Best Online Loans In Philippines With Quick Approval [Updated]

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3 years ago

The Fintech industry in the Philippines has seen tremendous growth in recent years. As it made financial products more accessible, it also created new ones that empowered the people with more options better suited to the lifestyle and preference of every Filipinos.

Today, you no longer need to drive far to apply for a loan. The fintech industry in the Philippines has made it possible for financial products to be purchased online, and Filipinos can apply for one today.

These loans that you can apply for online are now more accessible than ever! Whether you’re a Pinoy working overseas (OFW) or just here at home!

Online Cash Loans

If you’re looking for some fast cash, these are the loans that are made just for you.

Cashwagon, a subsidiary of Green Money Tree Lending Corp is an established service provider in the field of Information Technology solutions and Financial Technology (FinTech).

Their main focus in the Philippines is consumer financing online that offers access to online cash loans without any collateral requirements, complex approval procedures, or prolonged application waiting time.

Their business model utilizes the internet to enable clients’ easy access to their lending services, and they complement it by offering a quick turnaround time.

Initial loanLoan amount₱2,000 - ₱7,000Loan tenure10 daysInterest rate0%Repeat loanMaximum loan amount₱20,000Loan tenure30 daysInterest rate20%Total amount to be paid₱24,000


  • Currently residing in the Philippines

  • Loan applicant must be between 20 to 60 years old

  • Employed for at least 1 year

Documentary requirement

  • Payslips and/or COE

  • Proof of address (utility bills)

Turnaround time

  • Within 24 business from the time of application

How to apply

  • Log on to their website.

  • Fill in the application form.

  • Wait for a call from Cashwagon

  • Loan confirmation will be sent to you via SMS within 30 mins after the phone call.

  • The money will be sent to your indicated bank account within minutes from receiving the SMS confirmation.

Payment option

Cashwagon can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:

  • 7-Eleven (Using Dragonloans)

  • Bayad Center

  • SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket)

  • Robinsons Department Store and Supermarket

  • Cebuana Lhuillier

  • LBC

  • Landbank ATM

Cashwagon offers quick cash for those who need immediate funds to meet financial obligations. The application is also hassle-free and can be done in just a few minutes. The documentary requirement is very minimal and release of funds is also very convenient as it’s directly transferred to your bank account or debit card.

While the application process is indeed hassle-free, this comes with a short payment term and steep interest rates in return. First-time applicants will also be limited to a maximum amount of ₱7,000 pesos, which is to be repaid within 10 days. Meanwhile, repeat borrowers will be able to borrow as much as ₱20,000 but are only given up to 30 days for the repayment.

If you’re in dire need of cash due to some emergency and payday is still a week away, perhaps their loan programme best suits your immediate needs right now.

CIMB Bank is one of the top 5 largest banks by assets in ASEAN originating from Malaysia. Available in 16 global markets, they are now expanding to the Philippines to provide a seamless and highly efficient banking experience as an all-digital, mobile-first bank headquartered in Bonifacio Global City. Currently, in the Philippines, the only means to avail their services (personal loans, savings account, and the others) is by downloading their app and registering for an account. You only need your local phone number and a valid ID to get started!

CIMB offers some of the best rest in the market today, providing personal loans that don’t require collateral or a guarantor, coupled with same day approval and 1 day disbursement.

CIMB’s personal loan is not a very common type of loan in the market today. For one, it’s a no-collateral loan that doesn’t require a guarantor! Secondly, they don’t have a physical branch where you can make inquiries and transact with them directly. 

Personal loanLoan amount₱30,000.00 - ₱1,000,000Loan tenure12 to 60 monthsInterest rateFixed rate of 13.47% - 23.36% per annum, 1.12% to 1.95% per month add-on


  • Individuals only  

  • Applicant must be at least 21 years old; at most must be no older than 65 upon loan maturity  

  • Applicant must be a Philippine citizen and a non-US person  

  • Applicant must have a Philippine mailing address and active Philippine mobile number  Applicant must have a minimum gross monthly income of ₱15,000  

  • Applicant, if employed, must be tenured for at least 6 months, or 1 year of continuous employment, unless employed in the top 15,000 corporations 

  •  Applicant, if self-employed, must be operating for at least 1 year


For applicant who chooses Selfie Check verification method:

  • Must have at least one (1) valid primary ID from the list of valid IDs below: 

