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Top 10 Microfinance Institutions in the Philippines
| MFI | Effective rate | Period | Amount |
|
—
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15 – 135 days
|
500 – 25 000 ₱
|
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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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to 0,39%
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61 – 120 days
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1 000 – 25 000 ₱
|
|
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to 1,17%
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91 – 180 days
|
500 – 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
What Is a Legit Online Loan and How Does It Work
A legitimate online loan is a financial service that allows the borrower to receive a loan via the Internet without visiting a bank branch. The application process, review, and issuance of the quick loan occur entirely in electronic form.
The process of getting a loan online includes several simple steps. First, visit the website where you can choose the desired loan option. Then, fill out a form with your basic information. It is important to indicate all the required information correctly so that the application can be reviewed as quickly as possible.
After submitting the data, the bank will review and get back to you as soon as possible. As a rule, this takes from 15 minutes to several hours, which significantly is much faster than traditional lending methods. Applying for a legit loan online allows you to avoid unnecessary bureaucratic procedures, making the process more convenient for the user.
Legit Online Loan App
Many financial institutions offer special mobile apps for convenient loan applications. These apps simplify the application process, making it fast and accessible anytime.
Mobile apps for legit online cash loans have several advantages over traditional loan application methods. They offer a user-friendly interface, minimal application requirements, fast processing, and direct access to funds via your mobile phone. For example, applications often support loan payments through e-wallets or bank transfers, making debt repayment quick and convenient.
Payout Options
When applying for an online loan, it’s important to choose a suitable repayment method. For the convenience of borrowers, legitimate online lenders offer several payment options.
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Bank Transfer
The most common method of receiving and repaying money is through bank transfer. The borrower can receive funds in their bank account and then repay the debt by transferring the money back to the lender's account. This method is the safest and most convenient for those using traditional financial channels.
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GCash Wallet
Some apps, such as GCash, allow borrowers to receive funds and repay loans through e-wallets. This is especially convenient for those who prefer to use mobile wallets instead of bank cards and accounts.
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Cash Pickup
In some cases, legitimate online lenders offer the option to receive funds in cash at specific pick-up locations. This can be useful if the borrower urgently needs money and does not have access to bank accounts or e-wallets.
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E-wallet apps
Aside from GCash, other popular e-wallets such as PayPal and Skrill can also be used to receive loans and pay off debts. These apps support both international and domestic transfers, making them convenient for users around the world.
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Payment centers
Another option for receiving funds and repaying debts is to use payment centers such as Western Union or MoneyGram. They provide a fast and reliable way to send and receive money, as well as repay loans. This method is usually used for international transfers.
Key Requirements to Get Approved
While the process of getting a legit online loan in the Philippines through an app is simple, there are a few basic requirements that you need to meet for your application to be approved.
These include:
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Unlimited legal capacity: The individual must have full legal rights and responsibilities to act on their behalf, without any restrictions.
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Philippine citizenship: Be a citizen of the Philippines
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Age 18 and above: The applicant must be at least 18 years old, as this is the legal adult age.
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Permanent residency in the Philippines: The applicant must have permanent residency status, meaning they are registered as a permanent resident in the country.
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Bank account: You must have an active bank account or payment card registered in your name for crediting funds and making repayments.
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Availability of a contact phone number and successful verification process: Provide a valid and reachable phone number to receive updates and verify your loan application.
How to Apply via MoneyPanda
To apply for a legit online cash loan via MoneyPanda, follow these simple steps:
- Review Offers from Microfinance Institutions (MFIs)
Start by comparing available loan offers from different MFIs featured on the platform.Key factors to consider include:
- Amount - Check the minimum and maximum loan limits available.
- Interest Rate - A legit online loan with low interest is more advantageous for the borrower.
- Repayment Period - Look for a repayment term that fits your financial situation.
2. Submit your application
Enter the desired loan amount. The system will automatically calculate the total repayment amount, including interest, and show you the repayment schedule. If you agree with the terms, simply confirm your application to proceed.
3. Apply anytime
You can submit your loan application 24/7. Once approved, the funds will be credited to your card, even on weekends. The entire process is automated for your convenience, making it easy to get funds when you need them. Loan repayments can also be made using your bank card.
How to Repay a Quick Loan
Repaying a legit loan through the MoneyPanda mobile app or other platforms can usually be done in several ways: via bank transfer, using e-wallets, or at payment centers. It is important to keep track of repayment terms to avoid penalties and a deterioration in your credit history.
FAQ: Common Questions About Getting a Legitimate Loan
How Can I Verify If a Lender Is Legit?
MoneyPanda service checks the reliability of each MFI posted on the website.To further confirm a lender's legitimacy, you should check that they are registered with government agencies and have a license to provide financial services.
How Long Does It Take to Receive the Loan?
In most cases, getting a loan through an app takes a few minutes to a few hours. It all depends on the chosen method of receiving funds and the lender's requirements.
Can I Apply for Another Loan If I Have an Active One?
This depends on the policy of a particular lender. Some companies allow borrowers to take out several loans at a time, while others may limit them to one active loan until it is fully repaid.
What Interest Rates Should I Expect?
Interest rates for online loans can vary depending on the loan amount, repayment term, and the lender’s policy. They typically range from 5% to 25% per annum, but can be higher depending on the terms.
The Best Loan Deals
| 🟢 Rate: | to 1,17% |
| 🟢 Period: | from 15 to 365 days |
| 🟢 Amount: | 500 – 25 000 ₱ |
| 🟢 Number of offers: | 5 pcs. |