Comparison of Prices of Online Cash Lenders in the Philippines

Online cash lending is popular these days. It is fast, convenient, and you don’t have to leave the comfort of your home just to submit documents and borrow money. Many people realize the convenience it brings, which is why there are those who take advantage of this online facility.

Apparently, it’s not the same for every online cash lender in the market, at least in terms of loan repayment. There are lenders who are reasonable and don’t charge that much while there are many others who bank on this constant demand for cash and charge higher interest rate plus processing fee.

To guide you better, we compiled a list of online cash lenders in the Philippines and how much they will charge for seven, 21, and 30 days if you borrow P10,000.00 :

Online Cash Lender 7 days 21 days 30 days
Availa * ₱10,525.00 ₱11,050.00
Binixo ₱10,700.00 ₱12,100.00 ₱13,000.00
Cash Credit  – ₱11,776.00
Cashmart ₱10,350.00 ₱11,160.00 ₱11,520.00
Cashwagon ** ₱12,000.00 ₱13,000.00 ₱14,000.00
Loan Ranger *** ₱10,325.00 ₱11,365.00 ₱11,950.00
Moola ₱10,700.00 ₱12,100.00 ₱13,000.00
My Cash ₱10,560.00 ₱11,680.00 ₱12,400.00
Pera247 **** ₱11,330.00 ₱12,243.00 ₱12,990.00
Quickpera ₱10,635.00 ₱11,405.00 ₱11,900.00
Robocash ₱13,892.00 ₱15,229.00 ₱16,540.00

From the list itself, you can see that Binixo, Cashwagon, Moola, My Cash, Pera247, and Robocash are among the expensive ones in the market. You can save more on fees by going for online cash lenders who charge a more reasonable rate like Cashmart and Loan Ranger.

Take note that the amount is set at P10,000 and the rates already reflect the interest charge plus processing fee, if any. We cannot determine how much exactly is the interest rate charged by every online cash lender. Nonetheless, use this table as a guide to help you determine the best and most affordable online cash lender that will suit your needs.

That being said, where do you plan to borrow?

* P10,525.00 is for 15 days

** P12,000.00 is for 10 days and P13,000.00 is for 20 days

* ** P10,325.00 is for 5 days

**** P11,330.00 is for 10 days

Cashalo: Changing the Financial Marketplace at Your Fingertips

Imagine this: you are in need of cash and you don’t know who to turn to. Banks are out of the question and the online cash lenders you applied to have not yet contacted you, so you don’t know if it’s a go or not. You decided to go for friends and asked for help – but which friend? One by one, you sift through your friends and see who can help you – or more like who will say yes to your request.

This is what Cashalo is about.

Who is Cashalo? Cashalo is a financial marketplace that gives borrowers like you an access to financial products that you can use for personal use or investment with the lowest interest rate.

The aim of Cashalo is to provide “financial inclusion” or collaboration all over the Philippines, sans long lines and hassle documentation. This is because Cashalo follows the format of Peer-to-Peer or P2P Lending wherein your needs are matched to a specific lender to make sure your expectations are met.

How to Apply in Cashalo

  1. Visit the website and then register. You can also register here.
  2. Choose the loan amount and loan term.
  3. Wait for 12 to 24 hours and the amount will be credited to your account.

As of this writing, Cashalo is still in beta testing and currently looking for pre-approved users and partners to join the platform. The platform is not yet available to the public, but you better wait for it.

Get Your Online Cash with Cashwagon

You’ve heard about Loan Ranger, Moola, and Tala Philippines so many times. Some had good experience while there are others who decided to look for other online cash providers. If you are one of them, you might want to consider Cashwagon. Who is Cashwagon?

Cashwagon is a Philippine-based company that offers financial technology solutions through online consumer financing. They offer online cash loan with no collateral requirements and complex paperwork to help every Filipino address their growing daily needs.

Using cutting edge technology, Cashwagon commits to easy application access and 24-hour fast disbursement process. In relation to this, Cashwagon charges service fee (depends on the tenure of the loan) and processing fee, which is reportedly higher compared to its counterparts.

