Online Cash loans (Digital Lending)
Technological innovation has been a big part when it comes to the ease of doing business with lending industries. And because of this, the digital lending industries have grown bigger. In the Philippines, there are 124 online lending platforms registered with the Securities and Exchange Commission. Even traditional banking institutions now offer online loan applications thereby expanding their customer reach.
For online cash loan platforms, it is best to first check the legitimacy of the company before you enter into a contract with the lender. Like any other traditional financial institution, online lending has also two types of borrowing – secured and unsecured borrowing. Secured borrowing needs collateral whenever you try to borrow a certain amount whereas unsecured borrowing does not require any collateral at all. The approval of the loan application will be based on your credit standing.
Listed below are the general eligibility and documentary requirements needed when applying for an online cash loan.
Eligibility Requirements
- Must be between 18 – 60 years old
- The borrower must be employed or self-employed
Documentary Requirements
- A duly filled out loan application form
- Proof of Income
Pros and Cons
Listed below are the pros and cons when a borrower is considering applying for an online cash loan.
pros
- Easy application process
- Faster approval
- Higher rate of approval
- Offers a more convenient way of repayment
cons
- Lower maximum loanable amount
- First-time borrower tends to be granted a lower amount
- Higher interest rate
Financial Institutions that Offer Online Cash Loans in the Philippines
Lendpinoy
They offer two types of cash loans: Single-time payment loans or Term loans.
Single-time Payment Loan
Loan amount: Php3,000 – Php25,000
Loan interest: 15%
Loan Term: 30 days
Term Loan
Loan amount: Php5,000 to Php60,000
Loan interest: 6%
Loan Term: 90 or 180 days
Eligibility
- Must be at least 21 years old and above
- SSS member
- Minimum monthly salary of Php15,000
- With regular employment status for at least 6 months
- Living in Metro Manila, Cavite, Laguna, Rizal, or Bulacan
- Working in Metro Manila
Citibank
Loan Amount: Php100,000 to Php2,000,000
Interest Rate: 26.9% Annual Contractual Rate
Loan Term: 1 to 5 years
Eligibility
- 21 to 65 years old
- Filipino resident
- For a foreign resident individual, a valid Philippine billing address is required
- Tax Identification Number
- Principal credit card holder
- Minimum annual gross income of Php250,000
Blend.ph
Loan Product: Fast Loan
Loan Amount: Php10,000 to Php40,000
Interest Rate: 8% per month
Loan Term: 3 months to 6 months
Eligibility
- Must be 21 – 64 years old
- Must be a Filipino Citizen
- Minimum monthly salary of Php 16,000
- Must be employed, business owner, or self-employed
Rating
4.8/5
Citibank Philippines
Citibank offers various financial products. Check and apply for exciting loan offers now.
Conclusion
In this digital age, applying for additional funds for personal use has been made easy. With just a click away, you can be qualified and granted the loan amount you need. One of the best things about digital loan applications is that you can compare every feature of different loan products from different lending companies. Borrowers will get the chance to choose the best loan offer available.
Big Piggyy
"Show me the MONEY!!!" – Jerry Maguire
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