If you're looking for a low-interest loan that can also help boost your credit, check the following options to find out the best online loan with the lowest interest rate in the Philippines.

A loan interest rate is what you have to pay for borrowing a loan. It's based on a percentage of the amount borrowed. That means if you get an interest rate that’s super high, you might end up having to pay even more than what you borrowed. Who wants to go through that?

Not you, that’s for sure. Keep reading for a quick overview of online loans with low interest rates in the Philippines!

Top Online Loans with Low Interest Rates

Now let's get to the good part. Let’s take a look at a couple of lenders (including yours truly) and the online loans with low interest rates!

Tonik Digital Bank

Currently, we have Quick Loan and Shop Installment Loan as our non-collateral loans. Quick Loans can be approved and disbursed as fast as one day, while Quick Loan and Shop Installment Loan can be approved and disbursed almost immediately as long as you submit complete requirements.

BillEase

Finally, we have Billease. You can borrow up to PHP40,000 for 2-6 months for new customers, or 2-24 months for repeat customers at an interest rate of 11.90%. They take the “ease” in “Billease” seriously, as they only ask for a few requirements like a valid ID, proof of income, and proof of billing. Once approved, you can expect the amount to be disbursed into your BillEase app in as quick as one day!

Comparison of the Best Online Loan Providers in the Philippines

Tonik Digital Bank offers higher loan amounts, longer repayment periods, and lower interest rates compared to BillEase, providing borrowers with more flexibility and favorable terms. Tonik also stands out with its diverse range of loan options, making it easier for customers to find a suitable loan for their needs.

BillEase, on the other hand, is unique in that it focuses solely on smaller loan amounts, streamlining the requirements and ensuring quick disbursement. This simplified process could be appealing to first-time borrowers.