What are Online Loans?
Online loans are loan products that borrowers will be able to apply for without visiting a branch – only a computer or a smartphone and an internet connection are required. All the steps required to apply for a loan can be completed online. The verification of the loan application will also be done through a phone call. Once approved, the loan proceeds will be transferred electronically to the borrower’s bank account or they will also be available through cash pick-up.
Financial Institutions that Offer Quick Cash Online Loans in the Philippines
Here is the list of financial institutions in the Philippines that provide online cash loans:
Tala
Loan Amount: Php1,000 to Php15,000
Interest Rate: as low as 9.5%
Loan Term: up to 61days
Moneycat
Loan Amount: Php1,000 to Php20,000
Interest Rate: 11.9% per month
Loan Term: up to 180 days
Digido
Loan Amount: Php1,000 to Php10,000; up to Php25,000 for repeat borrowers
Interest Rate: 11.9% per month
Loan Term: up to 180 days
Online Loans Pilipinas
Loan Amount: Php1,000 to Php7,000; up to Php20,000 for repeat borrowers
Interest Rate: 0% for first-time borrowers
Cash Mart
Salary Loan
Loan Amount: Php5,000 to Php30,000
Interest Rate: .8% to 3.5%
Personal Loan
Loan Amount: Php5,000 to Php50,000
Interest Rate: 0.8% to 3.5%
OFW Loan
Loan Amount: Php5,000 to Php30,000
Interest Rates: 1.2 to 2.5%
Pros & Cons of Online Cash Loans
Pros
- The loan application can be done from the comfort of your home
- Fewer requirements needed
- No need for collateral
- The status of the loan application can be monitored online
- Loan proceeds can be received from your bank accounts or other partner remittance centers near you.
Cons
- Lower maximum loan amount
- Higher interest rates than traditional lending companies
- Available only for short-term repayments
Conclusion
In case of an emergency and the amount the borrowers need suits the offers of online lending companies, applying to such is the best option for them. The processing of the loan application will only take 24 hours and borrowers will be immediately informed of the status of the application. With the easy process of a loan application, borrowers must still exercise caution when it comes to borrowing and determining the loan amount needed. At the end of the day, the loan must be obtained in order to either address an immediate need or use it as a vehicle to gain financial freedom. It should not be the cause for one to drown in debt.
Big Piggyy
"Show me the MONEY!!!" – Jerry Maguire
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