Where to Get Online Loans for Larger Amounts in the Philippines?

By Iconic MNL
14 Min Read
Where to Get Online Loans for Larger Amounts in the Philippines

Everyone knows the importance of saving money, but sometimes, your financial needs may surpass the limits of your emergency fund. Large online loans can help you fill financial gaps in times like these.

The need for big loans has become increasingly common in the Philippines, whether for essential home renovations, business expansion, unexpected medical emergencies, or other significant expenses. 

In this article, we will discuss how you can get the best online loans from reputable online lending platforms in the country. This way, you can make an informed decision on where to get the financing you need.

What Is An Online Loan?

An online loan is a type of loan that can be applied for and processed through the Internet, either through an app or a website. 

With the advancement of technology, many financial institutions have developed online platforms to make loans more accessible to the public. This means that you can apply for a loan from the comfort of your home or office without needing to visit a physical lender.

The online loan application process is typically straightforward and involves filling out an online application form. Once your application is submitted, it will be reviewed by a loan officer who will determine whether you qualify for the loan or not. If you qualify, the loan amount will be disbursed to your bank account within a few days.

Larger online loans in the Philippines can range from P500,000 to 5 million, and the repayment terms can vary depending on the lender. Some lenders may require collateral, while others may not. The interest rates for online loans can also vary, so it’s important to compare different options before deciding.

Large online loans offer a range of significant benefits to borrowers in the Philippines. For instance, they provide access to substantial amounts of financing, allowing individuals to tackle any major expense. Moreover, the online application process is often streamlined, ensuring convenience and efficiency for the borrower.

With its quick approval times and minimal paperwork, borrowers can also receive funds quickly to help them address their urgent financial needs. 

Additionally, online loan platforms offer flexibility in loan tenures. This helps borrowers choose repayment periods that align with their financial capabilities. 

Finally, online loans’ competitive interest rates and transparent fee structures contribute to a more cost-effective borrowing experience. 

Top Platforms that Offer Large Online Loans in the Philippines

Take a look at the choices below if you need a large loan.

Tonik Big Loan

Tonik is a digital banking platform that primarily focuses on providing online banking services to Filipinos. One of its most popular offers is the Tonik Big Loan where borrowers can get up to P5 million using their condo title.

Maximum loan amount: P5 million

Terms: up to 60 months, 6.99% interest p.a.

Pros:

  • High loan amount
  • Fast pre-approval (30 minutes) 
  • Longer loan terms that can extend up to 60 months
  • 7-day loan disbursement guarantee
  • no credit card or credit history required

Cons:

  • Needs collateral
  • The condo must be in Metro Manila 
  • Application is not entirely online since you need to submit documents at the Tonik Hub 

Requirements:

To be uploaded on the Tonik App:

  • Valid ID
  • For married borrowers: Your spouse’s valid ID and your Marriage Certificate
  • Latest 3 months’ bank statements and pay slips
  • A scanned copy of the Condominium Certificate of Title
  • Photos of your condo unit

To be submitted at the Tonik Hub:

  • Original copy of the Condominium Certificate of Title
  • Real Estate Tax Clearance
  • Condominium Association Dues Certificate
  • For widows or widowers: Spouse’s Death Certificate 
  • For annulled borrowers: Final Court Order on Legal Declaration of Nullity of Marriage 

How to apply: 

  1. Download the Tonik app.
  2. Get pre-approved on the app.
  3. Upload the required documents.
  4. Expect a call from a member of the Tonik credit team to verify your information.
  5. Wait for your approval notification on the app.
  6. Head over to the Tonik Hub site to submit your pending documents. 

RFC Financing Loan

RFC has been a trusted financing partner of Filipinos since 1964. This loan can be used for business or personal needs, whether you need to buy new vehicles, equipment, or appliances or cover any unexpected expense. Through this alternative funding source, even the common folk can easily fill their financial gaps.

The accepted collateral for this loan includes sea vessels, real estate properties, livestock (carabao, horse, or cow), motor vehicles, receivables, and select appliances. 

Maximum loan amount: P3 million

Terms: 3 to 36 months 

Pros:

  • Easy application
  • More choices for accepted collaterals
  • Low interest rates

Cons:

  • Lower maximum amount 

Requirements:

  • 2 valid government IDs (if employed, must include company ID)
  • proof of income (3-month payslip)
  • residential, business, or employment address map
  • certificate of employment
  • Business barangay/business or DTI Permit (for business owners)

How to apply: 

  • Apply through their website. 

Blend PH 

Blend PH is a Philippine-based online lending platform that offers personal loans to individuals. The P2P platform aims to provide accessible and convenient financial solutions to Filipinos by leveraging technology and innovative processes. Blend PH offers a digital application process, allowing borrowers to apply for loans online without needing physical paperwork. 

Maximum loan amount: P2 million

Terms: up to 36 months, 1% to 8% interest per month

Pros:

  • Easy application
  • Flexible terms 
  • Fast approval
  • Fast funding
  • Entirely online application

Cons:

  • Interest can easily add up, especially if your loan is high-risk
  • A stringent approval process necessitates numerous requirements.

