Rules For Applying A Quick Cash Loan Online Philippines

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Quick Cash Loan Online Philippines – in several unexpected situations getting cash in a short period becomes an important issue. Despite the fact of the reason, it appears that a lot of complicated procedures should be provided. These include: choosing the bank with suitable terms and conditions, preparation of a document package, and execution of the agreement, etc. But in some cases, time plays a decisive role, and you desire to get a quick cash loan immediately. 

Talking about the Philippines, it is possible to get money lending online without any difficulties. The state laws and rules of the banking system allow doing it if you fall under several criteria and are agreed with specific rules and conditions provided by the specific facilities (banks, private companies, financial institutions, etc.). 

So, what particular aspects are required for a loan? What are the rules of such a procedure in banking institutes of the Philippines? How to find the best online establishment, which helps to provide an elaborate loan application?  

Quick cash loans Philippines
Quick cash loans Philippines

Conditions And Documents

The procedures of applying for a quick cash loan, considering the laws of the Philippines, are similar to the procedure in other Asian and European countries. It means that you are given the immediate money, which is expected to be returned after a certain period. The percentage charge is constant at the beginning, and then is calculated depending on the time, set to return the borrowed amount. 

Regular Conditions 

Naturally, applying for online loans is given by NBFIs (non-bank financial institutions) in the Philippines. There are conditions, which should be followed to execute an online contract (some of them may differ depending on the facility’s specificity).

They are the following:

  • Only individuals are applied for getting cash;
  • Individuals must be no less aged than 21 years old at the time of contract execution;
  • Applicant must be no more aged than 65 years (the age differs) at the time of repayment;
  • The citizenship is usually irrelevant if all the necessary documentation is provided and other aspects are all right;
  • Active mailing address (for the citizens) and a phone number are required;
  • The monthly income should be no less than 6.000 – 10.000 PHP;

Upload The Documentation

Documents you need for a quick cash loan in the Philippines
Documents you need for a quick cash loan in the Philippines

If each of the listed conditions refers to you, the documentation should be uploaded (at least one of the following is required):

  • License of a driver (or it’s variants, such as conductor’s or temporary student’s certificate, etc.);
  • Passport;
  • The ID of Professional Regulatory Commission (RMC);
  • Social Security Number;
  • Multipurpose ID;
  • Mailing ID;
  • Vote identifier (COMELEC).

You should represent the uploaded documents originally – no copies allowed!

The Online Loan Application Process In the Philippines

It is a consistent process, which consists of typical registration and confirmation procedures.

Most non-banking institutions develop the following application procedure:

  1. Choose the amount you need on the specific web page/mobile application of the institution.
  2. Sign up for an application form: it may be a custom landing page or a standard questionnaire, which contains individual information (date and place of birth, address, phone number, etc.)
  3. Upload the necessary documentation.
  4. Get a call from a lender, answer the critical questions and discuss a particular cash loan’s terms and conditions (a call is received approximately one working day after filling up an application form).
  5. If the application was confirmed, choose the suitable method of receiving the cash (as a rule, it is approximately 1 to 5 working days).

Asking for a loan online is regarded as a short-dated procedure in the Philippines because the terms commonly don’t count more than 12 months. 

How To Receive Money If The Application Confirmed?

Most institutions suggest using one of the following ways of acquiring money:

  • Bank transfer;
  • Cashing at the remittance centers;
  • Cashing at the recompance centers.

Usually, the cash is provided in PHP, but in some cases (for non-citizens), the money is available in USD due to the current course.

How Is The Monthly Installment Calculated?

As a rule, financial facilities envisage a regular monthly installment when giving funds to an applicant. There is a specific set formula, used by most Philippine banks and NBI’s: (P x I x N)/P.

The indicators mean:

  • P – set amount of given funds;
  • I – monthly interest rate;
  • N – facilitie’s ownership in years/months (depends on the establishment’s specificity).

The calculated installment is discussed by the two parties to the contract and is necessary to be paid, including the interest cost. 

Terms Of Giving Money Back

As a rule, the repayment time for a quick cash loan is counted due to the applicant’s earnings per month. But some institutions provide their custom versatile periods.

Most regular of them are the following:

  • 90 days; 
  • 180 days;
  • 360 days;
  • 540 days;
  • 720 days;
  • 1080 days.
  • >3 years loan;

If the applicant has personal requirements for timely giving money back and they were discussed in time (before setting up a contract), the term of repayment may be violated.

Admissions And Fees While Applying For A Quick Cash Loan Online Philippines?

Usually, the loan establishments don’t install substantial fees for the applicants. But if the online banking institution was chosen, possible charges might be:

  • Outgoing fee (it is usually 0% if the money are sent to the current bank’s account, and may be <1% if sent to the other’s);
  • Documentary stamp tax;
  • Overdue fee (the percent is violated due to the specific terms);
  • Early redemption penalty.
unsecured online loans Philippines 24/7
unsecured online loans Philippines 24/7

Regular Risks For Online Quick Cash Loan Application

  1. If an online banking facility is used for the application, conducting the money transfers with other banks may be rejected.
  2. Compromising data while making the application is a regular problem, which should be necessarily solved. If such a case occurs, you should inform the facility immediately. 
  3. Material risks, which are not discussed primarily, usually cause problems with the repayment process. If something unexpected appears, the institution should be necessarily informed. As a rule, the loan facilities have the right to recall and demand immediate repayment.
  4. Changing the processing fee or the default interest rate by the institution. In such a case, they must inform the applicant, giving at least 30-day notice.

If the repayment wasn’t made in time, most institutions hire collection agencies to force creditors to make a regular payment. The credit record’s can be easily tracked by private financial organizations, and non-following the rules may lead to the refusal in the subsequent possible applications for getting money. Therefore, this aspect should be taken into account.

Choose The Best Facility To Apply For A Quick Cash Loan Online Philippines

Facilities NameMax. Loan (PHP)Min. Monthly Income (PHP/month)Maximum
Tenure
Processing Fee (PHP/% of the full loan amount/% per month)
ACOM REVOMAX Quick Cash loan50000070003600 days1000
RFSC Personal Quick Cash Loan5000015000360 days6% of the full amount
Global Dominion Inc100000250000360 days5.5% of the full amount
Digido250001000030 daysN/A
Tala Philippines10000500030 daysN/A
South Asialink Finance OFW Personal Quick Cash Loan25000020000360 days5.5% of the full amount
Asteria Personal Loan2000010000360 days10% of the full l amount



SecurityBank

2000000N/A1080 days2000 PHP
CashMart30000N/A180 days10% of the full amount
Cashalo 10000N/A45 daysN/A (interest rate =10 % per month)

Most institutions have their mobile apps, where all the rules are indicated. Learn about them before making an application for getting cash online. 

To Sum Up

As we see, applying for a quick cash loan is a complex procedure in the Philippines, if provided online. It is provided step-by-step. You need to fall under specific criteria and prepare some necessary documentation to become an applicant. The rules, terms and conditions, amount of maximum money taken, and processing fee differ depending on the type of financial institution. Find out the important facts about different banking and non-banking institutions to minimize the potential risks. Certainly, you must be aware that the facility has all rights to force you to give the money back. Therefore, the decision must be gravely thought out and all eventual conditions must be learned.

So, what do you think now about Quick Cash Loan Online Philippines?

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User Review 5 (3 votes)
Linda Carters/ author of the article

Financial Journalist on Advance Loans Philippines with 8 years experience in a Fintech niche.

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