SEC-Registered Online Lending Companies
In the Philippines, the main regulatory body in the financial sector is called the Securities and Exchange Commission or simply the SEC. As the name suggests, it’s a governmental institution that oversees and regulates securities. Moreover, it maintains the register of legit companies, including top lending companies in the Philippines.
Overall, the SEC has two key goals: to prosecute and monitor securities, as well as all the related entities. Particularly, the body’s functions are as follows:
- Approval of registrations;
- Outlining policies towards securities;
- Investigation of violations;
- Punishment and issuing of fines;
- Supervision of businesses.
The commission offers two lists of companies. The first one is the list of lending companies in the Philippines. It includes all officially registered lending firms in the country. Don’t forget that the government defines lenders as separate businesses that differ from banks and financing corporations. These lenders can provide loans but no other related products.
The first mentioned list allows you to easily find a lending company Philippines in which you are interested. To navigate, you can use key lines: name, registration number, certificate number, and anniversary date. As well, the list includes interest rates and terms. It means that if a company’s maximum approved rate is 5% per month, it’s illegal to charge higher rates. Pay attention to this fact and always compare rates on the official site.
The second list includes FinTech companies or simply financing corporations. Unlike lenders, these entities don’t feature the recommended interest rates or terms. But they also come with official names, numbers of registration and certificate, as well as anniversary dates. If you can’t find the lender of your choice in the first list, try looking for it in the second one. The catch is that a lot of lending businesses are registered as financing firms.
Finally, remember one important point. Local credit lending companies may operate in the Philippines only or be subsidiaries of international corporations. In both cases, it’s possible that the public name (for instance, Atome Credit) may differ from the official name used for registration (for instance, Neuroncredit Financing Company). Thus, you want to find the official name of your lender in order to check it in the SEC’s lists.
In our comparisons, we often mention public names. But you are free to open any lender’s official website and find registration info there. Although we list registered and legit lenders only, don’t forget to double-check key data like registration numbers or interest rates.
Best Lending Companies in Cebu
Cebu is a Filipino province in Region VII. Similar by structure to Metro Manila, Metro Cebu consists of 7 cities and 6 municipalities. Today, it’s a global center that is smaller than Manila but is one of the most developed in the Philippines.
Since Cebu is home for millions of Filipino residents, local companies deliver different lending products such as bad credit loans online or traditional offers from banks. One of the most common questions refers to the selection of the best lending firms in Cebu. Customers ask how to find the most reliable company that delivers safe and sufficient loans. Let’s try to answer this question and reveal tips for finding top firms.
Here are a few critical suggestions for borrowers who want to find the best personal loan lenders:
- Always read terms & conditions. It’s the first and most important part. Some lenders may “hide” various fees or requirements but they always list them in T&C. That’s why you should spend some time and explore sites. Check not only the main pages but also other sections to be able to find all key points.
- Check official registration. As we have mentioned, every lending or financing company must be registered with the SEC. Thus, you can find all the official lenders in the list of SEC-registered online lending companies.
- Compare interest rates and other features. Using our interface, you can quickly find the most attractive lending offers with all essential terms & conditions. Check out several companies to understand average sums, rates, and tenures. It’s important to know how the market works to find the most suitable offering.
- Know what you need. But how to choose appropriate loans? It’s not difficult if you know your own goals. Generally, borrowers ask for loans when they need funds to cover certain expenses (educational, medical) or make a purchase (appliances, cars, homes). Thus, know your goal to apply for the best loan.
- Read FinTech reviews. Finally, don’t forget to check the feedback. Lending companies work with thousands of customers regularly so there are enough reviews you can explore. Don’t deal with companies that have poor customer ratings. Instead, look for firms with good reviews, especially, if you know people who borrow there personally.
These rules are valid not only for Cebu. However, if you are looking for a trusted lending company in Philippines (in Metro Cebu, particularly), these tips will also help you.
Loan Companies in Cebu
When it comes to selecting, each borrower should remember that there are several types of loan companies. All of them are available in Cebu. Depending on the choice, you can apply for unsecured bad credit loans delivered by street lenders or for a mortgage from large traditional banks.
