Short term Digido loan 24/7!

In this article you will learn what short term loans are and how they can help you. How to get a loan of up to 10,000 pesos, what requirements you need to meet and other important conditions to get an online loan. Digido will give you a short term loan if you are a Filipino citizen and have 1 ID card and a mobile phone. We approve over 90% of applications!

Short Term loans in the Philippines

Last updated: October 25, 2022

Written by: Sean Martin D. Plantado | Reviewed by: Rafael Hular

Key takeaways:

  • A short term loan offers you instant financial support for a short period of time, from a few days to months.
  • Long-term loans are more profitable, but short term loans are faster and more affordable.
  • We recommend a quick short term loan from Digido for between 7 and 30 days.
  • Always keep due dates in mind to pay back your debt on time.

Be it life or business, the unpredictability of the future makes the journey exciting. We brace ourselves up against any such uncertainties, especially in finance, through proper planning.

Even with meticulous planning and efficient financial management, unexpected expenses can push things out of track. For an individual, it could be a unpaid electricity bill or a medical emergency. But for entrepreneurship, it could be pending invoices or a replacement of a faulty machine. Short term loans with easy approval procedures might not be the right choice for such emergencies. Arranging finance within a short term would be an arduous task unless you have supportive friends or family.

Short term & online personal cash loans availability are the best buddies for such short term finance requirements and is a popular choice for millions across the globe.

All about the fastest loan approval in the Philippines

What is a Short term loan?

A short term loan offers you instant financial support for a short span, from days to months, with less requirements. These short loans online are intended for emergency management and hence the loan amount is often much lower in comparison with traditional mortgages.

Such loans usually don’t require collateral securities or an impressive income requirements. You can avail short term loans for any purpose, such as to settle unpaid Meralco bills, fund a vacation, or settle the hospital bills. Conventionally short term loans demand a one-time settlement with interest. But some lenders permit extension of the duration by charging additional fees.

In the Philippines, short term loans are provided through banks, lenders, or micro-finance agencies.  The majority of loan providers use online portals for loan approval and privileges the users to avail loans anytime, from anywhere. It eliminates the need for frequent travels and avoids loss of workdays as well.

→ Learn about online lending without bank account in the Philippiness

Short term loans in Digido

Digido Finance Corporation, a state-licensed, legit finance institution (1) with a combined portfolio of PHP 850M in transaction volume with many branches, is the most popular destination for the Filipinos to finance their short term requirements. This company understands the life and financial needs of average Filipino much better than anyone else. Fully-fledged online lending system privileges them for instant access to fast, easy, and reliable short term sources of finance around the clock every day.

Digido Loan conditions, terms, amounts

Digido offers a wide range of 24 hour short term loans with high levels of flexibility. The loans are open for all Filipino citizens within the age group of 21-70 years. The other prerequisites are a valid government ID and a active mobile phone number. Loan applications can be processed through our website, mobile app, or by visiting our branches.

The maximum loan term for first-time borrowers is 15 days. However, if you are a repeat borrower with a history of complete payment of previous loans, you can opt for installment loan repayments of 30 days. At Digido, short term loans for pensioners are available to you. If you are interested in short loans for the unemployed, Digido is only available for freelancers and permanent employees.

A picture of Digido loans and interest rate is given below:

Borrower category Amount (PHP) Duration Payment Type Interest
First Time 1,000 – 10,000 5-15 days One Time 0% daily
Repeat 10,000 -25000 7-30 days One Time 1.5% Daily

Requirements for Digido Borrower

Only one valid government ID is needed to apply for short term finance from Digido. You can apply for short term loans without payslip and without a guarantor. If you can present supporting documents such as payslip, COE, ITR, company ID, DTI (if self-employed or with business), that would be more beneficial for improving your creditworthiness. Unless there is a need for further validation, repeat borrowers do not need to present any documents.

Once the loan approval is complete, the system will automatically transfer the amount to your account within a few minutes.

All operations are performed online - you don't have to leave your house
In only 4 minutes you can receive up to 5000 pesos in your bank account
We don't require guarantors representation, documentation, or guarantee deposits.
The service is fully automated

Why Choose Digido

Digido is the pioneer in short term finance across the Philippines with an excellent short term loans online approval rate of 95%. Its short term loans don’t require guarantor’s representation or guarantee deposits.

Digido provides you the option to set your preferences for loan amount and period as well. The interest is applicable only for the remaining amount in the loan account. Ability to extend the loan period and multiple ways for repayment are some of the main features of Digido short term loans with easy repayment.

