We never know what will happen in the next few hours or minutes. Therefore, there are many unforeseen events when we need extra funds for emergencies. May it be for medical reasons, purchasing reasons, home renovations, or travel expenditures, we need some extra funds sometimes. So if you need cash, here are some Apps where you can have quick loans.
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1. Gloan
Gloan has been tested and proven by many users, including me. Gloan is one feature of the Gcash app where you can borrow money as much as ₱125,000! However, you must use your Gcash account for quite some time before you can use the Gloan feature. They must first track whether you’re eligible or not.
Gloan is outstanding because it’s very easy to pay. If you have money in your Gcash wallet, you can easily pay in the app for whatever amount you have. You can pay for 6 months, 12 months, or up to 24 months. However, as I’ve said, you can pay anytime so if you have enough funds, you can pay it fully or in advance, and you’ll get some cashback. Just remember, you won’t be able to get the exact amount you borrowed because they have a 3% processing fee. As for monthly interest, it’s 1.59%.
2. Digido Loans App
Digido is a loan app in the Philippines that offers fast and easy loans with minimal requirements. It offers loans from PHP 1,000 to PHP 25,000 with a repayment term of up to 180 days. Yes, only 180 days, so that’s what you have to consider. They claim a high approval rate of more than 90% and also, fast loan processing. So if you are really in need of cash and want to make sure you’ll be approved, try this app. You can apply for a loan through their mobile app or website. And what’s great is that your first loan can be with 0% interest for seven days.
3. Cashalo
Cashalo is a Philippine loan app that markets itself as a financial partner. They have cash loans and Lazada loans. With a cash loan, you can get cash up to Php 10,000 with a repayment term. It’s fast approval, typically 8 minutes, and the funding, for 30 minutes.
With Lazada loans, you can buy now, and pay later. Partner stores allow purchases with a split payment option over 90 to 180 days.
The Buy Now, Pay Later option has a maximum effective APR of 49.68%. This is a high-interest rate, so be aware of the total repayment cost. As for the cash loan, their starting interest rate is 3.95% and there will be additional interest when you miss out on your payment due dates.
4. Tala
Tala is a loan app with operations in several countries, including the Philippines. So you can be assured that this is already a trusted app. Though some describe it as a loan app, Tala is actually more of a credit line. This means that you may be pre-approved for a certain amount and can borrow against that limit as needed. So you can start borrowing a small amount and when your credit line gets higher, your credit limit also goes higher. The maximum credit line amount varies by country but in the Philippines, it goes up to ₱25,000.
What’s good about Tala is that the application process is done through their mobile app and requires minimal documentation. You can also choose your repayment term within a designated range. But, I am telling you this, their interest rate per month is 15% so if you borrow in this app, make sure to pay within a few days and not months. Moreover, there might be fees associated with using the credit line so be sure to check the terms and conditions for details on any fees.
5. Maya Personal Loan
Maya and their loan products are now under Maya Personal Loan. Their loan amount is from ₱15,000 to ₱250,000 with an interest rate of as low as 0.83% add-on rate per month but with an effective interest rate of 1.40% per month. Don’t worry because your exact interest rate will be shown in the Maya App upon application. Their payment terms are from 6 months to 24 months, but soon, they will add a 48-month repayment term!
Their application process is relatively simple. You can apply through the Maya app if you’re an existing Maya user with an upgraded account and a history of using the app for transactions. The Maya app will guide you through the process and show you the loan offer, including the interest rate and repayment terms before you confirm. When you apply through the Maya app you’ll potentially receive the loan instantly upon approval. However, you must note that Maya will assess your creditworthiness before approving the loan and the loan amount you qualify for may be lower than the maximum. Maya also offers Maya Flexi Loan for businesses. This requires a Maya Business Deposit account.
6. Shopee Loan
Shopee Loan, also known as SLoan, is a feature within the Shopee Philippines app that allows eligible users to access cash loans. The loan amount is up to ₱100,000, depending on your creditworthiness. Its interest rate only ranges from 1-5% monthly depending on the loan amount and terms which is really good. It also has flexible repayment terms of 3, 6, 9, or 12 months. But some users can only have 9-month and 12-month terms. The loan can be withdrawn and used for anything you need, within the Shopee app for purchases or it can be transferred to your bank for other uses.