  1. Driver’s License (or its variants including conductor’s license, student permit, temporary permit) 

  2. Passport 

  3. Postal ID (plastic type) 

  4. SSS – Social Security System 

  5. BIR/TIN ID f. Unified Multipurpose ID (UMID) 

  6. Voter’s (COMELEC) ID Card h. Professional Regulation Commission (PRC)

For applicants who chooses video KYC verification method:

  • Must have at least one (1) valid primary ID from the list of valid IDs below:
    a. Any of the IDs allowed for Selfie Check (see above)
    b. Government Office ID or GOCC ID
    c. Integrated Bar of the Philippines ID
    d. OFW ID
    e. Overseas Worker’s Welfare Administration ID (OWWA ID)
    f. PhilHealth ID
    g. PhilSys ID
    h. Senior Citizen ID

Turn around time

  • Approval within 10 minutes after completing the application and disbursement within 1 business day. 

How to apply

  1. Download the CIMB App on App Store or Play Store

  2. Click “I need a personal loan” option.

  3. Fill-in the required information and upload the necessary verification documents.

  4. Wait for the final approval confirmation.

  5. Wait for the funds to be disbursed to your account. 

Payment option

With the absence of a physical bank in the Philippines, most repayments are done via third party channels or bank transfers. Before you can do that, however, you must first do the following:

  1. Log in to your CIMB App

  2. Select Product menu > My personal loan> Repay my loan.

  3. Choose “Pay via other channels”  then select online payment. 

  4. The next page will allow you to choose your bank that you will be using to pay your loan from and some other payment channels like Dragon Pay. Choose whichever payment method you prefer. 

  5. Check your email for the instructions to complete your payment. 

CIMB is a no collateral and no guarantor personal loan, it comes with a considerably low monthly interest too. This is perhaps one of the best personal loans that you can apply for, but only if you meet some of their pre-screening criteria. While it may seem like a very consumer-friendly loan product, the screening process can be a little bit more stringent than what one would expect.

This financial services provider is among the well-established private lending companies in the country. They have more comprehensive loan products which cater to a wider demographic and more varied financial needs of Filipinos. They have many branches across the country and one can also choose to do a walk-in application in their branches.

Their basic financial offering is their salary loan:

Salary loanLoan amount₱20,000 - ₱100,000.Loan tenure12 monthsInterest rate2.5% per month or 30% per annumTotal amount to be paid (*max. loan amount)₱26,000 to ₱130,000Repayment (*max. loan amount)₱2,167 to ₱10,833


  • Applicant must be at least 1 year employed

  • Employer must be in the top 10K list of corporations

  • Must be at least 21-60 years old

  • Minimum basic salary equivalent of at least ₱25,000

Documentary requirements

  • COE (3 months old)

  • 2 Months Latest Payslip

  • Company ID

  • Proof of Billing (Latest)

  • Government-issued ID

How to apply

  • Log on to their website and click the apply now button.

  • Fill in your information in their application page.

  • Upload the necessary documents.

  • Wait for a call from their representative with 24 hours upon the submission of application.

  • GDFI will contact you by phone and email once your application is approved.

Turn around time

  • 3 to 5 business days

Payment option

Global Dominion only accepts payments through their payment partners, which are the following:

  • 7-Eleven (Using ECPAY)

  • Palawan Express

  • iRemit

  • Cebuana Lhuillier

  • Mlhuillier

  • truemoney

Global Dominion’s salary loan is a very accessible financial product to just about anyone who are employed. The only downside to this is the necessity to have a guarantor or co-maker to move forward with the application. While they don’t really offer the best interest rates in the market, they do make it easier for applicants to get approved, and that alone is already worth considering for most people who just need to get a fuss-free loan.

RFC is one of the longest-running private finance/lending company in the Philippines. The company was established in 1964 and they pioneered (non-bank) offering car and appliance loans to Filipinos. Through the years, they have diversified their financial services granting an array of personal loan options to their customers.

Personal loanLoan amount₱20,000.00 - ₱150,000

Up to ₱1,000,000 if with collateralLoan tenure3 to 12  monthsInterest rate3.5% to 4% per monthOther feesOne-time 6% processing fee deducted from the approved loan amount.

₱200 notarial fee


  • Filipino citizen not younger than eighteen (18) years of age

  • Residency of at least two (2) years, except if you are a new homeowner

  • Good character and reputation

  • A source of income. If employed, you should have been connected with your current employer for at least two (2) years with a minimum basic monthly salary of Php 18,000.

