Recent surveys reveal an increased rise in the demand for financial apps and digital lending platforms in the Philippines. According to research by Robocash Group, a robotic financial service provider in Asia and Europe, over 50% of Filipinos rely on multifunctional mobile bank services for their day-to-day financial needs. This robust market expansion has made it easy for anyone in the Philippines to access quick cash loans online with just a click of a button.
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In this guide, you will find everything you need to know about a quick cash loan in the Philippines.
Compare Quick Cash Loans with Us
When looking for an online loan in the Philippines, you will likely find a wide-ranging spectrum of lenders featuring an endless list of loan products and services. However, the more borrowing options there are, the higher the chances of finding your way into the hands of scammers and lending frauds. While there are plenty of factors to consider before applying for quick loans online, you want to ensure you are safe from such frauds.
A fast cash loan comparison site allows prospective borrowers to weigh between multiple loan offers while getting the best value for their financial statuses. You also get to choose the best lender based on reliable online reviews, detailed user information, and feature status. There is probably no better way to find the most suitable and competitive lending option than a comparison site.
Online Options for a Quick Cash Loan
A quick cash loan is a broad phrase referring to a wide range of loans that are easily accessible and can quickly be disbursed to your bank account or digital wallet. While they are instantly available funds, fast cash loans come with differences you should be aware of before running the applications.
The various options for an instant online loan include personal loans, payday loans, and auto title loans.
This is an unsecured loan type with fixed, long-term installment terms, usually borrowed for all forms of financial needs. In most cases, does not require any collateral, with the repayment terms going up from a few months to several years. Also, a personal loan tends to attract lower interest rates than most loan types.
A payday loan is a form of short-term borrowing meant to be repaid within the loanee’s next payday. These loans attract very high-interest rates for a shorter duration. This explains why the key purpose of a payday loan is to finance day-to-day needs and other financial emergencies.
Auto Title Loans
An auto title loan is a short-term borrowing that allows individuals or institutions to acquire quick cash against their vehicle as collateral. Essentially, you can only borrow up to a specified percentage of the value of your car to get an auto title loan. The interest rate of a car title loan can be extremely high, typically going as high as over 100%.
What You Need to Know Before You Borrow Money
Borrowing a quick cash loan online demands a lot of thought and consideration. This is because getting a loan that is unsuitable for you might have long-lasting implications on your financial stability. Therefore, you want to be as informed as possible before you take out loan funds.
Here are critical elements you should know before borrowing any loan amount online.
Line of Credit Vs. Loans
Lines of credit and loans are two forms of financing through which individuals and businesses can acquire money from online lenders.
A loan allows borrowers to access specified amounts once and then repay the loan amount and the interest in agreed monthly payments until the debt is settled.
On the other hand, a line of credit is a credit facility that continuously gives you access to money as per your established credit limit. Repayments are made regularly, usually monthly, and they include a sum of the loan amount and its accumulated interest. Borrowers can use lines of credit for as long as the facility is active.
Loans Vs. Credit Cards
Loans are categorized as installment debt, where you borrow a one-time fund (loan amount) and repay it in small proportions for a defined period.
In contrast, credit cards are defined as revolving credit. The lender supplies you with an extension of money that you can use to make purchases, repay, earn the cash back, and the cycle continues. In this case, the loan amount is accessed through a credit card.
Fees and Charges
Fees and charges are varying types of costs surcharged against a loan. These costs are exclusive of the interest rate associated with a loan. The various types of fees and charges linked to loans include application fees, origination fees, transaction charges, and processing fees.
An interest rate is an amount the lender charges for any loan, usually calculated as a percentage of the loan amount (principal). Interest rates vary with loan types, financial institutions, loan terms, and credit history.
Your Credit Score
In addition to finance-related credentials, financial institutions consider multiple other factors to approve a loan application. For instance, lenders rely on the borrower’s credit score and credit report to determine their capacity to pay back a loan. Keeping a clean record with the various credit bureaus is crucial to having successful borrowing.
What Affects Your Credit History and Score?
Credit bureaus apply multiple-factor criteria to calculate your credit score. These factors include;
- Credit History – This is a record of whether you have existing debts, how well you pay debts, and the timing of clearing such debts.
- Active Credit – This is the borrower’s current credit status, showing whether there are any existing loan accounts.
- Credit Types Used – The type of loan borrowed over time is fundamental to determining one’s creditworthiness.
- Credit Utilization Ratio – This is the measure of how a borrower spends a revolving credit facility.
- Length of Credit History – This is the length of time that an individual has been actively involved in borrowing.
How to Build Your Credit Score
A good credit score is as good as having a stable financial life.
