A miniature shopping cart with a cardboard house inside of it beside a jar full of coins

There are lots of things you can do online nowadays. From shopping to research, the internet brought people closer to daily conveniences. One thing you can do on the internet is to make an online loan in the Philippines. Instead of traveling to physical offices and braving through traffic, online loans are a convenient option. If you have a busy lifestyle or if you don’t have time to visit local lenders, try making a loan online.

Online loans revolutionized how we manage our money today. If you need a specific appliance as soon as possible, there are apps and websites offering loans online. All you need is a reliable internet connection and you’re good to go.

Applying for an online loan in the Philippines isn’t something new. However, a lot of people are still against the idea. It can be difficult to find payment terms and specific loan amounts if the lender doesn’t already offer this upfront. The problem lies in if you cannot find the right online lender that’s legitimate, fast, reliable and convenient. With this handy guide, you can easily find the perfect lender for you. Scroll down to learn more.

 

Are Online Loans Legitimate?

A woman online shopping on her laptop while holding her credit card

Thankfully, there are many legitimate online loans you can apply for. You must learn how to navigate the internet to find it. Once you find an online loan in the Philippines, as long as they’re legitimate and reputable, you can prevent a lot of problems.

When finding a lender, it’s important to first do your research. You must consider both positive and negative reviews. If it seems too good to be true it might be. Remember that what you see on the internet isn’t always true. The reviews may come from employees and con artists that spruce up the website. When in doubt, go for a lender that you’ve heard about from a reliable source.

It’s very easy to make a website in this day and age. More scammers are heading online to swindle individuals and small businesses. Online loans are no exception. It’s best to find a legitimate online loan in the Philippines so you can get your money’s worth. At first glance, fraudulent lenders might appear legitimate. They can present professional-looking ads and websites full of fabricated testimonials from seemingly happy customers. Don’t judge a book by its cover as you can fall into a scam very quickly.

Email marketing can also be used to scam you. When you receive an email out of nowhere, it is usually spambots sending these out to millions of people. It’s also the same for mail that arrives at your house. Another sign you should watch for is unsolicited phone calls. Even if it seems like the offer is legitimate, it can be dangerous if they start asking for personal information. Don’t fall for these tactics and keep your money and information safe.

To find out if your lender is legitimate, consider the following:

 

Payment Requirements

You can always call or email when you’re making an online loan in the Philippines. Once you spot a loan company that interests you, ask them if advance payments are required. If they answer yes, this is a red flag. Legitimate loan companies will almost always disclose fees upfront and deduct them from the loan amount. Upfront payments are false promises that will guarantee a loan. Instead, you may be scammed of your hard-earned money.

Professional Help

When in doubt, a professional can help you out. Once you have the loan agreement, you can take it to a lawyer to have it reviewed. If there’s something off about the loan contract, your lawyer can easily detect it. Another thing you should remember is to take things slow. If the loan company pressures you, this is a tactic and effort to get your signature. Most legitimate loan companies will take their time and even suggest legal counsel.

Company Registration

Another guarantee to know if the lender is legitimate is if they have supporting documents and licenses. You can easily access the Securities and Exchange Commission (SEC) as well as the Philippine business portal just to be sure. The lender company is most likely legitimate if you find their registry there.

 

Benefits of Borrowing Online

An asian couple walking into their new house for the first time

Borrowing an online loan in the Philippines is very beneficial. Newer lender companies are focusing on ease of use, user-friendliness, and speed. Here are the following benefits you can look out for:

 

Fast Approval

Borrowing online is much easier now compared to before. Many online lenders can instantly tell you if you’re approved or not. You’ll also have instant access to important information such as the amount you can borrow and what your payment terms are. Traditional banking is very different. You can fill out your application online but it can take a while to get any answers. You’re also required to visit the branch in person. This can be difficult if you’re in a hurry and need the loan for personal emergencies. Online loans are much better and updated for modern requirements.

Diverse Rates

It’s good to find different sources and do your research. Many online lenders offer competitive pricing that’s significantly less than you’ll pay from a different source. Low-interest rates and low service fees are offered by a lot of online lenders. Unlike banks, they don’t have significant overhead costs. Online lenders don’t pay the same regulatory costs which ultimately means you pay less.

Easier Approval Terms

Banks have become much stricter with loans. When you have a good credit score, it’s easy to get a loan. However, it can be difficult to get approved if you have a bad credit score or if you’re still building your credit. You need the money now and as fast as possible. Online lenders are more likely to approve your current credit score and use information such as utility payments as well as social media to evaluate your approval.

Unsecured Online Loans

Personal loans are secured. Securing a personal loan means you need to pledge collateral to get approved. Collaterals can include titles for homes and original receipts for vehicle purchases. These assets are used in case you can’t complete your payment terms. Luckily, most online loans are unsecured. No need to pledge collateral to get approval. This is safer than presenting an asset as collateral. If you fail the payment terms in an unsecured loan, your credit score will drop but there’s no need to worry about the repossession of your asset.

 

How Does an Online Loan in the Philippines Work

A cardboard cutout of a house with a miniature van on top of a table

Online loans work the same way as any other loan. However, the convenience you get online makes it feel easier. All you need to do is provide your personal information on the lender’s website. Once you input your complete information, you can choose your loan amount and payment terms. Then all you need to do is wait for your approval and receive the amount you borrowed.

 

How To Apply For An Online Loan

Close up of a woman's hands using a computer mouse

Since online loans are much easier to apply for, there’s no need to bring extra documents and identification to your lender. All you need to do is to access their website. Some lenders offer loans through mobile applications but for now, the main focus will be on how to apply for a loan through a website.

 

1. Open Your Browser

You need to open your browser and visit the online lender of your choice. Before applying, you should do your research if you haven’t already. It’s also a good idea to read the frequently asked questions section to fully prepare yourself.

2. Input Your Information

Once you have that settled, you need to put in your information. Click on the application page. Select if you’re planning to make a new application or a renewal. New applications can take a bit of time. Your lender will ask you for your main source of income. Then your lender will ask what kind of loan you’re applying for. Are you looking for a home loan or a car loan in the Philippines? Make sure that you’re applying for the correct one before moving on to the next page. After that, input the necessary information such as your full name, contact number, and email.

3. Wait For A Customer Service Representative

After finishing the form, a customer service representative will contact you through your phone or through email. While you’re waiting, the representative will review your application. Once you’re contacted, you can choose your payment terms and the amount of money you’ll be borrowing.

 

Make Easy, Fast, Online Loans with AsiaLink Finance Corporation

Are you looking for easy, fast, online loans? Here at AsiaLink Finance Corporation, we offer fast approvals and high-quality services to help you with your home loans or 2nd hand car financing in the Philippines. We’ve been helping Filipinos since 1997 and since then we’ve grown into one of the leading, fastest-growing finance companies in the Philippines.

With over 80 branches nationwide and online access, we’re ready to help you get the finances you need for business and individuals alike. Our professional, customer service oriented personnel are ready to answer your questions at any time.

Click here to contact us and here to get started on your loan!