Online Loans in the Philippines – Your Reliable Comparison Website
We all make financial decisions, including taking out a loan and managing our finances. Since our financial affairs impact our lives significantly, it’s only essential that these decisions should be planned out carefully and addressed with the help of the right people. Online Loans Philippines understand this requirement, and it’s the main reason we have this website. Our financial experts cover the loans and lending business in the Philippines, and we offer you tips, guides, and other resources related to lending and financial management. This site serves as your personal online loan and credit card comparison platform with Filipino consumers.
We help you review, assess, and compare the country’s top online lenders and loan providers. Our team strives to provide all the loan-related information you need so you can focus on your financial independence and the security of your family.
Online Loans Comparison in the Philippines – Here’s Our Commitment
You should not rush your next financial decision. Although we have different circumstances, and some require immediate action, any financial decision is essential and must be dealt with seriously. Before applying for an online loan, you should know what it covers, the standard terms, and your current financial standing. For example, there is a minimum take-home salary amount if you’re a public-school teacher in the Philippines. Our website is your partner in understanding the complex yet reliable lending business. The team strives to provide the right set of information, guides, and tips so you can make sound financial decision.
We offer you online loans and credit card comparison services in the Philippines. You’ll find complete coverage of the different types of loans and credit facilities you can see in the Philippines on this website. Our team reviews and checks each product so you can make an informed decision. In addition to these product reviews and comparisons, we also provide industry insights, news, and guides, thus helping you become a responsible consumer.
Make Online Credit Work for You
For many Filipinos, the traditional way to apply for financing is by visiting a physical bank or a registered lender. While it works, this approach is tiring and stressful. Moreover, by traveling and visiting a bank, the individual may encounter a few problems. For example, one should expect long lines, the hot weather, and traffic on the road. Also, there’s always the possibility of returning to file additional documents required by the office. And then there’s a waste of time and effort that you could have spent on other opportunities!
Online credit simplifies the task for you. By applying for online credit, you enjoy comfort and convenience. You don’t need to drive or spend hours braving the road traffic. By filing an online loan request, you want the convenience of the internet, and you can even enjoy faster transactions. You can even apply for a personal loan online in minutes and get your money within the day if you’re lucky!
Online Loans – Borrowing Money Made Easy
In the Philippines, it’s common for families to apply for a loan to make ends meet. Therefore, many Filipinos resort to an online loan to address the immediate financial need to provide for their families. An online loan is a financial product that gives a cash advance to the borrower, which he can pay later subject to the prevailing interest. If one applies for an online loan, the application process is via the web and boasts fast and convenient processing times.
In the Philippines, consumers can borrow money from different financial institutions, including banks, cooperatives, and private lenders. Also, loans in the Philippines come in different types. You must review the most popular loan products available before deciding.
Popular Types of Loans in the Philippines
Personal Loan
While other types of loans are for specific purposes, a personal loan is primarily for general purposes. For example, borrowers use it for emergency expenses or home improvement projects. A personal loan is an unsecured loan without collateral. To get approved with a personal loan, you need to be eligible in terms of income and documentary requirements. The lenders conduct credit investigations on the borrower before they can qualify for the loan. Repayment terms usually range from 36 months up to 10 years. It will depend on the client’s preference and the existing policies of the bank or lending institution.
Salary Loan
This type of loan is offered to employed individuals only. The loan amount may vary depending on the gross salary received from the employer. In most cases, only those with regular permanent employment status and bank account can avail of a salary loan. But there are private lending institutions that grant salary loans to contractual employees. Like a personal loan, you also need to comply with income and documentary requirements to avail of the loan. The bank deducts the monthly amortization from the employee’s salary.
Calamity Loan
People living in an area under a state of calamity can be eligible to avail of a calamity loan. In the Philippines, this type of loan is from government agencies such as Pagibig, Government Service Insurance System (GSIS), or Social Security System (SSS). To apply for a calamity loan, you need to visit the offices or avail of it through their online system. Repayment for calamity loans comes with lower interests.
Home Loan
A home loan is a secured loan that uses the real property as collateral for the loan until paid. Borrowers can avail a percentage of the property’s appraised value. Repayment terms may vary depending on the lender’s terms and conditions. Since the amount is much higher than other loans, it usually takes 20 years to repay a home loan through the bank account or other options. If you have availed this loan, you can receive it in a lump sum and repay it through monthly amortization.
Car Loan
It is an unsecured type of loan allowing borrowers to avail of the lender’s vehicle until the loan amount you have availed. In case of failure to repay the loan, the lender has full rights to forfeit payments and take back the unit. Terms of payment may range from three (3) to five (5) years following the terms and conditions of the lender.
Gadget Loan
This type of loan is used to purchase gadgets, other electronic devices, and appliances. Individuals can repay the loans in a regular monthly amortization. Unlike other loans, lenders grant gadget loans in a shorter period. You can repay it within 6 to 24 months. To avail of this loan, you need to have complete documentary requirements. In addition, banks check your income and capacity to pay before you can qualify for the loan. In the Philippines, the most popular company offering gadget loans is Home Credit.
