Updated: July 11, 2022

Online loans with monthly payments in the Philippines

Amount

Term (days)

moneycat-logo.svg

MoneyCat Loans

CS201953073

0.4%

Percent, per day

1000 - 25000 PHP

Amount

90 - 180 day

Term

Show more

Features

APR:

from 145 up to 365%

Review time:

1 day

Early Settlement:

no

Guarantor:

no

Client

Age:

20 - 60 years old

Citizenship:

Required

Employment:

Required

Proof Income:

Not required

Disbursement & Repayment

Disbursement time:

1 day

Disbursement methods:

Bank Account;

Repayment methods:

Dragon Pay; GCash; Online Payment;

Pros & Cons

Pros:

You can easily get a loan, in a few steps

You only need to spend 5 minutes to register

You don't have to go to the bank and stand in line. The entire process of obtaining a loan takes place online through a phone, tablet or computer

Cons:

High interest rate

Details

MoneyCat is a financial company that will help you quickly and easily get a loan within 24 hours online. You need to fill out the registration form on the site and go through a quick verification, after which the money will be transferred to your bank account

logo-digido.svg

Digido loans

CS202003056

0.1 - 0.4%

Percent, per day

1000 - 10000 PHP

Amount

10 - 180 day

Term

Show more

Features

APR:

from 143%

Review time:

1 day

Early Settlement:

no

Guarantor:

no

Client

Age:

21 - 70 years old

Citizenship:

Required

Employment:

Required

Proof Income:

Required

Disbursement & Repayment

Disbursement time:

1 day

Disbursement methods:

Bank Account;

Repayment methods:

GCash; Dragon Pay; Online Payment;

Pros & Cons

Pros:

Fast processing of the application within 24 hours

There are no additional payments. Only payments under your loan agreement

Cons:

If you do not pay on time, the credit company may charge you an additional penalty

Details

Digido is an online lending company that has a state license and permissions to provide lending services. You can apply for a loan simply and quickly through the company's website, remembering the registration form. The answer to your application will come within 24 hours and within 24 hours after approval you can receive money to your bank account

kviku-logo.svg

Kviku Personal Loans

0.16%

Percent, per day

1000 - 25000 PHP

Amount

60 - 180 day

Term

Show more

Features

Early Settlement:

no

Guarantor:

no

unacash-logo.svg

UnaCash Personal Loans

0.3%

Percent, per day

2000 - 30000 PHP

Amount

61 - 180 day

Term

Show more

Features

Early Settlement:

no

Guarantor:

no

Unionbank.png

Unionbank Quick Loans

0000036073

4%

Percent, per month

1000 - 1000000 PHP

Amount

1 - 12 month

Term

Show more

Features

Early Settlement:

no

Guarantor:

no

Client

Age:

21 - 65 years old

Citizenship:

Required

Employment:

Required

Proof Income:

Required

All you need to know about loans with a monthly payment

With improved financial inclusivity and the competitive nature of the credit sector, customers are presented with a variety of products to meet their needs. A monthly installment loan, as one of the options, allows borrowers to make payments over a longer period. In this article, we will provide the reader with information about monthly installment loans where will start by explaining what it is, the different types of installment loans, how and where you can get the loan, the calculation of interest as well as the advantages of this credit facility.

What is a monthly installment loan?

Unlike the traditional payday advance or single installment loans, the loans with monthly payments are flexible given that a borrower pays an equal amount over a relatively long period. This flexibility enables borrowers to get a predetermined amount disbursed in a lump sum but repaid over a longer period when compared to other short-term loans.

A monthly payment loan typically comes with a fixed rate. A borrower will be expected to pay a regular amount each month with some portion of the payment going towards the principal amount and the remaining part is applied to the interest.

There are some similarities between credit cards and online loans with monthly payments Philippines for instance; the borrower will be expected to pay a certain amount within an agreed period. However, there are some significant differences; with monthly installment loans there is predictability, and borrowers know the amount they are supposed to pay each month. They are also aware of when the monthly payment is due, unlike lines of credit or credit cards where you do not have a predictable payment schedule. With this kind of arrangement, monthly installment loans allow the borrowers to budget for their financial obligations. You know what amount to pay and when, this allows you to plan, and also ensure that the amount required as an installment is available at a given date.

