If you, like many Filipinos, live from paycheck to paycheck, there may be situations where you will need the money long before the advance payment. In this case, Web-loans can help you. This service is provided by both large banks and small financial institutions.
The advantages of getting a loan online
Why is it most convenient to draw up short term loans online? Here are some of the main reasons:
Mobility. Do not waste your time to visits of a bank branch or office – just go to the official website of your chosen company. Fill out an application and wait for a response. As a rule, it does not take more than 15 minutes.
Guarantee of approval. Online organizations approve up to 95% of applications. Check yourself for compliance with the criteria being made on the borrowers. Carefully re-read the completed forms before sending them to avoid mistakes. Sometimes the presence of gross typos also leads to rejection of the application.
Instant crediting of funds to the account. You don’t have to wait long for the money to come to the bank account. The currency transfer process takes up to three to four hours after approval of the application. The exact time depends on the workload of the financial institution.
Minimum of required documents. To submit an application you need only a passport. No need to collect certificates, confirm your place of work and income. Just take a picture or a copy of your passport (or other identity document).
Cash loans online – novelty in the Philippine market. This type of lending has already earned the trust of Internet users. Every year, tens of thousands of Filipinos use the services of organizations issuing fast loans online.
Why it’s worth to use our website to search and select loan offers
The choice of a credit aggregator is no less important than the choice of a financial organization. On 5starsloans, information is regularly updated and current data is added.
To get an instant loan, use our credit aggregator.
The most favorable offers. We only publish best loans. They are advantageous for borrowers: they are issued at a low interest rate, for a long term.
Easy search of fast loans. The choice of credit products under the conditions has become even more convenient! No more manual sorting – use ready-made filters. Specify the period of interest and the amount in the appropriate fields, so that the site shows the options specifically for you.
Complete, reliable information. All indicated rates, maximum and minimum amounts of online loans – reliable. We do not underestimate the indicators to attract user interest and are fair to them.
Ease of calculations. Use the built-in loan calculator. This is a universal application for calculating the monthly payment. It is not necessary to carry out mathematical calculations independently – just enter the interest rate, period and amount. Please note: this is an approximate result, you can find out the exact one when you apply.
Security guarantee. We cooperate only with proven financial organizations. At the site you will not find a company with a bad reputation. Each partner passes a mandatory verification before publication on the site. Having received a loan, you may not worry.
On the official site of the aggregator 5StarsLoans it’s possible to quickly find the perfect loan offer. Specify your criteria and start the search. After selecting a company, read its terms by clicking on the “Read More” button. We try to place as much information about our partners as possible.
There are stars near each of the names of financial organizations. This is the average rating given by user votes. The higher the rate, the better the quality of services according to customers. Do not forget to read reviews about selected lenders.
Requirements to the borrowers
Banks and financial institutions impose similar requirements to their visitors. You can find out the exact list when you make an application, it is also published on the official websites of companies issuing loans. You will immediately get to know the basic requirements.
Standard criteria taken into account when applying for instant loans:
The age of majority. The client of a financial organization can only be a person who has reached the age of 21 (in some cases, 18 years). The upper age limit is set – 60-65 years. There is a separate category of loan products for retirees and students, but not all organizations provide this service.
The presence of permanent income, the ability to confirm it. If the credit company does not require an extract from the place of work, without a stable income you will not be able to repay your debts, especially if the loan was drawn up for a large amount.
Philippine citizenship and residency on the territory of the country. Only officially registered citizens of the country can draw up loan products. If you are in the Philippines for work or studying here, but do not have a residence permit – it will be difficult to get money.
An exact list of criteria can always be obtained directly at the bank or on its official website. To borrow money, you need to know the rules. Otherwise, you may miss an important requirement, then your application for receiving funds will be rejected.
How to get a guarantee of online loan approval
First of all, make sure that you have a valid Philippine residency and nationality of the country. Unfortunately, getting loans for foreigners is almost impossible. If you have a residence permit, you can try to apply with it. But the likelihood of approval will be significantly lowered.
If you want that a chance to get a loan was higher, be sure to provide additional documents. For example, confirmation of your rights to real estate or a car, bank account statement of the money in use or deposit, references from work. All listed documents will confirm your validity, solvency.
We also recommend that you complete all the questionnaires. Even if the fields are not marked as mandatory, enter additional information to increase the level of confidence in your person.
Conditions for obtaining a loan
The loan process takes no more than 15 minutes, not counting the period of consideration of the application. To get short term loan, the customer must:
Comply with all requirements for potential borrowers (age, residence permit, citizenship, permanent place of work).
Have a stable Internet connection, smartphone or computer to fill out and submit an application.
Have a workable mobile phone. The confirmation code will come to it.