How to Apply 

  1. Visit Cashwagon website. On the landing page, you will see a loan calculator that you can navigate.
  2. Choose the amount you want to borrow. Take note that for first time customers, you can only borrow for a maximum of P7,000. If you are a returning borrower, you can get as much as P18,000.
  3. Set the loan term. You can choose among 10, 20, or 30 days (which is the maximum). You will immediately see your Payment Due Date and Total Repayment.
  4. Fill in your name and mobile number, and then click “Get Money Now.” 
  5. Cashwagon representative will contact you through email and text message to inform you the status of your loan application. You will also receive instructions on how to get your cash deposited in your bank account. Per website, standard waiting time is 30 minutes from the time the application was submitted.
  6. If approved, you will receive your money in your bank account within 24 hours. You will also receive a text message informing you about the cash transfer as well as a Loan Contract sent to the email address you indicated.

Tips in Applying for a Cash Loan with Cashwagon

  • Make sure you are between 22 and 60 years old, employed, and with steady source of income.
  • Prepare personal information details as well as bank details where the money will be credited.
  • You may apply for a succeeding loan, as long as you were able to pay your previous loan on time and in good credit standing.

Customer Review: Loan Ranger as an Online Cash Provider

You will need cash at one point in your life. In case friends and family cannot help, you can always turn to online cash loan providers to save the day. One of them is Loan Ranger, a company that offers short-term instant credit to customers like you through safe and convenient money transfer. Unlike other lenders, Loan Ranger welcomes anyone to borrow, regardless of who you are or what you do for a living.

Here comes the biggest concern of all: Is Loan Ranger safe and reliable financial provider?

Check out what past customers have to say about them:

On Loan Application

All of the customers interviewed said that loan application was easy and convenient since you can do it online. Submitting the documents is convenient as well because you simply have to upload it.

Apparently, most clients said that loan application took more than 24 hours from the time the application was sent. Nonetheless, repeat customers are in unison in saying that the succeeding applications are faster. It only took hours for them to find out that their loan application was approved.

On Receiving the Money 

Even if the application process took days before they got an approval, crediting of money in their account happened the following day from the time they were informed that the loan was approved. It was hassle-free as well since the amount was credited directly in their assigned bank account.

On Loan Repayment

For most customers, paying their loan with Loan Ranger is easy since it was done online, particularly through Coins.ph. To pay:

  • Log in to your Loan Ranger account.
  • Click “Pay with Coins.ph”and then input the amount. Make sure that you encode the correct amount to avoid inconvenience.

Once done, the payment made will be automatically deducted from your Coins.ph account. Aside from Coins.ph, some customers also paid through bank deposit.

Nonetheless, one customer noted that Loan Ranger should provide more options when it comes to repaying the loan. Hopefully, the company could add other mediums like Bayad Center, payment in SM malls, or through remittance companies like Cebuana. This will add more convenience to the customers since there are other payment channels available.

On Loan Ranger Customer Service 

The customers interviewed mentioned that they communicate with Loan Ranger via e-mail message. In some instances, Loan Ranger representatives take a while to reply, but they noted that they do reply, usually within a few hours. Nonetheless, their customer service agents are respectful and more than willing to assist.

Loan Ranger may not live up to its 24-hour loan processing, but still, this company is among the online cash providers you can trust. In times of sudden financial need, you know who to call.

Get Your Dream Product with the Help of Akulaku

How do you plan on purchasing your dream product, say an iPhone X or Play Station 4? Many people will save up for it, which means goodbye Starbucks, Coffee Bean, and eating out in restaurants. For many others who can’t wait to get their hands on the newest gadgets, you will turn to online cash loan providers or even use the money stashed inside the bank to make this purchase happen.

Or better yet, you can get your dream product with the help of Akulaku.

Who is Akulaku?  How to Apply in AkulakuAkulaku is an Internet-based company focused on e-commerce and online financial services in Southeast Asia, specifically Indonesia, Malaysia, and Philippines. The company also takes pride in being the first online shopping mall that offers installment as among the modes of payment. In fact, you can pay in installment basis even without a credit card.

Akulaku has partnered with the biggest brands such as Apple, Samsung, Asus, Sony, HP, Nikon, and Vivo among many others to make your shopping experience more worthwhile.

