May 10 2022
What is the best loan company in Philippines 2022
Best online loans
It is not always easy to choose the best personal loan and find the one that suits our situation. We help you to know which are the best personal loans available on the internet and we explain how to choose one among all the comparison of personal loans.
We present you the ranking of the best online loans and credits in Philippines , with verified offers and always up to date. Available to request any day and at any time.
We have all encountered situations in which the savings are not enough to be able to face an unforeseen event, an emergency of any kind or simply that we are short of cash at the end of the month.
At Moneytochka, the best online loan comparator, we want to help you not only to find the best online personal loans, but also to know what points are important when making the decision to apply for one type of loan or another and what aspects duty to take into account when we make the comparative personal loans.
What you should know about the best personal loans on the internet
In the world of fast credits and online personal loans there is a very large offer, so much so that sometimes it is difficult to know what we are looking for and what we need. Of course, there are some standards in all of them that are stipulated by current legislation and that we must take into account when contracting the best personal loan, including the comparison of new 2022 loan entities and their conditions.
As far as online loans are concerned, you should always keep in mind that, in general, the interest rate will be somewhat higher than a traditional bank loan. Even so, there are more variables that you should consider when contracting the best personal loans and that we will explain below.
What are personal loans?
A personal loan is an agreement that you can establish as an individual with a bank or a private lender to obtain financing in order to solve a specific financial situation or carry out a medium or long-term project.
This financial agreement consists of receiving a certain amount of money that you agree to return within a set period, along with the payment of a series of interest or opening commission.
When returning the money, it is very important to respect the deadlines, because in case of non-payment, the total to be returned may increase and the personal loan may become more expensive due to late charges. For these reasons, it is so important to carry out a good personal loan comparison and to know which aspects are the most decisive to take into account.
Differences between personal loan and mortgage
The best personal loans have a peculiarity, and that is that you do not need to establish a real guarantee such as a car or your home, as in the case of a mortgage. This would be the main difference between both financing modalities, since it indicates that the entities that offer loans are going to assume a risk and will support the loan through the payment commitment that you establish when you sign the agreement.
Likewise, there are other differences between both financial products. For example, the mortgage can have opening commissions, study commission or amortization commission; Something unusual in personal loans in the online market. For this reason, and if your intention is to apply for the best mortgage, you have to have all these concepts clear and do the math to find out how much it will really cost you.
If, on the other hand, you have decided to choose the loan, you will need to know if the entity has more fees or additional interest rates than those shown in the offer. Get in touch with them to make everything clear before signing your contract and choose the best personal loan.
What are the best personal loans for?
Many people associate the idea of a personal loan with debt, and that is, if you do not plan this type of procedure well, you can aggravate your current situation. The objective of the best loans is to help you solve a situation in a timely manner that you could not cover if you had to wait to collect at the end of the month. Although this action generates interest, it is designed not to affect your savings or personal financial situation.
Now, if you want everything to go well, you need to have financial discipline. Otherwise, if you spend as if you had no debts, you can see yourself in trouble in the medium term.
When to request a personal loan online?
The best personal loans can be used for various purposes, the most common being:
- Purchase of consumer goods.
- Payment of rent and services.
- Payment of study fees if you want to do a master's degree or courses abroad.
- Purchase of equipment for a business.
- Home equipment.
- Home remodeling or repairs.
- Buying a car or repairing breakdowns.
It should be noted that in addition to the best personal loans, there are other types of financing such as consumer loans, microcredits or loans for entrepreneurs that have a specific purpose and characteristics beyond the personal loan.
Keep in mind that when comparing personal loans, you must be very clear about the reason for your credit to choose the one that best suits your financing needs.
Interest and commissions of better personal loans
The interest rate represents the cost of money for the personal loan. In other words, you as an individual need to obtain financing and a company is capable of covering this need. In order for the company or bank to find it profitable to lend you money and, in addition, to face the risk that implies that you fall into default, it must charge an amount of money for offering this service, which translates into interest and commissions. In this way, a cheap personal loan will be the one with the least amount of interest and commissions.
Amount of online credits
Our advice is that you request a personal loan only what you need. We will always recommend that you request only what you need at that time, no more and no less. First because you will save commissions and second because you must make sure that you can return the amount. Some entities, for example, offer the option of requesting a relatively high amount, and withdraw only what you need at that time, as is the case with Younited Credit. They work like a personal line of credit .
In addition, before contracting a loan it is possible, although it is not always the case, that the entity asks you what you are going to spend the requested amount of your personal loan on.
Minimum and maximum age to request an online loan
The minimum age in all personal loans is always 18 years, although there are entities that choose to raise that minimum age to 21 or 25 years. There are also entities, few, that set the maximum age at 65 years, although in general, you can contract a loan with other financial entities up to 80 years.
Commissions and expenses of best personal loans
When you take out a loan online you have to look at the interest, especially the APR (Annual Equivalent Rate) that includes the cost of the loan, including some opening commission, interest and expenses. That percentage is what will determine what you will end up returning and it will be higher or lower depending on the amount and the time it takes to return it.
Keep in mind that in loans with bad credit history online the interest will be higher than in ordinary loans and that you will not only have to take into account the APR as interest rates, but also the nominal interest rate (TIN).
Without a doubt, one of the most relevant points when making a comparison of personal loans.
