Getting a loan in Philippines used to be a tedious process.
The bank would ask you many requirements and take weeks to process your application. Many Pinoys were underwhelmed by what banks have to offer.
This situation set the stage for Online Lending Companies. These companies can process your loan in as little as 24 hours and have simpler requirements than a bank would ask you.
The interest rates will be a bit higher, but since the loan is usually for a short term many Filipinos still find it affordable. Also since this assistance is available on short notice it is mostly replacing informal 5 / 6 lenders. As with everything you pay a bit more for convenience.
Here is a review of online lending companies in Philippines:
Loan Ranger: One of the first lending companies to offer online loans, they have been around since 2015. You can borrow up to 10,000 PhP on your first loan and they will process your loan within 24 hours. For repeat customers they offer bigger loans and discounts on the interest. There is no upfront deduction, so you get your full loan amount paid out. They are a credit bureau member, so you can also build your credit score here.
Tala Philippines: Tala has built a mobile based lending platform in Africa and launched in Philippines in 2017. They assess your credit based on your mobile phone. The process is fast, but right now only available for Android phones.
Moola: (aka Dr Cash) They offer loans of 10,000 PhP for first time borrowers and up to 20,000 PhP for repeat customers. Their processing time is 1-2 days. The interest rate however is one of the highest in the market with about 45% per month and also deduct an upfront processing fee.
Cash Mart: Cash Mart is the latest entrant in the market and focuses on customers from BPO and Call Center.
Have you tried any of these? Please post a comment and share your experience!