How to Apply:

  1. Start by downloading the Akulaku app on your mobile device. Akulaku is available in Google Play and Apple Store.
  2. Register by filling up the application form. Make sure to provide all the documents asked for to get verified. This will enable you to make a purchase and qualify for the installment plan as well.
  3. Browse through the products and choose the item you want to purchase. Don’t forget to choose the installment period.
  4. Pay the required downpayment using the available payment methods. Take note of the Virtual Account Number to be given, which you will use for payment purposes. At this point, wait for the review of the eligibility of your loan application.

    How to Apply in Akulaku
    Available Online Payment Channels
  5. Once approved, wait for your purchased product, which will be delivered on your doorstep. Take note of the payment schedule as well and pay on time to avoid incurring finance charges.

Tips in Applying in Akulaku

  • Provide all the documents required to verify your account. This is imperative, otherwise, you won’t be able to qualify and apply for an installment plan.
  • Wait for the verification from Akulaku. You won’t be able to apply without getting verified.
  • Be sure with the products you will purchase. Keep in mind that downpayment is required, depending on the item, so be sure with your purchases.

Are you willing to give Akulaku a try?

Home Credit Review: What Customers Have to Say About It

It is understandable that not all Filipinos can buy a new phone or flat screen TV and pay it in cash and in full. This is why credit card companies offer zero percent installment to lessen the burden of paying.

What if you don’t have a credit card or cash on hand and you need to buy a new ref? In that case, Home Credit Philippines is here to help. But before you rush to the store and apply for this type of loan, read up to find out what past customers have to save about it.

Loan Application 

Home Credit has partner stores, which means you don’t have to go physically to their office and apply for a loan. Most of the customers interviewed didn’t have a hard time applying for the loan since the requirements are easy to complied with.

Nonetheless, there were different replies when asked about their waiting time for approval. As per Home Credit’s website, loan processing and approval will take 20 minutes. On the other hand, all of the customers interviewed said they waited more than 20 minutes or around 30 to 45 minutes, with one customer even saying she waited for two hours.

Tip: Make sure you have two valid and government-issued IDs on hand for faster loan processing.

Loan Repayment

Getting a loan from Home Credit is similar to other types of loan you get from banks and other lenders. There is a fixed amount to be paid on a particular day of the month. Making a payment is also convenient for most borrowers since they can pay through bank deposit, SM malls, Bayad Center, and 7/11.

Tip: Pay the installment at least three days before the scheduled due date. This way, the payment made will reflect on Home Credit’s system even before the due date.

Customer Service 

Despite the ease in the application process and loan repayment, majority of the Home Credit customers interviewed said that they had issues with their Customer Service, specifically those in charged in the Billing and Payment.

Most customers shared that Home Credit representatives will call everyday to remind them of their due date, even during wee hours or first thing in the morning. Unfortunately, some customers were unable to pay on time, but nevertheless paid the following day; hence being bombarded by reminders from Home Credit.

What irked most borrowers is that Home Credit has to call ALL people in every borrower’s reference and ask about the borrower’s whereabouts in case of one-day delay in payment. Home Credit representatives even call anytime during the day with no regard as to whether the person they are calling is in the middle of something important. The existing loan was likewise disclosed by Home Credit representatives to the borrower’s reference list, which is embarrassing to the borrower himself/herself, regardless of how small the outstanding balance is. Some said that even their References include family and close friends, they still don’t like the idea of them knowing that you owe something to someone.

Is it highly recommended? 

A few spoke highly of Home Credit and plan to borrow again when the need for a new appliance or gadget arises. On the other hand, most of the borrowers interviewed do not wish to apply for Home Credit again primarily because of the bad customer service. The constant reminders to pay the loan made them feel that Home Credit has no regard and consideration to their customers.

Pera247: A Fast and Simple Way to Get Cash When You Need It

Digital lending is common these days. With Filipinos’ constant need for cash, it’s no surprise that online cash loans are slowly gaining popularity.

Here comes the entry of AsiaKredit’s pera247Online Cash LoanWho is pera247? 

pera247 is a short-term digital lender that provides short-term and unsecured loans for up to 90 days. It is powered by AsiaKredit, an international tech-based financial services firm that provides fast, easy, and convenient credit solution to millions of people in Southeast Asia. It turns out that Southeast Asia, including the Philippines, are underbanked. This means there are limited lenders that could extend credit to and the launch of pera247 could give people options, especially during difficult financial times.

