5 Best Online Lending Companies in the Philippines
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5 Best Online Lending Companies in the Philippines

How We Picked

Ease of application – We selected online lending companies with the easiest application process.
Interest rate – The companies in our list offer the lowest interest rates in the market.
Credibility – We picked online lending companies with a proven track record for reliability.
Customer service – It’s important to select lending companies with great customer service to assist you.

1. Home Credit

Home Credit Homepage

Website: https://homecredit.ph/cash-loan/ 

Main office: 15th floor, ORE Central, 31st street, corner 9th Ave, Taguig, Metro Manila 

Contact information: [email protected] 

Business hours: Monday to Friday, 9:00 AM to 6:00 PM

Maximum limit: Php 150,000 for cash and products

FastLoans.PH rating5/5
Google Play rating4.6/5
Total reviews4.8/5
Score consistency4.5/5
Ease of application4.5/5
Interest rate3.5/5
Credibility4.5/5
Customer service3.5/5

Pros

  • Fast approval
  • Convenient payment options
  • Flexible installment
  • Many partner stores

Cons

  • Higher interest rate
  • Persistent debt collectors

Home Credit Philippines is part of the global finance expert Home Credit Group. They launched their services in the country way back in October 2013. 

We can say that Home Credit is very secure and reliable as they cater to 13 countries all across Asia, Central and Eastern Europe, and North America. 

We were impressed with how easy the application process is with Home Credit. You only need two government IDs and the form to be able to process your loan. 

Within just a few minutes, you can already claim the loan.

You are able to pay your bills almost anywhere with their different payment options. Some of their payment channels include Gcash, PayMaya, 7-11, SM Bills Payment and debit card payment just to name a few.

Depending on your loan type, Home Credit offers a very flexible installment plan. You can select anywhere between 6 to 24 months of payment, and they also allow you to pay in advance to avoid any additional fees.

We were also glad to find out that many stores are in partnership with Home Credit. If you’re looking to purchase any gadgets, you can loan through Home Credit right then and there and take home the item the same day.

One of the things that we noticed with Home Credit is that their interest rate is a little bit higher compared to the other ones on the list. They do not have a fixed interest rate as it will depend on what type of loan you’ll get, but users have noted they are pricier than bank loans.

No matter how good of a payer you are, they will persistently send email and text messages for additional promotions. Many users find it really annoying and inconvenient. 

We hope they improve their customer support not to scare away their users.

2. Tala

Tala Homepage

Website: https://tala.ph/ 

Main office: 5th Floor 5600 Osmena Highway Corner Arellano Street, Barangay Pala, Makati

Contact information: [email protected]tala.ph 

Maximum limit: Php 25,000

AllBestLoans.com rating4.2/5
Google Play rating4.8/5
Total reviews4.5/5
Score consistency4.5/5
Ease of application5/5
Interest rate4.5/5
Security5/5
Customer service4.5/5

Pros

  • Fast approval
  • Minimal requirements
  • Low interest rate

Cons

  • Relatively lower loan limit
  • App is not available for iOS users

Tala is one of the known lending companies that allow users to borrow money anytime and anywhere. Tala has received recognition from the Digital Inclusion Award for Best Non-Bank Mobi-loan Platform.

Not only does Tala operate in the Philippines, but they are also operating in Kenya, Mexico and India, which says a lot about their credibility. Millions of people all over the world are enjoying their services, which made us rank them with a high score for security.

You can easily loan by just downloading the app on your phone and submitting an application form. Some users mentioned that they were able to get the loan within just a few minutes.

While their interest rate is a little higher compared to bank loans, it’s lower compared to other online lending companies. They have a fairly low interest rate at 11% to 15% depending on the term you’ll be paying for. 

Users are happy that Tala’s customer service is available 7 days a week. They are very accessible since they have a live chat feature on the app.

For as low as Php 1,000, you can borrow from Tala. That said, some people were disappointed that the maximum amount that they can lend you is Php 25,000. 

This might not be an issue to some people who are not looking for big loans.

We do note, however, that Tala is not available for Apple or iOS users. We hope they can expand their availability to be able to cater to more users.

3. Cashalo

Cashalo Homepage

Website: https://cashalo.com/ 

Main office: 19F Exxa Tower, Bridgetowne, C-5, Quezon City, Philippines

Contact information: [email protected]cashalo.com 

Business hours: Monday to Sunday, 9 AM to 6 PM

Maximum limit: Php 10,000

AllBestLoans.com rating4.5/5
AlLoansOnline.com rating4.8/5
Total reviews4.65/5
Score consistency4.5/5
Ease of application4/5
Interest rate3.5/5
Security4.5/5
Customer service4.5/5

Pros

  • Minimal requirements
  • Easy to navigate app
  • Offers different kinds of loans

Cons

  • Non-uniform interest rates
  • Low loan limit

Cashalo is a lending service platform under Paloo Financing Inc. They were recognized as one of the “Most Innovative Fintech Products” at the International Finance Awards (IFA) back in 2019.

