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.
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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.
Maximum Loan Amount: ₱50,000 Monthly Interest Rate: 6% Maximum Repayment Term: 24 mos
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.
Home Credit is a leading consumer finance provider in the Philippines. It offers online loans, credit 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.
6 months to 36 months
32% downpayment, 3% per month
₱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.
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.
2 months to 24 months
3.49% per month
₱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.
Suitable for online or offline purchase
BillEase is available in Google Play and App Store
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.
15 days to 6 months
3.95% to 5.99% per month
₱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.
Flexible repayment terms
Cashalo is available in Google Play (for Android Phone) and App Store (for iPhone)
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.
14 days to 24 months
0% for 14 days, 1.59% to 6.57% per month
up 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.
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 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
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.
1 month to 3 months
0.3% per day
₱2,000 to ₱15,000
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
Legitimacy: JuanHand is a legitimate online lending company that provides financial help to Filipinos
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.
3 months to 6 months
0.05% to 0.06% per day
₱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.
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
3 months to 12 months
0.05% per day
₱4,000 to ₱10,000
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
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 (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.
3 months to 6 months
0.1% to 0.4% per day
₱1,000 to ₱25,000
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 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.
3.99% to 5% service fee
₱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.
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 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.
21 days to 30 days
14.5% to 15% per month
₱1,000 to ₱15,000
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
A 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.
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 Cashalo, Digido,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 Cashalo, BillEase, 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 Cashalo, BillEase, Digido, 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.”
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.
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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