→ Read about OFW Loan with no hassle

Criteria of Short term loans

Short term loans typically target those who are unable to secure a conventional bank loan. The reasons could be many, such as bad credit or lack of regular income or lack of time. The primary eligibility criteria for a short term in the Philippines are:

– You must be a Filipino citizen

– The minimum age for the applicant is 20-21 years.

– Your age shouldn’t exceed 65-70 upon the maturity of the loan. The exact age requirements need to be known in each specific company.

– The applicant should be a resident of the Philippines with an active mobile number.

Each bank and lender use different parameters to assess your eligibility for a loan. For some, credit scores may be a leading star; your income source might be the decision-maker for some. However, most lenders provide fast short term loans online at higher interest rates than banks. However, many more people can get such fast loans.

→ Useful information on how to clear bad credit history

Types of Short term loans in the Philippines

Short term loans are an unavoidable part of each Filipino’s life. Some of the examples of short term cash loan in the Philippines are:

Credit lines

The bank or lender approves a loan amount for you, but unlike traditional loans, the entire amount will not be transferred to your account.

You can withdraw money from the account whenever required within the loan limit. As you use only a portion of the loan amount, the interest is applicable only for the availed loan, not for the full amount.  The interest rates for such schemes tend to be on the higher side. But one can maintain their credit limit and avoid penalties by timely repayment of the amount withdrawn.  Even though collateral security is not essential, your credit score has a crucial role in the approval of your quick and easy short term loans. Credit Cards are excellent examples of the line of credit loans.

PayDay Loans

A payday loan is an ultra-short-term loan to overcome your immediate financial crisis until the arrival of your next paycheck. The maximum loan duration would be a couple of days or your next payday.

Usually, the credits will get approval without any document verifications or collateral securities. But the interest rates would be very high. The lenders cover their risk of such loans by demanding post-dated checks or access to your salary account.

The targeted market for such loans is low-income, vulnerable groups of small-time traders or individuals with a poor credit score and irregular income. However, such loans are also in demand among ordinary workers or office employees, because they are easy to obtain and have a high level of approval. Payday loans, unless used diligently, can end one to debt traps. However, if debts are repaid on time, there is nothing dangerous about such loans, on the contrary, they can help in difficult life situations.

→ Also read all about Gadget Loan with no down payment

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Installment Loans

Typically EMIs are a feature of long term loans that often runs years or decades. But you can get such an installment feature for your short term loans too.

Almost every major financial institution in the Philippines (2) facilitates a user to convert his short term loans to installment loans. It enables the borrower to have a clear picture of his monthly financial obligations and helps him to plan his economic activities accordingly. There can be additional charges such as the processing fee, penalties for missing installments, or pre-closure for early settlement of the quick short term loans no credit check.

Merchant Cash Advances

Merchant Cash Advance loans or MCA are popular among merchants who are reeling under severe financial stress. Here, the lender infuses funds to the merchant’s capital, and in return, he gets entitlement over a portion of the sales through credit cards for a specified period.

Even though such a loan could bail out a merchant from a short term financial crisis, continuous loss of your sales revenue can pose a threat to your cash flow. However, for many small businesses, such a loan can be a salvation.


  • Are Online Loans Legit?
    Yes, many companies in the Philippines issue loans legally and have a registration number in the government registry. For example, Digido has SEC Registration No. 202003056. Certificate of Authority No. 1272
  • What is the short term loan?
    Short term loans are issued for short periods of time, ranging from a few days to several months, and provide financial assistance to those who need money urgently.
  • Which is better long term or short term loan?
    Usually, long-term loans are more profitable than short term loans, but they are more difficult to obtain and take longer to process.

Advantages of Short term loans

The most striking attribute of the short term loan is instant loan availability. Traditional loans might be cheaper, but one has to wait for weeks to get the money.

The eligibility requirements for short term cash loans online are quite minimal, and people with a bad credit history also have a chance of availing the loan. The lender does not bother about your purpose of the PHP1000 short term loan. You can spend it on your child’s school fees or for dinner with your girlfriend. But traditional loans such as car loans, can’t be diverted for other expenses.

I want to borrow ₱ 10000
Min: ₱ 1000
Max: ₱ 20000
Payment Terms 10 days
7 days
21 days
My Monthly Gross Income ₱ 20000
You return*: 10 000
All your data is under secure protection!
We recommend taking a loan!

* Interest payments are approximate. The final loan amount and interest rate must be confirmed in your loan agreement after loan approval.

Disadvantages of Short term loans

The primary problem of short term loans is high-interest rates. Late fees for missing a payment would be quite expensive. So the borrower will try hard to avoid any such instances by adopting a frugal lifestyle, affecting the quality of his life.

