An urgent situation has come up, and you need money fast, where do you turn? Not everyone has an emergency fund to tap into or a friend from whom to borrow. A quick way to get cash in the Philippines is an online payday loan. If you have ever had to borrow funds, maybe you have come across payday loans, even if you have never used one.

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If you earn a paycheck, a payday loan is an effective solution to your money problems. It’s an alternative to a personal loan, especially if you can’t satisfy the requirements of a regular loan. Payday loans are not for everyone, though. You should know what you are getting into and the risks involved, and this guide can help.

What is a Payday Loan?

A payday loan is a cash advance a lender gives a borrower on the promise that it will be paid back on the next payday. Since your paycheck acts as security, you don’t have to use any assets to guarantee the line of credit. You give a payday lender access to your bank account, enabling them to electronically withdraw money when your salary or wages come in.

Unlike personal loans, payday loans don’t have many requirements. In most cases, you only have to provide proof of employment and a copy of your payslip. For this reason, the product is ideal if you have a poor credit history that makes it difficult to borrow money from a bank or credit union. The application for online payday loans is simple, with no credit check. Payday lenders in the Philippines offer amounts from PHP 1,000 to 100,000 for a duration of 1 to 120 days.

Online Payday Loans

How We Can Help

As convenient as payday loans are, they are risky. Payday lenders charge astronomical interest rates, which can be difficult to manage. Some companies impose interest rates of up to 60% per month. Therefore, you must find a payday loan with the best price. Given the dozens of online lenders providing fast cash loans in the Philippines, comparing the best alternatives can be tedious, which is where we come on. We review lenders to see which ones have affordable rates. This website also looks at the loan amounts, loan terms, fees, penalties, and application requirements.


  • Cash is available fast
  • Minimal requirements for borrowers
  • Payday lenders don’t conduct hard credit checks
  • Online application is simple and convenient


  • High interest on loans
  • Doesn’t help build credit
  • Some lenders have misleading terms

Payday Lending – Consumer Rights in the Philippines

As a Filipino borrower, do you have an agency like the Consumer Financial Protection Bureau looking out for your interests? For the longest time, payday lending operated without any regulation. Lending and financing companies had the freedom to agree on payday loan terms, including the interest rate and other fees. However, the Securities and Exchange Commission (SEC), proposed a cap on payday loan interest rates, fees, and other charges.

In 2021, the Bangko Sentral Ng Pilipinas imposed a limit of 6% on the monthly nominal interest rate for amounts not more than PHP 10,000. In 2022, the FCPA Act was signed to protect financial consumers. The law protects consumers by demanding fair treatment, transparency of financial products, and data privacy, among other provisions. Borrowers with complaints about payday loans can report to the SEC. Although it’s not the equivalent of the Consumer Financial Protection Bureau, the agency takes consumer complaints seriously.

Payday Loan Lenders

Payday Lenders

Due to the popularity of payday loans, the options available for Filipino borrowers are numerous. However, not every payday lender suits your needs. As with a personal loan, you must be confident you are getting the best product on the market.

So, you should know what to look for in a lender. For one, the company should be licensed and registered. A lender’s reputation is crucial as well. You must be confident you are working with a credible business with fair practices. This site reviews various online lenders to help borrowers make informed decisions. Below is a look at some top online payday lenders for Filipinos.


Short-term loans from Digido are available for 7 – 30 days. The mobile lending application offers loans around the clock. So, you can apply for one at any time. Disbursement, if approved, is within an hour. If applying for the first time, the maximum loan amount is PHP 1,000, while repeat customers can get up to PHP 25,000. The interest is 11.9% per month. Presently, Digido only has an Android app.


You can borrow between PHP 500 and PHP 20,000 on Oneclickmoney. The online lending app offers interest rates of 11.9% a month for 1 – 6 months. Cash is available 24 hours after application. A downside of Oneclickmoney is that it only lends to persons aged 22 and over. Compared to other payday loans, Oneclickmoney imposes high interests. You can repay the loan online or offline at one of its several centers.


The minimum cash advance you can borrow from Unacash is PHP 1,000, and the maximum is 50,000, payable in up to 6 months. Loan approval takes 24 hours, and the interest rate is 10% per month, which is lower than most online lenders. The all-digital cash loan app is suitable if you don’t have a bank account or credit card. Unacash allows offline repayments at its partner stores, including 7-Eleven, Bayad Centre, and MLhuillier.