If you are looking for a secure lending company, Cashalo is SEC-registered. It means that the government has certified that the company provides full transparency with their transactions.

Unlike the first two on the list, Cashalo requires more requirements besides the government issued IDs, such as payslips or a company ID. We still think that it’s pretty minimal compared to when you are applying for a loan in a bank.

We were impressed with how easy to navigate the app is. A lot of users seem to enjoy the app since they can access all the data with just a few clicks. 

They also noted that there is little downtime for the app.

It’s really great that Cashalo not only offers cash loans but also has gadget loans for when you need to purchase high priced items, and a credit card that you can use almost everywhere.

We noticed, though, that the interest rate from the website is not as consistent with their reviews. Some people noted that they charge a bit higher than what they actually claim to charge. 

We hope they can implement a more uniform system with their interest rates.

We do not recommend Cashalo for people who are looking for quick and big loans. Their process usually takes 1-2 business days and their maximum limit is Php 10,000.

4. Digido

Digido Homepage

Website: https://digido.ph/ 

Main office: UNIT 2/C, Murphy Center, 187 Bonny Serrano Road, Socorro, QUEZON CITY SECOND DISTRICT, NCR, Philippines 1109

Contact information: [email protected] 

Business hours: Monday to Sunday, 8 AM to 5 PM

Maximum limit: Php 25,000

UpFinance rating5/5
Apple App Store rating3.4/5
Total reviews4.2/5
Score consistency3.5/5
Ease of application4.5/5
Interest rate4/5
Security4.5/5
Customer service4/5

Pros

  • 0% interest rate for new borrowers
  • No extra charges
  • Same-day approval time

Cons

  • Short loan terms
  • App glitches

Digido is one of the first fully-automated lending companies in the Philippines. Backed by banking professionals, they take pride in helping borrowers have a hassle-free transaction.

They are SEC-registered, meaning the government has given their stamp of approval for transparency. Much like the other companies on our list, Digido has proven their credibility with thousands of users nationwide.

It’s very easy to open an account with them – you simply need one valid ID and one proof of income. After that, they are able to approve your application within just a few minutes. 

This is great if you’re faced with an emergency situation.

We love that they have 0% interest rate for new borrowers. This means that you only need to give back what you borrowed. 

Digido also promises not to have any additional charges besides the interest rate.

You can borrow a maximum of Php 10,000 for new users and Php 25,000 for repeat loans. However, unlike other online lenders that have 12- to 24-month payment arrangements, they only offer up to 6 months for their loan terms.

We were quite disappointed with the app as the payment does not reflect in real-time. A lot of users have noted that they do not enjoy that the app sometimes closes out of nowhere. 

We hope that they improve the app for a better user experience.

5. Tonik Bank

Website: https://tonikbank.com/loans 

Main office: Unit 605B, 6/F West Wing, The Offices at Estancia, 1605 Meralco Ave, Pasig City

Contact information: [email protected] 

Maximum limit: Php 50,000

Google Play rating4.3/5
Apple App Store rating4.4/5
Total reviews4.35/5
Score consistency4.5/5
Ease of application3.5/5
Interest rate3.5/5
Security5/5
Customer service4.5/5

Pros

  • Flexible loan terms
  • Big loan limit
  • Convenient repayment

Cons

  • High charges
  • Not-so easy application process

Tonik Bank is the first ever neobank in the Philippines. Being a neobank means that all transactions are made digitally.

When it comes to money, credibility is number one. They are the first neobank to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP). 

All deposits made are insured by Philippine Deposit Insurance Corporation (PDIC).

We were delighted to know that Tonik Bank has one of the best loan terms on the list. While other lending companies only offer up to 6 months, with Tonik Bank you can go up to 24 months.

They have made repayment so much easier with their partner banks or e-money platforms. You can pay them through Gcash which is a few clicks away, or you can connect your main account and have it automated.

Tonik Bank offers the biggest loan you can find in this list. Once you have established a good credit score, you can now borrow up to Php 50,000. 

This is a great opportunity to use for emergencies or buy high ticket items.

A lot of frustration from people is that their application is not as easy as they claim to be. Some people were not approved even if they submitted all the requirements needed. 

Also, if you are dodging high interest rates, you may want to skip Tonik Bank. Although they offer big loan limits, the interest might bite you back. 

Before you apply for a big loan, make sure that you can pay them back on time to avoid additional late fees.

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