Regardless of the chosen company, don’t forget to cooperate with trusted firms only. You can find them in our lists or check reviews. Also, remember that the best lending company Philippines is one that delivers the products you really need. Look through the list below to understand which type of lender suits your needs most:
- Government-owned companies. These firms include three large groups: GSIS, Pag-IBIG, and SSS. They deliver different loans for their members. The amounts depend on your contributions made to the fund. These institutions grant loans under low interest rates but the approval periods are pretty long – up to several weeks.
- Loan sharks. Well, it’s better to avoid these companies. Known as 5-6, they operate in the grey zone and are not controlled by legal regulators. Loan sharks have extremely easy-to-meet requirements but huge rates that may exceed 10,000% per annum. As well, they use cruel methods of returning money: intimidation, threats, etc.
- Pawnshops. This is an example of a micro lending company Philippines. Pawnshops grant funds to borrowers but require specific collateral – precious metals, jewelry, luxury items, gadgets, etc. Upon repayment, pawnshops return your collateral. But this way of borrowing is pretty risky.
- Peer-to-peer companies. These networks allow lending and borrowing between individuals. It means you can find another Filipino person or even foreigner who wants to lend money, contact him/her, and borrow the required amount. If you choose this option, use only reputable P2P apps that guarantee safety.
- Private banks. Unlike large governmental bodies and state-owned banks, these are private companies. They offer a range of lending products, from personal loans to mortgages to credits. By applying for these offers, you should remember that banks check the borrowers’ credit ratings usually.
- Small lenders. This is the most popular category in Cebu. They compete with banks but target underbanked clients. Small lenders offer minimum requirements, small sums and tenures, a bit higher interest rates, and really convenient loan options. Often, they work online and have mobile apps.
- Work-related groups. Known as paluwagan, these self-organized funds allow participants to donate certain sums and then get financial help. In a nutshell, if 10 members of paluwagan donate P1,000 each, one of them can get P10,000. Then, the process repeats but the next participant takes all the money, and so on.
Anyway, our site includes offers from different companies. You can find top loan companies online, compare their products, apply, and get the money quickly.
Which Lender Is Best in Cebu?
There are both offline and online firms. The first category focuses on traditional lending. It includes banks and big lenders who work with customers at branches. Often, they deliver different lending products with flexible conditions. Traditional lenders have lower interest rates, generally. If you want to interact with the lender personally, choose this type.
Also, it’s easy to find an online lending company in Cebu. These groups work via websites and/or mobile apps. They have more convenient application procedures and delivery processes but may be a bit confusing for elderly people. Although these firms list more favorable requirements, they also feature higher interest rates as lenders want to protect themselves.
Now, let’s quickly check the list of lenders in Cebu. Here, you can find an easy cash lending company Philippines or a traditional bank. We will list only the most famous names but don’t forget that you can find other options in our extended lists:
- Cashalo: between P1,000 and P10,000 from 15 to 45 days.
- CashLending: between P3,000 and P10,000 from 7 to 14 days.
- Easycash: between P5,000 and P10,000 from 30 to 60 days.
- Loan Ranger: between P3,000 and P10,000 from 5 to 30 days.
- Online Loans Pilipinas: between P2,000 and P20,000 from 7 to 30 days.
- Pera247: between P2,500 and P15,000 from 10 to 90 days.
- Robocash: between P1,000 and P25,000 from 7 to 30 days.
- Tala: between P1,000 and P25,000 from 21 to 30 days.
This list isn’t full. If you need more options or want to get money from a specific lending company Philippines without collateral, feel free to contact us. Thanks to a comprehensive base, we can help to find the most suitable lender in Cebu or another region in the country. Still, you should always remember to choose the lender carefully.
Answering the question about the best lending company, we should also mention that only you can decide which lender is the best one. Firstly, understand your goals. Then, look for the companies that have offers you need — for instance, loans for education or personal loans for emergency needs. Finally, check conditions and apply for a loan.