The world is getting faster day by day with its fast-paced ways of working. In 2025, the digital lending market size is estimated at $507.27bn in 2025 and around $889.99bn by 2030. That’s why the importance of legit loan apps with low interest has become even more vital. Whether it’s for an emergency, your next business venture, or being able to access money when time is tight. The Philippines is one of the countries where the loan industry is quite big and many apps offer loan services with low interest rates.
So, if you’re in the Philippines, these are the best loan apps in the Philippines with low interest rates. We will also cover the requirements to get a loan with low interest and how to choose a legit loan app that will be useful for you!
What Are Loan Apps in the Philippines?
Loan apps are mobile applications and websites that are developed by financial institutions, fintech companies, or even lending firms. Their focus is simple: give users credit so their daily finances are easier to manage. In the Philippines, we have many big names like My Home Credit, Cashalo, and Digido, providing lending services to hundreds of thousands of people from all over the globe.
But amongst these apps, we also have loan apps with low interest rates that cater to people from all over the world in these tough inflation-heavy times. Since the Philippines is considered a newly developed country, hundreds of thousands of people are looking for apps with low interest rates that can lend them money for their everyday tasks.
According to a report, in 2023, loan apps exploded in the country with around 47.5 million new users signing up for these apps. The loan apps are a perfect alternative to traditional banking, filling up a great gap in areas that are underbanked. But now, let’s talk about some of the most legit low interest loan apps.
Best Legit Loan Apps with Low Interest Rate
Cashalo
Cashalo is the go-to app for every Filipino when it comes to choosing a legit loan app with low interest. That’s because the sign-up process is simple, the loan rates are quite affordable, and most of all, it is by far, one of the most accessible apps throughout the Philippines. All you need is a valid ID card with no collateral or reference, and you’re able to instantly payout money to your e-wallet or even the bank account.
When it comes to Cashalo’s interest rate, it’s relatively low with a daily interest rate of only 0.2% along with a daily service fee of 0.3%. But while it doesn’t have the lowest interest rate on our list, Cashalo is a credible name in the digital lending industry that helps millions of people from the Philippines get a loan and do their everyday tasks with a lot of confidence.
Here are some of the key features that make Cashalo one of the best loan apps in the Philippines with low interest:
- Low Interest Rate: The daily interest rate of Cashalo is around 0.2%, which is quite competitive with some other big names and makes borrowing costs quite affordable.
- Flexible Payment Terms: Loan app borrowers can choose the repayment schedules that align best with them, which incorporates a good structure for the users overall.
- No Hidden Charges: The best part about using Cashalo is that they don’t have any hidden costs. You can see everything with transparency on their website and even on their mobile app.
When it comes to the overall user experience, Cashalo’s interface is simple, and almost anyone can register with the simplicity the app provides. Moreover, the sign-up process also doesn’t require you a list of documents or a handful of people to guarantee your financial health, which makes it one of the most accessible loan apps in the Philippines.
Digido
While looking at hundreds of loan apps online with their promising claims of giving ₱150,000, ₱250,000, and even more in loans can be enticing, their interest rate is so high that it would make you reconsider your decision. Amidst all the chaos, we have one name that provides a 0% interest rate on your first loan with up to ₱10,000 of loan. This app is called Digido and is one of the most famous options for anyone who is looking to leverage legit loan apps with low interest in the Philippines.
Moreover, for repeat borrowers, there is interest on the loan term but it still doesn’t exceed more than 1.5% per day, which is ideal for anyone who is looking for frequent loans. The requirements with Digido are quite simple. You need to be between 21-65 years old, a Filipino citizen or resident, have a working mobile phone, and a valid ID card. With that, you’re set to use Digido and its impressive services.
To make things interesting, Digido has also made a user-friendly site on their website where you can choose the amount you want to borrow, your payment terms, and your monthly gross income to see if you can apply for a loan with your current financial capabilities. Here are some of the features you get by choosing Digido as your digital lending app:
- 0% Interest Rate for First-Time Borrowers: New users can avail of Digido’s offer and get 0% interest on their first loan, which makes it a great choice for anyone who is looking to get a short-term loan.
- Easy & Fast Processing: Thanks to automation on the platform, the platform itself evaluates whether or not you’ll get a loan, making it one of the best loan apps in the Philippines with low interest. To make it interesting, your loan approvals are instant with fund transfers in just 15 minutes.
- Transparency: Digido has done massive research on their users over the years, which is why they are transparent and their customer service is stellar. Any issues you have will be solved instantly and thanks to their credibility, they made it on the list of loan apps with low interest.
