5 Top Online Loans with Monthly Payments in the Philippines 2023

Are you in dire need of money, but your savings are insufficient to cover your expenses? Whatever the reason for your financial difficulty, there are several online loans with monthly payments in the Philippines that can help you get through this tough time.

You may also want to read our list of the best finance apps in the Philippines.

Despite the high approval rate of these new financial institutions and digital banks, convenience and security are not compromised. This means that you can easily apply for a loan online and get approved within minutes without worrying about the safety of your personal information and funds.

In this article, we’ll look at some of the top online loans with monthly payments in the Philippines that you can consider.

Table of Contents

Top Online Loans with Monthly Payments in the Philippines

Here are the top online loans you should consider:

CompanyLoan AmountInterest RatesLoan Terms
1. Tonik Bank₱5,000 to ₱50,0004.26% per month6, 9, 12, 18 and 24 months
2. GLoanup to ₱125,000as low as 1.59% per monthup to 24 months
3. Home Credit₱3,000 to ₱150,000starts at 1.83% per month6 months to 5 years
4. SB Finance₱10,000 to ₱2,000,000as low as 3.5% per month12 to 36 months
5. RFC₱10,000 to ₱3,000,0001.5% to 4% per month3 months to 36 months

Tonik Bank

tonik bank website scaled

Tonik Bank is a clear standout when it comes to its various loan offers. This digital bank offers a myriad of loans that not only offer high maximum amounts but also flexible repayment terms.

Another upside of this loan is its easy application. To apply, all you need to do is download the Tonik app and complete the onboarding process. After this, you can select the loan type you want to apply for.

Read our detailed review of Tonik Bank.

Features and Benefits

  • Easy application
  • High loan amount for Flex and Installment loans
  • Minimal requirements
  • Fast disbursal
  • User-friendly app

Tonik Quick Loan

If what you’re after is quick approval and disbursal, this is the loan you should apply for. The Tonik Quick Loan allows you to secure the funds you need ASAP without worrying about collateral.

Loan Amount₱5,000 to ₱50,000
Interest Rates4.26% per month
Loan Terms6, 9, 12, 18 and 24 months

This loan even offers real-time disbursement to your Tonik account. If you want to pay your loan early, you don’t need to worry about pre-termination or early payment fees. That said, the maximum loan amount is quite limited.

Tonik Flex Loan

If what you’re after is low interest, look no further. The Tonik Flex Loan offers everything you’re after when it comes to online loans such as a high loan amount, easy installments, and fast approval time. In fact, your loan can be approved in just 24 hours.

Loan Amount₱20,000 to ₱250,000
Interest Ratesas low as 1.7% per month
Loan Termsup to 24 months

To qualify for this loan, you need to meet the P15,000 minimum income requirement and provide a Bank Statement of Account, ATM, Proof of Income, and TIN, among other requirements.

Tonik Shop Installment Loan

This installment loan is the ultimate solution if you want to make in-store shopping easier. Tonik partnered up with various stores all over the country so you can buy phones, TVs, air conditioning units, ovens, laptops, and whatever you need.

Loan Amount₱5,000 to ₱100,000
Interest Rates4.5% fixed monthly interest
Loan Terms3, 6, 12, 18 and 24 months

With one loan, you can purchase up to three items. However, you must provide a minimum of 10% downpayment. Advantages of this loan include minimal documents needed (only one valid ID), and zero processing fees. Unlike other Tonik loans, you can choose a three-month loan term for this option.


gloan in gcash app

GCash is the premier mobile wallet in the country, so it comes as no surprise that it offers one of the best loan options for Filipinos.

With GLoan, you can get pre-approved access to up to P125,000 worth of cash loans instantly. Eligible GCash users will receive a message from GCash if they are eligible to apply for this loan.

Loan Amountup to ₱125,000
Interest Ratesas low as 1.59% per month
Loan Termsup to 24 months

Once ready, simply go to your GCash app, tap borrow, select “GLoan,” and input your loan details. This loan is safe and secure and does not have any hidden charges.

Features and Benefits

  • High loan amount
  • Easy application and approval
  • Low interest for those with a high GScore
  • 3% processing fee

Home Credit

home credit app

Home Credit is a well-known lending platform for individuals, particularly those without a bank. With its high approval rate of up to 90%, you can easily get the funds that you need in just one minute.

Home Credit allows you to split your loan payments for up to 60 months or five years, which is a huge plus for those who are working with a limited budget.

Loan Amount₱3,000 to ₱150,000
Interest Ratesstarts at 1.83% per month
Loan Terms6 months to 5 years

Because of its low minimum loan amount, you can say goodbye to your fear of overextending yourself by applying for a loan you can’t afford to pay. As an added convenience, you can also pay your Home Credit loan via GCash.

