Top Online Lending Companies In Philippines (Interest Rate Included)

Check out the top online lending companies in the Philippines.

TOP ONLINE LENDING COMPANIES – Here are some few of the top online lending companies in the Philippines including their interest rate and requirements.

Check out below:

• CashMart PH

This is a Singapore-based company that has reached the country already that has a variety of loans such as Personal loan, salary loan, car loan, and OFW loan.

1. Interest rates: 3.5% depending on your loan terms (weekly, bi-weekly or monthly).
2. Loan approval duration: 24 hours (business day)
3. Maximum limit for loans: P5,000 up to P50,000
4. Requirements and Application process:
   • Two proof of billings (Meralco, water bill, cable, internet, or PLDT bills)
   • and at least one valid government ID/Company ID with one-month payslip

See also: CashMart PH Lending: Application Queries & Frequently Asked Questions

• Lendr

Considered as the biggest lending platform in the country.

1. Interest rates: Depends on the bank the borrower will choose.
2. Loan approval duration: Depends on the processing time of the chosen bank
3. Maximum limit for loans: Dependent on your monthly salary
4. Requirements and Application process:
   • Lendr Account & Lendr Profile
   • Fulfilled Loan Application Form
   • Required Loan Documents (i.e. Proof of Income, Valid Gov’t IDs, Proof of Billing, Certificate of Employment, Copy of ITR) that are scanned and uploaded via Lendr, and E-signature

See: Lendr Loan: How To Apply For Loan Through Lendr

• FundKo

This is a Guevent Investments Development Corporation (GIDC) subsidiary. GDIC is a Philippine-based investment company.

1. Interest rates: For Personal Loans, interest rates range from 12% to 35%. For SME loans, interest rate ranges from 10% to 24%.
2. Loan approval duration: 2-5 business days
3. Maximum limit for loans: Php200,000 for Personal Loans
4. Requirements and Application process:
   • 2 Photo Issued ID (1 Government and 1 Company ID)
   • 2 Latest Proof of Billing
   • 2 months Latest Payslip
   • 3 Months Latest Bank Statement
   • Latest Certificate of Employment
   • Marriage Contract (if Married)

See: FundKo Lending: Application, Requirements, FAQs Answered

• Loansolutions.PH

1. Interest rates: Depends on the approved rate provided by partner bank
2. Loan approval duration: Depends on the partner bank chosen
3. Maximum limit for loans: Minimum of 20,000 up to 2,000,000.00. Computation will depend your employment background which includes your monthly income, tenure and the position you hold in the company.
4. Requirements and Application process:
   • Basic loan requirements include 2 pcs of 2×2 picture
   • 2 valid ID’s
   • latest proof of billing (electric or water bill)
   • latest 3-month payslips
   • ITR and Certification of employment
   • latest 3-month bank statements (if self employed)

See: LoanSolutions: Things You Need To Know First Before Loan Application

• MoneyMatch

1. Interest rates: Starts at 12% for general loans
2. Loan approval duration: 3-5 working days
3. Maximum limit for loans: Minimum of Php 25,000
4. Requirements and Application process:
   • Two (2) valid IDs (primary government-issued IDs)
   • Bank statement for the last six (6) months (if self-employed)
   • Certificate of Employment, if employed;
   • OR Business Permit and Audited Financial Statement (if applicable), if self-employed

• Tala

1. Interest rates: 11% for payment on a weekly basis within 21 days or 15% for payment in full within 30 days.
2. Loan approval duration: 24 hours
3. Maximum limit for loans: Php25,000
4. Requirements and Application process:
   • Phone and ID.
   • Note that step 3 of their process requires that you sign up using your Facebook account.

See: TALA: How Does It Work & How To Apply For Loan?

• GoBear

1. Interest rates: Depends on the bank you chose to go with.
2. Loan approval duration: Depends on the bank you chose to go with.
3. Maximum limit for loans: You can borrow up to 3x your monthly income.
4. Requirements and Application process:
   • Register on their website by answering a series of personal questions

See: GoBear Personal Loan: Application & Documents Required

• First Circle

1. Interest rates: 1.99-3.49% per month with a processing fee of 1.99% of the total loan amount per loan.
2. Loan approval duration: 24 hours
3. Maximum limit for loans: Php25,000 and up (invoice or purchase value)
4. Requirements and Application process:
   • Complete your TrustPass profile (their online profile for you and your business)
   • Submit your purchase orders or Invoice

• Loan Ranger PH

1. Interest Rate: 9.75%
2. Loan approval duration: Credit decision within 1 banking day
3. Maximum limit for loans: P3,000 – P10,000
4. Requirements and application process:
   • One valid government ID (scan copy or photo)
   • A Facebook account
   • A stable source of income (store owners and home-based workers/ freelancers are welcome to apply)

• Lend PH

1. Loan approval duration: Upon creation of a loan, you’ll need to wait for a lender to connect with you to fund your loan.
2. Maximum limit for loans: TBD, depends on the deal with the lender
3. Requirements and application process:
   • Simply create an account on their website.

READ ALSO: Lending Companies In Philippines With Certificate Of Authority As Of December 2017

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Source: Grit.ph