Frequently Asked Questions

An online loan is a type of loan that can be applied for and processed entirely online. This means that the entire process can be completed through a lender's website or mobile app, without the need to visit a physical branch.

In the Philippines, online loans are typically offered for personal and salary loans. Personal loans can be used for a variety of purposes, such as home renovation, medical expenses, and debt consolidation. Salary loans are for employees who are in need of cash for personal use.

To apply for an online loan in the Philippines, you will typically need to provide personal information, such as your name, address, and employment details, as well as financial information, such as your income and expenses. You will also need to provide proof of income, such as payslips, and ID. Once you have submitted your application, the lender will review it and determine your eligibility.

The requirements for an online loan in the Philippines will vary depending on the lender and the type of loan. Generally, you will need to be at least 20 years old, have a regular source of income.

• You can make a payment through various apps, such as LBC, Bayad Center,
• You can repay the loan in cash at your bank's office
• You can repay the loan with a bank card in your personal account on the lender's website

The interest rates for online loans in the Philippines will vary depending on the lender and the type of loan. It is important to compare rates from different lenders and read the fine print before applying for a loan.

The time it takes to get approved for an online loan in the Philippines can vary depending on the lender and the completeness of the application. Some lenders may be able to approve an application within a few minutes, while others may take a few days. It is important to check the lender's website or contact them directly for more information on the application and approval process.

Yes, there may be penalties for late payments on online loans in the Philippines, such as additional fees or higher interest rates. It is important to understand the terms and conditions of your loan agreement and make sure that you can repay the loan on time.

Yes, you can apply for an online loan in the Philippines if you are self-employed, but the requirements may be different than for those who are employed. You will typically need to provide proof of income, such as financial statements, and may be required to provide more documentation than someone who is employed.