Features and Benefits

  • Low minimum amount
  • High approval rate
  • Easy application
  • Up to 50 months repayment period (the best on this list)

SB Finance

sb finance website scaled

SB Finance’s Hooloogan Loan makes it possible for you to purchase your dream gadgets and appliances and pay through easy monthly installments. This loan can only be used when you purchase at any of this lender’s partner merchants.

With just one application, you will be given a credit line with no expiry as long as you pay on time.

Loan Amount₱10,000 to ₱2,000,000
Interest Ratesas low as 3.5% per month
Loan Terms12 to 36 months

Features and Benefits

  • High loan amount
  • Easy installments
  • Credit line has no expiry as long as you pay on time
  • Wide array of partner merchants


rfc website scaled

Whether you need help with your personal or business expenses, the RFC cash loan is for you. This loan is perfect for those who need help in paying their immediate financing needs.

With its high loan amount of Php 3 million, you can even use this to expand your business operations.

Loan Amount₱10,000 to ₱3,000,000
Interest Rates1.5% to 4% per month
Loan Terms3 months to 36 months

Features and Benefits

  • High loan amount
  • Long repayment terms
  • High chance of approval
  • Wide array of accepted collateral

Factors to Consider When Choosing an Online Loan with Monthly Payments

Before deciding on which online loan to choose, it is important to consider a few key factors.

Interest Rates

It’s essential to pick an online loan with a reasonable interest rate since this drastically affects the total amount you will pay back over time.

Keep in mind that the interest rate may vary depending on the loan amountrepayment period, and your creditworthiness. Some lenders also offer a fixed interest rate.

Loan Term Duration

Loan term duration refers to the length of time you have to repay the loan. It’s best to choose a loan term that aligns with your financial capabilities.

If you can comfortably repay the loan within a shorter period, then it’s better to do so to help you avoid any additional interest and fees that may accumulate over a longer repayment period.

Minimum and Maximum Loan Amounts

How much you can borrow is solely dependent on your lender of choice.

Choose an online loan provider that offers a maximum and minimum loan amount that fits your financial needs.

Eligibility Criteria

The eligibility criteria for each loan provider may differ.

For instance, some lenders have minimum incomeage, and collateral requirements. Make sure that you meet the requirements before applying to avoid any rejections.

Transparency in Fees and Other Charges

Read the terms and conditions carefully to understand any feescharges, or penalties that you may incur during the loan repayment period.

You don’t want to be surprised by high processing fees or early repayment fees later on.

Types of Online Loans with Monthly Payments

Buy Now Pay Later

Also called BNPLBuy Now Pay Later loans are a popular option for those who need to buy something urgently but do not have the funds to do so upfront. This type of loan allows you to buy the item now and pay for it in monthly installments.
  • Easy application
  • Split payments
  • Convenient
  • Zero or low-interest rates
  • Flexible repayment terms
  • Fees and interest if you miss payments
  • May encourage overspending
  • Not a lot of rewards

Quick Loans

As the name suggests, these loans are designed for those who need fast cash to cover emergency expenses such as medical bills or car repairs.
  • Quick access to cash
  • Easy application
  • Less rigid requirements
  • Convenient for emergency expenses
  • No collateral required
  • Less flexible repayment terms
  • High interest rates
  • Additional fees and charges for late payments

Personal Loans

This versatile loan can be used for various purposes such as debt consolidation, home renovation, medical emergencies, traveleducation, wedding expenses, and more.
  • Higher loan amount
  • Lower interest
  • Flexible repayment terms
  • Versatile use
  • May require collateral
  • May have stricter eligibility criteria
  • Takes longer to get approved compared to quick loans

Business Loans

If you’re a business owner in need of financing, then a business loan might be the right option for you.

These loans are specifically designed to help businesses grow by providing funding for a variety of needs such as inventory, equipment, marketing, and expansion, among many others.
  • Higher loan amounts
  • Flexible repayment terms
  • Can help grow your business
  • Large loan amount
  • Stricter eligibility requirements
  • Longer approval as compared to other loan types
  • High interest rates

Advantages of Monthly Payment Options

Still not convinced that monthly payment options are the way to go? Here are some advantages that might change your mind.

1. Budget-friendly

Monthly payment options allow you to spread the cost of your loan over a longer period.

By breaking down the loan into smaller, more manageable payments, borrowers can easily incorporate their repayments into their monthly budget without straining their finances.

This is especially helpful for those who have fixed incomes and cannot afford to pay a lump sum amount upfront.

2. Flexibility in repayment

When it comes to these loans, borrowers are free to choose a repayment term that fits their financial capabilities.

