There are different ways to get a loan in the Philippines. Basically, currently in the Philippines there are two common types of lending institutions: formal and informal lending institutions; formal lending institutions including three prominent forms namely banks, government agencies and financial institutions/companies. Banks and government agencies are still reliable lenders with certain limitations. Meanwhile, financial companies are also constantly appearing and developing, providing instant and convenient services for those who need instant cash loans.
Let’s take a closer look at these 3 lending institutions to see which one offers the right instant cash loan for you.
Filipinos have trusted and felt secure when applying for cash loans or performing financial transactions at banks. However, banks often require a lot of documents, many cumbersome procedures and long waiting.
A bank is a trusted lending institution
Fortunately, most banks have now developed online banking services, beginning to simplify the registration process and procedures. Instant cash loans from banks are less complicated than before. You do not need to go to the bank, carry out the paperwork, and then wait a long time at the bank to get the money disbursed as before. Instead you can sit at home, register on the online banking application, wait until it is successful to withdraw cash. Although the travel time has been reduced, the waiting time for the bank’s loan application and disbursement is still considered to be slower than that of other institutions.
Similar to banks, borrowing money from government agencies is trusted by many people. Similar to banks, government agencies require a lot of documentation and it can take a long time to process fast cash loans. Moreover, the significant weakness when borrowing money from a government agency is that you have to complete a minimum contribution to be eligible for a loan. And the maximum loan amount depends on this total contribution.
Borrowing money from government agencies is also a way that many people trust
Fortunately, recently some government agencies such as SSS and Pag-ibig have started deploying online lending services, reducing the long queues at their offices. With SSS, you need to activate your MySSS Online account and apply for a loan through the web platform. Pag-ibig offers various ways to support online loan as well. Simply visit the government website, enter the loan type with your member ID and submit the required documents.
Digitization is the leverage to help financial institutions/companies strongly develop to become a popular fast cash loan solution in the Philippines today. These companies provide instant loans through the app or website with no paperwork, minimizing application procedures and waiting times compared to banks and government agencies.
The significant advantage of financial institutions to compete with banks and government agencies is that the loan processing time is extremely fast, the registration process is simplified with instant disbursement process within 24 hours. At the same time, these financial institutions also offer flexible interest rates and terms depending on the borrower’s salary or solvency, thereby becoming an effective financial solution when getting instant cash loans.
Financial institutions have fast loan processing times
All advantages of financial institutions are found at MoneyCat. It is also the reason that MoneyCat has been a trusted lending platform in the Philippines, operating strongly in the Vietnamese and Russian markets for many years.
At MoneyCat, we offer instant cash loans with a limit of up to PHP 20,000, while the payment term is up to 28 days. Borrowers are entitled to 0% interest on the first loan with guarantee of transparency. Moreover, MoneyCat still maintains the advantages of fast and convenient financial institutions, reviewing documents in 5 minutes and disbursing instantly within 24 hours. You may apply for a loan online through MoneyCat’s website and online applications on theGoogle Play.
Above are the advantages and disadvantages of the 3 most popular ways to get an instant cash loan in the Philippines today. Hopefully, this will help you find the right lender for your needs. If you pay special attention to the disbursement procedure and time for instant cash loans, please consider MoneyCat.