With over a million downloads on the Google Play Store alone, Digido is quite respected and has an amazing user experience. Moreover, the 0% interest rate takes users to another level.
Maya Bank
Formerly known as PayMaya, Maya Personal Loan is one of the best apps you can use in the Philippines when it comes to lending. They have expanded their services over time and now, they offer competitive loan rates along with flexible terms to repay them. While applying for Maya Loan is quite easy, one thing to consider is that you’ll need to have an upgraded Maya account to be eligible to get a loan.
Aside from them, you need to be between the age of 21-65, be a Filipino citizen or a resident, and also use Maya actively for your transactions. However, the benefit of these requirements is that you can get loans of up to ₱250,000 almost instantly. Depending upon the repayment plan, you are going to see different monthly EIR but it starts at just 1.4% for 6 months of repayment.
The application itself is user-friendly and the loan application depends upon your credit evaluation. In other words, Maya Bank isn’t for people who don’t have a bank because this loan app will require you to have a Maya Bank app. However, with great loan capabilities, Maya Bank is one of the legit loan apps with low interest making it a great choice if you want big loans but with low interest.
Here are some of the features you get by choosing Maya Bank:
- Low Add-On Rates: With an add-on rate of 0.83%, you get an EIR of just 1.4%, which is considered affordable when you’re applying for a big loan.
- Instant Approval: If you are perfect for the terms and conditions of Maya Bank, you can receive loan approval in mere seconds and the funds are transferred instantly in your Maya Wallet.
- Flexible Payment Options: Maya Bank allows you to repay loans with flexibility of between 6 to 24 months. However, they are going to launch new options with 36 and 48-month payment plans as well.
Home Credit Philippines
While we’ve covered Home Credit many times in our other blogs, it still makes it on the list for being one of the best loan apps with low interest. Home Credit is not just a loan app but it’s more of a marketplace that also connects you with different stores for EMI. It offers the lowest interest and monthly rates compared to many competitors. There are flexible payment options for everyone, and the application process is simple and fast.
Filipino citizens need to have a primary ID and a source of income attached to their applications to be considered for the loan. What we love about Home Credit is that it offers a Buy Now Pay Later option too, which is what most people are going to use when they are applying for a loan. If we’re talking about a personal EMI loan, the processing fee can vary. But the personal loan starts at just 1.6%, making it an attractive option for anyone who is looking to get a quick loan.
However, in some cases, the rates can also go higher, depending upon the terms and conditions that are set. Here are some of the features you get by choosing Home Credit PH:
- No Credit Card Required: Unlike traditional banking, Home Credit PH allows customers to avail of loans without having to need a card or an existing bank account. This is an amazing option for anyone who is looking for a stress-free experience.
- Low Interest Rate: While not the lowest, Home Credit still starts at 1.6% monthly, which is a great option for anyone who is looking to become a borrower and start their next endeavor in a business or buy a personal item.
- Huge Merchant Network: A great benefit of using Home Credit for loan purposes is that they have a massive merchant network. This means that thousands of stores from all over the Philippines are present so you can simply buy from there and pay the loan later.
Requirements to Get a Loan with Low Interest
Now that you’ve gotten your perfect loan app with a low interest rate, you are ready to understand the requirements of getting one in detail. The thing you will notice with most of these platforms is that they oversimplify their terms and conditions, which is where we are going to discuss them in detail.
Basic Requirements (True for most instant loan apps!)
Most of the instant loan apps will have some basic requirements and since they offer lower loans, you are also going to get lower requirements to get approved. Here are some of the basic requirements that you need to look for:
- Age Requirement: First and foremost, most of the digital lending apps in the Philippines will require you to be a certain age. The most common age group that can get a loan approval is between 21-65 years.
- Residency: Almost all of the digital lending apps let you borrow money as long as you’re either a Filipino Citizen or at least a resident living there. This includes a valid ID card.
- Stable Source of Income: Most lenders prefer you to have stable employment, which is why you might need to provide documents, supporting your earnings.
Aside from these basic requirements, you will need to get a valid phone number and an email as well.
Advanced Requirements
If you’re choosing a loan for bigger loans, the requirements can vary. This time, you will need to give a lot more than just the basic age or source of income requirements. Here are some of the requirements to get a bigger loan with low interest:
- Proof of Income: One of the most common requirements to use loan apps with low interest is providing valid proof of income. This can include pay slips, certification of employment, bank statements, and a lot more.
