How to Get a Cash Loan in the Philippines?

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In times like this, where commodity prices are rising, we are customary to get short on cash. This scenario is a common problem among the working class in the Philippines.

You would often hear them say something like, “Oh no! I’m out of cash, and it’s still days before my next payout.” Luckily, the Philippines has many cash loan programs they can apply to get some extra cash.

What is a Cash Loan like in the Philippines?

Cash Loans in the Philippines operate similarly to any cash loans in other countries. Banks in this country also note credit scores ranging from 300 to 850. They offer better cash loan services to those with an above 700 credit score. However, the rise of several quick cash loan Philippines apps has changed the game of money lending.

These cash loan apps removed the complicated requirements and qualifications so people could sign up, even without a credit score. These apps made cash loaning in the Philippines fast.

A great example is the JuanHand Cash Loan App which requires a phone number and 1 picture of your valid ID. You will get a fast loan in 15 minutes. Other apps can release cash loans in an hour in the Philippines.

This easiness may sound suspicious, but that is not the case. Most of these cash loan apps have accreditation from the financial regulatory body of the Philippine Government. Thus, be assured that you are getting cash loans from legit financial companies.

Cash Loan Programs in the Philippines

These cash loan applications made it easy for borrowers to get a cash loan so they could compete with banks. Banks and pawnshops like BDO, Metrobank, Palawan Express, and Villarica require many documents before getting a loan.

These online cash loan apps only need a phone number and valid ID. Some quick cash loan apps require credit cards, company emails, and other supporting documents. However, they only ask if you want a higher loan than their first offer. Submitting these documents is unnecessary since they will gradually increase the loan amount limit every time you obtain a loan for that particular app.

Here are some quick cash loan Philippine online apps that you can check out:

  • MoneyCat
  • Tala
  • Robocash
  • FundKo
  • MeLoan
  • And more

However, the loan amount and terms can be a bit disadvantageous. Some cash apps only allow PHP 1000 loan amounts for first-time borrowers who need to return it as fast as seven days.

That is why people who need to borrow a large sum of money go to banks to get a loan. Aside from Security Bank, here are a few banks to start your loan research.

  • UnionBank
  • CIMB Bank
  • MayBank
  • Prestige Bank
  • Robinsons Bank

If you have items as collateral, like a smartphone or a piece of authentic jewelry, you can opt to get a loan at pawn shops. Here are some of the best pawn shops to seek out.

  • Cebuana Lhuillier
  • RD Pawnshop
  • Tambunting Pawnshop
  • SMJ Pawnshop

We have a more detailed list of cash loan prospects on site. Visit Upfinance now!

What is the interest rate for a cash loan?

The interest rate for a cash loan depends on the financial institution that provides it. Banks usually have an average interest rate of 3% per month. They have longer payment terms and more significant amount limits.

However, some banks, like Security Bank, offer a rate of 0.5%. The disadvantage is that it usually takes days before you get approved for a loan and a few more days before you receive the money. The case is the same with cooperative cash loans.

Pawnshops in the Philippines also provide cash loans with interest rates as low as 1% per month. Usually, you can get the cash in an hour from the time you visit. However, they will require you to collateral valuable items like jewelry and smartphones. Thus, you can’t get a loan if you do not have things to use as collateral.

Cash Loan Philippine Apps are the fastest way to borrow money. It usually takes a few minutes before they transfer the funds to your account.

While some apps charge high-interest rates, like 60% per month, others charge meager interest rates but require a high processing fee.

Luckily, cash loan apps charge low fees and low-interest rates. Some of them offer at least 0.5% interest rates. In contrast, others provide special promos like getting 0% interest on your first loan. Most apps reduce interest rates for their repeat borrowers.

How to Apply for a Cash Loan?

The application process depends on the financial institution that provides them. Banks usually check your credit score before they lend some money to you. Then, they ask for a few documents to verify your identity and ability to pay.

Although cooperatives operate the same way, they are usually exclusive. Some cooperatives only provide cash loans to their members. While others allow non-members to loan, they usually set higher interest rates.

Pawn Shops are much more lenient in required documents. However, as stated, they need you to pawn an item. The pawn shop appraisers are the ones who will determine the value of the item and lend you money accordingly.

Cash loans offer the most ease when it comes to simpler application processes. They usually ask you to sign up with a phone number and allow the app to access your contacts. Then, you will input your personal information and upload your ID photo.

Once you set up an online account with them, you can apply for a loan again and again. However, you can only loan a minimum amount if this is your first time borrowing on a particular app. If you want to increase the amount for your first loan, the apps will ask for more credentials.

Cash Loan with Upfinance

As mentioned, several banks and financial companies provide quick cash loans in the Philippines. There are so many that researching can take a long while before you can give yourself a list of prospects.

But you don’t have to take that cumbersome route. Head now to Upfinance.com and see for yourself! Upfinance has consolidated all the necessary information to check and compare cash loan prospects.

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