This means that you can choose a shorter or longer loan term depending on what works best for you.

3. Potentially lower interest rates compared to shorter-term loans

With monthly payment options, individuals have the advantage to potentially secure lower interest rates compared to shorter-term loans.

By stretching out the repayment term, the total interest paid may decrease which allows borrowers to save money in the long run.

Tips for Borrowers

We’ve gathered some tips for borrowers to make the most out of their online loans with monthly payments.

1. Ensure you understand all terms before borrowing

Before taking out an online loan with monthly payments, carefully read and understand all the terms and conditions of the loan agreement.

This includes the interest rate, repayment period, fees, and any penalties for late or early payments.

Make sure to read the fine print and ask questions if there’s anything you don’t understand. After all, you don’t want to be caught off guard by hidden fees or charges.

2. Compare loan options

One of the best tips when it comes to taking out a loan is to not go for the first loan option you come across.

Instead, take the time to compare different loan options and their terms to find the best fit for your financial situation and needs.

Look for loans with lower interest rates and flexible repayment terms that work for you.

3. Always research the eligibility criteria before applying for a loan

Ensure you meet all the requirements before submitting your application to avoid rejection and wasting your time.

You don’t want to spend a couple of days waiting for a loan you’ll never get approved for. Aside from the requirements, submit complete and updated documents.

4. Set up automated payments

To avoid missing payments, accumulating additional fees and charges, and stress, set up automated payments if possible.

This will help you ensure that your monthly payments are made on time.

Just make sure that you have enough funds in your account to cover the payments. You can even set up reminders to top-up your account.

5. Avoid overspending

Only take out a loan for the amount you need and can realistically afford to repay.

Remember that a loan is still a debt that you will have to pay back with interest, so it’s important to be responsible with the funds and use them wisely.

6. Plan for emergencies

Even with monthly payment options, unexpected expenses can still arise.

Have a plan in place for emergencies, such as setting aside some savings or having a backup source of funds.

This will help you avoid falling behind on payments or accumulating debt.

Being prepared can greatly help alleviate financial stress and ensure that you can continue to meet your loan repayments on time.

7. Make a list of all your bills

To ensure that you can budget your monthly expenses and make your loan payments on time, it’s important to make a list of all your bills.

This includes rent, utilities, phone bills, and any other regular expenses you may have.

By having a clear idea of your monthly expenses, you can plan your loan repayments better.

Potential Pitfalls and How to Avoid Them

Here’s what you need to watch out for when taking out loans.

1. Hidden fees or charges

One of the potential pitfalls of taking out loans is hidden fees or charges that may not be immediately apparent to borrowers.

These can include application fees, processing fees, and prepayment penalties, which add up and significantly increase the overall cost of the loan.

To avoid hidden fees or charges, thoroughly read and understand the loan agreement before signing it.

It also helps to talk to someone who applied for the same loan you’re eyeing to guide you through the process and tell you about the things you may have missed during your research.

2. Scams or fraudulent lending platform

You’ll be surprised how many people still fall prey to scams or fraudulent lending platforms.

These scams may come in the form of phishing emails or texts, fake websites, or even phone calls from someone posing as a lender.

Fake loans promise quick and easy loans with low interest rates, but in reality, they are only after your personal and financial information. They may also require upfront fees or deposits, which are clear red flags.

Before applying for any type of loan, do your research and verify the legitimacy of the lender before applying for a loan.

Check their website and read reviews from other borrowers.

Never share personal or financial information unless you are sure that the platform is safe and secure.

3. Know the consequences of defaulting on monthly payments

When you default on your monthly loan payments, you could face serious consequences.

This could include late fees, increased interest rates, and damage to your credit score.

In the worst-case scenario, your lender may take legal action against you or even repossess any collateral you put up for the loan.

To avoid defaulting on your loan, have a solid plan in place for repaying it. This includes budgeting your monthly expenses and ensuring that you have enough funds to cover your loan payments.

If you struggle to make payments, contact your lender as soon as possible to discuss your options.

They may be willing to work with you to develop a more manageable repayment plan or offer other solutions to help you avoid defaulting on your loan.

Remember that it’s always better to be proactive and address any potential issues before they become bigger problems.

Final Thoughts

With the advent of technology, applying for loans can be done in a breeze. With this list of top online loans with monthly payments, anyone who desires access to it anytime, anywhere.

Written by:

MJ de Castro

MJ de Castro is the lead personal finance columnist at Grit PH. MJ started her career as a writer for her local government’s City Information Office. Later on, she became a news anchor on PTV Davao del Norte. Now, she juggles writing professionally, her business centering on women’s menstrual health and surfing.
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Reviewed 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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