Borrowing money was considered a challenging task a few years ago. You needed some excellent credit standing or collateral to be considered for a bank loan. With a money borrow app, financial assistance has become tremendously within reach. A borrow money app instantly lets you have cash with only a few clicks on your mobile phone or laptop. The key is to look for legit online loans guaranteed approval in the Philippines while deciding on which online loan app to try.
Are There Really Apps That Let You Borrow Money?
Yes, there are really legit apps that let you borrow money with specific terms and conditions. Unlike online personal loans, loan apps are meant to offer a short-term solution for those needing a quick money fix and are gaining popularity daily. Online loan apps provide borrowers with easy access to loans, allowing them to apply for a loan from the comfort of their homes.
How Do Loan Apps Work?
A money borrow app is a handy tool nowadays. But you should know how to borrow money from a cash app. Such apps can be used easily from a computer or a mobile phone. Generally, borrowers apply for a loan by completing an online application and providing their relevant personal and financial information. These apps then use this information to evaluate the borrower’s creditworthiness and determine whether to approve the loan. You get instant funds to the borrower’s bank account after approval.
However, with convenience comes a few concerns, such as potential fraud and strict repayment terms. Therefore, it’s essential to understand the benefits and drawbacks of using online loan apps.
Pros and Cons of Borrow Money Apps
Pros of Online Loan Apps:
- An online borrow money app offers convenience as it is easy to use, and you can get it from any place, home, or on the go.
- Many online loan apps provide instant approval and fast disbursement of funds, which is helpful in emergencies.
- You get collateral-free funding from most online loan apps when applying for personal loans.
- Online loan apps of great repute offer lower interest rates than traditional lenders, making them a more affordable option for borrowers.
- Online loan apps often offer a wide range of loan amounts, from ₱1000 to thousands of pesos.
- Borrowers get flexible repayment terms of a few months to as much as 24 months.
Cons of Online Loan Apps:
- Some online loan apps charge high interest rates, making the loan more expensive in the long run.
- Compared to the traditional loan system, you get shorter repayment terms as a borrower from loan apps.
- Some online loan apps charge origination fees that can increase the overall loan cost.
- Sharing personal and financial information on unreliable loan apps can pose a potential security risk to borrowers’ information.
5 Best Loan Apps to Consider
JuanHand is a loan app in the Philippines that offers quick and easy loans to its users. Its unique features make it different from other loan apps and an ideal choice for users in the Philippines.
- Lower interest rate than other loan apps with 0.3% per day
- JuanHand is available in Google Play and App Store
- More extended repayment period than other loan apps, ranging from 1 month to 3 months
- A highly user-friendly money borrow app with an easy-to-use interface
- Allows an ample loan amount of ₱2,000 to ₱15,000
2. Home Credit Philippines
Home Credit Philippines helps you get your shopping loan through a network of partner stores. You can apply for a loan at the store where you purchase stuff in the Philippines. It also offers online loans, credit cards, and other financial products to help customers access their needs.
- A borrow money app instantly offers online loan approval as fast as 1 minute.
- You can pay your Home Credit loan via GCash, online banking, or payment partners.
- Competitive interest rates at 0-3% per annum with a 32% down payment
- Offers affordable monthly installments to buy things
- Loan Term, loan repayment time, ranging from 6 months to 36 months
- Offers a decent loan amount from a minimum of ₱5,000 to a high amount of ₱150,000
- Available for download in Google Play, App Store, and Huawei App Gallery
Tonik is a neobank in the Philippines, which is a digital bank that doesn’t have physical branches. This app offers fast and easy loans with a massive loan amount of up to PHP 50,000 with no collateral required.
- Offers quick and easy loans
- Available on Google Play and App Store
- No collateral needed
- Offers competitive rate at 5.42% to 7% per month
- Long-term loan approval from 6 months to 24 months
- Allows ample loan amount ranging from ₱5,000 to ₱50,000
- Minimal documents required
BillEase is the Philippines’ first installment loan app that allows people to pay for their online and offline purchases in monthly installments with 0% interest.
- Transparent pricing
- Extended loan repayment time ranging from 2 months to 24 months
- Offers good interest rate of 3.49% per month
- Allows loan Amount from ₱2,000 to ₱40,000
- Suitable for online or offline purchase
- BillEase is available in Google Play and App Store
- Offers AutoPay feature to avoid late payments
- Offers budgeting and spending tracking
5. Tala Philippines
Tala Philippines is a trendy loan app that offers quick and easy loans to Filipinos. It uses a “mobile-first” approach, meaning the entire loan process can be done through a mobile phone. With over 5 million customers in the Philippines, Tala has also been featured in major news outlets such as CNN, Forbes, and TechCrunch.
- Fast and easy application process
- Quick loan disbursement
- Loan repayment time ranging from 21 days to 30 days
- Competitively decent interest rate charged on loan amount at 14.5% to 15% per month
- Offers loan amount ranging from ₱1,000 to ₱15,000
- No hidden fees
- Tala Philippines is only available on Google Play.
What Are the Current Personal Loan Rates?
The current personal loan rates in the Philippines range from about 10% to 15%. This Effective Interest Rate (EIR) is the rate that measures the actual cost of borrowing your money loan. You generally get this EIR in the traditional personal loan borrowing process.
How to Get a Low Personal Loan Rate?
Generally, the best way to secure some of the lowest interest rates on a personal loan is to ensure you apply with an excellent credit score. The better your credit score, the more favorable your personal loan terms will be. Remember, even with poor credit, you will get loan approval but might not get the best rates and terms.
You should research different online loan apps to find the best money borrow app in the Philippines that suits your financial needs. Comparing interest rates and fees and reading reviews from other borrowers about these loan apps can rightly guide you. Moreover, check repayment terms and late payment fees to avoid unpleasant surprises later.