Everybody knows that emergencies happen. Even if one has a stable job and a fixed salary, one might need some cash immediately. Some people would say that one needs to save until the needed amount is there but what if it is a matter of life? What if in some days, this money will not be needed anymore? What if the opportunity will go by then to never come back? And the banks have such high requirements to issue a loan that not everybody can apply for a loan with a bank.
That’s why people get loans from lending companies. And in most cases, the sooner a loan can be issued, the better it is, and the reliable lending companies make their decisions on loans approval or declining within several hours or maximum a couple of days. Yes, the borrowers need to repay much more than the loan sum is, but in some situations, it doesn’t matter. The only thing that matters is money, and one might need cash fast.
What Is a Cash Loan?
That’s why many companies offer loans. A cash loan or a cash lending is some money that one gets from a company or a person under particular conditions. Usually, the sum is fixed, there is some timeframe within the borrower has to repay it, and there are interests.
Most companies apply also fees for paying late, and some of them offer discounts on further loans if the borrower shows himself/herself as responsible.
All in all, a cash loan is a money provided to the borrower, and the borrower has to return the sum of the loan plus the interests.
Where to Get Cash Loans?
|OnlineLoans||Sum: 2,000 – 7,000 PHP for new borrowers, 2,000 – 20,000 PHP for repeated borrowers
Interests: 1% daily, 700 PHP processing fee + 1% daily in case of late payment
Processing fee: yes, is calculated upon the loan issuing
Loan term: 7 days – 3 months
|Cashwagon||Sum: 2,000 – 7,000 PHP for new borrowers, 2,000 – 20,000 PHP for repeated borrowers
Interests: N/A for the first loan up to 7,000 PHP, further – depending on the conditions and calculated individually
Processing fee: N/A for the loan up to first 10 days, for a longer period a fee of 400 PHP is applied
Loan term: 7 days – 6 months
|Atome||Sum: 1,000 – 10,000 PHP
Interests: 0.90% daily on the main balance
Processing fee: 0.80% daily on the main balance
Loan Term: 7 days – 3 months
|Robocash||Sum: 1,000 – 10,000 for new borrowers, 1,000 – 25,000 for repeated borrowers
Interests: 1,3 daily
Processing fee: N/A
Loan term: 7 – 21 days
Pros and Cons of Cash Loans
A cash lending is a perfect solution in an emergency when you don’t want to ask for favors friends or relatives or if you know that they cannot help you. Other main advantages of cash loan from a reliable company are:
- Almost guaranteed approval;
- Minimum requirements;
- Money crediting via the most convenient way for you;
- The application process is completely online;
- Fast approvals of loans;
- Loans are issued even for borrowers with bad credit history.
There are disadvantages, as well, and you should be very attentive to them:
- A short timeframe for repayment;
- High interests;
- In most companies, a processing fee is applied, which is usually not low, either.
So, before applying for a loan, make sure you calculate all your capabilities realistically. Apply only for the sum you can repay and select a timeframe to guarantee a timely repayment.
How to Apply for a Cash Loan?
In order to apply for cash loans in an hour in the Philippines, you should follow the step-by-step instruction online. You can find it on the main page of the company`s website and all the procedure usually looks as follows:
- Select the sum and the timeframe for repayment;
- Provide the requested data;
- Download the photo of your official ID and yourself (with your ID);
- Wait for an SMS or a message (depending on the website) with the company`s decision;
- If the loan is approved, indicate the way how you would like to receive the cash). In most cases, a bank account or an e-wallet would work, however, there might be other options available;
- Receive your funds.
Do not forget to repay your loan on time or before the deadline. The lending companies apply late payment fees which are not low at all. And for reliable clients who make repayments on time, there are discounts and special offers from companies.
Cash Loan Requirements
Cash credit in the Philippines is not available to anybody. To be able to get it, you should comply with particular requirements, and your income level is not the least important one. So, you can apply and be approved for a loan if you are:
- A resident of the Philippines;
- Have a government-issued ID;
- Are full-aged (18 years old);
- Are not older than the maximum age limit set by the company (it varies from 55 to 70 years old);
- Have a constant income or are officially employed.
Additional conditions might apply depending on the lending company, but the mentioned ones are the most typical ones. Also, make sure you have a bank account or any other way to receive your money. Check on the company’s website what options they offer.
Cash Loans for Blacklisted
The main advantage of getting a loan from a lending company is that they are not interested in your credit history. Even if you have a pending loan with some of the banks, you can still apply for one hour cash loan bad credit. The company would charge you higher interests, but it is almost guaranteed that you will get so much needed money. You can even use it to repay a loan taken from a bank and hence, to improve your credit history. Or you can use your funds to pay for your studies or eve to start some kind of business. Same day loan might become a turning point in your life because it gives you access to a great opportunity to improve your life once and forever.