At Cashalo, you can borrow between PHP 500 and PHP 15,000 for 1 – 240 days. The online lender has different types of quick cash loans. So, find the best one for you. Cashalo charges an interest rate of 0% – 5.99 a month. Cashalo offers better rates than most lenders. You can get the cash in your bank account, PayMaya or GCash. The mobile lending app provides fast disbursement and approves loans within 24 hours.

Money Cat

You can borrow money straight from your phone using the Money Cat app. The platform provides an easy application process and approves cash loans in about a day. Loan amounts range between PHP 500 and PHP 20,000, at an interest of 11.9% per month. Money Cat gives you 3 – months to repay the loan. Applicants must be 20 – 60 years. You can use the Money Cat app on iOS and Android.

Payday Loan Lender Compliance

Payday Loan Lender Compliance

Lending and financing companies in the Philippines operate under the primary legislation of the Lending Company Regulation Act of 2007. Under the Act, a Lending Company is a corporation giving loans from its capital funds. Therefore, a bank, credit union, investment house, or any other banking institution doesn’t qualify because these entities are already under regulation. A payday lender must register with the SEC and have a Certificate of Authority (CA).

The SEC has the right to permit payday lending and revoke the primary registration of companies without the necessary certificates. Another compliance requirement is the Truth in Lending Act, which is designed to protect financial consumers. It also prevents the uninformed use of credit. The Act (amended) requires lending and financing companies to give customers all the relevant details, ensuring they comprehend the terms of the loan contract fully.

Applying for Payday loans – Documentation You Need to Provide

The Consumer Financial Protection Bureau might not be available to Filipinos, but borrowers can still be sure they have quality products from which to choose. Unlike a credit union or bank, a payday lender doesn’t request many documents. For most payday loans, you must provide a government ID, proof of employment, and proof of address, like utility bills.

Some lenders require a bank account with good standing. However, you can get a payday loan without an account, especially on mobile lending apps. The application process for an average payday loan can take 5 – 15 minutes.

Pay attention to the Terms of the loan

Pay attention to the Terms of the loan

Although a fast cash advance might not have as many terms as a personal loan, you should still be careful when applying for one. A payday loan can tie you to unfair terms if you are not careful and don’t understand the contract. The following are some standard elements of a payday loan.

Post-Dated Cheque

During the application, you have to write a post-dated personal cheque with the loan amount and the corresponding fees. The date coincides with the next payday when the lender can cash the cheque. A borrower receives a cash advance of the cheque’s face value, minus the charges.


In a deferred deposit loan, the payday lending company agrees not to cash a personal cheque from a borrower or withdraw money from a borrower’s bank account until a later date.

ACH (Automated Clearing House)

An ACH authorization gives a lender permission to electronically withdraw money from a borrower’s credit union, prepaid card, or bank account when the payment deadline is up. The borrower can rescind this authorization at any time.

Guide on how to choose a Payday Loan

Guide on how to choose a Payday Loan

The Consumer Financial Protection Bureau cautions against relying too much on payday loans because of their high risk. Most borrowers end up rolling over cash loans, making it hard to meet the repayment terms. Therefore, know what to look for in a payday loan.

Is There An Alternative?

Getting a loan is a decision you should never take lightly. A payday loan can especially lead you into crippling debt. Thus, before you borrow money from payday loan stores, consider other options. You could take out a personal loan, borrow from friends or family or use your credit cards.

Interest Rates – How High Are They?

Payday loans come with higher interest rates than other products, including personal loans. However, it doesn’t mean you should settle for outrageous prices. Compare interest rates from Philippine-based lending companies. Remember to factor in any other fees, as well.

Repayment Plans – Are They Manageable?

Ensure you can repay the loan before getting it. Defaulting on payments could damage your credit history severely, even though payday lenders don’t report to credit bureaus. So, work out an affordable repayment plan.

Are There Any Additional Fees?

Besides a fixed interest, a payday loan can include other charges, including a penalty for late payment. Before taking out a salary advance loan, find out if the lender imposes any extra fees because they contribute to the cost of the loan.

Check Reviews

Whether you need funds for credit counseling or a medical emergency, take the time to learn more about specific payday loans. Reviews, like the ones we provide, give you useful insights into lending companies, their loan selections, and conditions.

Frequently Asked Questions