The complicated and persistent developments of the Covid-19 epidemic have strongly impacted everyone’s income. The demand for quick loans also increases. However, because the requirements are not satisfied, many Filipinos cannot get financial support from bank loans. Therefore, many people tend to seek cash loan applications in the Philippines to solve their urgent financial need. So what is a cash loan and what to keep in mind when getting an online cash loan philippines. Let’s find out through the following article!
A cash loan is a form of personal loan with simple process, fast approval, and no requirements for collateral or proof of income, whereby the users can apply for an online loan at home without going to any bank. And the loan will be disbursed to the customer’s bank account within 24 hours after the application is approved.
These advantages make this type of loan the ideal financial support for many people in emergencies. Currently, many financial institutions in the Philippines provide this special loan form to meet the increasing demand for fast unsecured loans of the customers.
Quick cash loan is a form of unsecured loan with simple documents and procedures
24/7 loan: Cash loan philippines allows you to apply for a loan at any time of the day. You just need to download the app or visit loan websites and start the loan application process. This available support makes quick loans in the Philippines a useful lifesaver for those who really need money in an emergency.
Simple application requirements and procedures: Any Filipino citizen with a valid ID can borrow from cash loan applications in the Philippines. And there is no need to provide collateral.
Fast and easy approval: The cash lenders usually do not require a lot of paperwork, and some even support bad debt cases. Therefore, the approval rate is quite high.
Higher interest rate: As a form of unsecured loan, cash loan philippines will be approved based on the borrower’s creditworthiness without collateral or third party’s guarantee. Therefore, the interest rate of cash loan philippines is usually higher than the interest rate of traditional loans. However, this is completely acceptable thanks to the quick and convenient approval benefits of this form.
Short term: Most cash loan philippines have a fairly short term, ranging from 7 to 30 days. For a longer payment term, it also means higher interest rates and associated service fees. Therefore, this form should only be used as a temporary solution in immediate situations.
Risk of encountering unscrupulous institutions: If you come across a loan with interest rates that are many times higher than usual, be careful with what data you share with the lenders. Because this may be a sign of fraud from unorthodox lenders. Make sure you are using services from companies registered with the Securities and Exchange Commission.
To ensure benefits, the customers should only get quick cash loans at the reputable institutions
Taking advantage of the development and convenience of cash loan philippines, many unorthodox lenders were formed to offer loans to customers at extremely high interest rates and steal the customers’ identity through the information they provide during the loan process. Therefore, the users need to carefully investigate the lender as well as the loan terms to avoid encountering fraudulent and disguised cases. Refer to the list of registered lenders at Securities and Exchange Commission.
Legal cash-lending companies and institutions in the Philippines are now registered at the Securities and Exchange Commission (SEC). Once registered, these entities must comply with the Commission’s lending statutes and regulations. Non-compliance with the Commission’s regulations may result in the revocation of the business license and fines.
MoneyCat is one of the reputable and safe fast loan institutions in the Philippines. MoneyCat is an online lender of MoneyCat Financing Inc, with operating certificate No. 1254 issued by the Securities and Exchange Commission.
With MoneyCat you can quickly borrow money from 500 to 20,000 pesos with extremely competitive interest rates, as long as you are a Filipino citizen aged 22 or older and have a valid ID number. Loan approval only takes 30 minutes, no later than 1 day with flexible payment terms. In addition, when you get a cash loan in the Philippines with MoneyCat, you also get 0% interest on your first loan.
It can be seen that, thanks to these advantages, cash loans in the Philippines are indeed an effective financial solution for emergencies. And if you are in financial difficulties, a cash loan in the Philippines is really an option worth considering, but do not forget to choose reputable institutions like MoneyCat to avoid unnecessary risks.