If you don’t have enough money, thinking about getting quick cash loans in the Philippines seem like the most viable option at the moment.
Over the last few years, financial products like quick loans have been more accessible to Filipinos. In fact, cash loans are somewhat inevitable especially if you’re looking for a quick solution to a sudden financial dilemma.
But before you jump into conclusions, here are the things you need to know about quick cash loans and the top places where you can get one without much fuss.
Why go for a quick cash loan?
Borrowing money doesn’t necessarily mean that you’re too poor or broke. A lot of business owners borrow money to raise enough capital. That is, loans can be used for purposes that could help you move forward into the future without financial restraint, especially when a financial need proves to be time-sensitive.
By passing the needed requirements, you don’t have to wait too long to get your loan approved. In fact, some banks and other financial institutions that offer a loan make it possible to purchase financial products online so won’t even have to drive or go somewhere. Once your loan gets approved, they’d even credit the loan amount to your bank account.
That all sounds very easy and nice, right?
But first, you have to choose whether you’d like to get a personal loan from a bank or an online platform.
Banks vs online lending platforms: which one should you take?
Online lending is rising in popularity nowadays. There are still the usual lending companies available that provide cash loans given the necessary requirements, but you may want to try something new – or something safer – to give you peace of mind for your money and your purpose why you’d want to make the loan.
With traditional banks, you have the advantage of borrowing larger amounts plus the protection of independent authorities and the bank’s responsibility to adhere to regulations. This ensures that you get security for your loans.
However, banks also require more paperwork and might take a longer time due to their more stringent process when approving a long. It’s also hard to approve a small cash loan with a short-term goal.
Made for the people’s convenience, online loans are much easier to approve and only requires easy application with bare to minimum requirements.
The only downside is that online loans lack the safety of regulating bodies to help protect your finances and your goals in the future. There’s also the danger of data breach aside from the fact that you can only loan an amount much smaller to what banks usually offer its clients.
Since online loans provide the most viable option for quick cash loans in the Philippines, we put up our list of top lending companies with the best loan offer so far for you to choose from.
CashMart PH is a Singapore-based loan company that has extended its reach in the Philippines from its operation since 1969.
The platform offers several loan products like a personal loan, a car loan, a salary loan, and an OFW loan to name a few. It also has an approval duration of 1 business day or 24 hours and you can borrow money from P5,000 to 50,000 with an interest rate of 3.5%.
As far as quick cash loans in the Philippines go, Tala is somewhat popular because it’s operated though their own Android app and allows you to borrow quick money for as small as Php1,000. In 24 hours, you can get your loan approved and loan a maximum amount of Php25,000. An interest rate of 11% apply for weekly payments within 21 days and 15% when you pay your loan in full after a month or 30 days.
Lendr is gaining so much popularity over the years, especially last year in 2018, due to the fact that while it’s an online lending platform, the company acts as a broker for participating banks that lend money to borrowers.
Because of this, Lendr provides more flexibility with their loans with varying interest rates and loan limits depending on the borrower’s bank of choice.
So how does Lendr differ from actually borrowing from a bank?
They make the loan process faster, secure, dynamic and more convenient to the borrowers without them actually going to the bank to endure the lengthy process of loan application.
Just like Lendr, Loansolutions.ph atcs as a middleman between the borrower and the lender composed of partner banks approved by the company.
The approval process is similar to that when applying for a cash loan in a bank but they allow a maximum of Php2,000,000 for every borrower and a minimum amount of Php20,000.
If you’re a business owner and you’re looking for a quick cash loan to fund your business, FundKo is the online platform to go to.
The company offers a variety of approved loans for both personal loans and loans for small and medium-sized enterprises with interest rates ranging from 10% to 35% depending on the kind of loans. You also need to allot 2-5 days before they approve your loan.
You might think that the interest rate is higher than other online platforms but that’s because FundKo allows a maximum of Php200,000 loan amount for personal loans alone.
Don’t worry, though, FundKo is a subsidiary of an investment company found in the Philippines – the Guevent Investments Development Corporation (GIDC) – so you have a means of security for your money.
What’s good with GoBear is that aside from providing quick cash loans, it’s an online service altogether that allows you to compare not just cash loans but different financial products like credit cards and insurance from different companies and financial institutions like banks.
As an online lending platform, GoBear works the same like Lendr and Loansolutions.ph with varying interest rates depending on the banks you choose to apply your loan from.
If you really need a quick loan with just the minimum amount, Cebuana Lhuillier offers the Happy Loan that allows you to borrow Php5,000 and pay it in three months. BPI Globe BanKO Instaloan also allows borrower to loan Php2,500 but must be paid after 7 days.
Quick cash loans are just an option to help you bridge the gap from your current financial situation to the next one. If you need some quick cash, then go for the easiest way and apply your loans online. Just the same, your best option is to always compare the loan products available and choose the best one that would suit your financial needs and help you achieve your goal.