Online loans are loans which can be applied for directly online without having to go to a physical office. If you want to avoid going to a traditional bank or a branch of a private company, you will only need to complete a simple form over the Internet on the main online credit and loan platforms. A good example of this is Finpanda.

Both the communication and the exchange of information between the borrower and the lender can be done online throughout the loan application process. This process is usually done quickly and without any complications.

Although most online loans are unsecured and will only require minimal documentary requirements, releasing funds is very convenient as they can be transferred directly to your bank account or debit card within a few minutes. All of this will always be done once your borrowing has been approved.

Philippines-based startups raise over US$1B in 2021 according to Foxmont Capital Partners and Boston Consulting Group’s Philippine Venture Capital Report 2022

Are online personal loans legal in the Philippines?

This is one of the questions that our users ask us and the truth is that the financing and loan companies that operate legally online serving Filipinos have to be registered with the SEC and the DTI. In addition, they must have a physical office that is based within the country.

How can you get an instant online loan?

Most of the online personal loans that are offered are approved immediately, in less than 24 hours. The most common factor that can cause a delay in the approval of this loan is incomplete documentation. Should your online loan application be accepted, then you must complete the form with all the information requested immediately.

What is the difference between an online loan and a personal loan?

Personal loans are a fairly broad term for loans offered to individuals that can be used as they require them. However, online loans are specific types of personal loans that are processed completely online, from the moment they are applied to the moment they are disbursed and repaid.

How much money can you borrow online?

Each financial institution can offer you a different range of loans depending on your borrowing capacity. For this reason, you can find offers that range from 7,000 PHP to 1.000.000 PHP.

What are the requirements to access an online loan?

If you want to apply for an online loan, you only have to meet these requirements:

  • Be a resident of the Philippines.
  • Have resided at the same address for at least one year when you apply for the credit.
  • You should submit your payroll if you work for someone else or if you are self-employed, you should submit your current income tax return.
  • Your minimum net monthly income must be at least PHP 6,000.
  • In addition, you must have a bank account connected to your email address.

Content provided by Finpanda