Aside from extending credit to deserving individuals using data-driven credit assessment tools, pera247 aims to educate Filipinos on responsible financial management to improve one’s standard of living.

How to Apply in pera247

  1. Download the app on Google Play Store. You can download it here. Take note that the app only works on Android devices.
  2. Register and create an account using a valid and existing e-mail. Don’t forget to type your password.
  3. Once you signed up, you can start applying for a loan by selecting your preferred amount and loan term using the navigation arrow. Then, click “Get Money.”
  4. You will be redirected to another page where you are required to provide your personal information, including name and place of birth.
  5. Upload a valid ID picture, preferably government-issued ID.
  6. Upload your recent picture to further validate your identity.
  7. Continue answering the online application form such as civil status, number of dependents, and current status of employment. You will also be asked to specify the purpose of your loan and upload any utility bill.
  8. Review your loan application form and then click “Submit.” 

pera247 representatives will review your loan application and get back to you as soon as possible. You will be notified of the status of your application via SMS, phone call, email, or notification from the app. If approved, sign (accept) the Consumer Loan Agreement and choose your preferred withdrawal method (Bank transfer, Security Bank Cardless ATM withdrawal, or Western Union/DA5).

Things to Remember when Applying for a Loan with pera247

  • Make sure you provide a valid and working email address and mobile number. This is where you will be contacted by pera247 representatives.
  • Don’t forget to allow pera247 app to access your mobile data. This is necessary for pera247 to check your eligibility for credit.
  • Upload all documents asked, including the utility bill (which is optional). This will make it easier for pera247 representatives to gauge your credit-worthiness.

Keep in mind that fast cash does not come cheap tough. If you borrow PhP 10,000 for 90 days, you will have to repay PhP 17,970 which is almost 80% in interest and fees for 3 months. The monthly option comes at 30% cost.

Are you ready to give this a try?

Get Instant Cash with Security Bank’s Salary Advance Facility

When you are an employee, receiving your salary every two weeks seems like forever. There will always be bills to be paid, personal items you need to purchase, and sudden expenses along the way that needs cash – instantly. Unfortunately, your family is nowhere to be found and borrowing from friends is out of the question.

Who do you turn to next?

You can try Salary Advance from Security Bank. What is Security Bank’s Salary Advance Loan? 

This loan program is offered by Security Bank to allow employees to advance their next salary. You can borrow between P5,000 and P30,000, depending on your need, and payable within four days to three months, depending on your preferred number of deductions.

The good thing about this facility is that the funds will be credited in their account within 10 minutes simply by sending a text message. As soon as funds are credited, the employee may withdraw the cash at any ATM.

Here’s the catch: the Salary Advance Loan program is available to companies who are Salary Advance-Accredited by Security Bank. Once the company you are working for is accredited, you may apply for a salary advance loan.

Here’s how to apply:

1. Fill out and sign the one-time enrollment form.

2. Submit the application form / Credit Agreement and one primary ID to Security Bank. Thereafter, you will be informed via text message for confirmation of enrollment and your credit limit.

3. When applying for a loan, simply send a text message and send it to 3456 in this format:

SBC SALAD Amount of Loan Number of Deductions

4. Wait for the approval, which usually takes 10 minutes. Once you receive the approval SSS, confirm your Salary Advance Loan by texting SBC SALAD AGREE

5. Withdraw your cash through your Security Bank payroll account at any Security Bank ATMs nationwide.

Tips and Things to Remember when Applying for Salary Advance Loan:

  • You must be between 21 to 65 years old to be eligible for this loan facility.
  • You must be with the company as a regular employee for at least six months or at least three months if contractual or on project-basis type of employment.
  • Your cellphone number is crucial when applying for this facility. This is because the number you provided will be stored in Security Bank’s database as the bank’s payroll customer.

Again, this facility is applicable to you IF the company you are working for is accredited by Security Bank. You can initiate accreditation by submitting the accreditation form and the Bank can take it from there. For companies who wish to be accredited by Security Bank, you can submit the Salary Advance Accreditation Form and other documents for accreditation such as Memorandum of Agreement (MOA) and Secretary’s Certification or Board Resolution showing the authorized signatories of the company.

Other requirements include:

  • Registered business in the Philippines
  • Has at least 30 regular employees
  • Payroll client of Security Bank

Are you ready to get your cash in an instant?

