Factors to Consider in Comparing Loan Offers
Higher Maximum Loanable Amount
There are many factors that influence the need of people to apply for a loan but most of that stems from the fact that the prices of basic commodities have increased while salaries remained the same and as a result, the household budget always falls short each month. When emergencies arise, a person has nowhere to go to but approach financial institutions for a cash loan. Depending on their needs, the higher the maximum loan amount is afforded to them, the better.
Lower Interest Rates
The interest rates determine whether cash loans are affordable or not. Most of the time, lenders who offer online cash loans promise fast processing but charge higher interest rates while others provide more requirements than others but offer lower interest rates. The decision should always depend on the need of the borrower.
Agreeable Payment Terms
A longer payment term is preferable because it allows the borrower a more affordable loan repayment amount.
Additional Fees and Charges
The other thing that borrowers must be wary about is to make sure that the lender offers loans without hidden charges. The fees and charges must be communicated to the borrower before signing a loan agreement. If it is not provided, the borrower should feel free to ask for it.
Top Online Cash Loan Philippines
Based on the research we have conducted, the following financial institutions offer the top online cash loans currently available in the Philippines:
Acom (Consumer Finance Corporation)
Loan amount: Php3,500 to Php500,000
Interest rates: 3.315% – 4.563% per month or 39.78% – 54.756% APR
Loan terms: 6 months to 10 months
- Processing Fee: Php1,000
- Lending Fee: Php500
Home Credit Cash Loan
Loan amount: Php10,000 to Php150,000
Interest rates: depends on the credit evaluation
Loan terms: 18 months to 36 months
Loan amount: Php1,000 to Php 25,000
Interest rates: 11.49% per month or 143% APR
Loan terms: 3 months to 6 months
Cash Mart PH
- Salary Loan: Php5,000 – Php30,000
- Personal Loan: Php5,000 to Php50,000
Interest rates: 0.8% to 3.5%
Loan terms: Fixed Term
Online cash loans in the Philippines have changed the way people approach financing and credit. It has undoubtedly become more convenient for people to borrow and more people have become financially included.
Some people are not able to obtain cash loans from traditional banks because of the strict documentary requirements. Online cash loans provide simpler documentary requirements, swifter loan processes, and quicker loan disbursements.