lending system and easy approval process, Digido has become a popular loan app in the Philippines for those who need quick access to cash.

AspectValue
Loan Terms3 months to 6 months
Interest Rates0.1% to 0.4% per day
Loan Amount₱1,000 to ₱25,000

Highlights

  • Automated loan lending system: Digido provides a fully automated online portal as well as highly innovative, customer-friendly financial solutions
  • Short-term loans: Digido offers short-term loans ranging from PHP 1000 to 25000 for up to 30 days
  • Easy approval: Digido has a 95% chance of loan approval, making it a game changer in the lending industry
  • Mitigation of financial emergency: The primary purpose of cash loans is to mitigate a financial emergency
  • No bank account required: Digido guarantees quick loans even without a bank account, making it a popular choice for many Filipinos

Maya Credit

  • App Store Rating: 4.8★ (202k reviews)
  • Play Store Rating: 4.7★ (1.2M reviews)
maya credit

Maya Credit is a feature integrated within the Maya banking app, an all-in-one digital banking platform developed by PayMaya Philippines. Your eligibility for Maya Credit and your credit limit are based on how frequent you use Maya’s services. The more you’ve used Maya’s services prior to applying, the higher your potential credit limit.

Maya Credit is a loan feature that gives users a reliable financial safety net in times of need. If you choose Maya Credit as your payment option, the bank reserves the right to automatically deduct your loan outstanding balance from your Maya wallet or any of the accounts linked to it.

AspectValue
Loan Terms30 days
Interest Rates3.99% to 5% service fee
Loan Amount₱500 to ₱18,000

The digital nature of Maya Credit reduces the need for physical paperwork, making the borrowing process quick and hassle-free. It’s a solid option for instilling financial discipline while also ensuring users always have a dependable source of funding to cater to their various needs.

Highlights

  • Automatic Deductions: The repayment of loans can be automated, with the bank reserving the right to deduct outstanding balances directly from your Maya wallet or linked accounts.
  • Integrated with a comprehensive banking app: Maya Credit is part of the all-in-one Maya app, which provides a diverse range of banking and financial services.
  • Flexible Repayment: The credit feature offers a variety of repayment options tailored to suit individual financial circumstances.
  • Separate from Other Maya Services: Maya Credit operates independently from other Maya app services, such as the ‘Maya Pay in 4’ installment payment option
  • Accessibility: As long as their accounts are in good standing, all users of the Maya app have access to Maya Credit.
  • Security: Maya Credit ensures that all transactions are secure, maintaining privacy and security of user data.

Tala Philippines

Play Store Rating: 4.7★ (644k reviews)

tala app

Tala Philippines is a popular loan app in the Philippines that provides instant loans through a mobile app. It’s a trusted loan app that provides fast and flexible loans to Filipinos in need of quick access to cash. With its instant loans, fast approval, and low interest rates, Tala has become a popular choice for many Filipinos.

AspectValue
Loan Terms21 days to 30 days
Interest Rates14.5% to 15% per month
Loan Amount₱1,000 to ₱15,000

Highlights

  • Instant loans: Tala provides instant loans through a mobile app, from loan application to funds release and status tracking
  • Fast approval: more than 5 million downloads in the Philippines
  • Flexible loans: Tala takes pride in providing fast, flexible, and secure loans in the Philippines
  • Low-interest rate: Tala offers online personal loans up to PHP 15,000 with low interest and easy payment options
  • Registered and legitimate: legitimate online lender that’s registered with the SEC as Tala Financing Philippines Inc

What is a Loan App?

loan app is a mobile application that allows users to apply for loans and track their loan repayments. Loan apps typically offer up to PHP 50,000 with flexible repayment terms.

How do Loan Apps work?

Loan apps typically use a lending algorithm to assess the creditworthiness of borrowers. This assessment is based on the borrower’s income, employment history, and credit score. Based on this assessment, the loan app will offer a loan amount and interest rate.

Pros and Cons of Loan Apps

The main advantage of loan apps is that they offer a quick and easy way to access loans. The main disadvantage of loan apps is that they typically have high-interest rates.

How to Apply for a Loan from a Loan App

Most loan apps offer an online application process that is quick and easy to use. Borrowers can typically apply for a loan directly from the loan app’s website or mobile app. Once the application is approved, the loan amount will be deposited into the borrower’s bank account.

You can also read our detailed guide on personal loan applications.

FAQ

  • What are the eligibility requirements for a loan from a loan app?

    Loan apps typically have a minimum age requirement of 18 years old. Borrowers must also have a regular source of income (e.g. salary) and a valid bank account.

  • What is the interest rate for loans from loan apps?

    The interest rate for loans from loan apps varies depending on the loan amount and repayment period. The minimum interest rate is 2% per month, and the maximum interest rate is 24% per month.

  • What are the legit online loans in the Philippines?

    There are many legitimate online loans available in the Philippines. Some popular lenders include CashaloDigido, BillEase, and Home Credit. Each of these companies offers a convenient way to borrow money, whether you need it for an emergency expense or just want to consolidate your debts.

  • What is the best loan app in the Philippines?

    Several great loan apps are available in the Philippines, each offering different features and benefits. Some popular loan apps include CashaloBillEase, and Home Credit. Each of these apps offers a convenient way to borrow money, whether you need it for an emergency expense or just want to consolidate your debts.

  • How do I choose the right loan?

    Make a list of online loans available in the Philippines before applying. This will help you compare different options and find the best deal for your needs. A few famous online loan providers in the Philippines include CashaloBillEaseDigido, and Home Credit. Be sure to read the terms and conditions carefully before you apply.

  • What is the easiest loan to get approved for in the Philippines?

    There is no one-size-fits-all answer to this question, as each individual’s financial situation is different. However, some of the easiest loans to get approved in the Philippines include personal and salary loans. If you have a good credit score, you may be able to get approved for a loan with a lower interest rate.

  • Which app is best for giving loans?

    It depends on your individual needs and preferences. If you need a loan for a small amount of money, then Cashalo may be the best option for you. However, BillEase or Home Credit could be better if you need a larger loan. Whichever app you choose, be sure to compare interest rates and fees before you apply.

  • Can I borrow money from GCash?

    Yes, you can loan money from GCash. However, there are some requirements that you need to meet before you can apply for a loan. For example, you must be at least 18 years old and a resident of the Philippines. You must also have an active GCash account and a valid ID. Once you have met these requirements, you can apply for a loan by going to the GCash app and selecting “Apply for Loan.”

Final Thoughts

Many loan apps are available in the Philippines, each with features and benefits. The best loan app for you will depend on your individual needs and preferences.

However, this article’s loan apps offer competitive interest rates and flexible repayment terms. So, if you’re looking for a quick and easy way to access a loan, one of these loan apps is likely to be a good option.

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Written byDaveril Dabuco
Hi there! I'm Daveril Dabuco, the man behind Juan Investor, one of the top personal finance blogs in the Philippines. I’m passionate about investing and digital marketing. When I’m not blogging, I’m either tinkering with my clients’ Facebook ads or beachbumming. You can read more about me.

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