Easy Approval Online Loan Apps for People with Bad Credit Standing

You are reading this because you needed a loan but you can't get approved by the bank or other loan agencies because of bad credit history even if you have a stable income. 

Online loan apps are appealing because of fast approval but bad credit score is preventing you from doing so. To start with, you just needed one government I.D and a stable income to qualify in getting a loan. Let's take some online loan apps where you can get a loan even though you have a bad credit standing. 

TALA 

Pros:

·        Approval for first-time borrowers is up to 2 hours. 

·        Approval for repeat customers is less than 1 minute. 

·        Disburses money during weekends. 

·        Interest rates are 0.8% per day. Lower than other online loan apps. 

·        Credit limit increases for good payers. 

·        You can re-loan immediately after repayment of the loan. 

·        Accepts Tin I.D (Some online loan apps only accept Unified-Multipurpose ID) 

·        Does not require work information to apply for a loan.

·        Disbursement through Cebuana Lhuillier takes up to 10 minutes.

·        Credit limit increases for good payers. 

·        Loan term is up to 30 days. 

Cons:

·        First time loan approval is only ₱1,000. 

·        Transfer of loan amount to the bank takes up to 24 hours.

·        Transaction fee through Cebuana Lhuillier is ₱120, through bank is ₱80.

ATOME

Pros:

·        Approval for first-time borrowers is up to 6 hours. 

·        Approval for repeat customers is less than 1 minute. 

·        Disburses money during weekends. 

·        First-time loan approval is ₱2,000 but credit limit increases up to ₱10,000 for good payers.

·        You can re-loan immediately after repayment of the loan.

·        Disbursement through bank takes less than a minute. 

·        No transaction fee when disbursement through bank account.

·        Accepts Tin I.D

Cons:

·        Loan term is up to 14 days only. Installment is allowed for loans amounting to ₱8,000 and above. Now, they are accepting partial payments but with corresponding interest. 

·        Interest rates is up to 0.9 to 0.14% per day. For example, a loan of ₱2,500 for 14 days has an interest rate of ₱476.

PESO2GO 

Pros:

·        Approval for first-time borrowers is up to 24 hours.

·        Approval for repeat customers is less than 10 minutes. 

·        First-time loan approval is ₱2,000 but credit limit increases up to ₱10,000 for good payers. 

·        You can re-loan immediately after repayment of the loan.

·        No transaction fee when disbursement through bank account.

·        Accepts Tin I.D 

Cons:

·        Transfer through bank takes up to 24 hours. 

·        Does not disburse during weekends.

·        Repayment is up to 14 days. 

·        The interest rate will be deducted from the approved loan amount. For example if the approved loan amount is ₱3,500, the interest amount of ₱1,280 will be deducted and you will get the total amount of ₱2,220.Pros: Approval for first-time borrowers is up to 24 hours.

PONDO PESO

Pros: 

·        Approval for first-time borrowers takes up to 24 hours. 

·        Approval for repeat customers is less than 1 minute. 

·        First-time loan approval is ₱4,000 but credit limit increases for good payers.

·        There is an option to increase credit limit by linking your Pondo Peso account to Shopee, Facebook, Lazada, Messenger, Coins.ph, Grab, and Google Play account. 

·        You can re-loan immediately after repayment of the loan. 

·        No transaction fee when disbursement through bank account.

·        Accepts Tin I.D            

Cons:

·        Transfer through bank takes up to 24 hours. 

·        Does not disburse during weekends. 

·        Repayment is up to 13 days. Although it says in the app that repayment is up to 14 days.

·        Service will be deducted from the approved loan amount. For example, if the approved loan amount is ₱4,500, the service fee of ₱1,220 will be deducted from the approved loan and you will get the total amount of ₱3,280.

        

ONLINE LOANS PILIPINAS 

Pros:

·        First-time loan approval is ₱3,500 but credit limit increases up to ₱20,000 for good payers. 

·        Accepts Tin I.D.

Cons:

·        Transfer through bank takes up to 24 hours. 

·        Does not disburse during weekends. 

·        It takes up to 7 days to re-loan after repayment.

·        There is no downloadable loan app for Online Loans Pilipinas. You have to log in to their website. 

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