Requirements:

For business owners: 

  • 2 Valid Government Issued ID (Click here to see acceptable IDs)
    • Proof of Billing
    • Selfie with ID
    • Driver’s License – for Auto Sangla (ORCR) Loan
    • Photocopy of ORCR – for Auto Sangla (ORCR) Loan
    • 6 Months Bank Statement (Checking Account)
    • Bank Certificate with Average Daily Balance
    • Business Permit
    • Business Permit / Mayor’s Permit
    • DTI Permit
    • Financial Statement
    • Latest 1-year Audited Financial Statement (AFS)
    • Latest Bank Statement (2 Months)
    • Latest Income Tax Return (ITR)
    • Post Dated Check with Account Name
  • For employed:
    • Valid Government-issued ID 
    • Certificate of Employment
    • Company ID
    • Payslip (3 months)
    • Driver’s License – for Auto Sangla (ORCR) Loan
    • Photocopy of ORCR – for Auto Sangla (ORCR) Loan
    • Selfie with ID
    • Proof of Billing
    • Allottee Form Contract – for Seafarer Loan
    • Contract with POEA stamp – for Seafarer Loan
    • Passport – for Seafarer Loan
    • Seaman’s Book – for Seafarer Loan
  • For self-employed:
    • Valid Government-issued ID (Click here to see acceptable IDs)
    • Driver’s License – for Auto Sangla (ORCR) Loan
    • Photocopy of ORCR – for Auto Sangla (ORCR) Loan
    • Selfie with ID
    • Proof of Billing
    • Bank Certificate with Average Daily Balance
    • Business Permit / Mayor’s Permit
    • Latest 1-year Audited Financial Statement (AFS)
    • Latest Bank Statement (2 Months)
    • Latest Income Tax Return (ITR)

How to apply: 

  1. Sign up for an account on Blend.PH
  2. Complete the loan application by providing the necessary information and documents.
  3. Wait for the Blend PH team to evaluate and endorse your loan application to a partner investor.
  4. A representative from Blend PH or a partner investor will call you on your successful loan application. 

Tips On How to Increase the Chances Of Loan Approval

Here are some additional tips on increasing your chances of loan approval when applying for large online loans in the Philippines.

Prepare your requirements beforehand

Following this tip can save time and avoid delays in the loan application process. Make sure to prepare all the required documents beforehand and organize them and have them ready to submit. This includes personal identification, financial documents, and any collateral information if required.

Double-check that all the information provided in the documents is accurate and up-to-date to avoid any discrepancies or misunderstandings with the lender. By being prepared and organized, you can increase your chances of a smooth loan approval process.

Check the lender’s loan eligibility criteria

Each lender has its own set of eligibility criteria that applicants must meet in order to qualify for a loan. It’s important to check these requirements before applying to ensure you meet the qualifications. For example, some lenders may require a minimum annual income or a specific type of collateral.

Provide accurate information

When filling out the loan application, provide accurate and complete information. Providing false or misleading information can lead to your loan being rejected and may even result in legal consequences.

Work on your credit score

If you have a low credit score, qualifying for a large online loan can be difficult. To increase your chances of approval, improve your credit score by paying off debts and bills on time, keeping credit card balances low, and disputing any errors on your credit report. That said, you can always go for a lender that doesn’t check your credit score, such as Tonik.

Be realistic when applying for a loan amount

Asking for too much money may increase the likelihood of your loan application being rejected. As much as you can, be realistic about the loan amount you can afford to pay back and only borrow what you need. Remember that lenders may consider your income and expenses when deciding on your loan amount, so be prepared to provide accurate financial information.

Related: Three things to consider before borrowing money

Choose the right lender

Choosing the right lender is crucial when applying for a loan. It’s important to research and compare different lenders to find one that offers the best terms and rates for your needs. Here are some factors to consider when choosing a lender:

  • Interest rates
    • The interest rate is the most important factor to consider when choosing a lender. A lower interest rate means lower monthly payments and less overall interest paid over the life of the loan.
  • Fees and charges
    • Some lenders may charge application fees, processing fees, or prepayment penalties. Before applying, it’s important to understand all the fees and charges associated with the loan.
  • Repayment terms
    • Choose a lender with the best repayment terms for your budget and financial situation.
  • Customer service
    • Look for a lender that offers excellent customer service and support, in case you need help or have questions about your loan.

Mention all your income sources

When applying for a loan, disclose all of your income sources. This includes any part-time jobs, freelance work, or other side hustles that bring in additional income.

Lenders want to see that you have a stable and reliable source of income to ensure that you will be able to repay the loan. Being transparent about all of your income sources can also increase your chances of approval and help you qualify for a higher loan amount. Remember to provide accurate and up-to-date documentation for each income source, such as pay stubs or tax returns, to support your application.

Choose a longer tenure

When it comes to loan repayment, longer tenures may be more favorable to borrowers. Choosing a longer repayment period can lower your monthly payments and make it easier to manage your finances.

However, keep in mind that longer tenures may result in higher overall interest payments over the life of the loan. Before choosing a tenure, consider your financial situation and determine what repayment plan will work best for you.

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