In the fast-paced and ever-changing landscape of personal finance, many individuals find themselves in need of quick and convenient loans. As the demand for accessible financial solutions grows, loan apps with monthly payments have become increasingly popular. This article aims to explore the concept of monthly payment loans, their advantages and disadvantages, and provide a list of five legitimate loan apps in the Philippines with a brief overview of each.
What is the monthly payment?
Monthly payment loans refer to a type of loan repayment structure where borrowers are required to make fixed payments monthly. This predictable schedule can make budgeting more manageable for borrowers, offering a structured approach to meeting their financial obligations.
What are the pros and cons of monthly payments?
Pros of monthly payments:
- Predictability: Monthly payments provide borrowers with a clear understanding of their financial commitments, facilitating better budgeting.
- Manageability: The fixed monthly amount makes it easier for individuals to plan their expenses and avoid financial strain.
- Convenience: Many loan apps offer a user-friendly interface, allowing borrowers to track and make their monthly payments easily.
Cons of monthly payments:
- Interest Accumulation: Depending on the loan terms, interest may accumulate over time, increasing the overall cost of the loan.
- Limited Flexibility: Monthly payments may lack the flexibility for those with irregular income or unexpected financial challenges.
List of 5 Legit Loan Apps with Monthly Payments in the Philippines:
・etomo
- Fast approval and easy-to-apply cash loan up to 100,000 PHP
- Requirements:
- Personal & address information
- Employment & financial information
- A valid Govt ID (Driver’s License, UMID, National ID)
- A valid email address
- A valid mobile phone
- How to Repay:
- Your nominated bank account
- Your nominated FULLY VERIFIED e-wallet
- Your partner remittance center DA5
・Home credit
- Comprehensive Home Services: Home Credit offers services ranging from home improvement to appliance leasing.
- Requirements:
- One (1) government-issued valid ID that indicates your address AND date of birth. If any of two are not satisfied, a second document ID bearing the missing information from the primary ID will be required for presentation.
- Down payment.
- How to Repay:
- Pay easily online
- over the counter
- through auto-debit.
・Atome:
- Buy Now, Pay Later feature
- Requirements:
- – Filipinos at least 18 years old
- – Registered Atome user with past in-app transactions
- – Active mobile number
- – Valid ID with the full legal name
- – Had a bank account
- How to Repay:
- Repayment through InstaPay
- Partner payment centers (OTC).
- 7ELEVEN
- CEBUANA
- CVM
- DRAGON_LOAN（DP_ECPAY-LOAN)
- ECPAY
- LBC(currently in maintenance)
- M_LHUILLIER
- PALAWAN
- RD_PAWNSHOP
- USSC
・SLoan (Shopee)
- Cash loan for Shopee users
- Requirements:
- Active Shopee account
- 21 to 65 years old.
- How to Repay:
- ShopeePay Wallet.
- Online Banking.
