Due to certain factors of the economy, one might just recon on the services of trusted online loans with monthly payments in Philippines which would help you service them especially if you are on a payroll. Online loans gradually replace the strenuous traditional loans you get from banks by the day.
There has been an increase in companies that lend online loans, most without documentation, collateral, and guarantors. This article will explore online loans with monthly payments in the Philippines so you would not be whiling on the internet looking for them.
What are Online Loans with Monthly Payments In the Philippines?
Simply put that online loans with monthly payments Philippines are those short-term loans that charge monthly interest rates and repayment options in the Philippines. These loans are suitable for individuals that do not have a credit card or bank account. Although they are easy to get, their monthly payment or charges can sometimes be high. The requirements of these loan companies or apps differ, so you have to check out the conditions before signing with them.
An advantage of this online loan is that it does not have minimum requirements for the borrower, no proof of income is required, credit history is not checked, and the tendency of your request being approved is above 95%.
Now that you’ve known what these types of loans are all about, it would be fair to start giving you a few options we found on the internet you can either download an app, visit their website or go to their office address to obtain a loan quickly and start repaying in monthly installment.
Trusted Online Loans With Monthly Payments Philippines
Here are some of the best online loans with monthly payments Philippines that are worth checking out.
GCredit is one of the best online loans with monthly payments Philippines that allows you to borrow ₱30,000. With GCredit, you can make purchases with your GCash even if you have zero balance. This can be helpful, especially if you need to pay bills or make an essential purchase without money.
GCredit loans are only available to GCash users with high GScores and are fully verified. It charges an interest rate of 5% to 7% monthly, depending on your GScore. This app and company also serve as one of the best BNPL providers for Filipinos.
2. Tonik’s Shop Installment Loan
Tonik’s Shop Installment Loan is one of the outstanding loans with monthly payments in the Philippines. Tonik offers installment loans up to ₱100,000 at a fixed monthly interest payment of 7%, which can be reduced to 4.25% when you can provide the official receipt. Tonik partners with hundreds of stores where you can buy anything from electronics down to cookware.
This loan doesn’t demand a down payment or credit card and is suitable for individuals who love freedom. To apply, you must be a Filipino citizen of the Philippines between the ages of 23 and 58. You must have a valid ID, TIN and be currently employed. Examples of purchases that can be made with Tonik include:
- Washing machine
- Mobile Phone
- Air conditioner
Another online loan with monthly payments Philippines is TendoPay. With TenoPay, you can get up to ₱6,000 for non-credit cardholders and up to Php12,000 if you have an existing credit card.
With TendoPay credit, you can purchase products from popular merchants and pay in installments from 2 to 24 months. The interest rate starts from 2% per month.
To access TendoPay, you must be at least 18 years and have a valid Philippines mobile number, email address, and proof of income. If you are self-employed, you can submit your bank statement, but if you are an employee, you must bring your pay slip.
To purchase items with TendoPay credit, it must be done through the various partner merchants:
- Must Buy PH
4. Cashalo PayLater
Are you looking for one of the best online loans with monthly payments Philippines? Cashalo PayLater is a good option. It allows you to get up to ₱2,000 credit limit that you can use to purchase stuff like gadgets, electronics, clothes, and so on.
Also, you can use the PayLater credit to buy vouchers via the e-Store in the app or offline at partner merchants. The interest rate starts at 2.95%, and the repayment duration is three months, which is 90 days.
To access Cashalo PayLater, you must be 21 and above and have a valid government-issued ID, work information, proof of billing, and nominated bank account details.
5. Billease PH
Billease PH is an online loan app offering personal loans payable within 30 days and 12 months. Here, you can borrow up to ₱40,000 instant credit to carry out various online purchases on clothes, gadgets, and appliances.
You can also pay bills via your Billease.PH app. It charges a monthly interest payment of 3.49%. To create an account on Billease to apply for the loan, you must have a stable source of income, be up to 18 years, and have the latest proof of income, valid ID, and proof of billing
One of the best news about Billease PH is the fact that a down payment is optional. You can choose to drop something while getting it or not. If you are a new customer to Billease PH, you can repay your loan within 6 months but if you are a repeat customer with a good track record, you can enjoy 12-24 months of monthly repayment options with their online loans.
UnaPay allows you to access up to ₱30,000 worth of credit that you can use to shop at Lazada and other partner merchants. Also, they have several online gateways and OTC channels for repayment.
You must be up to 18 years, be a Filipino citizen, and have valid proof of income, email address, and phone number. And valid government ID.
To purchase with Unapay, you must buy via Lazada and other partner merchants. The Unapay salary loan can be obtained with absolutely minimal paperwork and the loan can be disbursed and repayments in monthly installments. If you require medical emergencies, house improvements, business, or other bill payments that require urgent loans, then Unapay is it. It works exactly just like the Beforepay app.
Flexi offers online cash loans on an installment basis that you can use to purchase from their partner merchants. You can repay in monthly installments without needing a credit card at a monthly interest rate of 10%, but it might vary depending on your credit score.
To access Flexi, you must be a Flexi finance customer, and it is only available to selected views by SMS invitation. Currently, Flexi is located in Cebu City.
To apply, you must be employed for at least three months, be a Filipino Citizen of at least 18 years, and have two valid IDs.
