Loan online in the Philippines
Select the financial offer among the best online loans! Apply an online loan application!
Online services around the world are very popular. Online loans in the Philippines are no exception. Making an online loan application is as simple as making an online purchase in an Internet store.
Using the Maanimo.ph service, you will solve a financial issue without even visiting the office. The service does not require income certificates, collateral and guarantors and does not conduct lengthy verification, and the entire process – from submitting an application to it’s approval – takes only 15 minutes.
Fast approval is associated with the automatic analysis of the borrower parameters with special software called scoring.
Loans online with monthly payments are very convenient to use. The interest rate is daily, but You can pay at any time without waiting for the deadline. Or You can repay the loan online once a month, and then extend it with better conditions if You have not violated the loan agreement and paid on time without delay.
Apply loan online with Maanimo is quick and easy
FREQUENTLY ASKED QUESTIONS ABOUT LOAN ONLINE
What is an Online Loan?
A loan online is a certain amount of money borrowed from a lender via the Internet at a clearly defined term and interest rate.
Online loans same day are the best solution when You need to get money as quickly as possible. The borrower receives money without collateral, additional paperwork and unnecessary documents, but the interest rate is higher than for long-term consumer loans.
You will also be interested to learn about other types of loans:
What are the basic requirements for a borrower?
Loans online are issued on much more loyal terms and conditions. Very often, the main restrictions on obtaining a loan online are the conditions of age (the applicant must be of legal age) and of citizenship (the borrower must be a citizen of the Philippines).
In most cases, a person between the ages of 20 and 60 who holds a valid Government ID will be able to get a loan money. Valid Government IDs are unique and usually biometric with a high level of protection and the presence of an owner photo.
List of identity documents:
- Filipino passport;
- SSS UMID Card (Social Security System Unified Multi-Purpose ID);
- Driver’s license: student, non-professional or professional;
- Voter’s ID;
- OFW ID Card (Overseas Filipino Workers);
- Senior Citizen ID;
- Professional Identification Card (license card by the Professional Regulation Commission);
- PhilHealth Insurance Card (PhilHealth ID);
- Tax Identification Number ID Card (TIN);
- Postal Identity Card.
Also, an important option is the status of the borrower: currently employed or self-employed with a steady income.
Additionally, lenders may require copies of certain documents, such as: Certificate of Employment, Income Tax Return, Payslip, etc.
How to apply loan online using Maanimo.ph?
- On this webpage, use a special calculator in order to calculate a loan online. To do this, You need to set the amount and term by moving the slider to the right or left. After that, the Maanimo service will select for You all the offers that are convenient for the given request.
- Be careful when studying the conditions of the loan. Before making a decision, You can click “more info” to see more detailed information about the lender. After making your choice, press the button “Apply Now”.
- By going to the lender’s website, select the amount and term of the loan again. After that, You must go through all the stages of registration a loan application online.
- Expect the decision. This usually takes a few minutes. The lender scoring system makes a decision automatically, while analyzing many parameters.
- Wait for an SMS or email notification of the lender decision. If the application is approved, You will receive loan money within 24 hours to your bank account.
How to calculate the interest rate on a loan online?
Example of calculating the real monthly interest rate on a loan online:
- If You take a loan in the amount of 1,000 PHP with a daily interest rate of 2% for 30 days, then You return ₱1,000 (loan body) + ₱600 (loan interests for 30 days) = ₱1,600. At the same time, the real maximum Annual Percentage Rate (APR) is 730% per annum.
- If You are a new client for a lender whose first loan is at 0%, then You will only repay the loan body. Your next online loan will be at a different interest rate. You must understand that if You don’t repay the loan on time, then an additional commission will be charged.
What are the main differences between online and offline lending?
The main difference is the presence of a lender platform on the Internet through which all transactions are carried out. Conventionally, we can describe the lending processes in the following ways:
- Online. The application is submitted through an online lending service. Before filing the application, the client gets acquainted with the terms of the agreement. In some cases, the lender’s manager calls the applicant to clarify his/her intentions and verify his/her identity. If the potential borrower is suitable for the parameters, the online loan same day is issued instantly. The loan agreement is deemed to be concluded electronically after the borrower accepts the terms. The money goes to the means of payment, the number of which the borrower indicates in the application.
- Offline. A potential borrower submits an application to the office with the necessary package of documents. Specialists clarify information about him/her and provide for consideration by the special commission a full analysis of the information received. In case of a positive response from the commission, the borrower is invited to sign the agreement in paper form. Only after that he/she can receive money in a convenient way.
An online procedure can be completed very quickly. In order to get money You don’t even need to leave home. Offline loan processing takes much more time.