Types of monthly installment loans

There are several types of installment loans. However, each may have different features. The purpose of the loan as well as the average interest rates may vary from one type to another. They include:

1) Personal loans where the borrower is expected to repay over a fixed period and rate. They are available from online lenders, credit unions, and also private lending entities.

2) Cash loan no credit check pay monthly installments is a lending option that is offered by a payday lender to help borrowers meet their emergency needs when they have limited sources of financial assistance. The loans for bad credit with monthly payments can be very costly at times since borrowers are not required to furnish the lender with their payment history. All they need is proof that they can make a regular payment out of their income.

3) Mortgage is a well-known monthly installment loan, popular with homeowners. The payment period may be relatively long compared to most installment loans. Also, the fact that it is backed by collateral makes it a special kind of installment credit.

4) Others include auto loans and student loans.

Getting a monthly installment loan in the Philippines

Loans sector in the Philippines is very dynamic; lenders are competing to offer their customers the best products, with new ones coming up every day. For borrowers, all it takes is to identify the lender of choice. Luckily, there are platforms where those in need of loans online monthly payments options can get assistance. Here, a borrower informs the platform of the type of personal loan they are looking for, identifies the terms that best fit their needs, submits the application, and their partners get in touch to inform them about their eligibility and personal cash loans monthly payments.

Whether you are looking for an online or cash loan with monthly payments, you will be required to apply from the lender of choice by filling out an application form. With an online loan, the application form is available over the internet while for cash loans, you may be required to visit the premises of your selected lender or just download the form over the internet. In the application form, you are required to provide the following: personal details, the purpose of the loan, indicate whether you are furnishing other credit facilities among other information that can allow the lender to determine your eligibility and the amount to be advanced. In the application process, you will also be allowed to select the monthly installments as well as the duration that you will take to repay the loan. Once the lender reviews your application they will inform you about their decision. With most loans, this decision is made within a relatively short period. If you meet all the requirements, the money is disbursed immediately accompanied by repayment details.

Which are the best loans with monthly payments?

One way of identifying the best loans with monthly payments is by visiting the lender’s platform. However, this method can be tedious as it involves opening several tabs. With all these tabs, the chances of losing track are high. The solution is using platforms that allow a potential borrower to compare loans without visiting multiple websites. These platforms normally carry out genuine and comprehensive reviews of the institutions that offer loans and their products. With that information, you will select what best suits your needs. Some of the best monthly installment loan providers in the Philippines include banks, online lenders, credit societies, and government agencies among others. As a borrower, select a lender who offers the best in terms of installment and repayment duration as well as the interest and fees that are charged on the loan.

How do you calculate the monthly loan payment?

One of the factors that will help you in determining the lender of choice is the monthly payment that is required. Also, interest and fees that are charged by a given lender need to be considered. Most lenders have a loan calculator that can help you in determining these factors. You only need to populate the calculator with the information as guided on the website and all the specific loan information will be provided. 

Who Can Get Loans With Monthly Payments?

To qualify for loans with a monthly payment in the Philippines, the borrower needs to meet these requirements:

  • Aged at least 21 years and above
  • Have a permanent residence
  • Meet the minimum income requirement of the lending entity
  • Some lenders may ask for credit history but this may not be used to deny loans to those with bad credit history.

What are the advantages of monthly installment loans?

  • They come with a predictable repayment schedule making it easy to plan
  • Since borrowers with a bad credit history are not discriminated against, they are good for boosting the credit rate. All a borrower needs to do is repay on time and in the required monthly installment
  • There have refinancing options, providing the borrower with more options for cash sources
  • Depending on the requirements of a lending entity, the borrower may save on the interest charges by paying off the loan early.

Monthly installment loans provide borrowers with an avenue to finance their needs without struggling to repay. The flexible and predictable monthly repayment option enables a borrower to plan. Borrowers who need emergency cash can take advantage of the benefits provided by this credit option to meet their needs. However, one must be committed to repaying on time and agreed amount to qualify for higher amounts in the future.

Fintree Philippines

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Disclaimer: Fintree Philippines is a loan comparison site that helps users find the best options for their needs. We are not a financial company and we do not provide loans ourselves. We work with a number of trusted partners to offer users a range of loan options to choose from. We don't charge the user for choosing a loan, but we do get a commission from our partners. Please read the terms and conditions of the lending organization carefully before you accept it and make sure you will be able to pay it back on time.