24/7 Online Application
Online loans allow you to apply for a loan at any time of the day. Just download the app or visit the website and start the loan application process. This availability of financial help makes online loans a good choice for those who really need money for an emergency.
Minimal Eligibility and Document Requirements
Anyone who has a valid government-issued ID can borrow from online loan apps. Just scan or take a photo of your ID. You may also need to take a selfie while holding your ID. Some lenders may need your certificate of employment if you’re borrowing a huge amount.
Easy and Quick Approval
Are you unemployed with bad or no credit history? Online lenders usually don’t ask for a lot of loan application documents, so it’s easier to be approved for this type of loan.
No Bank Account Required
A deposit account with a bank is generally not a requirement for online loans in the Philippines. Some online lenders may ask for your nominated bank account, though. But more often than not, loan proceeds are disbursed through partner remittance centers.