Online Cash Loans
Online Cash Loans are loans that one could get online. The entire process – from the application to disbursement, can happen without visiting any of the financial institution’s physical branches. Online cash loans are usually unsecured loans, and most of the time online lenders only require minimal documents and are not strict with regard to the borrowers’ credit history. However, the loanable amount available for online cash loans is minimal compared to the amount that traditional lenders are willing to lend to their consumers.
Regardless, the convenience of application and quick disbursement of online cash loans are advantageous to people who are in desperate need of immediate cash to fund their emergencies and wants.
Legit Online Cash Loans in the Philippines
The following are among the legitimate and reputable online cash loans in the Philippines based on the updated list of recorded online lending platforms of the Securities and Exchange Commission (SEC) as of November 2021:
Acom Consumer Finance Corporation
Established in July 2017, Acom Consumer Finance Corporation has been providing affordable unsecured personal loans to Filipinos in need of quick cash to date. They also provide special offers to applicants with good credit history. The company is legally operating in the country with SEC Registration Number CS201724897 and Certificate of Authority No. 1140. Furthermore, they also provide special offers to customers with good credit history.
Loanable Amount: Php 3,500 to Php 500,000
Annual Percentage Rate (APR): 39.78% – 54.756%
Loan Terms: 6 – 10 Flexible months
Digido Finance Corp
Digido Finance Corp is an online lending company that stands out from the competition for having multiple modes of loan application: web, mobile app, and through branches, as well as its affordable financial solutions that do not require complex documentation, allowing its borrowers to enjoy a smooth online lending experience.
On top of this, Digido is a legitimate and licensed online lender with SEC Registration Number CS202003056 and Certificate of Authority No. 1272.
Loanable Amount: Php 1,000 to Php 25,000
Loan Terms: 3 to 6 months
Maximum Annual Percentage Rate (APR): 143%
Tala Financing Philippines Inc.
Tala provides Filipinos with equal access to affordable financing options, regardless of their credit history, as long as they have a smartphone to apply with. With Tala, they can get the results instantly and have their funds disbursed directly at their preferred location. What’s more, Tala’s newest feature allows its borrowers to choose their own due date.
By having a financial solution that best fits their life, Filipinos will be able to fulfill their dreams and seize every opportunity that comes their way without worrying about their financial status. Also, Tala is an SEC-registered company, which implies that all of its operations are legal.
Loanable Amount: Maximum of Php 15,000
Loan Term: Up to 61 days
Interest Rates: 9.5% per month
Filipino borrowers who want to take advantage of the benefits of online cash loans in the country must first evaluate the lender’s authenticity. There are several ways to do this, one of which is to check its registration details on the SEC website, which is available to the public for this purpose. Always remember that companies that are operating legally in the Philippines are SEC or DTI-registered.