Business Loan
A business loan can be of great help if you aim to open a new business or make a business expansion. You can get a secured or unsecured loan depending on the terms and conditions of the lender. The loan amount and the repayment terms will also depend on the existing policies. Business loans are available in commercial banks and private lending institutions. The approval of a business loan amount depends on the borrower’s credit standing and the assets as collateral.
Online Lenders in the Philippines
Applying for a loan is now more accessible and convenient. The internet features dozens of online lenders ready to offer you an online loan at friendly terms. Leading the way are the country’s commercial and universal banks, including BDO, Metrobank, Security Bank, Philippine National Bank, Bank of the Philippine Islands, and other smaller banks. You can check out reviews and comparison tables on this website to find your best bank.
In addition, there are smaller yet reliable lenders that offer personal loans or payday loans. The Securities and Exchange Commission (SEC) and the Department of Trade and Industry (DTI) monitor and register these lending companies.
You can visit the website of SEC for a complete list of registered online lenders. You can also browse our website to review these companies and their product offerings.
Credit Cards
Credit cards are payment cards in which charges are made against the person’s credit line instead of the cash deposit. When using a credit card to pay for a product, the consumer’s account accrues a balance that the holder must pay off each month. Many credit card companies offer zero-percent interest. However, failure to pay the balance on the due date may incur interest and late fees. But if one pays credit card debt responsibly, it can help build one’s credit history.
There are different kinds of credit cards available in the Philippines today. In addition to purchases, you can also use the credit card to earn cashback, reward points, and frequent flyer miles.
Credit Card Brands
While Filipino consumers can find different kinds of credit cards, two major networks maintain these products:
Visa
VISA is a global financial company headquartered in Forster City, California, United States. The company offers a wide range of financial products, including credit and debit cards and prepaid cards. In 2020, the VISA network recorded $8.8 trillion in payment volume.
Mastercard
Mastercard is an American multinational finance company that operates in more than 210 countries and territories. The company offers consumer credit and debit, prepaid cards, and commercial product businesses. In 2020, Mastercard processed $6.3 trillion worth of transactions.
Top Credit Card Providers in the Philippines
Whether you love shopping online or appreciate the high transfer limit, you can easily find the right credit card for you. We’ll review the top credit card options available for different types of consumers on this website. These credit cards boast smaller fees and interest rates, and some boast perks and freebies. Our team also reviews the top credit card providers in the Philippines right now. Here’s a short list of the leading banks for credit card services in the Philippines:
- HSBC
- Metrobank
- Union Bank
- Security Bank
Your Guide to Online Credit
As borrowers and consumers, you can find several financial products that can suit your requirements. You can find advertisements, promotional materials, and other guides covering the different loan products available, including cash loans, car loan, and payday loan. With so many resources, guides, and competing banks and providers, deciding on the right online loan type can be a problem. Our team understands the complexity of the Philippine banking and loan industry. As such, we offer this website for all Filipino consumers out there.
If you plan to set up a bank account, want to apply for a personal loan, or consider a car loan, let our guides help you. Our website covers many topics, from the loan application and standard requirements for personal loans to the monthly payments calculator. We also provide tips and suggestions on how you can improve your credit score and how to apply for debt consolidation.
Know Your Online Credit and Credit Card Rights in the Philippines
When it comes to finances, knowledge is power. Therefore, before you take out a personal loan or even consider your potential loan proceeds, we recommend that you review your options and know your rights. In the Philippines, we have Republic Act No. 10870 or the Philippine Credit Card Industry Regulation Law (“Credit Card Law”).
The law is called the Credit Card Law covers all credit card providers, acquirers, and card transactions; and it aims to promote fair and the best practices in an efficient payment system. As part of the law, card providers need to implement the Know Your Client (KYC) protocol. In addition, it is necessary to ascertain the applicant’s credit standing and worthiness to take out a personal loan.
When it comes to online personal loans that smaller online loan providers offer, you must review their reputation and company background. In addition, these loan app providers comply with the SEC and the DTI.
We’re Here to Help- Find the Best Online Credit for You!
Applying for a personal loan or a credit card is a crucial financial decision. It’s one decision that requires careful planning, access to the correct information, and working with online loan providers. We understand this requirement and the need for financial protection. Therefore, our team compiles only the best, relevant, and correct information about personal loans in the Philippines, including a listing of standard requirements for loan approval, the updated prevailing interest rates based on the loan amount, and other personal loan application approval tips. We also review the best personal online loans and compare the top loan providers in the Philippines right now.
And if you have a bad credit standing, we can guide you through the process of applying for an unsecured loan.
We help you find the best online personal loans in the Philippines. We simplify your task by reviewing and comparing the top online personal loan options and top providers.
Frequently Asked Questions About Online Credit and Loans
If you still want information about the online loan application, the usual terms, and popular lenders, the following section can help you.