Online Cash Lenders: Bridging The Gap To Help Ordinary Filipinos In The Time Of Pandemic

Admit it. You never thought that once in your life, you will experience an unprecedented event such as this. All of a sudden, millions of Filipinos, both here and abroad, were forced to stay at home due to strict lockdown measures. Everything else is disrupted, too – your job, proper cashflow, and your normal, daily life.

Because of this pandemic, thousands of Filipinos are on their knees. There are a lot of uncertainties as well since no one knows when this will end or if the situation will get better anytime soon despite the strict quarantine protocols.

The good news is business doesn’t stop for online cash lenders. In fact, some were “business as usual” to give thousands of unbanked Filipinos access to credit.

Here’s how online cash lenders are adjusting:

  • Online lenders are open for business, although for a limited work schedule, to address people’s financial needs.
  • Updated application process to make application easier and more convenient. However, this could affect the 24-hour turnaround time promised by most lenders.
  • Loan payments are easier through GCash,, or online bank transfer among others.
  • Allow rescheduling of payments without incurring any fees.
  • Pursuant to Bayanihan Heal As One Act, a 30-day grace period was given for loans that fell during the enhanced community quarantine.
  • Consequently, penalty fees were waived as well as long as loans will be paid within the given period.

On Bridging The Gap And Providing Credit To Filipinos

The reality is there are thousands of Filipinos who remain unbanked or those who have no bank accounts. Some will also be unable to borrow due to poor credit score. This could be a problem especially in times of emergency and you need access to cash – now.

Thankfully, online cash lenders were there to help – and they do so by making loan application easier and more accessible. 

Most online cash lenders allow you to borrow between P1,000 and P30,000, although there are few who would lend higher amount. This loan is payable within a week or up to three months.

You can use the amount for almost anything but during this challenging time, we recommend that you borrow for the following purpose/s:

  • Pay or update loan amortizations
  • Purchase inventory
  • Additional working capital to jumpstart your existing business
  • New working capital to start a business
  • Additional spending power in case of delay in salary or job loss

That being said, here are some reminders when borrowing money from online cash lenders:

  • Choose your lender wisely. Online cash lending is popular these days. This results to proliferation of fly-by-night lenders, which the SEC and BSP warn the public about. Before you apply, do your research first. Use the loan calculator in the lender’s website to give you an idea on how much each lender will spend for a particular amount. This will give you an idea on the loan duration as well.
  • Submit all requirements. This is a must. Despite making services accessible to you, lenders need to ensure that they will be paid at the end of the day. Prepare documents like payslips, certificate of employment, proof of billing, and government-issued ID. Each lender’s requirements vary but so far, these are the essentials you need to prepare.
  • Cash-in / Cash-out method. Choose a method that is most accessible to you. Options include 7/11, remittance centers,, or online bank transfer.

Online cash lenders will make borrowing easier, but this doesn’t mean you should do this anytime you want. This is a difficult time for everyone, so make sure you borrow only when needed and use your money wisely.


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