Gone are the days when you need to spend a huge chunk of your day in a bank to apply for a personal loan. Now, you can do it all online, right from your couch.

But with so many options for online personal loans in the Philippines, picking the right one can feel like scrolling through endless series on a streaming platform. 

Don’t worry – we’ve sorted through the clutter to bring you the best online personal loans in the Philippines.

Top 5 Online Personal Loans

Here are the top online personal loans in the Philippines that offer competitive interest rates, flexible repayment terms, and easy online application processes:

Tonik Quick Loan

With Tonik, applying for an online loan has never been easier. Tonik Quick Loan boasts a flexible tenure of up to 18 months, allowing applicants to start with smaller amounts and progressively unlock higher loan sums as needed.

Plus, Tonik prides itself on transparency—there are no hidden bank fees to worry about.

Applying for a Tonik quick loan is a breeze. Simply download the Tonik app and complete the easy onboarding process.

Once you have your Tonik Account set up, access the Loans tile and choose the Quick Loan option. 

Upload the necessary information and documents following the on-screen instructions. Review the loan offer, agree to the terms if they suit you, and digitally sign the required documents.

Once approved, the loan amount will be disbursed to your Tonik Account. It’s that simple!

Requirements:

• 23 to 58 years old
• Must be a Filipino citizen and Philippine resident
• Valid ID
• Must have a Tonik Savings Account
• Valid Taxpayer Identification Number (TIN)
• Proof of Income

Gloan

GCash has seamlessly integrated a loan service, making borrowing convenient for its users. Since it was introduced, GLoan has become a go-to for app users looking for an accessible and fast loan service.

GLoan offers a flexible loan tenure ranging from 5 to 24 months, catering to various borrowing needs. Users can easily access this service on the GCash app.

Requirements:

• Verified GCash app
• High GScore

Home Credit

Home Credit Cash Loan stands out with its flexible loan tenure, ranging from 6 to 60 months. Not only that but around 90% of Home Credit loans are seamlessly processed online, ensuring a fully digital and efficient borrowing experience.

There are multiple ways you can apply for this loan. First, you can download the Home Credit app. 

Alternatively, you can apply via Telesales. Finally, applicants can explore loan options through Home Credit’s extensive network of partner stores. This is great for those who prefer having in-person assistance and guidance.

Requirements:

• Must be a Filipino citizen, age 18 – 68 years old
• At least 2 valid IDs (primary and secondary)
• Employed/Self-employed

Skyro

Skyro is an online lending platform operated by Advance Finance Solutions, Inc. and Jungle Lending, Inc., designed to offer quick and convenient borrowing solutions for every Filipino.

Skyro’s loan offer has minimal requirements and a flexible range of repayment periods ranging from 6 to 12 months. To apply, download the Skyro app and follow the straightforward process.

Requirements:

• Must be a Filipino citizen aged 23 to 65
• Primary ID that states your current address
• Stable income source
• Have a smartphone with a valid mobile number

ACOM Philippines

ACOM is a prominent consumer finance company headquartered in Tokyo, Japan. Now, it has expanded its services to the Philippines.

One of the notable advantages of ACOM’s loan service is its high maximum loan amount which is perfect for individuals in need of more substantial financial support.

Once the loan application is approved, borrowers have multiple options to receive their cash, including direct deposit to their bank account, GCash, Maya, or collection from LBC outlets.

Repayment is equally convenient, with monthly installments manageable through various channels like Bayad Centers, GCash, Maya (accessible through Bills then Loans), the Cliqq 7-Eleven App, or at Cliqq Kiosks located in 7-Eleven stores.

Requirements:

• 1 valid government-issued ID
• Proofs of employment
  • Original Certificate of Employment (w/in 3mos.) or Company ID
  • Latest payslips issued w/in 2 months (must reflect the 1st and 16th of the cut-offs of 1 month, recommended with TIN) or BIR 2316
• Proof of TIN/SSS
  • TIN Card, SSS Card, Recent BIR 2316, Company ID, Payslip
  • *No need for proof of TIN/SSS if you already have it in the other requirements such as Govt. ID or Proof of Employment

How to Apply for Online Personal Loans in the Philippines

Here’s a step-by-step guide on how to apply for online personal loans in the Philippines.

Step 1

Before applying for any online personal loan in the Philippines, it’s essential to identify your financial needs and capacity to repay the loan.

Consider your income, expenses, and other financial obligations to determine the amount you can borrow and comfortably repay. If not, you may end up trapped in a cycle of debt.

Step 2

Chances are, you won’t apply for a loan on the first platform you come across. Take some time to compare the different loan services available in the Philippines.

Look at the interest rates, loan amounts, repayment periods, and other loan terms to determine which service suits you best.

Step 3

Once you’ve identified the loan service that matches your needs, take note of the requirements for the loan application. 

Make sure you have all the necessary documents and information before proceeding with the application process.

Step 4

Download the app for the loan service. Then, register an account and follow the application process. Provide accurate information and complete all the required fields.

Step 5

Submit your loan application and wait for the approval. Depending on the loan service, this may take 1 minute to 5 days.

Step 6

Once your loan is approved, review the loan terms and conditions carefully. If you have any questions or concerns, don’t hesitate to reach out to the loan service’s customer support. 

The last thing you want is to come across loan-related problems down the line.  

Step 7

If you agree with the loan terms and conditions, accept the loan offer and wait for the funds to be disbursed. 

The disbursal process may also vary depending on the loan service you choose. 

Some may directly deposit the funds to your bank account or app, while others may require you to pick up the cash at a partner store or designated location.

Step 8

Use the funds according to your initial financial needs. Prioritize timely repayments to avoid penalties and additional charges. If needed, set reminders for your payment due dates. 

Finally, keep track of your loan balance by regularly checking your account on the loan service’s app or website.