Online Loans Pilipinas (OLP) Review – Info, Pros & Cons, and How to Apply

Online Loans Pilipinas (OLP) loan app is a form of borrowing that enables individuals to utilize a pre-approved line of credit on an as-needed basis, rather than receiving a lump sum. Interest is only charged on the actual borrowed amount, not the entire credit line. This approach provides companies with a flexible and cost-effective financial solution.

What is Online Loans Pilipinas?

Online Loans Pilipinas Financing, Inc., commonly referred to as OLP, is a fintech platform specializing in providing micro and consumer loans through online channels. Accessible through its website and app, borrowers can conveniently apply for loans at any time and from anywhere. The Online Loans Pilipinas app is downloadable on Google Play, the App Store, and Huawei AppGallery. The lending company asserts that the app has already surpassed one million downloads.

Is OLP legit?

Is Online Loans Pilipinas accredited by the Securities and Exchange Commission (SEC)? Absolutely. Its registration number, as per the Securities and Exchange Commission, is CS201726430, CA No. 1181. Additionally, it holds recognition from the National Privacy Commission (NPC). These verifiable credentials affirm the legitimacy of Online Loans Pilipinas.

What are the Online Loans Pilipinas Requirements?

Considering applying for an OLP loan? The eligibility criteria set by Online Loans Pilipinas are simple. Ensure that you meet the following requirements:

1. Age: Between 22 and 70 years old.
2. Residence: Must be currently residing in the Philippines.
3. Employment: Must be employed.
4. Contact: Must have a valid mobile number.
5. Identification: Must possess a valid ID (acceptable options include passport, driver’s license, PhilHealth ID, SSS ID, Postal ID, UMID Card, PhilSys ID, PRC ID, TIN ID, and Voter’s ID).
6. Financial Account: Must have a valid bank or e-wallet account.

OLP Loans

OLP First Loan

For a duration of up to 30 days, you have the option to borrow between 1,000 and 7,000 pesos. The first repayment for the OLP initial loan carries no interest, ensuring that you repay exactly what you borrowed. This repayment is due on the specified first date. Therefore, the initial OLP loan is restricted to an amount ranging from PHP 1,000 to PHP 7,000.

OLP Subsequent Loan

For a maximum period of 30 days, borrowers can access funds ranging from 1,000 to 30,000 pesos. The maximum amount for the second OLP loan is set at PHP 30,000.

OLP Loan Duration

OLP offers a swift borrowing process, allowing customers to secure funds ranging from 1,000 PHP to 20,000 PHP for durations spanning 90 days to 12 months.

How to Apply for a Loan in Online Loans Pilipinas

Follow these steps when applying for a loan through OLP:

1. Download the Online Loans Pilipinas app.
2. Launch the app, read and accept the notices, Terms and Conditions, and Privacy Policy.
3. Choose your desired loan amount on the homepage, then click the Apply button.
4. Input your mobile phone number on the next page and click the Send Me Code button. Enter the OTP sent to your mobile number.
5. Provide the necessary information and click Next.
6. Enter your province and full address on the following page, then click Next.
7. Upload a valid ID using the list of accepted documents provided in the OLP app.
8. Take a selfie with the nominated ID for your application.
9. Enter your bank account or e-wallet details and click Get Money.

OLP interest rate

Take advantage of an exclusive limited-time offer tailored for new customers, featuring credit options with interest rates as low as 0% and no additional charges from Online Loans Philippines (OLP).

For first-time borrowers, enjoy a loan with a 0% interest rate and zero processing fees. Repeat borrowers incur a daily interest rate of 1%, with a maximum Annual Percentage Rate (APR) capped at 200%.

Let’s illustrate using the OLP loan calculator:

Suppose you apply for an OLP online loan in the Philippines under the following terms:

• Loan Amount: $10,000
• Interest Rate: 8% per annum
• Loan Term: 3 years (36 months)

Calculate the Monthly Interest Payment using the formula:

Monthly Interest Payment = (Loan Principal × Monthly Interest Rate)

Where:

• Monthly Interest Payment is the interest paid for a specific month.
• Loan Principal is the initial loan amount.
• Monthly Interest Rate is calculated by dividing the annual interest rate by 12 (since there are 12 months in a year).

Calculate the Monthly Interest Rate:

• Monthly Interest Rate = Annual Interest Rate / 12
• Monthly Interest Rate = 8% / 12 = 0.08 / 12 = 0.0066667 (rounded to 7 decimal places)

Now, calculate the Monthly Interest Payment for each month of the loan term:

Month 1:

Monthly Interest Payment = $10,000 × 0.0066667 = $66.67

Month 2:

• Monthly Interest Payment = ($10,000 – Principal Paid in Month 1) × 0.0066667
• Monthly Interest Payment = ($10,000 – $200) × 0.0066667 = $66.44

Note: The interest portion of your monthly payment decreases as the principal balance decreases, while the portion allocated to principal increases over time.

Pros and Cons of OLP loan App

If you’re contemplating OLP, it’s prudent to evaluate its pros and cons. Consider the following:

Advantages of Borrowing from Online Loans Pilipinas:

1. Entirely Online Application: The entire loan application process is conducted online. Simply download the app, input your details, submit the required documents, and choose your desired loan amount. OLP asserts that the application can be completed in just three minutes.
2. No Collateral Requirement: OLP does not mandate collateral, eliminating the need to surrender an asset to secure funds.
3. Upfront Fee Estimate: You can obtain an estimate of fees in advance. Utilize the Online Loans Pilipinas calculator to preview the fees before committing to a loan.

Disadvantages of Borrowing from Online Loans Pilipinas:

1. Limited Loan Amounts: OLP provides relatively small loan amounts, with access to higher amounts primarily available to repeat borrowers. However, even the maximum loan amount may not be sufficient to cover significant financial needs or emergencies.
2. High Fees: Former users have reported high-interest rates, and late payments may incur penalty fees, contributing to higher overall costs.