A new type of lending through online platforms that is gaining popularity allows you to get quick cash loans. Online lenders are optimized for Filipino residents.
Online Loans Pilipinas Financing, Inc. is such a platform that offers fast microloans online. Clements can access this lender’s financial services through the app or website. Thanks to this opportunity, borrowers submit an application for a loan without coming to the office of the company from any place and at any time convenient for them.
The Online Loans Pilipinas (OLP) application is completely free and is available on such Internet resources as Google Play, Huawei AppGallery, App Store.
Is Online Loans Pilipinas legit?
Any financial company wishing to operate in the Philippines is required by law to obtain appropriate permission. All online lending platforms must be registered with the SEC. Is OLP registered with the Securities Commission? Yes, its registration number is CS201726430, CA No. 1181. OLP is also recognized by the National Privacy Commission or NPC. These documents make the OLP legal.
Lists of registered companies are freely available on the SEC’s official website – sec.gov.ph.
OLP lending conditions
Financial assistance for any Filipino citizen can be provided up to a maximum of P30,000 by wire transfer to a bank account.
Special conditions are provided for users who take out a loan for the second time. In this option, a larger amount is available to the borrower.
Advantages of an OLP loan
All loan applications are completed online. Download the application form, fill in your details, submit the required documents and select the loan amount. OLP means the application process is completed in 3 minutes.
Online Loans Pilipinas does not need collateral. This means you don’t have to give up your stuff to pay.
Payments can be calculated in advance. Before applying for a loan, use the Pilipinas online loan calculator to check your repayment amount.
How can I get an OLP loan?
The Online Loan Philippines website requires you to register and create an account. After creating an account, you can access the online section and download the corresponding ID card and telephone number. Then decide how to rent.
You need to go to the Play Store and search for the Philippines online loan app. Simply download and register with your phone number and valid ID. Necessary, e.g. B. Passport or driving license.
Initial loans are usually between P2,000 and P10,000.
OLP interest rate
Take advantage of our special offer for new customers: 0% minimum interest, no additional interest. The international interest rate is 0% and the maximum annual rate is 200%. One-time late fee of ₱500 (not payable monthly).
OLP Loan Calculator Philippines
For example, a person who borrows ₱5,000 for 90 days will receive ₱5,000 and will have to pay ₱7,500 in three installments, or ₱2,500 in interest. No more debt.
OLP loan requirements
Who can borrow money from OLP?
- Filipino nationality;
- Between 22 to 70 years old.
- Valid mobile phone number.
The borrower must have any valid photo identification document. All borrowers must have a bank account or have an electronic wallet like maya.
You see that OLP Philippines requirements are very simple and available to everyone in the Philippines. You can get a government employee loan in OLP if you’re short on salary.
OLP first loan
Do you want to know how much you can borrow from OLP? You can earn between ₱1,000 and ₱7,000 in 30 days. The first OLP loan is interest-free. This means you have to repay the loan. To be paid on the first payday, the initial OLP loan amount is between ₱1,000 and ₱7,000.
How much is a 2nd loan in OLP? Borrowers can get a minimum of PHP 1,000 and a maximum of PHP 30,000 for up to 1 month.
How to cancel OLP loan
Once you have signed the OLP loan contract via SMS, you cannot cancel it. Borrowed funds will be transferred on the day the application is approved directly to the borrower’s account. You can cancel the loan before signing the contract.
You may have already read our review of online loans in the Philippines. However, if you have any questions about this application, you can find the answers you are looking for at this link.
1. How long does it take to get approved when applying for an online loan in the Philippines?
Approval of online loans in the Philippines has been slow. At OLP you can make a decision on your application within minutes. You can get a loan within 24 hours and 5 minutes, even on holidays.
2. How can I pay online as a Filipino?
Filipinos can make online loan payments through the following channels.
- Bayad outlets
- Robinsons Business Center
- SM Malls
- Cebuana Lhuillier
- RD Pawnshop
- Palawan Express
You might be wondering how to make GCash payments using Pilipinas Online Loan, a popular payment method. The measures taken are as follows:
Login to the GCash app.
Click the “Done” tab.
Enter the required information and payment amount.
Then click and confirm.
3. What should I do if I cannot pay my loan in the Philippines online?
If you are unable to repay the loan due to unforeseen circumstances (other than the lender’s fault), OLP will provide you with a 30-day extension.
4. How to contact Philippine online lending service?
The website does not have a contact number or email address for online loans in the Philippines. However, if you have any questions, you can fill out the form at onlineloanspilipinas.ph/contact-us. You can also send us a direct message by clicking on the chat icon in the bottom right corner of the site.
By researching online loans in the Philippines, you can easily decide if this program is right for you. Worst case scenario, this may be one of your options. But before you take out a loan, read the terms carefully and only take out what you can afford.