What is a Fast Cash Loan?
A fast cash loan is a short-term loan that is designed to assist people who are going through financial difficulties and are in need of immediate financial assistance. The application process is fast and convenient. Moreover, borrowed funds are made available shortly after the application has been approved – thus the name.
Normally, fast cash loans are unsecured, which is why borrowers should expect the lender to charge higher yet affordable interest rates than traditional bank loans. Nonetheless, fast cash loans are the most convenient option for people who need money right away.
Fast Cash Loans In The Philippines
Listed below are the loans in the Philippines that are easy to apply for and are quick to disburse:
Personal Loan
Personal loans are loans that have a quick and easy application process that allows borrowers to get their hands on the borrowed funds in a matter of minutes. It covers a number of personal expenses, from debt consolidation to expensive purchases – depending on the need of the borrower. Usually, most of the lenders of this type of loan examine the borrower’s financial capacity and creditworthiness through their income and credit history before approving their application.
Salary Loan
With its quick application, guaranteed approval, and fast cash loan disbursement, salary loans are indeed the best option for working Filipinos who are short in cash and are waiting for their salaries in order to meet their urgent financial needs, especially during Petsa de Peligro.
When compared to other loans, however, salary loans have a higher interest rate, lower loanable amounts, and have relatively shorter repayment terms.
How to Apply for a Fast Cash Loan
The Philippines offers a lot of ways to apply for a fast cash loan. There is a traditional way in which borrowers have to visit a bank and submit the requirements in person or they can take advantage of the online financing option where all they have to do is fill out the online form and upload the necessary documents. Eventually, getting an online loan is the most preferred option as borrowers can complete the entire application process from the comfort and safety of their own homes. More so, it is easier to compare online lenders rather than visiting physical branches.
Once done checking the loan offers from different websites, it usually takes about a few more steps to apply for a fast cash loan in the Philippines.
Step 1:
Visit the website of the preferred online lending company—some offer mobile apps as well which are to be downloaded via Google Play Store, Huawei AppGallery, or the Apple App Store. Create an account and log in using the credentials.
Step 2:
Look for the available financial offers and choose the loan that best suits your needs. Once done, fill out and complete all the required forms. Make sure to double-check all the entered information before submitting and agreeing to the terms to avoid possible rejection.
Step 3:
Wait for the approval of the loan application, which only takes about 1-2 business days. Normally, the lender will inform the borrower of the status of his or her application via SMS or email notification.
Step 4:
Once the application has been approved, the loan proceeds will be made available in the bank card that is provided by the borrower, or through other forms of disbursements applicable.
Fast Cash Loan Providers In The Philippines
There are many companies that offer fast cash loans in the Philippines with a minimal set of documents. It should be noted that interest rates and loan terms vary from lender to lender.
Here is the list of the most reliable names of fast cash loan providers in the country:
COMPANY | FEATURES | LOANABLE AMOUNT |
TALA |
| PHP 1,000 – PHP 10,000 |
Cashwagon Cash Loan |
| PHP 2,000 – PHP 20,000 |
Easy Cash |
| PHP 5,000 – PHP 10,000 |
Digido |
| PHP 10,500 – PHP 25,000 |
FCash Global Lending Inc. |
| PHP 2,000 – PHP 12,000 |
Conclusion
Although the loan provides many benefits for Filipinos who are struggling financially, they should still exercise caution when taking out a fast cash loan. Because they may be more likely to be compromised if they are not able to manage their finances well.