Personal loans with interest rate 0%
The interest-free loan is an option that entities make as a claim to attract new customers. It is a loan on which you will pay 0 interest.
Usually the quantities available with this option are low. Of course nobody gives anything away and you will have to return that money, but you can save interest and return only the amount of money requested.
Apply for personal loan without payroll Is it possible?
Normally, Philippines credit institutions study your solvency and ability to deal with a debt.
They do this to minimize the risk that you fall into default, which would be dangerous for your stability, since the power of your assets and properties will be at risk in extreme cases.
However, today it is possible to access personal loans with better conditions where you do not need to direct payroll, designed for individuals with the following characteristics:
However, by not presenting a payroll, the financial institution needs a certificate that guarantees that you receive an income to know if you will be able to pay your debt and return the money, but this proof can be a scholarship, unemployment benefit, retirement, etc.
Is availability immediate?
It is not the same to receive a credit from one day to the next as it is to need one or two weeks. Many easy personal credit entities announce the immediate availability of money, but this is not always the case.
Financial institutions usually work with banks that provide quick money with an income in a few hours, but for it to reach you that quickly you need to have an account with those banks.
Although it is true that the loan application is usually approved in 15 minutes, as a precaution, keep in mind the minimum margin of 24 hours between the time the entity grants the loan and the time you receive it.
Always choose the term that best suits your needs and the personal loans with the best conditions for you. In addition, keep in mind that the amount will also be a determining factor when receiving the money , since it will not be the same to request a loan of 1,000 as requesting a credit of 50,000 PHP online. Issues that are also important when we are evaluating which entity suits us best of all our comparative personal loans.
Return of a personal loan
It is very tempting to extend the repayment of the loan to the maximum. Some financial entities offer from 12 months, 24 months to 72 months (6 years!), but that implies that you will return very high interest. Our recommendation is that you find the balance point and return it as soon as possible.
Although the fee will be higher, you will save money.
Oh! Try never to be late in paying the installment. That will go against your credit history and as we have said before, it will increase the total PHP to be returned.
There are also personal installment loans, where as a general rule they are higher amounts and you can repay them in comfortable installments and for a period of up to 8 or 10 years. Keep this in mind when hiring the best personal loan and choose the best conditions for you.
Early repayment of credits
When it comes to an unforeseen event, many things can really happen that change our financial situation and need a personal loan. A clear example is when a health emergency occurs and the person needs to receive treatment or be admitted, but you do not know if the insurance will cover that cost. It turns out that you ask for a loan to be repaid in 12 months and after a few weeks they notify you that the insurance can cover the cost, but you already have a debt with the financial institution. What to do in these cases?
If your financial situation has improved in some way and you see yourself able to repay the loan, you can do so with some companies without any type of penalty. Others, on the other hand, may charge you some type of opening commission. They will give you the option of reducing the payment term or reducing the monthly fee, and you must evaluate which one suits you best. Either way, it's best to get out of debt, even if it means paying a little more.
Extensions in the best personal loans
It would be ideal for the previous case to happen to us and to repay a personal loan because our situation improved. However, there is the opposite scenario in which the installment payment date arrives and we are very tight on money. Watch out! Do not think about stopping paying because this will only prolong your debt.
Many people make this mistake and really create a spiral of debt and delinquent interest that is difficult to get out of. Before falling into default and this damaging your credit history, it will always be better to study what is the best way and notify the company in time to reach a joint agreement. Normally, the entities extend the terms and establish better conditions so that you can finish paying your personal loan online, adjusting to your current needs.
What paperwork should I submit when requesting a loan online?
Whether a personal loan is more or less easy to obtain and, consequently, takes more or less time to be approved, depends largely on the paperwork requested by the entity. If you want to change from bank to private lender, you should know that immediate credits through their website only require a photo of the DNI that you can send from your mobile, an invoice with the current account number and a phone call or video call to confirm. all data and conditions.
But there are other credits that require the presentation of guarantees, documentation or proof of income by email. Everything will depend on your credit history and the financial institution that you consider to be the best option among all your personal loan comparison.
Can I request a personal loan with bad credit history?
Banking entities or entities dedicated to personal loans value each client in a personalized way and the answers are consistent.
A client with a high capacity to repay the loan and who can demonstrate regular income will obtain a loan more advantageously.
In cases of special consideration, there are entities that offer better loans referenced to the value of a property, such as your car. The risk of these entities is that, if you cannot return the amount, you will lose that property.
Advantages of the best online loans – Why should I ask for one?
Finding the best online personal loans entails many advantages if you plan your budget and financial behavior well, among the most common we can mention:
- The interest rates are fixed, which means that you will always pay the same monthly installment, since your interest rate cannot fluctuate.
- Although their amount is not as large as a mortgage loan, they allow you to carry out medium and long-term projects.
- You can get interest-free personal loans if you want to change banks and opt for a private lender.
- By having fixed payments month by month, it is much easier to organize them within your monthly budget.
- Online personal loans are much faster and involve fewer requirements than if you request them at a bank.
- You can receive the money in your bank account in a few minutes after your application is approved through the lender's website, avoiding paperwork and long waits.
Do not forget that if you need fast money, at Moneytochka we offer the ranking of the best personal loans and that you can request directly with the best conditions to choose which is the best of all online loans and compare personal loans directly with the term parameters , amount, free loan and with bad credit history.