Are you looking for a loan and unsure which place to try in the Philippines? Or you might be looking into OFW loan Philippines for the companies that lend to overseas Filipino workers. Sometimes, your monthly savings might not work for you, and you need to pay the bills, or there might be some emergency needing instant cash.
Whatever the reason for looking for a loan, the key is to look for a legitimate financial institution that won’t rob you with its hefty interest rates and provide instant cash in pesos. An official list of loan companies in the Philippines registered with the SEC Philippines clears the air about which loan companies are authentic and trustworthy.
You want affordable loans with minimal documentation and a quick and easy lending process. Among the many loan companies in the Philippines, you will find some superb deals for Small and Medium Enterprises (SMEs). In contrast, others will demand collateral or a high interest rate. Some lending companies disregard your credit history as irrelevant, while others don’t provide loans to a holder of bad credit in the Philippines. Let’s explore the Top 5 lending companies in the Philippines that may meet your expectations to the fullest.
The Top 5 Lending Companies in the Philippines
- First Circle
First Circle is a FinTech lending company that aims to empower Small and Medium Enterprises (SMEs) by financing their business-to-business (B2B) dealings. It believes that strong businesses should have access to capital based on merit, regardless of collateral requirements. It was founded in 2015, marking it among the older reliable loan companies in the Philippines. Some of their basic loan requirements are:
| Financing Amount Allowed | ₱0 to ₱2,500,000.00
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| Min. Loan Tenure | 15 days |
| Max. Loan Tenure | 6 months |
| Interest Rate | 1.74%-2.5% per month
|
| Approval Duration | Up to 5 business days |
| Age Limit | 21 – 65 Years |
2. Finbro
With your one valid ID and a Selfie, cover your unexpected expenses by taking a quick and easy loan from Finbro online lending company. Taking a loan was never that easy before. You apply through a PC or smartphone, get approved in minutes, and receive the money through your bank account or e-wallet.
| Financing Amount Allowed | ₱ 1,000 to ₱ 50,000 |
| Min. Loan Tenure | 12 months |
| Max. Loan Tenure | 12 months |
| Interest Rate | 0% Interest for loans Php 12,000 and up. Terms and conditions apply.
|
| Approval Duration | 10 minutes to 1 working day |
| Age Limit | 20 – 70 Years |
- Moneycat
Moneycat brings you the fastest online lending platform, designed for Filipino working professionals who earn salaries. You can apply for this loan as a Filipino working and residing in the Philippines. Find yourself quick and easy financial solutions as fast as 5 minutes to within 24 hours of getting started by completing the online registration application to transfer money to your desired account. There is no need for collateral to get yourself a loan.
| Financing Amount Allowed | ₱500 to ₱20,000
|
| Min. Loan Tenure | 3 months |
| Max. Loan Tenure | 6 months |
| Interest Rate | 11.9% per month
|
| Approval Duration | Within 24 hours |
| Age Limit | 22 – 60 Years |
- Cashexpress
CashExpress is a trusted lending company that grants a quick online loan to you with some terms and conditions. This online loan extends to Filipinos who are currently living in the Philippines. You just need to provide some documentation, such as a passport, National ID, Driver’s license, SSS, etc. CashExpress serves your quick cash needs splendidly.
| Financing Amount Allowed | ₱1,000 to ₱20,000
|
| Min. Loan Tenure | 7 days |
| Max. Loan Tenure | 14 days |
| Interest Rate | 0% for the First 7 days 1% daily for the First 14 days 1.99% per day for a repeat one
|
| Approval Duration | Within 5-30 minutes |
| Age Limit | 21 – 70 Years |
- Digido
Get a loan from your home’s comfort with Digido, an easy-operation, no-collateral online cash-lending service. All you need is a properly working mobile connection and a valid government ID in the Philippines. It is considered one of the largest and broadest networks of branches across the Philippines, with about 95% loan approval. Moreover, you don’t need a bank account to get a loan from Digido; just submit a cash token issued from this company at a cash point to get your money.
| Financing Amount Allowed | ₱1,000 to ₱25,000
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| Min. Loan Tenure | 3 months |
| Max. Loan Tenure | 6 months |
| Interest Rate | 1.5% on a daily basis 0% for First Loan
|
| Approval Duration | About 24 hours |
| Age Limit | 21 – 70 Years |
Overview of Lending Companies
You can generally define loan companies in the Philippines as lending companies or institutes that make funds available to a person or business expecting the funds to be repaid. Repayment may include an interest rate on a daily or monthly basis and some fees. Similarly, you may repay in increments or as a lump sum amount.
Definition
The Philippines Securities and Exchange Commission defines lending companies as corporations that provide loans from their capital funds or funds collected from not more than nineteen (19) persons. You may also use the term ‘Lending Investors’ for these lending companies. However, multiple exceptions to this definition are not included in this definition, such as banks, savings companies, etc. These loans come with some attached liabilities.
Liabilities
Liabilities are the interest rates or any fees demanded by the lending companies while granting loans to the borrower. These are set according to the trending social and economic trends while following the rulings of SEC Philippines. The lender and borrower both agree on them beforehand.
Parting Thoughts
Whether concerned about your ofw loans or a general loan, the authentic SEC-approved list of loan companies in the Philippines will be your guide. Don’t go borrowing from unreliable sources that also charge a hefty interest rate or a high fee. You can choose from the Top 5 lending companies in the Philippines, as mentioned above, to save yourself from excess worry and a bad financial experience.