What is an Instant Cash Loan?
Instant cash loans are short-term loans that are approved quickly, usually within a few minutes to 24 hours, and provide you with the immediate cash you need. Typically, instant cash loans have smaller loan amounts and come with high-interest rates and fees. Filipinos who need to address emergency needs right away can apply for instant cash loans online.
Financial Institutions that Offer Instant Cash Loans
It is a digital company that offers cash loans through online applications. A borrower does not need to have a bank account to be able to be approved for a loan and receive the loan proceeds. The loan proceeds will be made available through digital wallets and cash pick-up.
Loan Amount: up to Php 50,000
APR: 194% per annum
Loan Term: 2 months to 6 months
Approval Time: 24 hours
Acom offers online and branch applications for instant cash loans for eligible borrowers. They take pride in approving loan applications in as fast as 24 hours and has higher than most maximum loanable amount.
Loan Amount: Php3,500 – Php500,000
Interest Rate: 39.78% – 54.756% per annum
Loan Term: 6 months to 10 months
Approval Time: within the day
Tonik is a digital bank that provides financial products and services at the fingertips of its customers. All transactions with the bank can be done either through their website or the Tonik app.
Loan Amount: Php5,000 to Php50,000
Interest Rate: 7% per month
Loan Term: 6 to 24 months
Approval Time: 10-15 minutes
Moneycat is an online loan platform that offers borrowers flexible payment terms and a simple application process. Within just a few minutes, borrowers will be able to get approval on their loan applications.
Loan Amount: Php500 to Php20,000
Interest Rate: 11.9% per month. Max APR is 145%.
Loan Term: 3 to 6 months
Fast Approval Time: 5 minutes
Tonik offers a fully digital banking experience and better loan offers. Don’t miss their products and apply now.
Instant cash loans are unsecured loans that provide the easiest means of application, quick approval, and disbursement. Upon application, the borrower only needs to prepare the following basic requirements:
- A valid government ID
- Proof of Billing
Advantages and Disadvantages
Instant cash loans provide both advantages and disadvantages. When a borrower considers applying for this type of loan, both of them must be weighed before going ahead with anything.
- Quick approval and disbursement process.
- The application can be done online and no need to visit and follow up with the branch.
- Accessible 24/7.
- High-interest rates.
- Lower loanable amount.
- When a borrower is not careful, borrowers may get into the habit of taking a loan each time they need money even when it is not a necessity.
An instant cash loan is very helpful to all Filipinos who really need cash immediately because not everyone has an emergency fund for sudden expenses. And although they help people who are in dire need of financial assistance, the simple and quick way one can apply and be approved for a loan may lead to irresponsible borrowing and cause the person to fall into debt and further financial struggles. One must always exercise caution before agreeing to any instant cash loan agreements.