Given certain economic factors, relying on reputable lenders offering online loans with monthly payments Philippines might become a prudent choice, particularly if you’re employed and seeking financial assistance. Online loans with monthly payments Philippines are progressively supplanting the cumbersome conventional bank loans in the country
Numerous companies have emerged, providing online loans, many of which do not require extensive documentation, collateral, or guarantors. This piece will delve into the realm of online loans with monthly payment plans in the Philippines, sparing you the need to scour the internet in search of such options.
Best and Fastest Online Loans With Monthly Payments Philippines
The best companies and platforms offering online loans with monthly payments Philippines are Pera247, Lezada Loan, Plentina, Flexi, Billease PH and GCredit. These loan apps are the fastest in Philippines, offering users convenient interest rates, competitive repayment plans and are available online 24/7.
1. Pera247
Pera247 stands as one of the most trusted online loans with monthly payments Philippines offering juicy repayment options, catering to your diverse financial requirements. For newcomers, the platform extends loans ranging from Php1000 to Php3000, while well-established members can access up to Php30,000 in segmented payments. The platform applies a monthly interest rate of 8.6%.
To initiate the Pera247 application process, you need to download their app and furnish the necessary details. This includes uploading a valid government-issued identification and your most recent selfie. Upon approval, your account will be promptly credited.
2. Lezada Loan
Lazada Loan presents a convenient loan facility providing cash that can be utilized for transactions with Lazada’s authorized affiliates, including Paylater, Cashalo, JuanHand, TendoPay, BillEase, UnaPay, and Invested.
To initiate the application process for a Lazada Loan, you’ll need to furnish your government-issued identification, most recent payslip, and proof of billing. An appealing aspect is that the Lazada loan app allows you to make purchases across the entire Lazada platform. The monthly interest rates span from 0% to 8%. It’s the second on the list of our top 5 online loans with monthly payments Philippines.
3. Plentina
Plentina stands as another option for online loans with monthly payments Philippines. Through Plentina, you have the opportunity to secure a cash loan that can be used to acquire products through its affiliations with Smart and 7-11.
Leveraging your credit score with Plentina enables you to make cashless transactions on 7-11’s CLIQQ app and facilitates purchases of various goods, including loads and other items, from Smart and PLDT.
Plentina’s fee structure includes a monthly service charge ranging from 4.5% to 9.5%. To apply, you will need to provide your personal details, mobile phone number, and a government-issued identification.
4. Flexi
Flexi presents a convenient option for online cash loans presents a convenient option for online cash loans that are structured as installments. These loans can be utilized for purchases at their partnered merchants. The repayment process involves manageable monthly installments, eliminating the need for a credit card. The applicable monthly interest rate is 10%, though this might vary based on your credit score.
Accessing the services of Flexi requires you to be a customer of Flexi finance, and it’s exclusively accessible through SMS invitations to specific recipients. Currently, Flexi operates within Cebu City.
To be eligible, you need to have been employed for a minimum of three months, possess Filipino citizenship with an age of at least 18 years, and have two valid forms of identification.
5. Billease PH
Billease PH is a trusted app that provides online loans with monthly payments Philippines from 30 days to 12 months. Through this platform, you can access immediate credit of up to ₱40,000, allowing you to make a wide range of online purchases, from clothing and gadgets to appliances.
Furthermore, the Billease.PH app enables you to conveniently settle your bills. The monthly interest rate is 3.49%. To begin the application process for a loan on Billease, you need a stable source of income, must be at least 18 years old, and should possess the latest proof of income, a valid ID, and proof of billing.
6. GCredit
GCredit stands out as a premier loan option in the Philippines, offering convenient monthly payments. Through GCredit, you can secure a loan of up to ₱30,000. This platform enables you to make transactions using your GCash account, even if your balance is currently at zero. This feature proves invaluable when urgent bills or essential purchases need to be addressed promptly.
To access GCredit loans, you must be a GCash user with a commendable GScores status and complete verification. The interest rates range between 5% and 7% per month, contingent on your GScore rating. It’s our last pick on our top 6 apps that provides online loans with monthly payments Philippines.
What Are The Best Legit Online Loan Providers in the Philippines offering monthly payments?
Online loan Philippines are non-traditional loan from a private lender or a digital (online) bank that operates over the Internet. Companies that offer online lending with monthly repayment in the Philippines generally process loan applications through their mobile and banking app or website.
Traditional banks and government loan providers conduct credit checks to evaluate a borrower’s capacity to pay. On the other hand, online lenders usually don’t and just require a valid ID or proof of income. The best online applications that provide online lending with monthly repayment options in the Philippines are
| Loan Provider | Loan Amount | Loan Term | Interest Rate |
| ACOM | Up to ₱500,000 | 6 or 12 months | 4.988% |
| Asialink | Depending on the loan (up to 70% of the vehicle’s appraised value for car loans) | Up to 48 months | Starts at 1.5% |
| Atome | ₱500 to ₱50,000 | 2 to 12 months | |
| Blend PH | ₱10,000 to ₱3 million | 12 to 36 months | 1% to 8% |
| Cash Mart | ₱3,000 to ₱30,000 | Weekly, biweekly, and monthly | 0.0571% per day/20.8415% per year |
| Esquire Financing | Up to ₱10 million | Subject to the lender’s approval | |
| First Circle | ₱250,000 to ₱20 million | Up to 12 months | 0.99% to 2.49% |
| GDFI | Starts at 1.37% | ||
| Home Credit | ₱3,000 to ₱150,000 | Six to 60 months | Starts at 1.83% |
| Online Loans Pilipinas | ₱1,000 to ₱7,000 for first-time borrowers; up to ₱30,000 for repeat borrowers | Starts at 10 days | None for first-time |
How safe are online loans in the Philippines?
Legitimate online loan providers are lending companies in the Philippines that are registered with the Securities and Exchange Commission (SEC). Upon registration, the lender must comply with Corporation Code, the Lending Company Regulation Act and other laws regulating lending companies.
In case of non-compliance to lending regulations, violations of the Data Privacy Law, harassment, cyber libel, or other forms of unfair debt collection, legit online lenders will answer to the SEC and other relevant government agencies. This may lead to the revocation of their license plus penalties.
Eligibility criteria for online loans with monthly payments Philippines
To begin with, here are some fundamental prerequisites for seeking online installment loans with monthly repayment options:
- You need to be at least 18 years old.
- You must possess a valid form of identification.
- Having a verifiable and stable income source is essential.
- A favorable credit history with any credit institution is required.
- Owning a bank account in the Philippines is obligatory.
What is the interest rate for online loans with monthly payments Philippines?
The interest rates attached to installment loans in the Philippines can fluctuate depending on a variety of influencing factors. For instance, conventional banks typically offer interest rates ranging from 0% to 7.5% per month, or up to 30% annually. On the other hand, online lenders tend to slightly increase these rates, reaching as high as 0% to 15% per month, or up to 365% per annum.
Microfinance banks also hover around similar interest rates as those charged by online lenders. This explains why rapid loan applications have become established, providing you with alternatives that prioritize transparency and contentment.
Conclusion
With a variety of trusted platforms like Pera247, Lazada Loan, Plentina, Flexi, Billease PH, and GCredit giving online loans with monthly repayments, individuals can find tailored options to meet their requirements. These platforms have emerged as viable alternatives to traditional bank loans, streamlining the borrowing process and minimizing cumbersome documentation.