Here are a few ways to build your credit score.
- Pay your debts and bills in time.
- Do not miss out on installments and other monthly payments.
- Control the urge to open many credit accounts.
- Review your credit reports regularly.
- Dispute errors in your credit report.
Lenders of Quick Cash Loans
Today, a fast cash loan is made available by credit unions, private lending companies, banks, and online lenders, without necessarily walking into a physical location. Most of these lenders disburse the approved loan amount to your account in a few minutes, hours, or a single business day.
Here is an overview of how different quick cash loan lenders go about quick cash loans and credit.
The revolution of the fintech sector has seen most banks innovate online financing platforms that enhance digital transactions and quick cash loans. Most banks in the Philippines have created mobile apps for instant loan approval whenever you need it. You might want to check the type of loan available, lending terms, and repayment policies before you apply for a bank loan. Unlike modern lenders, traditional banks tend to have stringent borrowing guidelines.
Private Lending Companies
These are non-banking institutions and private investors licensed to offer credit facilities. Private lenders are the most preferred option by Filipinos who cannot qualify for a quick cash loan at a traditional bank. The benefit of private lending companies is that they have fewer restrictions and faster loan approval rates.
Credit unions are non-profit making organizations established and run by their members. Ideally, the members of such a financial cooperative pool together savings and then use the money to offer loans to interested members at lower interest rates. To qualify for a credit union loan, you must be a member of a registered union.
Popular Lenders in the Philippines
Fast cash loans are now more accessible in the Philippines than ever. At the touch of a button, you can acquire an instant loan, from personal and auto loans to payday and auto title loans. These instant loans are a go-to option for individuals with limited access to traditional bank loans.
Here is a curated list of top lenders in the Philippines.
EasyCash leverages the power of technology to feature a modern online lending platform for Filipinos. The lender offers Seafarer, business, and personal loans all under one platform. Create an EasyCash account and wait for approval confirmation. Loan approval at EasyCash takes a maximum of 2 business days.
CashWagon is a popular lender in South-East Asian countries, offering emergency cash loan offers and microloans to individuals and small businesses. First-time applicants at CashWagon can only access a maximum of 6,000 Pesos with a 0% interest rate for the first 10-day window.
CashCat has one of the largest quick-cash loan portfolios in the Philippines. The lender features a dozen of offers, including emergency cash loan offers, home credit, medicine financing, and electronic purchasing. Notably, a CashCat cash loan attracts an interest rate of 0% to 1% per day, depending on one’s credit history and loan amount.
Digido is one of the leading fast cash lenders in the Philippines, offering up to 10,000 Pesos for first-time applicants at a 0% interest rate. Repeated quick cash loans at Digido attract interest rates of 0% to 5% for up to 25,000 Pesos. The platform offers cash loan offers to Filipinos only.
Cashalo, a mobile lending app, features quick loans online and secure funds at an interest rate of 4.95% every month. The app is available to both Android and iOS users, offering up to 10,000 Pesos.
Financial Regulators – Your Protection
The overall oversight of the financial sector in the Philippines is done by the Bangko Sentral ng Pilipinas, the country’s Central Bank. BSP oversees the operations of banking and non-banking institutions, including finance companies, banks, and private lending companies. Ideally, BSP creates the legal and regulatory environment under which all financial and money lending institutions should operate.
Other agencies involved in the supervision of the finance industry in the Philippines include the Insurance Commission and the Securities and Exchange Commission. The purpose of all these agencies is to ensure that Filipinos are safeguarded against financial fraud and exploitation. Institutions and lenders without proper licensing and registration by these regulators are an outright threat to you as the credit consumer.
How to Apply for a Fast Personal Loan
Applying for an online loan is almost effortless. While different platforms provide varying application procedures, here is an overall guide to applying for a fast personal loan.
Visit the Website or Mobile App of Your Preferred Service Provider
The entire quick cash loan application process is done over the web or via the lender’s mobile app. On the website, look for an ‘Apply’ button and click on it. This will direct you to a dashboard with a list of guidelines on how to secure a cash loan.
Online Application Form
Fill out the application form featured on the website/app. The form is designed to capture such details as names, contacts, addresses, and personal emails.
Upon filling out the application form, you will get a link or code directed to your email address or phone to confirm your identity. This is accompanied by a message that your application was successful.
Most lenders will require you to provide personal documents, such as identification cards, income statements, and business registration documents. The more the required documents you provide, the higher the chances of securing a loan.
The lender will send you an email or call you confirming approval of your cash loan request.
Wait for the cash to be disbursed to your account immediately after loan approval. This may take a few hours or a maximum of 2 business days.