Avail a fast cash OFW loan that is catered to suit your needs.
Online cash loan is a loan that you can apply online directly without visiting the lender's office physically. Communication and exchange of information between the borrower and lender will be done online throughout the loan application process.The application is quick and hassle-free. Most online loans are unsecured and will only require minimal documentary requirements. The release of funds is also very convenient as it's directly transferred to your bank account or debit card. However, compared to the conventional personal loans offered by banks or private lenders, the loan amount, especially for first-time borrowers may not be as big.
Financing and lending companies that legally operate online and cater to Filipinos are required to be registered under DTI and the SEC. They usually have a physical office set up within the Philippines and can be easily tracked if untoward circumstances arise.
To apply for online cash loans from a legit lender, borrowers will only need to provide supporting documents such as proof of identification, address, and income. They should not be asked to pay an upfront fee of any sort. Applying for a loan from an online loan company is safe, as long as you only deal with the legitimate companies. However, if you are still wary about these new type of loans, you can always apply through conventional personal loans in the Philippines for your peace of mind!
Most personal loans online offer quick approval, some offer same-day approval while most is 24 business hours approval. The most common factor that causes a delay in loan approval is incomplete documents. If you want your loan to be approved within the given time frame or as fast as possible, gather all the complete documents first before submitting it to the loan provider.
Online loan providers typically provide same-day or 24 hours approval. Simply apply for a loan with these online loan providers through iMoney and get your funds disbursed fast! Among the online loan providers who offer the fastest approval are the following:
Yes, you can now apply for a loan online. There are various online loans providers in the Philippines and most of them are paperless and hassle free. You just need to apply in their website, fill-in your information, upload your documents, and then wait for a few hours to a day for confirmation.
Online cash loan lenders are not as strict in eligibility compared to conventional banks. For starters, you must at least meet the following criteria:
Applying for a personal loan online is fast and hassle-free. You can do it in a few simple steps depending on the loan provider.
Most online cash loans don't require any collateral or a credit card!
Online cash loans can be considered as short-term loans as their loan tenure is usually up to 12 months, and the turnaround time of the application is usually shorter (around 1 to 3 business days) provided that you fulfilled all the requirements.
|Term||3, 6, 12 months|
|Turnaround||1- 5 business days|
|Interest rates||0.8% - 3% per day|
The answer relies greatly on your needs and eligibility. There are different types of online cash loans for different individuals. For example, there are online loans marketed towards OFWs, entrepreneurs, and the regular salaried employee.
To choose which type of loan best suits you, check out our list of the top online loans in the Philippines.
Depending on how much you need, when you need it, and your qualification, finding the 'best' online loan will take more consideration than just the loan amount. Here are the recommended online loans to apply for based on different circumstances:
|Quick approval with less documents:||Cashwagon Cash Loan, Tala Philippines|
|Low salary requirement:||Tala Philippines, Cashwagon Cash Loan|
|Bigger loan amount:||Global Dominion Salary Loan|
|Longer payment term:||RFC Personal Loan, Global Dominion Salary Loan|
Initially, only a few online cash loan providers develop their own app to make the loan application experience easier for their customers. Nowadays, there are various online loan apps that you can just download from Google Play Store to directly apply for a personal loan conveniently. If you want to skip the long queue in banks and just have your online loan application done through your phone, here are a few mobile apps that we recommend:
Online loans have very convenient payment channels. You don't need to visit their office to make a payment over the counter, although you can. Here are other payment channels you can use to make payments for your online loan:
Just enter the amount of loan and your preferred payment term. The online calculator will then present loan packages available on the market which matches with the information you entered. The calculator will sort the loan packages from the lowest interest rate and will provide a computation of the monthly repayment.You can click on the "Apply" button beside each loan provider presented to proceed with the application.
Most online cash loan companies hire a collection agency for defaulted payments. If you default a payment, that will count against your credit history with the lender. The Philippines is yet to have a centralized system to track a person's credit record. However, these lending companies may have access to credit records tracked by private financial entities such as banks and other private lending companies. Chances are high that if you default a loan, it might count against you on your next loan application with another provider.
Another important matter to take note is that, while jail time isn't a common sanction for defaulted loans, a certain extent of legal action to coerce settlement of unpaid debts will be taken by the creditors.