Online loans Philippines
The market of microfinance organizations began to develop actively in 2017, but given the corona crisis, this growth slowed down significantly. As of 2022, the MFI loan market has almost recovered from the shocks caused by the pandemic. MFIs began to be regulated by the national bank and the market became more transparent and understandable.
Microfinance organizations had to develop the convenience of taking loans, the speed of their provision, the convenience of repaying loans, which led to the rapid development of the technology of taking loans using a passport online.
Now you can apply for a loan on a card from anywhere in the world: using a phone, tablet or laptop, the money will be credited to your card instantly.
3 steps to apply for an online loan with passport
- Registration of the application on the website of the microfinance organization. It is recommended to apply immediately to 3-4 such organizations in order to choose the most optimal conditions later. To fill out the application, you must enter the data: full name, phone number, passport, and you must also be over 18 years old. Online loans are issued only with a passport.
- Decide on the amount of the loan and the term of its repayment. To do this, we advise you to study the offer of all organizations, as well as the conditions for repaying the loan both ahead of schedule and in case of delays. The average loan amount that microfinance organizations now issue is 5 000 PHP.
- Decide on the MFI and get money on the card. After that, it is advisable to immediately check your personal account on the website of the microfinance organization: is everything displayed correctly there in terms of amounts and terms, then control and repay the loan online or in any convenient way.
Why is it convenient to apply for an online loan with passport or id card?
Everything is very simple here:
- Quick loans available 24/7
- Very fast application acceptance time of 10-15 minutes
- Opportunity to get a loan with no credit history or with bad credit score
- Possibility of obtaining a credit card
- No need for proof of income, guarantors or collateral
All this information, as well as a comparison of loan offers, is available on our Moneytochka website. You can choose the best offer for you and immediately apply to 4-5 microfinance institutions.
The most important thing: you need to remember that if you take the first loan, then take care of its early or timely repayment. This will be positively accepted for credit history and will allow you to receive more loyal conditions in the future.
Getting online loans in Philippines
Long lines at banks to apply for credit are a thing of the past. With online loans get money fast and without paperwork, any day, at any time and from wherever you are.
Do not waste time! Apply for your loan online and get immediate money with a single click.
To request secure loans and receive the financing you need, we show you the ranking where you can check the best online loan offers in Philippines to process easily, instantly and without bureaucracy . Thus, finding your credit quickly will be simple and you will be able to request it without problems, from your mobile or computer and also without an opening commission.
What is an online credit?
As its name suggests, it is a type of loan that is carried out online, through online financial companies.
In recent years, these platforms have become very popular, as they offer a wide range of online loans with more flexible financing conditions compared to bank loans. Through them, getting money is much easier than it used to be until some time ago, since they ask for few requirements and almost no documentation to speed up the process and ensure that more people can request a loan and enjoy the money quickly.
In this way, it is no longer necessary to fill out so much paperwork or spend hours standing in long lines at an office. On the contrary, it is enough to make a click to send your request and obtain fast credit in a few minutes and from the comfort of your home.
How online loans work
Actually, online loans are very simple and have no major complications. To prove it, here is how this financing alternative works:
The first step to obtain a personal loan is the application, which is 100% online and takes very little time. Depending on the lender, you can request advances from loans of 1000 pesos to 50,000 PhP or more and repay them in easy installments from 1 month to approximately 2 years. Of course, you choose the total amount of the credit, that is, how much money you need and how long you want to return it.
So that you know exactly what you are contracting, from the first moment you know the total cost of your financing and the monthly fee that you must pay. This includes the interest on the online loan, which generally ranges from 0% up to 300% APR.
- Sending money
After approving the request, the financial entity transfers the total amount you requested to your respective bank account. This fast online loan can take between 15 minutes and 48 hours, depending on whether your bank is the same as that of the entity.
- Return and expiration
Once you have your loan, you must proceed with the payment of the corresponding monthly installments on the previously agreed date. The same entity will tell you how to repay your personal loan, either by direct debit, bank transfer or card payment.
If when the due date arrives you cannot pay the credit, sometimes you can request an extension and extend the return period. On the other hand, if what you want is to pay the loan quickly, that is, before its expiration date, you can also opt for early repayment. In this way, you will only pay the interest equivalent to the time in which you enjoyed the personal loan.
What are the requirements to take out loans online?
As you will see, applying for loans online is easier than it seems, since you do not need too many requirements or papers to approve your application. Although the conditions vary according to the entity, most will only ask you to:
- Be over 18 years of age.
- Reside in Philippines.
- Have a valid sss.
- Be the holder of a bank account in Philippines.
- Have an email and a working phone number.
However, in some cases they may ask you for additional requirements, such as proof of income, a guarantee or your absence from delinquency files. So that you do not get a negative answer, make sure to check the conditions of each lender before making your application and requesting a loan.
Types of online loans
In the Philippines there are different types of online loans that you can request depending on what you need and here we show you which are the most common:
- Online personal loans
Personal loans a financial product through which a lender grants money to an individual , who undertakes to return it within the agreed period together with the corresponding interest.
As its name indicates, the personal loan is a type of financing with a personal guarantee, that is, not necessary to provide any good as a guarantee of payment. Generally, they are usually granted for both low and high amounts, so it is possible to request loans of 500 pesos, as well as loans of 50,000 PhP online.
As for its purpose, a personal loan can serve multiple purposes, such as paying bills or financing purchases, repairs, home renovations, travel, etc.
Online microcredits are the easiest and fastest type of online loan to apply for. This is because it only grants small amounts of money that do not require as much paperwork or documentation.
Basically, online microcredits allow you to access amounts between 500 and 2,000 PhP, which you must repay in a short period of approximately 1 to 3 months.
Since these are low amount loans, many entities allow you to enjoy a free first loan, that is, with an interest rate of 0% APR. In this way, if you are a new customer, you only request and return your loan online without paying interest or commissions.
Intended for the purchase of goods and services, consumer loans are the most requested type of loan online. Through them, you can get from 500 to 10,000 PhP easy and pay in comfortable installments that suit your pocket.
Although the requested amount of the fast loan is not as high as that of mortgage loans, they offer more than enough money to finance your purchases, not to mention that they are easier to process than a credit card at a bank.
- Online credits for the self-employed
If you are an entrepreneur and want to start your new business or get out of a difficult economic situation, you can choose to apply for self-employed loans online.
In a nutshell, these are loans without payroll that you can easily access, even if you do not have a contract with a company or be part of a payroll. The requested amount that you can access with these loans varies between 3000 and 50,000 pesos, depending on the lenders you consider.
However, it is necessary to have some demonstrable and frequent source of income to be able to opt for this type of online loan.
- Loans with mortgage guarantee
When you want to access very large amounts of money, loans with mortgage guarantee are a good option, since they allow you to process up to 100,000 PHP in exchange for guaranteeing a home, a business, land or an industrial warehouse.
In any case, if you do not have or do not want to provide your house as a guarantee of payment, you can always apply for loans without collateral. However, the total amount will not be as high as in the previous case, although you will be able to apply for loans online for up to 50,000 pesos.