Best Loan Apps in the Philippines guide, East Asian money access advice, Finance lending tips

The Best and Most Legit Loan Apps in the Philippines

1 October 2022

The use of loan applications on mobile devices is gaining popularity. And an increasing number of Filipinos favour the convenience of being able to apply for a loan simply by opening an legit loan Apps on their smartphone. The Google Play Store and other stores that operate in a similar fashion. However, the question that needs to be answered is whether or not you can trust each of these offers to be legitimate loan applications in the Philippines.

How do Philippines legit loan apps work?

You can apply for an online cash loan directly through the lender’s website and rather than having to travel to the lender’s office in person. During the application process for the loan, all of the communication and information sharing that takes place between the borrower and the lender will take place online.

The application can be completed quickly and without much trouble. The vast majority of loans offered through online lenders is unsecure and have few. If any, documentation requirements. The release of funds is not only very easy, but it’s also very convenient because the money is transferred directly to your bank account or debit card.

However, in contrast to the traditional personal loans that is made available by banks or other private lenders. The amount of the loan may not be as large, particularly for those who are taking out a loan for the first time.

In these trying times, borrowing money may be necessary. No matter how far down the list you try to bury the idea, borrowing money could end up being the most effective and quickest way to deal with a financial problem.

It is critical to ensure that you are only providing your information to a le company that holds licenses issued by the Securities and Exchange Commission (SEC).

Because of this, we have done the legwork for you and compiled a list of the best online lending companies that have been validated by the SEC as legitimate finance or lending businesses.

Review of the Most Reputable and Trustworthy Loan Apps

GCash Mobile App:

The user is able to make purchases and send and receive money as quickly as they could send a text message when using it. GCash App enables you to make a variety of transactions without the need for cash in a simple and expedient manner.

This top loan app eliminates the need for the user to carry a physical credit card around with them. Because it enables the user to pay for purchases made online without the need for a credit card. In order to realize this objective, the American Express Virtual Pay card that is connected to the mobile wallet is put to use.

A further benefit of using GCash is the ability to withdraw money from the online payment system PayPal at no additional cost. The Bank of the Philippine Islands and the Rizal Commercial Banking Corporation are two of the financial institutions that are compatible with GCash’s wire transfer feature. The use of this application is widely regarded as being among the most time- and effort-efficient ways to withdraw money in the Philippines.

It is important to highlight the fact that this application gives users the option to receive money transfers from the Western Union and MoneyGram systems among its many other functions. Simply entering the transfer number will allow you to receive the money. Users who wish to send money do not have to physically go to a Western Union or MoneyGram branch in order to do so if they use GCash.

Tala App:

The Tala App is a mobile application that can be downloaded to your device and used to acquire a speedy online loan in just five minutes. Borrowers also have the option of retrieving their funds from the Tala office that is closest to them.

The Tala app provides a wonderful opportunity to manage your finances in a calm and collected manner. Users of this app may not need to be concerned about where to obtain funds for the expansion of their businesses. It is only necessary to provide a single piece of documentation to verify the applicant’s identity when using this application to apply for a loan. In this circumstance, the borrower is not required to provide any form of collateral or surety.

MoneyCat App:

The Money Cat application is a financial and technological platform that was developed with Filipinos living in the Philippines in mind. This application uses mobile Internet security technology as well as Big Data analysis as its foundation.

The Money Cat application enables users to receive the credit for a period ranging from ninety to one hundred and eighty days. Through the use of this application, the annual loan rate is equal to 16.6% per month. Borrowers are not required to pay any fees associated with the transaction. This service is restricted to adult citizens of the Philippines who are at least 20 years old.

My Home Credit App Philippines:

A mobile app that offers low-interest cash loans. This app’s daily credit payments are only 28 pesos.

Home Credit App offers any financing. Users can acquire credit for business development, a new smartphone, training, home or car repairs, and other necessities.

BPI Mobile:

BPI Mobile is BPI’s app. This software checks balances and transfers funds between accounts. Pay bills, transfer money. BPI’s app offers all financial services. Get BPI Online’s digital banking in your pocket. We’ll focus on BPI’s personal loan.

BDO Digital Banking:

Banco de Oro’s BDO Digital Banking is another large Philippine bank. BDO offers personal loans if you need extra cash.

BDO personal loans have a 0.59% interest rate. You can pay between 3 to 36 months and try a BDO loan for home improvement, travel, and more. BDO Digital Banking simplifies all banking transactions.

LANDBANK Mobile Banking:

LANDBANK is the government’s primary pension bank. Few realize it has commercial offerings. The app allows loan requests. This requires meeting loan conditions. Farmers and fishermen, homeowners, and business owners can apply for loans. Personal loans aren’t offered by LANDBANK.

UnionBank Online:

This bank offers auto, personal, commercial, and rapid loans. You’ll fill out an application, like LANDBANK. Attach scanned papers to your application.

Loan apps let you get extra cash and depending on your financial status, one lending provider may or may not approve you. Visit our top-5 loan app websites. Read their needs and terms, like interest rates.

Next, shortlist 2-3 loan apps. Prepare your loan application materials. If authorized, excellent! Otherwise, try others. Make sure you read how to pay your loan on time to avoid future credit damage.