5 legit, fast approval online loans in the Philippines

Photo by Angie Reyes

Disclaimer: I am not a financial advisor. Always do your own research when it comes to financial decisions. This is for guidance and informational purposes only.

The price of goods and services in 2022 is in an all time high. The minimum jeepney fare is now 11 pesos, not to mention the price increases in basic necessities.

With the higher cost of living, there are inevitable times when we might be 'short' on money. 

Thanks to technology, digital wallets and online finance/banking apps have made our lives much easier. Now, we can send and receive money with a few taps on your smartphone. 

Getting a loan is also faster and more convenient. Whether you need a payday loan, gadget loan, or a quick cash loan for an unexpected need, there are now many options. Digital wallets and financial apps give us the option to borrow money with reasonable payment terms.

Here are a few options on digital services where you can apply for a loan. Most of us are already using these apps such as GCash, Maya, and Shopee.

However, loan responsibly. Read the terms, conditions, and payment options. Make sure to pay on time to avoid late fees. 

Please note that some of these loan services are usually available for selected users only. Some also require valid IDs which you can submit online through the apps.


GLoan is a loan service provided by GCash, the largest digital e-wallet app in the Philippines. As of June 2022, almost 60 million Filipinos use GCash.

You can loan from P5,000 to P25,000 pesos with a 2.89% standard interest rate. You can also choose your payment terms from 9 to 12 months. If you already have a GCash account, you can loan directly from the app.


Shopee is one of the largest e-commerce platforms in Southeast Asia and in the Philippines. SPayLater is its feature where qualified customers have the option to pay in installments or apply for a loan.

SPayLater's interest ranges from 1-5% per month, with processing fees of 0-2% for every transaction. SPayLater can be accessed from the Shopee app.

Maya Credit

A close contender to GCash, Maya boasts of 40 million Filipino users. They recently rebranded from PayMaya to Maya, "your all-in-one money app", with more advanced features.

One of their features is Maya Credit, where users may loan up to P15,000 with a service fee of 5%. Apply through the Maya app.

Home Credit

Home Credit provides financial services in 11 countries including the Philippines. Home Credit loan allows you to buy any product or consumer good in monthly installments. They also offer cash loans.

There are minimal requirements such as 2 valid IDs, being a Filipino citizen 18-68 years old, and with stable income. Home Credit kiosks are usually available in physical stores. Loan applications can also be submitted through their mobile app.

There is a processing fee of 3% and payment terms are flexible depending on your needs. For more information, check out the Home Credit PH website.

    Home Credit donates 100 computer units to 14 national high schools in Capiz
    Home Credit partners with Manila Broadcasting Company, PraXis for on-air financial literacy program

Pag-IBIG Multi-Purpose Loan

Pag-IBIG Fund is a government owned corporation responsible for the administration of the national savings program and affordable home financing for Filipinos. If you are employed in the Philippines, you can check if you are qualified to get a Pag-IBIG Multi-Purpose Loan.

You can borrow up to 80% of your total Pag-IBIG Regular Savings which consists of your monthly contributions. While Pag-IBIG has no dedicated mobile app for loan applications, you can apply through their website at Virtual Pag-Ibig.

The MPL's interest rate is 10.5% annually and payable in 24 months. For more information, check the MPL FAQs.

Interested in more lending options? MoneyMutual can connect you with lenders according to your financial needs.

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