What is a Cash Loan?
A Cash Loan is a type of borrowing where the borrower receives a lump sum amount of cash that will be paid back within a predetermined term and an agreed-upon interest rate. It is usually a short-term loan that can range from a few months to a few years. A personal loan can be used for whatever personal reasons such as house renovation, medical expenses, buying new appliances, and for your kid’s educational needs.
Who is Eligible to Apply for a Cash Loan?
Listed below are the general eligibility requirements for applying for a cash loan. Other requirements may be needed depending on the lending company.
- The borrower must at least be 18 years old but not more than 65 years old at the time of maturity.
- Must be employed or self-employed
- Filipino Resident
What are the Requirements?
The basic requirements for a cash loan application are the following:
- Duly filled-out application form
- Valid government-issued ID
- Latest payslip (for employed)
- DTI, Business Permit, or BIR Registration (for self-employed)
Where Can you Apply for a Cash Loan?
It is without a doubt that banking institutions and lending companies have been a big help to individuals that need additional funds for emergency use over the years. Over the years, loan applications are traditionally done in person, at the branches of the financial institution. But in today’s digital age, loan applications are now completely automated. Digital lending companies have dominated the lending industry, with loan applications that have faster approvals and an easy application process.
Traditional Financial Institutions
Citibank provides cash loans through its Personal Loan product.
Loan Amount: Php100,000 to Php2,000,000
Interest: 26.9% ACR
Loan Term: 12 months to 60 months
Hongkong and Shanghai Banking Corp. (HSBC)
HSBC Philippines also offers cash loans through Personal Loans and offer competitive terms and rates compared to the market.
Loan Amount: Php30,000 to Php500,000 or 3x the monthly gross salary, whichever is lower
Loan Term: 6 months to 36 months
Digital Lending Institutions
Loan amount: Php10,000 to Php40,000
Interest Rate: 8% per month
Loan Term: 3 months to 6 months
Loan Amount: Php1,000 to Php50,000
Interest Rate: 0 – 13% nominal interest rate
Loan Term: 2 months to 6 months
Citibank offers various financial products. Check and apply for exciting loan offers now.
Get personal and home loan offers with the best offers from HSBC. Apply for their loan products now.
You can choose the type of cash loan that you need depending on your current situation, whether a quick cash loan or a personal loan will be enough to cover it. Every need corresponds to a type of cash loan offers that traditional or digital lending companies provide service. Traditional banking institutions or credit unions can borrowers with a higher loanable amount, whereas digital lending companies have a lower maximum loan amount.