Have a personal account in one of the banks in the country.
Then:
Find a profitable loan product using convenient filters on our site. Enter the required terms, the loan amount, review the search results, sort them as you wish.
By clicking on the “Apply Now” button, go to the official website of the selected company. Go to the application form. Provide details about yourself, upload copies of documents.
Check the correctness of the entered personal data and leave contact information for further communication (email address, mobile number).
When receiving funds on a plastic card: wait for approval, enter your bank account number, get the money.
When drawing up a loan in cash: wait for approval, come to the office of your chosen financial institution, receive money in person. Please note: not all companies issue online cash loans.
Do not forget that a short period of time is given for the repayment of an online loan: it ranges from one to twelve months. It is important to return the funds on time, otherwise your credit history will be spoiled.
How to return a loan
When drawing up fast loans the creditor company immediately reports the options for repaying the debt to its visitor, as they are different. Common payment methods of easy loans:
Transfer of funds to the details of the financial organization from the card. The operation can be made through the terminal or contact an employee of the bank branch.
Replenishment of the company’s account in cash through an ATM. Enter the details of the bank, then deposit the funds.
Direct crediting through the website of the creditor from a plastic card or online wallet. Learn more about this option from the consultant of your chosen company.
If a financial institution offers two or three payment options, choose the most convenient one. Clarify this information in advance to repay your debt in a timely manner and avoid arrears.
Choose your loan (Selecting a loan by parameters).
One valid government ID. Your mobile number and an active social media account (e.g. Facebook, Twitter, or Instagram). At least one month payslip or Certificate of Employment. ITR or Business Permit for self-employed individuals.
Filipino citizen. Must have source of income. Must have landline or mobile number If employed. Must be employed for at least one (1) year in current company. If self-employed or with business: Business must be registered and have been operating for at least one (1) year OFW/Seaman. Must have a co-borrower in the Philippines Foreigner. Must be married to a Filipino citizen to act as principal borrower. Check out complete list of requirements per loan type.
Filipino Overseas Workers with valid contracts. Minimum basic salary equivalent to at least P20,000. OFWs who are in the Philippines. OFWs outside the Philippines may also apply (ask us about the Pinoy Abroad loan!) Must have a Co-borrower
Two (2) valid IDs (primary government-issued IDs) Bank statement for the last six (6) months (if self-employed) Certificate of Employment, if employed; OR Business Permit and Audited Financial Statement (if applicable), if self-employed
From application to receipt of money 1 working day
Cooperating with banks:
You are currently employed and/or have a stable source of income, such as your own business. You are a Filipino citizen and currently residing in the Philippines. Possess 2 of any primary IDs.
From application to receipt of money 1-2 working days
Cooperating with banks: Banco De Oro, Bank of the Philippine Islands, Chinabank, EastWest Bank, Metrobank, Philippine National Bank, RCBC, RCBC myWallet, Security Bank, UnionBank, Land Bank, UCPB
Currently employed or with a steady income and with a valid home address in Metro Manila and other select areas in the Philippines
From application to receipt of money 1 working day
Cooperating with banks:
One valid government ID (scan copy or photo), A Facebook account, A stable source of income (store owners and home based workers/ freelancers are welcome to apply)
From application to receipt of money 1 working day
Cooperating with banks:
Latest Certificate of Employment with Compensation (validity should be 30 days), Latest two (2) months payslip, Upload a photo of two (2) Primary Government ID’s with three (3) Specimen Signature, Company ID (front and back), Upload a photo of yourself holding one (1) Primary ID (from the provided ID’s above), Bank Statement with 3 months transaction history (showing the name and account number), Proof of Address under your name with current address, Barangay Clearance, Additional 3 reference person with contact numbers (must be related/family members)
From application to receipt of money 1 working day
Cooperating with banks: Bank of the Philippine Islands (BPI), BPI Family Savings Bank, Banco De Oro (BDO), Chinabank, Philippine National Bank (PNB), EastWest Bank, Metrobank, UCPB, Union Bank (UBP), Unionbank EON, Land Bank, Security Bank, RCBC, RCBC Savings, RCBC MyWallet, Asia United Bank (AUB), GCash
From application to receipt of money 1-2 working days
Cooperating with banks: Banco De Oro, Bank of the Philippine Islands, Chinabank, EastWest Bank, Metrobank, Philippine National Bank, RCBC, RCBC myWallet, Security Bank, UnionBank, Land Bank, UCPB
Currently employed or with a steady income and with a valid home address in Metro Manila and other select areas in the Philippines
First of all, make sure that you have a valid Philippine residency and nationality of the country. Unfortunately, getting loans for foreigners is almost impossible. If you have a residence permit, you can try to apply with it. But the likelihood of approval will be significantly lowered.