- Proof of Address: Some loan apps also require your proof of address. This means that you might need to provide a utility bill under your name or even a certificate of residency if they don’t accept a utility bill.
- Credit Score: For loans that are usually larger, you will also need to have a positive credit score. This is just one of the metrics lending apps use to identify whether your financial capabilities allow you to leverage a loan or not.
How to Choose a Legit Loan App With Low Interest
Now that you have some legit loan apps with low interest rate options along with their requirements, if you want to do your own research and get a loan yourself, here’s a complete guide on how to choose a legit loan app with low interest.
Research Loan Apps
The first step you need to take to get a loan is to research loan apps. Legit loan apps are registered with the Securities and Exchange Commission (SEC). This is the primary indicator that the app you’re choosing is the right one.
Moreover, you can also check Google Reviews, Play Store Reviews, App Store Reviews, and other online websites like Trustpilot to understand if other people had a good experience with them.
Once you understand that an app comes with credibility, you can move to the next step.
Compare Promos and Interest Rates
Most legit loan apps with low interest rates offer special promos like 0% interest rate for first-time borrowers. One of the prime examples of that is Digido for 0% primary interest rate. Always look out for promos because some legit loan apps with low interest will provide users with it just to gain more users.
Moreover, one of the best options to have while applying for a loan on a platform is to have flexible payment options. All of the lending apps that we’ve mentioned above give you the flexibility to choose repayment on your terms. Some people might prefer paying in just 3 months while others might need a bigger loan for 24 months of payment.
Ultimately, the choice to choose your ideal interest rates and repayment options solely depends on you, but this is one of the most important steps in identifying loan apps with low interest in the Philippines.
Check Fees and Terms
Aside from interest rates, some lenders charge additional fees that can have a huge impact on your loan payments. For example, there are processing fees that could go from 2% to 10% and applications like Tala and Home Credit also impose late payment fees, which can be quite costly.
Whenever you’re on the lookout for the ideal loan apps with low interests, please look out for their hidden charges and terms because, in those, there are a lot of things you might want to avoid. Moreover, if the terms or fees are unclear, you should consider choosing another lender.
Study all the Conditions
A loan app with a low interest rate must have transparency in their loan terms. There are many shady loan apps on the market too that have things like hidden charges in their terms and conditions, which can become costly to you in the long run.
Before you choose your lending app, consider the loan duration first. There should be short-term and long-term options. The short term incorporates 1-3 months of repayment while the long term includes 12+ months of repayment options.
You should also consider loan apps that offer early repayment options. So, if you get the money and are ready to repay your loan, you can just do it all in one go, allowing you to waive the interest rate in many cases.
Lastly, one of the things that matters with loan apps with low interest is their approval process. If the approval process is quick, it might be well-suited for you. No one wants to wait weeks and months just to get a loan.
Check the Requirements
As we’ve mentioned before, checking the requirements before applying for a loan is quite important. Before you even sign up for a platform, make sure to read their requirements. If you think you are eligible, only then should you apply for a loan.
Here is a list of common requirements that the applications would require:
- Your Age Requirement: Between 21-65 (Common)
- Valid Government ID Card
- Proof of Income: Payslips or Certificate of Employment
- Proof of Bill: Your home bill or certificate of residency
- Others: Credit Score
These are some of the most common requirements but you should always follow the list of requirements a certain platform is asking for.
Choose Only Legit Lenders
The lenders that are SEC-registered, BSP-Regulated, and trusted by millions of borrowers will always reign supreme over a new loan app with no track record of providing loans to anyone. Even if these new loan apps are offering unreal amounts of loans, you should always choose the industry leaders.
Apps like Digido, Cashalo, Maya Bank, and Home Credit are the industry leaders in providing the most amounts of loans in the Philippines. So, trusting them will mean that not only will you get instant loans but there won’t be any eerie or hidden terms and conditions.
Avoid Scams
There are many scams happening all over the Philippines. NPC Is an organization that regulates loan apps and they have summoned 67 new online lenders to ask for credibility. If a loan app is not registered with the SEC, that’s a huge red flag.
Moreover, you should always google search with the loan app you’re choosing and see if there are any controversies surrounding them. If people had a bad experience repeatedly, then it might be a scam.
Conclusion
There are many loan apps in the Philippines but with our list of legit loan apps with low interest, you can make important payments, build the house you’ve always wanted, and even get your favorite gadget.
However, you should always be careful with choosing the right loan app and also take your time in leveraging a service for the best possible experience.
