Quick Cash Loans In The Philippines

Quick Cash Loans in the Philippines 

A quick cash loan is typically an unsecured personal loan that Filipinos can use to cover a person’s immediate financial needs. It provides the fastest and easiest way for cash-strapped Filipinos to fund unexpected expenses should their savings be depleted. It is considered “quick” because the entire process, from application to disbursement of funds, can be completed in less than 24 hours.

The majority of quick cash loans in the Philippines are provided by three sources: banks, pawnshops, and online lenders.

Benefits of Quick Cash Loans 

Applying for a quick cash loan in the Philippines has many significant advantages, particularly for Filipinos seeking immediate financial solutions. The following are some of the benefits that Filipinos can enjoy by applying for a quick cash loan:

Simple and Fast Application

Borrowers who desire to skip long lines and avoid the traffic outside have the option to take the loan application from the comfort of their homes. Since the majority of quick cash loan providers in the country are online lenders, borrowers only need to submit the application form and required documents online using their mobile or computer connected to the Internet or data – which should take only a few minutes. 

The use of internet-based applications has sped up and simplified the process of obtaining quick cash loans in the Philippines. 

Fewer Requirements 

Filipinos who require immediate cash can be easily approved for a quick cash loan provided that they have met all the criteria. For most lenders, not having a bank account will not be an issue as long as the borrower has provided evidence of financial capability to make repayments such as proof of employment and a stable income. 

Flexible Repayment Terms 

Another advantage of applying for a quick cash loan is the possibility of receiving flexible repayment terms from lenders. Borrowers will be able to choose how much they want to pay on each repayment schedule. In addition to this,  the borrower has the option of paying the loan in advance, which may improve the borrower’s credit score.

Where to Get Quick Cash Loans in the Philippines

Aside from the traditional way of going through a quick cash loan application from banks and pawnshops, here are the authorized online lenders in the country that offer Filipinos with easier and faster way of applying for a quick cash loan: 

Moneycat

Loan features:

• Loan up to Php 20,000
• 3 to 6 months loan term
• For the interest rate, the maximum APR is 35 percent 

Qualifications:

• 22 to 60 years old
• Filipino nationals living in the Philippines
• Employed individuals and selected professionals

Online Loans Pilipinas

Loan features:

• Loan up to Php 7,000 for first-time applicants, and up to 30,000 for repeated borrowers with a good credit standing
• Loan terms of up to 6 months
• Zero interest and no processing fee for first-time borrowers

Qualifications:

• Filipino citizens with age 22 to 70 years 
• Employed individuals and selected professionals
• Have a valid bank or e-wallet account

ACOM Consumer Finance Corporation

Loan features:

• Loan amount ranges from Php 3,500 to Php 500,000
• Payable from 6 to 10 months 
• Interest rates start from 3.315 percent to 4.563 percent per month 

Qualifications:

• Filipino nationals, 21 to 65 years old
• Employed with a Php 7,000 minimum gross monthly income 
• With existing office landline phone and personal mobile

Tala

Loan features:

• Get up to Php 2,000 for first loans, and can grow up to Php 15,000 with good payment history
• Payable from 15 to 61 days
• Interest rate ranges from 14.97 percent to 17.46 percent per month

Qualifications:

• Citizens of the Philippines aged 21 to 60 years
• With a permanent source of income

Conclusion

The inability of Filipinos to deal with financial emergencies has increased the uptake of financial services in the country. Indeed, as long as there is a need for cash, financial services, and loan products such as quick cash loans that can provide Filipinos with an immediate financial solution remains important. At this rate, loans will always be ingrained in the Filipino culture as they help low-income Filipinos achieve their goals and improve their living conditions.