A Step-by-Step Guide on How to Apply for Cashalo
In a previous post, we shared about Cashalo as another alternative for online cash loan. As of that posting, Cashalo was still not operational.
The good news is as of this writing, Cashalo is up and about, and ready to offer online cash loans for you. Here’s what you need to know about Cashalo, plus a step-by-step guide on how to apply for an online cash loan.
Who is Cashalo?
Cashalo is an online marketplace that allows Filipinos to collaborate for financial services where you can borrow between P2,000 and P10,000. Unlike other online lenders, Cashalo allows both lenders and borrowers to connect. As long as you are over 18 years old, employed, and with a steady income, you can apply for a loan through Cashalo.
How to Apply for Cashalo
- Download the Cashalo app for free. You can get it at Google Play Store for Android devices or App Store for Apple devices.
- Once you downloaded the app, you have to Sign Up using your mobile number. A six-digit code will be sent to you to verify your mobile number. Key it in.
- Enter your username and create a password. Click “Sign Up.” Make sure you write down your username and password for future reference.
- You will be redirected to Cashalo Homepage. Click “Apply Now” to apply for a loan.
- Choose a loan amount between P2,000 and P10,000 and then select the loan term. Loan term is maximum of 33 days. As you navigate, you will see the total amount due on the lower portion. Click “Apply Now” thereafter.
- Take a photo of your ID, preferably government-issued ID, and click “Next.”
- Input your Personal Information such as name, place of birth, and marital status.
- Provide References, specifically at least one friend and one family member.
- Fill out Work Information details, which includes occupation and employer or company. Take note that Cashalo has pre-installed companies. If you can’t find yours, you can add your employer manually.
- Input your bank details. Unlike other online cash lenders, Cashalo will only remit the amount you borrowed by depositing the said amount in your bank account. It is imperative that your bank account MATCHES your user profile in Cashalo, otherwise, you won’t be able to get your money or your loan application might be rejected.
- Complete your loan application with online facial recognition.
As soon as you completed the steps, Cashalo will redirect you to a page indicating that your loan application was submitted. Cashalo will review your application within 24 hours and if approved, the amount will be deposited to your nominated bank account.
Are you ready to give Cashalo a try? Make sure you have an ID with you to speed up the loan application process.