Say Hello to Cash Mart, Your Online Lending Partner for Personal Needs

From Singapore’s number one lending company and now, it’s here in the Philippines. Cash Mart started in 1969 to offer service-oriented loan solutions that are flexible and faster in processing. With the advent of technology and increasing demand from its clients, Cash Mart decided to offer online loan to be able to cater to the growing needs of its Singaporean clients.

Realizing the similarity in financial needs, Cash Mart came in the Philippines with the same agenda: to provide a money lending portal for the growing needs of Filipinos and to help bridge the financial gap that stops Filipinos like you from meeting your goals. The company also offers personal loan, salary loan, car loan, and OFW loan. With that, Cash Mart promises to deliver fast, flexible, and affordable services. Here’s how you can apply for a loan:

  1. Create an account with Cash Mart by clicking the Apply Now tab found on the lower left portion. You will be asked to input your name, email address, and mobile number. 
  2. Choose a loan product and then click Apply Now. Navigate the arrow depending on how much you need plus the term of the loan. Consequently, make sure you upload the necessary documents since this will help Cash Mart in determining whether or not your application is approved. 
  3. Once you submit your application form, Cash Mart will review your application and wait for feedback after one banking day.
  4. If approved, Cash Mart will deposit the funds in your assigned bank account, one hour after you are informed of approval.

Tips to Remember when Applying for Cash Mart:

  • You can borrow from P5,000 to P50,000.
  • Take note that the term of the loan can be paid Weekly, Bi-Weekly, or Monthly. If you choose Weekly, then this means you have to repay the loan weekly. Bi-Weekly means the loan will be repaid every two weeks and the Monthly loan term must be paid after 28 days.
  • Make sure that you input correct information, especially the spelling of your name. This will save you from tons of hassle during processing of application.
  • The bank account where the funds will be deposited must be under your name. Ensure proper input of account number as well to avoid delay in withdrawal of funds. Cash Mart partner with major banks like BPI, BDO, PNB, Land Bank, Security Bank, Union Bank, RCBC, and Metrobank among others.
  • Only borrow what you need and within your capacity to pay. This will prevent any negative effect on your credit standing.

Know more about Cash Mart by checking out their website.

Get the Products You Need with the Help of Home Credit

Picture this: your laptop crashed and you only have one day to submit the most important report in your life. Apparently, you just maxed out your credit card and borrowing money from your parents is next to impossible.

What’s your remedy? Try Home Credit Philippines. Who is Home Credit Philippines? 

Home Credit Philippines is part of the Home Credit Group, a global consumer finance expert, with presence in Asia, North America, Central Europe, and Eastern Europe. The company provides world-class financing services to help borrowers’ meet their financial needs through non-cash, no-collateral in-store financing. It also caters to borrowers with little or no credit history, thereby giving you an opportunity to borrow money.

For instance, if you want to buy a new laptop or any other products or appliance, you can approach Home Credit employees in Home Credit Philippines partner stores to avail of the loan and for you to buy the item you are eyeing for.

How to Apply for a Home Credit Loan:

  1. Identify the item you need. Take note that Home Credit Philippines only allows purchase of gadgets, home appliance, furniture, electronics, and musical instruments.
  2. Check for the nearest Partner Store Locator that sells your preferred item. You can check it here
  3. Inform Home Credit Sales Agent about your intention to loan. S/he will assist you with your purchase and processing of loan documents and application.
  4. Wait for approval of loan, which usually takes 20 minutes. Once approved, only pay for the required downpayment to take home and enjoy your newly-acquired item.

Tips and Things to Remember when Applying for a Home Credit Loan:

  • Make sure you are a Filipino citizen and between 18 to 68 years old.
  • You must be employed for at least three months. Self-employed individuals, pensioner, businessman, and someone receiving regular remittances are welcome to apply as long as you can prove your consistent cash flow.
  • Bring two IDs – any government-issued ID and an ID with your existing address.
  • Pay your loan on time. You can pay yours in SM malls, Bayad Centers, and commercial establishments with ECPay facilities.

If you are looking for a partner that could help you finance your urgent needs, remember that Home Credit is there to help. Give it a try the next time your laptop or any appliance in your home breaks down. Just make sure you are ale to pay your dues on time.

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