Best Loan Apps | Top 10 Legit Loan Apps for 2023 (My List!)

Ate Red

6 Feb 202313:14

Summary

TLDRIn this vlog, the host introduces various financial apps and platforms available in 2023, focusing on their loan offerings. Apps like Quick Loans from Union Bank, Key Credit, G-Credit, and Ready Credit from CIMB Bank are discussed, highlighting their ease of application, interest rates, and repayment terms. Additionally, Maya e-wallet and Shopee's SP Credit are mentioned for their digital banking and loan services. The video also touches on BillEase, a flexible loan platform with automated applications. The host emphasizes the importance of good credit standing and provides links for further information.

Takeaways

😀 The video discusses various apps and platforms for financial services in 2023.
🏦 The first app mentioned is Quick Loans by Union Bank, a legitimate bank in the Philippines offering online loan applications.
💼 Union Bank may send invites or pre-approvals for Quick Loans, which can simplify the application process.
💰 The interest rate for Quick Loans is reasonable, typically between 2-3%, with loan amounts up to 250,000 pesos over 15 months.
📊 G Credit is a financial product that functions like a revolving credit card, with acceptance at over 70,000 merchants nationwide.
🔢 G Credit offers loans up to 125,000 pesos, depending on the user's G score, with repayment terms up to 12 months.
🛍️ G Cardless is an alternative to home credit, allowing purchases online or offline through installments with no down payment required.
📈 Ready Credit by CIMB Bank is available for regular employees and self-employed individuals, offering revolving credits and installment loans.
💡 Maya e-wallet is a digital bank offering loan products similar to G Credit, but without the need for a G score.
🛒 Shopee and SP (ShopeePay) offer installment payment options for purchases, with interest rates less than 5% depending on the user.
📋 BillEase is a fully automated loan platform requiring a valid ID, proof of income, and contact information for application.
📧 All mentioned platforms send reminders via text and email, emphasizing the importance of timely repayment.

Q & A

What is the main topic of the video?
-The main topic of the video is discussing various financial apps and platforms offering loan products in 2023.
What is Quick Loans and who offers it?
-Quick Loans is a loan product offered by Union Bank, a bank established and regulated in the Philippines.
What is the significance of receiving an invite or pre-approval from Union Bank for Quick Loans?
-Receiving an invite or pre-approval from Union Bank for Quick Loans makes the application process easier and almost guaranteed.
What is the interest rate range for Quick Loans offered by Union Bank?
-The interest rate for Quick Loans is reasonable, typically between 2 to 3 percent, depending on the user.
What is G Credit and how does it relate to GCash?
-G Credit is a financial product by GCash that functions like a revolving credit card, where the credit limit depends on the user's G score.
How does G Credit compare to Home Credit in terms of offerings?
-G Credit is a good alternative to Home Credit, allowing for purchases online or offline through installments with a 30% down payment.
What is CIMB Bank's Ready Credit and what is required for it?
-Ready Credit is a loan product by CIMB Bank that requires either payslip for regular employees or business income proof for self-employed individuals.
What is the process for applying for a loan with BillEase?
-BillEase is a fully automated loan platform where you can apply online with a valid ID, proof of income, a working email, and phone number.
What is the interest rate for loans offered by Shopee and Lazada?
-The interest rate for loans offered by Shopee and Lazada is less than 5 percent, depending on the user and the processing fee.
What is Maya e-wallet and what additional services does it offer?
-Maya e-wallet is a digital bank regulated by the Central Bank of the Philippines that also offers loan products similar to G Credit.
What advice does the video give regarding the use of these financial apps?
-The video advises to use these apps responsibly, to ensure good credit standing, and to check for accurate information before applying for loans.

Outlines

00:00

📱 Mobile Loan Apps and Financial Products Overview

The video script introduces a variety of mobile apps and platforms available in 2023 that offer loan products and financial services. It emphasizes the convenience of these services, especially for phone calls, and provides a week-long access period for users. The script mentions that the apps will be discussed in no particular order, with individual comments on each app and links for further information provided in the description box. The first app highlighted is Quick Loans by Union Bank, which is a legitimate offer from a regulated bank in the Philippines. The script advises viewers to look out for pre-approvals to simplify the application process and mentions reasonable interest rates and loan amounts that can be borrowed.

05:02

💳 Exploring Digital Credit and E-Wallet Loan Products

This paragraph delves into various digital credit and e-wallet services that offer loan products. It starts with G Credit, which is linked to a user's G score and allows for revolving credit similar to a credit card, accepted by numerous merchants nationwide. The script mentions the ease of use and the importance of maintaining a good credit score for higher loan limits. It then discusses other loan products like Ready Credit by CIMB Bank, which caters to both employed individuals with payslips and self-employed individuals with business income. The paragraph also covers Maya e-wallet, which functions as a digital bank and offers loan products, and Shopee and SPi Global's installment options. The summary highlights the flexibility of these products, the importance of proof of income, and the convenience of transferring credit limits to installment loans.