However, not all Shopee users are eligible for SLoan. Shopee uses internal criteria to assess your eligibility and you’ll need to activate your ShopeePay account to be eligible to use SLoan.
7. Juan Hand App
JuanHand is a Philippine fintech app that provides fast and convenient online cash loans. Its loan amount is from ₱1,000 to ₱10,000, also depending on your creditworthiness. It also has flexible terms, ranging from 3 to 12 months. This is good for quick loan applications because its approvals are just in a few minutes. To apply for a loan, you only need a valid ID, proof of income, and being at least 18 years old.
You can apply for and manage the loan entirely through the JuanHand app and it promotes financial inclusion by offering loans to underserved Filipinos. Its interest rate is from 9%-12% so review the terms and conditions before applying to understand the full cost of your loan. Moreover, there might be fees associated with using the loan so make sure to check the terms and conditions for details on any fees.
8. CIMB loan
CIMB offers a personal loan product in the Philippines. The loan amount is from ₱30,000 to ₱1,000,000. The repayment terms are 12 to 60 months with monthly add-on interest rates ranging from 1.12% to 1.95% which corresponds to annual contractual rates of 24%, 30%, or 36%).
As for eligibility, individuals must be at least 21 years old and not older than 65 upon loan maturity. The minimum gross monthly income should be PHP 15,000 and employed for at least 6 months or 1 year for non-tenured employees unless working for a top 15,000 corporation or salary credited to a CIMB payroll account. If you’re self-employed, you must be operating for at least 1 year.
Apply for the loan entirely through the CIMB app or website and potentially get approved within two banking days.
9. Home Credit Cash Loan
Filipinos know a lot about Home Credit since we use this when we purchase stuff in installments. But once you already use home credit and you pay well, they’ll even offer you personal loans. The loan amount is from ₱3,000 to ₱150,000, depending on the offer you receive. The repayment terms are from 6 to 60 months, depending on the loan amount you choose. It’s really fast processing, with approvals in as fast as 1 minute. Existing Home Credit customers who have previously availed of installment shopping deals are eligible for cash loan offers. They will be notified via SMS, call, or email.
The monthly interest rate starts at a 1.83% add-on rate, but it depends on the loan amount and term you choose so be sure to check the exact rate before applying.
10. BPI Personal Loan
BPI Personal Loan offers a multi-purpose cash loan with features that might be suitable for various needs. The loan amount is from Php 20,000 to Php 3,000,000 and they have flexible repayment terms of 12, 18, 24, 30, or 36 months. And what’s good about this, is that no collateral is required to qualify for the loan. You can apply online or through any BPI branch nationwide.
BPI Personal Loans can be used for various purposes like education, business ventures, travel, or debt consolidation and you can choose a repayment term that fits your budget. Just take note that there’s a one-time processing fee of P1,500 deducted from the loan proceeds and a documentary stamps tax of Php 1.50 for every Php 200 loan amount applied to loans above P250,000. Consider contacting BPI directly to get a personalized interest rate quote based on your profile.
Conclusion
There’s a variety of options for loaning, from established banks like BPI to convenient mobile apps like Digido. While these loans can be good resources, approaching them responsibly is very important. Before committing, compare interest rates, fees, and terms across different lenders, especially Online Lending App (OLA). Don’t settle for the first offer you see. Understanding the total cost is essential. This includes not only the monthly payment but also, processing fees and potential late payment penalties. If you’re not considering this, you might be shocked that you’re debts are piling up. Only borrow what you can realistically afford to repay on time because missed payments can negatively impact your credit score and lead to extra fees. Create a budget that allocates funds for your monthly loan payment and consider setting up automatic payments to avoid falling behind. Borrow only for what you truly need. Loan apps can be tempting for quick cash, but resist using them for impulsive purchases! Explore alternative solutions for non-essential needs. By following these principles, you can make informed borrowing decisions and ensure you manage your loans responsibly. Remember, a loan should empower you, not burden you financially.
