Online Cash Loans Using Apps That You Can Download Today!

Online Cash Loans Using Apps That You Can Download Today!

It is no surprise that alternative loan institutions are common in the Philippines. In its 2017 Financial Inclusion Survey (FIS), the central bank announced that only an estimated 15.8 million adult Filipinos, or 22.6 percent, have bank accounts, while an approximate 52.8 million, or 77.4 percent, remain unbanked. Due to this, only a small fraction of the Fiipino population can take advantage of financial products provisioned by banks – and that’s where these alternative microfinance companies come in.

In the Philippines, microfinance is dominating the financial industry through high-tech services easily accessible through the internet. With the rise of the Fintech scene, these microfinance companies have become an easier alternative for Filipinos who are seeking financial products that are suitable for their needs. 

Other than online loans, technology today has paved the way to loan providers with smartphone apps. While there isn’t a handful of these app-based services yet, it’s worth noting that most of those that are available in App Store or Google Play right now work as long as you can comply with the requirements. 

If you’re looking for some additional cash, money-lending mobile applications may have the type of loans that you need!

Cashwagon Cash Loan

Cashwagon, a subsidiary of Green Money Tree Lending Corp is an established service provider in the field of Information Technology solutions and Financial Technology (FinTech).

Their main focus in the Philippines is online consumer financing that offers access to online cash loans without any collateral requirements, complex approval procedures, or prolonged application waiting time.

Their business model utilizes the internet to enable clients’ easy access to their lending services, and they complement it by offering a quick turnaround time.

Cashwagon Cash Loan

Cashwagon Cash Loan

Absolutely no interest for first-time borrowers!

Initial loan
Loan amount₱2,000 - ₱7,000
Loan tenure10 days
Interest rate0%
Repeat loan
Maximum loan amount₱20,000
Loan tenure30 days
Interest rate20%
Total amount to be paid ₱24,000

Eligibility

  • Currently residing in the Philippines
  • Loan applicant must be between 20 to 60 years old
  • Employed for at least 1 year

Documentary requirement

  • Payslips and/or COE
  • Proof of address (utility bills)

Turnaround time

  • Within 24 business hours from the time of application

How to apply

  • Log on to their website.
  • Fill in the application form.
  • Wait for a call from Cashwagon
  • Loan confirmation will be sent to you via SMS within 30 mins after the phone call.
  • The money will be sent to your indicated bank account within minutes from receiving the SMS confirmation.

Payment option

Cashwagon can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:

  • 7-Eleven (Using Dragonloans)
  • Bayad Center
  • SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket)
  • Robinsons Department Store and Supermarket
  • Cebuana Lhuillier
  • LBC
  • Landbank ATM
Should you consider them?

Cashwagon offers quick cash for those who need immediate funds to meet financial obligations. The application is also hassle-free and can be done in just a few minutes. The documentary requirement is very minimal and the release of funds is also very convenient as it’s directly transferred to your bank account or debit card.

While the application process is indeed hassle-free, this comes with a short payment term and steep interest rates in return. First-time applicants will also be limited to a maximum amount of ₱7,000 pesos, which is to be repaid within 10 days. Meanwhile, repeat borrowers will be able to borrow as much as ₱20,000 but are only given up to 30 days for the repayment.

If you’re in dire need of cash due to some emergency and payday is still a week away, perhaps their loan program best suits your immediate needs right now.

Tala Philippines

Tala is a global microfinance company that delivers its financial services solely through their app. Other than the Philippines, they also operate in Mexico, Tanzania, Kenya, and India, with over a million customers in their platform to date. 

You can conveniently apply for their loan on the go through their app, but their maximum loan amount may not be sufficient for people with big-ticket needs.

Tala Philippines

Tala Philippines

No minimum income requirement

Min. financing amount ₱1,000.00
Max.financing amount₱10,000.00
Min. loan tenure21 days
Max. loan tenure1 month
Maximum loan amount₱20,000
Loan tenure30 days
Interest rate15%-15.7%
Approval durationWithin the day

Eligibility

They have no minimum income requirement and aren’t particular with your employment status. Simply download the app and upload a valid ID and you’re good to go. 

Other fees

A service fee of 11% (21 days loan tenure) or 15% (30 days loan tenure)

Documentary requirement

  • Payslip
  • Proof of address such as utility bills
  • Valid ID

Payment option

Tala can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:

  • 7-Eleven (Using Dragonloans)
  • Bayad Center
  • Cebuana Lhuillier
  • Mlhullier
  • Coins.ph app
Should you consider them?

Tala has very minimal requirements, however, it also comes with higher fees and interest rates at a shorter term. It may not be ideal for people who can’t cope with bulk payment or who are just financially incapable of doing so. It’s a quick cash solution with a quick repayment scheme. 

Pros: Quick approval and minimal requirement

Cons: Too many fees and very short payment term

Atome Credit Cash Loan

Atome Credit offers a secure and transparent cash loan service that can easily be accessed through their mobile app. Atome is a brand of Neuroncredit Financing Company, Inc., a reputable Financial Technology company and subsidiary of Neuroncredit Pte Ltd (Singapore), which have been operating in the microfinancing industry since 2015.  To gain an edge from their competitors, they utilize Artificial Intelligence in providing faster and better services for their customers.

Atome Credit Cash Loan

Atome Credit Cash Loan

Better rates for good borrowers

Min. financing amount ₱1,000.00
Max.financing amount₱10,000.00
Min. loan tenure7 days
Max. loan tenure3 months
Interest rate0.90%
Approval duration1-2 working days

For starters, their basic requirements for the borrower are as follows:

Eligibility

  • Applicant must be between 18-55 years old.
  • Must have a valid government ID like license, UMID, passport, etc.
  • Must have at least a GCash account if not a bank account. 

However, additional requirements may be required after credit evaluation. This can vary from one person to another depending on their financial capacity. 

Other fees

Processing fee – 0.8% per day for new borrowers and up to 5% per month for people with good payment history with Atome.

Late payment fee – 1.5% per day

Documentary requirement

  • Payslip
  • Proof of address such as utility bills
  • Valid ID
Should you consider them?

Atome Credit Cash has two types of loan offerings – a payday loan that you can get repayment terms for up to 3 months and a quick credit which is payable up to 7 days. Their 3-month term loan is a provision for people who wants better payment flexibility. However, it is essentially a short term loan with a very limited loan approval amount. 

Pros:  immediate disbursement of funds (24 to 38 hours).

Cons: Only available in Google Play (sorry iPhone users.) Low loan amount.

 

 

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