Documentary requirements

  • 2 valid government ID’s (if employed, pls include company ID)

  • Proof of Billingbilling

  • Proof of iIncome (3-month payslip)

  • Residential, Business, or Employment employment Address 

  • Certificate of Employmentemployment

  • Business Barangaybarangay/ Businessbusiness/ DTI Permit permit (for business owners)

Additional Requirements For PDC Collection Payments

The latest deposit slip (on the checking account) that is not more than one week old.

How to apply for RFC Personal Loan

  1. Go to RFC’s website and hover over the “Products” tab found on the upper left-hand side of their website. If you’re on mobile, click on the drawer button at the upper right-hand side of the screen, it will present you the header options including the “Products” tab. Under the products tab, click on “Multipurpose loan”.

  2. There are eight types of multipurpose loans you can apply for. Choose which “Personal Loan” and click “Get It Now.”

  3. The next page is where you fill up all your basic personal information. Click “Next” once done. 

  4. The last page is where you will need to fill in information about your source of income. You will also be required to upload your documents on this page. Click “Submit” once you’re done. 

  5. You will receive a call within 24 to 48 hours from the time of application and you may claim your funds from the branch near you. 

Given that you’re not too cash strapped to afford to wait for at least a week to get a loan, this is the best loan option that you have on the list. It has the lowest interest rate, more flexible terms, and bigger loan amount. You can better manage your cash flow by taking longer-term loans like the ones that RFC offers.

Asteria Lending Inc. is another rising fintech company operating in the Philippines that offers cash loans through online application. They offer a more comprehensive range of financial products from personal and salary loans, to business and car loans (soon). They will basically match an applicant’s financial need with specific financial products.  The company was established to provide personal loans in the Philippines with a goal to provide online, hassle-free service to its clients.

Other than providing clients easy access to their financial products, they also offer long-term financial solutions that offer flexible payment terms.

Currently, Asteria has two types of loans that you can apply for: Personal Loan and Salary Loan. Here’s a quick reference for these types of loans.

Personal and Salary Loan

Loan amount₱2,000 - ₱20,000Tenure61 days, 10 weeks, or 3 monthsInterest rate0.8% per dayTotal amount to be paid (*max. loan amount)₱29,760 for 61 days
₱32,000 for 10 weeks
₱34,400 for 3 monthsRepayment (*max. loan amount)₱7,440 x 4 installment for 61 days
₱6,400 x 5 installment for 10 weeks
₱5,733 x 6 installment for 3 months


  • Currently residing in the Philippines

  • Applicants can be salaried, self-employed or professional

  • Minimum net monthly income of ₱15,000

Documentary requirement

  • UMID, New TIN ID, New PhilHealth ID, and Driver License.

  • Proof of address (utility bills)

  • Two (2) months latest payslips

  • A bank account under the applicant’s name where funds will be transferred.

Turnaround time

  • Within 48 business hours from the time of application

Personal loan vs Salary Loan

Despite having almost the same maximum loan amount, interest rates, and payment term, the two loan products come with slightly different qualifications. The salary loan’s repayment will vary depending on the borrower’s salary dates, while the personal loan will have a specified due date set upon the discretion of Asteria.

How to apply

  • Log on to their website.

  • Register by clicking the APPLY NOW button

  • Fill out the online application form and upload the necessary documents.

  • Wait for 24 business hours after you have uploaded the complete documentary requirement.

  • Notification via text message and email will be sent to the borrower upon loan approval. Alternatively, borrowers can log on to their Asteria online account to check the application status.

  • Repayment instructions are also provided in the notification upon loan approval, it can also be found on borrowers’ Asteria account online.

Payment option

Asteria can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:

  • 7-Eleven (Using Dragonloans)

  • Bayad Center

  • SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket)

  • Robinsons Department Store and Supermarket

  • Cebuana Lhuillier

  • LBC

  • Landbank ATM

Asteria’s offering is among the most flexible ones in the unsecured online cash loans in terms of repayment. Though banks offer better interest rates, the screening process is more stringent and strict. If you’d rather skip the lengthy process because you need funds right away and are willing to compromise with a bigger interest rate, this loan service provider might suit your needs.

However, do keep in mind their maximum loan amount isn’t big enough to cover many big-ticket items. If you’re just in need of immediate cash to fund some immediate day-to-day expenses, their loan product may just work for you.

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3 years ago