10:04

🏦 Automated Loan Platforms and Financial Responsibility

The final paragraph of the script focuses on automated loan platforms, starting with BillEase, which requires a valid ID, proof of income, and contact information for application. The script points out that while some users may find the interest rates on these platforms higher compared to credit cards or banks, it's important to remember that not everyone qualifies for such products. It emphasizes that platforms like BillEase are good alternatives for those who may not be eligible for traditional banking products. The script also touches on the importance of financial responsibility, advising viewers not to feel overwhelmed by loan applications and to be patient with the process. It concludes by inviting viewers to share suggestions in the comments and looks forward to their presence in the next video.

Mindmap

Keywords

💡Vlog

A vlog, short for video blog, is a type of blog for which the medium is video. Entries are typically recorded in a single take and often uploaded to a video-sharing platform. In the script, the term 'Vlog' is used to introduce the video as a personal log or diary entry in video format, where the speaker shares information about various apps and platforms.

💡Quick Loan

Quick Loan refers to a type of loan that is processed and disbursed quickly, often within a short time frame. In the context of the video, 'Quick Loan' is a financial product offered by Union Bank, which is mentioned as a legitimate service due to the bank's establishment and regulation in the Philippines.

💡Union Bank

Union Bank is a financial institution in the Philippines that provides various banking services. The script mentions Union Bank as the provider of the Quick Loan service, emphasizing its legitimacy due to its status as a regulated bank.

💡Pre-approvals

Pre-approvals in the context of loans and financial services mean that a potential borrower has been assessed and given conditional approval for a loan before formally applying. The script mentions that Union Bank may send pre-approvals for Quick Loans, which can simplify the application process.

💡Interest Rate

The interest rate is the percentage of a loan that a borrower pays to the lender as compensation for the use of the funds over time. In the video, the interest rates for various loan products are discussed, indicating the cost of borrowing money.

💡G Credit

G Credit is a financial product mentioned in the script that seems to be a type of revolving credit or a line of credit that depends on a user's G score. It is used for purchases online or offline and is accepted by numerous merchants, illustrating an alternative to traditional credit cards.

💡CIMB Bank

CIMB Bank is a multinational bank headquartered in Malaysia, which also operates in the Philippines. In the script, CIMB Bank is mentioned as offering 'Ready Credit,' a financial facility for both regular employees and self-employed individuals, emphasizing the bank's role in providing credit services.

💡Maya e-wallet

Maya e-wallet is a digital wallet and banking service regulated by the Central Bank of the Philippines. The script describes it as offering loan products similar to G Credit, indicating its role in the fintech space for financial services.

💡Shopee

Shopee is a leading e-commerce platform in Southeast Asia and Taiwan. In the video, Shopee is mentioned as offering loan products, indicating the platform's expansion into financial services beyond online shopping.

💡BillEase

BillEase is described as a loan platform in the script, offering flexible loan products and a fully automated application process. It is positioned as an alternative for those who may not qualify for loans from banks or credit card companies.

💡Digital Banking

Digital banking refers to the use of technology to deliver banking services outside of traditional physical bank branches. The script mentions Maya e-wallet as a digital bank, highlighting the growing trend of banking services being accessible online or through mobile applications.

Highlights

Introduction to a vlog discussing various apps and platforms for financial services in 2023.

Quick Loans by Union Bank is a legitimate financial service regulated in the Philippines.

Union Bank may send invites or pre-approvals for Quick Loans, simplifying the application process.

Interest rates for Quick Loans can vary between 2 to 3 percent depending on the user.

Users can borrow up to 250,000 pesos with a repayment term of up to 15 months.

Introduction to G Credit, a financial product that functions like a revolving credit card.

G Credit is accepted by over 70,000 merchants nationwide.

Users can borrow up to 125,000 pesos with a repayment term of up to 12 months.

Gives is an alternative to home credit, allowing purchases online or offline through installments.

Gives requires a 30% down payment and has a credit limit of up to three times the user's monthly income.

CIMB Bank offers revolving credits and installment loans for employees and self-employed individuals.

CIMB Bank's loan products can be transferred into a 12-month installment loan.

Maya e-wallet is a digital bank offering loan products similar to G Credit.

Maya Credit does not require a G score but encourages frequent use of the Maya app.

Shopee and SPi Global offer installment options for purchases with varying terms and interest rates.

BillEase is a fully automated loan platform requiring only a valid ID, proof of income, and contact information.

BillEase offers flexible loan products with interest rates that may be higher than credit cards or banks.

The vlog concludes with a reminder to use financial apps responsibly and the invitation for suggestions in the comments.