Plentina is another online loan with monthly payments Philippines where you can get a cash loan to purchase items via its partners Smart and 7-11.
You can use your credit score at Plentina to make cashless purchases on 7-11’s CLIQQ app and buy loads and other items at Smart and PLDT.
Plentina charges a monthly service payment of 4.5% to 9.5%. You need your personal information, mobile phone number, and government-issued ID to apply.
9. Lazada Loan
Lazada Loan is a loan service that offers cash loans that you can use for purchases at any of Lazada’s accredited partners, such as Paylater, Cashalo, JuanHand, TendoPay, BillEase, UnaPay, and InvestEd.
To apply for Lazada Loan, you must present your government-issued ID, latest payslip, and proof of billing. The beauty is that you can buy everything in Lazada with the Lazada loan app. The monthly interest payment varies from 0% to 8%.
Pera247 is another reputable online loan with monthly payments Philippines that allows you to borrow cash to fund various needs. As a new user, you can get about Php1000 to Php3000, while established members can borrow up to Php30,000 in installments. It charges a monthly interest rate of 8.6%.
To apply for Pera247, you must download the app and provide all the required information. You must upload a valid government issues ID and your latest selfie photo. Your account will be credited upon approval.
Disadvantages of Buy Now Pay Later Apps in the Philippines
Buy now pay later apps in the Philippines are those apps that enable customers to buy goods and services on credits and repay in installments. These apps partners with e-commerce and service-based companies to provide a line of credit to customers while collecting the money back in portions either on a monthly basis, fortnight, or weekly.
While they are a lot of advantages attached to this feeling of buying now and paying later, it also comes with a lot of bad sides of the deal which you are required to be aware of before going into it.
- Provides flexible repayment options
- Buy now pay later apps provide ease and conveniences in the shopping experience
- These apps provide easy access to financing options for both banked, unbanked, and underbanked
- BNPL apps provide you with opportunities for sweet financial planning
- Some BNPL apps give you access to promotions and offer savings
- You can get cash back when you use BNPL apps
- Buy now pay later charges interest rates
- These companies charge high administrative fees (sometimes 5%)
- It puts you in debt without knowing
- There is a huge concern about data privacy that you need to know
- These apps are highly dependent on digital platforms which forces you to buy where you don’t want to
- High risk of spending above your budget and capacity
- Not all merchants subscribe to buy now and pay later services so you are highly limited to options
- Failure to make timely payments on BNPL apps can negatively impact your credit score
iPhone Installment Without Credit Card Philippines
It is possible to get an iPhone installment without credit card Phillippines. This works in such a way that you can get an iPhone in the Philippines without money but repay it in monthly installments. Some of the apps we mentioned above provide the exact services.
However, we have outlined below some of the best options to get an iPhone installment without credit card in the Philippines today.
1. Home Credit: Home Credit provide you with financial solutions and interest-free installment loans at 0% interest rates. It also serves as a good buy now pay later app (BNPL) in the Philippines and you can enjoy easy access to all your gadgets and shopping with low to zero interest.
The installation plans give you access to many products, including smartphones like iPhones. They provide financing options even if you don’t have a credit card. You can apply for a Home Credit loan through their website or at partner stores.
2. Flexi Finance: The second option to get iPhone installment without credit card in the Philippines is through Flexi Finance. The financial company offers installment plans for electronics, including iPhones and other gadgets that might be of your interest. They provide financing options for individuals without credit cards. You can inquire and apply for their services at partner stores.
3. Online Marketplaces: Some online marketplaces in the Philippines, such as Lazada and Shopee, offer installment options for purchasing any gadgets including iPhones.
4. In-House Financing from Retailers: Some Apple-authorized resellers or retailers may offer in-house financing options for iPhones. It might be displayed on their website or you can ask when you visit their physical store. These arrangements allow you to pay for the iPhone and other household electronics in installments directly through the store, bypassing the need for a credit card.
Requirements for Applying for Installment Loans in the Philippines
For starters, some of the basic requirements for applying for online installment loans with monthly repayments are;
- You must be above 18 years of age
- You must have a valid means of identification
- You must have a good income source verifiable by the company
- You must have a good credit standing with any credit company
- A bank account in the Philippines is a must-have
What is the Repayment Period for Installment Loans In Phillippines?
The repayment period for online loans with monthly payments in the Philippines varies by the company providing you with the service. However, the average repayment period is from 30 days to a maximum of 3 years.
For example, Billease PH provides you with up to 24 months if you are a returning client and up to 6 months if you are a new client. Other financial institutions might give more duration than this based on different metrics used to judge your request.
What are the Interest Rates for Installment Loans in Phillippines?
The interest rates for installment loans in the Philippines can vary based on a lot of factors that can be in play. For example, the average interest rates for a commercial bank would be anywhere from 0% to 7.5% per month or up to 30% per annum. However, online lenders go a little higher to charge as high as 0% to 15% per month or up to 365% per annum.
Microfinance banks also charge somewhere close to what online lenders charge. That is why quick loan apps have come to stay to give you options for transparency and satisfaction. However, you should avoid fake loan apps in other to avoid loan harassment in your country.
These online loans with monthly payments Philippines operate differently, and you must carefully read through them to choose the one that best suits your preference. If you need the type for iPhone installment without credit card in Phillippines, then Flexi Finance would be a go-to option.