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Top 10 Microfinance Institutions
| MFI | Effective rate | Period | Amount |
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—
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15 – 135 days
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500 – 25 000 ₱
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from 0,1%
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until 30 days
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1 000 – 25 000 ₱
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|
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from 0,1%
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until 30 days
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1 000 – 25 000 ₱
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|
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to 0,1%
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61 – 365 days
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1 000 – 25 000 ₱
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|
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to 0,1%
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61 – 120 days
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500 – 25 000 ₱
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|
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0,2%
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until 365 days
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1 000 – 50 000 ₱
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|
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to 0,39%
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61 – 120 days
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1 000 – 25 000 ₱
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|
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0,8%
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7 – 180 days
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1 000 – 20 000 ₱
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|
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0,8%
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7 – 90 days
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1 000 – 20 000 ₱
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|
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0,03 – 1%
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until 180 days
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1 000 – 25 000 ₱
|
Reviews
MFIs to Apply For
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to 25 000 ₱At a rate from 0%
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to 25 000 ₱At a rate from 0,1%
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to 25 000 ₱At a rate from 0,1%
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to 25 000 ₱At a rate from 0%
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to 25 000 ₱At a rate from 0%
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to 50 000 ₱At a rate from 0,2%
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to 25 000 ₱At a rate from 0%
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to 20 000 ₱At a rate from 0,8%
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to 20 000 ₱At a rate from 0,8%
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to 25 000 ₱At a rate from 0,03%
Expert's opinion
Loan Experts
Why Choose Online Loans with Fast Approval?
Such loans are the most convenient option when the money is needed immediately. They are accessible to almost every adult Filipino and can help in any urgent situation, whether it's a car repair, an expensive medical service, or a new home appliance. Fast approval means that the funds are transferred to the borrower within hours or even minutes, which is crucial if there is no other quick way to get the required money.
Benefits
Online quick cash loans with instant approval have several key advantages:
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No need to visit the office. Most of these loans can be applied for online,whether you're using a laptop or a smartphone, through online fast approval loan apps.
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Promptness. Online application is not the only feature that makes such loans instantly accessible. Once you’ve applied, the request processing normally takes up to 30 minutes, and in some cases, the approval is granted within as little as 5 or 10 minutes.
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High degree of accessibility. MFIs’ services can be used by any borrower over the age of 18. Unlike banks, most of these lenders do not consider the borrowers’ credit rating or proof of official income. This means that loans with fast approval can be taken by any person in need, regardless of their personal circumstances.
Last but not least, quick loans are a good way to solve minor financial problems by borrowing a small amount of money. Banks usually grant larger sums for at least 3 months, but MFIs help you obtain smaller payday loans that can be repaid within a week or two. This is a convenient option for those who are afraid of becoming heavily burdened with debt and consider instant loans an extraordinary solution only.
Payout Options: How You Will Receive Your Cash Loan
Online cash loans with instant approval can be obtained in numerous ways. The following distant options are the most popular ones:
- Bank transfer
- GCash and E-wallets
- Cash Pick-Up
Senior borrowers and those who don’t trust modern technologies prefer visiting payment centres or MFIs' offices to pick up their funds in person. This is also a good way of getting familiar with the lender and having a live consultation, if needed. Yet, borrowers should keep in mind that not all MFIs that offer online loans with fast approval in the Philippines have physical branch offices.
Requirements for Online Loans with Instant Approval
As discussed above, online loans come with minimum requirements for borrowers. Basically, the only general requirement is the age limit: clients must be over 18 years old. Some lenders may also set an upper age limit, usually (below 70 or 75 years old, depending on the lender).
Borrowers’ financial situation is usually not a deciding factor: most MFIs do not require proof of official employment or a bank statement of account.
Finally, another unstated but possible requirement is that the borrower should not have any existing loans with the same lender. Some MFIs are unwilling to grant quick loans to those who have not repaid their previous debts yet. This is their way of avoiding customers with unrecoverable loans,which make the lenders suffer direct losses.
How to Apply for an Online Loan with Fast Approval on MoneyPanda
MoneyPanda is the aggregator of online loans with instant approval in the Philippines. You don’t need to browse the Internet anymore, searching for reliable lenders and comparing their terms and conditions. We act as a one-stop platform where you can quickly find the most suitable loan and apply for it directly.
These are the four steps you need to take on MoneyPanda:
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1
Step 1: Check your eligibility
Study the lenders’ requirements
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2
Step 2: Gather the required documents
This is usually just a valid ID, but requirements may vary depending on the MFI and the chosen type of loan
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3
Step 3: Submit an online application
All borrowers need to fill out a short application form with their personal details, as well as the desired amount and term of the loan, and the preferred payout option.
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4
Step 4: Get an instant approval and receive funds
Once the application is submitted, clients only need to wait for several minutes for the approval.
If a mistake is found, you may be contacted by a manager to clarify the information and provide the correct data. The money will be credited to your bank account, credit card, or e-wallet immediately, or you will be invited to visit the office or a payment center if you chose such a pickup option when submitting the application form.
To apply for online loans with instant approval, you can easily use your laptop, especially if you prefer handling such matters more comfortably on a wider screen.
Common mistakes
- The most common mistake is applying for an online loan if you are not certain that you will be able to pay it back. Financial need can push people into rushed decisions, but one should always be mindful of their responsibility for such decisions. Fast loans are not a free financial aid; they come with interest and must be repaid within a specified deadline. Before applying, make sure that you will soon obtain a corresponding amount that will help you pay the loan back as required by the lender.
- Another mistake is when borrowers do not study the loan agreement carefully. Like any other commercial service, instant loans come with specific terms, such as interest rates, repayment dates, opportunity to pay in installments, penalties, and more. By giving thorough attention to such terms, you will get a full understanding of how and when your loan needs to be repaid and will avoid possible complications with the lender.
Key Things to Know Before Applying
Below is a checklist of what any borrower should clarify before applying for a loan with fast approval:
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The availability of the lender’s license;
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Your eligibility;
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Interest rates;
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Possible benefits for new customers (zero interest rate, special offers, etc.);
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Payout options and terms;
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Additional services (insurance policy, etc.);
It’s a good idea to speak to someone who has already applied for an instant loan to find out all the ins and outs. You can also contact a MoneyPanda consultant to clarify any terms you’re unsure about.
FAQs: Everything You Need to Know About Fast Approval Loans
How fast can I get approved?
Normally, fast approval loans are granted within minutes but in some cases borrowers need to wait for up to an hour. Applications are processed automatically, so loans get approved quickly, even on weekends and outside regular working hours.
What is the maximum loan amount I can apply for?
Most MFIs in the Philippines are ready to approve loans up to PHP 150,000. In some cases, higher amounts may be available, but additional requirements may apply
Can I apply for another loan if I have an active one?
Yes, Filipino lenders do not usually prohibit having two or more active loans. Yet, the more loans you have, the more difficult it is to service them, and the lender may eventually reject future applications until you pay all the outstanding debts, at least with that specific company.
Are there any hidden fees?
Everything depends on the MFI. Some lenders may charge commissions for early repayment, or apply fees for lump sum payments instead of installments (or vice versa). Such fees are not exactly hidden: they're clearly stated in the loan agreement. Hence, it is very important to study this document meticulously before applying.
The Best Loan Deals
| 🟢 Rate: | from 0,03 to 1,17% |
| 🟢 Period: | from 7 to 1 470 days |
| 🟢 Amount: | 500 – 50 000 ₱ |
| 🟢 Number of offers: | 12 pcs. |