Have you ever suffered from rejection of your fast approval online loan application in the Philippines? Do you know the reason for rejection? Your credit score, debt-to-income ratio or incomplete records? Your loan application may not satisfy the necessary factors to be approved. We suggest 5 essential factors for facilitating online loan fast approval in the Philippines that you may need.

1. Creditworthiness

The financial institutions will review your credit history to determine whether you are a reputable and trustworthy borrower. Payment of your credit card balance on time every month proves that you are responsible for your loan. The lending institutions will assess you as a reputable borrower and improve your chance of loan approval.

Here are some ways for you to improve the creditworthiness for your online loan fast approval Philippines:

  • Pay your bills on time and in full

  • Spend less than your credit limit

  • Keep the old account for a long time

  • Avoid external factors that negatively impact your history (e.g. foreclosure, bankruptcy, etc.)

Improve creditworthiness to enhance the chance of loan approval 


2. Income and Employment

You will have a higher chance of online loan fast approval Philippines if you are a worker with a stable monthly income because the lending institutions will assess that you have enough financial capacity to repay the loan.

If you are self-employed, provide the following documents to prove your source of income:

  • Copy of your Income Tax Return (ITR)

  • Your audited financial statements over the years

  • Required license such as certificate of DTI registration or SEC registration

These documents prove that you have income and make full tax payments so that the lending institutions will appreciate your application.

You have a higher chance of loan approval if you are a worker


3. Debt-to-income ratio

Make sure you are borrowing an amount that you can actually repay. You may measure how much of your salary will be used to pay off debt based on use the debt-to-income ratio.

The debt-to-income ratio compares an individual’s monthly debt repayment to his or her total monthly income. The formula for calculating the debt-to-income ratio is as follows:

Debt-to-income ratio = (Total monthly debt ÷ Total monthly income) x 100

Remain low debt-to-income ratio 


For example, if your total monthly income is PHP 25,000 and your total monthly debt payment is PHP 10,000, your debt-to-income ratio is 40%. Accordingly, you have to spend 40% of your salary on monthly debt payments.

The lower your debt-to-income ratio is, the higher your Philippines loan approval rate is, and vice versa.

4. Borrow an amount within your repayment capacity

One more tip to improve your loan approval chance is to apply for a suitable loan amount and a reasonable payment term. Applying for a loan of an amount that matches your actual personal financial situation will enhance your position in the lender’s eyes because you have a clear plan for the loan. You should not borrow an amount that you cannot pay to avoid getting into debt.

Borrow money that suits your month repayment ability 


5. Instructions on facilitating online loan application approval

Online loan approval time may vary depending on the lenders and other factors. While you cannot control the entire approval process, you may follow these tips to avoid delays in approval and disbursement.

  • Check your credit score: Before applying for a loan, you should check whether you have a good credit rating. You should spend time improving your score or correcting errors if any.

  • Prepare all the necessary financial documents: Make sure your financial proofs are available. For example, your latest ITR, valid ID and correctly filled loan application may facilitate the process.

  • Find a willing guarantor or co-borrower: The guarantor or co-borrower will sign the loan application with you. Some lenders apply this condition to unsecured and non-mortgage loans. The guarantor or co-borrower also needs to prepare the same documents as the main borrower.

  • Repayment planning: Preparing a quick online loan repayment plan even before application is a good start. Accordingly, you will still have enough money to pay off the loan despite unexpected fluctuations in the payment process. 

Tips for facilitating online loan approval


If the duration of fast online loan approval is your top concern, you may choose MoneyCat. We have a very quick review and response system. After you complete the application process, MoneyCat will review your application and notify the review results via SMS within 5 minutes.. MoneyCat is not only a lender but also an adviser providing useful financial solutions for you. If you have any questions about online loan fast approval philippines in particular or personal finance in general, MoneyCat is always ready to advise you on 24/7 basis.

It is not difficult to get online loan fast approval philippines. Try our tips above, and make sure you have a proper loan use and repayment plan before application.