Yes, online loans are legal in the Philippines, provided the lending companies are registered with the Securities and Exchange Commission (SEC) under Republic Act No. 9474, also known as the Lending Company Regulation Act of 2007.

• Tala: Loan amount of ₱1,000 to ₱25,000, with no minimum annual income requirement.
• HSBC Personal Loan: Loan amount ranging from ₱30,000 to ₱500,000, with a minimum annual income of ₱168,000.
• CIMB Personal Loan: Loan amount ranging from ₱30,000 to ₱1 million, with a minimum annual income of ₱180,000.
• Maybank Personal Loan: Loan amount of up to ₱1 million, with a minimum annual income of ₱300,000.

If you fail to repay an online loan in the Philippines, it creates a civil obligation between you and the lender. According to Philippine law, specifically the Civil Code, the lender has the right to take legal action to recover the debt. This could result in a court case, additional fees, and potentially negative impacts on your credit score.