Getting cash loan online is a popular financial trend in the Philippines today. As a result, more and more lending institutions emerge on the market. However, not all of these institutions are operating legally and for the right purposes. You should be alert to distinguish between a true lending institution and a fraudulent one to secure the safety of your personal finances. If you are still confused about it, consider our three suggestions below.
The most important thing is to check the credibility of your target lender. Initially, you should check whether the lender has been registered and licensed. All financial institutions in the Philippines must be registered and licensed by the Security and Exchange Commission (SEC), which is the management and regulatory body that examines financial institutions operating in the Philippines. If it is a legitimate entity, all necessary relevant information is posted on the SEC’s website. Take a few minutes to visit www.sec.gov.ph to check before getting cash loan online.
Check if the lending institution is legitimate at SEC Philippines
Then you may also check the information on Google. Entering the name of the lender and the keyword “review” or “feedback”, you may see all the opinions, comments, reviews of other people on the internet. At least you can verify whether it is a large and widely accepted cash loan online institution.
Or you can even check the information on social media like Facebook. In this internet age, most organizations take advantage of social media for promotion of their brand image. Check the follow, recent activities, interactions to see if this lending institution is operating well.
Finally, you can check their website. However, keep in mind that a website does not prove the capacity or legality of an entity, as it is very easy to buy a domain name and create a website nowadays. Instead, you should check the website’s link for https which indicates that the site is secured with an SSL certificate and you can be more assured of the quality of the institution. Next, you should check other factors including seals, privacy statements, domain names, etc.
You need to take extra care to the online cash lenders that require you to pay a certain upfront fee. Legitimate and reputable lenders in the Philippines will not require you to pay any upfront fees before disbursing your cash loan online. Therefore, it is unreasonable for the lender to ask you to make any advance payment in any name. You should be careful with the amounts required by them in advance such as application fee, consulting service fee. This is known as a scam.
Beware of upfront fees
At the same time, you should also pay attention to the interest rate offered by the lenders. The average interest rates of lending institutions in the Philippines range from 10% to 15%. If the interest rate is unexpectedly low, you should question the honesty of this institution. They will most likely earn more from other expenses. An institution that is not transparent about interest rates and costs is an unreliable lender.
Some online cash lenders offer flexible terms which are their advantages over other institutions. Flexible terms may protect your interests or bring you a better cash loan online experience. For example, some lenders will impose severe penalty on you for late payments, but others will advise or provide helpful solutions if you notify them of the delay in advance. This will save you from incurring too many penalty fees, and ease your financial pressure.
Flexible terms can be an advantage of lenders
MoneyCat is a cash loan online organization that offers flexible terms to support your demand. Our system will remind you when your payment date is about to come due so that you do not miss the deadline. In case you delays in making payment or experience any financial difficulties, we are available 24/7 to provide a solution. MoneyCat is one of the top quality secured online cash lenders in the Philippines.
Hopefully the tips that we share above will provide you more information when choosing a cash loan online institution. If you are in need of an urgent online loan and want to seek a reliable institution, put your trust in MoneyCat.
Settings
Additional
service
Logout 