Short term loan amounts are small and are not sufficient to meet your long term financial needs. For instance, you can utilize a short term loan to replace your car tires but can’t use it to purchase a car. Some loan providers perform a hard inquiry to get your credit history, and it will reduce your credit score. So if you repeatedly use such quick short term loans online for your regular financial needs, your credit scores go down further, making you ineligible for better loans in the future.

When is a short term loan in the Philippines helpful?

Short term loans are a feasible option only if you have a foreseeable source of income for repayment.

Suppose you own a bakery. You have received a bulk order for the next weekend. But you have some pending invoices with your supplier, and it needs payment before procuring materials for the order. You know that you will get a lump sum payment within a few days. So spending some extra on interest would be a viable option rather than losing the order altogether. In short, a short term loan should be capable of revenue generation or mitigation of an impending loss.

Any short term loan is an option only when there are no other short term sources of finance. For instance, your car requires an immediate repair, and you badly need it to go to work. But you don’t have money to spend on the repairs. If you stop working, there won’t be any paychecks. Your bills will accumulate, and it will have severe consequences in the future. A short term loan will fetch you the money to fix the car and to evade all these unnecessary complications.

Therefore, we advise you to carefully weigh all the pros and cons before making a quick loan, be sure to decide from which funds you will return it. And then the quick loan will be your assistant in business and personal life.

Can I get a short term loans with bad credit?

Bad credit is a solid reason for banks to reject your loan application. Still, you may have a chance with Micro-finances and online lenders. But they may exploit your situation by jacking up the interest rates or service charges. As a long term strategy, always try to avoid loans until the full repayment of your existing loans. (3)

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How to apply for a Short term loan?

If you type “short term loans near me” into your search, you will see many options. But we recommend Digido of course! All major lenders, such as Digido, follow a simple online system for loan approval. You can create a user account in the portal and submit your documents to fulfill the eligibility criteria. The system will check the details and give a loan offer indicating the possible loan amount, term, and interest rate. If you agree, you can accept the short term loan agreement and the fund will reach your account within a few minutes.

How to repay a Short term loan?

You can make the loan payments through a variety of methods such as GCash, Dragonpay payment systems, bank transfers, online payment systems, ATM-based payments, or direct remittance at the bank branches.

Before taking out the loan, be sure to specify how you can repay it. Choose a convenient way to repay in advance. And remember about the repayment date to pay back the debt on time. We recommend that you put a reminder on your smartphone or write down the repayment date in your notebook.

Difference between Long and Short term loans

The significant differences between long-term and short term loans are loan amount, loan processing time, interest rates, and loan duration.

  1. Long-term loans offer large amounts with a repaying window of years or even decades. You can achieve your financial milestones through these loans.
  2. Short term loans are small and are not capable of making long term possessions.
  3. The interest rates for long term loans are much lower than short term loans.
  4. Long term loans undergo strict scrutiny of your documents to ensure your eligibility, increasing the processing time. In contrast, loan approval for short term loans is quite instantaneous.
  5. Long term loans with regular EMI instill better financial discipline and help you achieve financial independence in the long run.

So, we see that long-term loans are more profitable and short term loans are faster and more affordable. The choice is yours.

Apply now

Articles Sources

  1. List of Financing Companies…
  2. List of banks in the Philippines…
  3. Getting your credit report with credit score…

Digido Reviews

  • Mardey
    Great app and fast approval less than 5 mins I was approved after submitting the application. This is my 2nd loan with lowest interest and longer terms. Will surely recommend to my friends and colleagues. Thanks RDigido for CARE to my financial needs.👍
  • Rowena
    I've been with Digido since the pandemic started. They're the most reliable lending company I can trust with. They also offer better options in times that you cannot settle the full payment such as extending the loan for a period of time based on your preference. Their agents are also friendly and accommodating. Highly recommended, and I'll make sure to keep a longer relationship with Digido.
  • Janice
    Highly recommend. This app is legit and helpful.
  • Janine
    I think this is one of best apps in money lending. The term is longer and they have options. Loan amount is also acceptable. Very helpful for people in need. Keep it up!
  • Luz
    I would definitely give a five (5) star rating to Digido because for so many times since I started using it last October 30, 2020, it saved me from immediate financial needs. The interest is just right depending on the loan term you choose. This is one of my favorite loan apps so far, it has a much lower interest than other loan apps I've tried. The agents are professional and respectful unlike other loan apps.
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Written by: Sean Martin D. Plantado

Author pages:
Sean Martin Plantado is the head of Customer Care Dept. and Online Sales Dept. of Digido Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Sean also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.

Reviewed by: Rafael Hular

Author pages:
Rafael “Raffy” L. Hular is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.  Raffy loves reading Japanese comics called manga and watching Japanese animated cartoon series. He dreams of establishing his own Accounting and Auditing Firm and teaching in a University.