With increasing cost of living, Filipinos are now looking for ways to borrow money quickly. Apart from traditional lenders like banks, people now have an option apply for a loan through online platforms. See the top online loan apps that might be able to help you.
What Are Online Loans
Online loans are instruments where you can borrow money from companies using the internet. The application process is done remotely using either a website or a mobile app.
Benefits of Online Application
Online loan application is suitable for those who need immediate funds. The advantages of these internet based application include:
- Convenient application
- Fast approval (within 24 hours)
- Minimal requirements
- Easy repayment
- No need to go to a physical office
Purpose of Loan
Applying for a loan has different purposes. Individuals may need to borrow money in any of the following common reasons:
Small business capital funding
- Buying a new car
- Medical expenses
- Building a house
- Buying properties
- School tuition
- Paying for other loans (balance transfers, refinancing)
Mobile Loan Apps
Smartphone apps have become a popular way to borrow money. Here are some of the online loan apps available to download.
JuanHand
JuanHand online loan is among the popular apps to borrow money. The company has over 5 million downloads as of this date.
| Loan Amount | Php 15,000 |
| Interest | 9% to 12% |
| Term | 3 months |
| Requirements | – A Filipino – 20 to 60 years old – Stable source of income – Valid government issued ID |
Tala
Tala is one of the more visible lending app available in the Philippines. The approval time is fast and applicants may expect the funds in 24 hours.
| Loan Amount | Php 25,000 |
| Interest | 0.43% to 0.5% (daily) |
| Term | 15 to 61 days |
| Requirements | – Filipino – 18 years old and above – Passport, Driver’s license, Postal ID, PRC ID, UMID, SSS ID, Voter’s ID – Android smartphone with OS 4.1 or higher |
Uno Digital Bank
As a fully digital bank, UNO offers loans to those with complete requirements. Simply download the app and start filling up the form to borrow money.
| Loan Amount | Php 10,000 to Php 200,000 |
| Interest | 2% |
| Term | 6 to 36 months |
| Requirements | – Active email address and mobile number – A selfie and one valid ID |
Online loans translate to total convenience for Filipinos with financial difficulties. One simply needs to look into the fine details of each lender to maximize its benefits.