There are endless situations where money is urgently needed, and your bank just cannot provide. When that day comes – you need to find a suitable lending company that can. No need to ask money from friends or relatives. That’s never a good idea. Today, loans can be found as easily and quickly as possible, online. The main thing you’ll need to deal with is the terms and conditions of each offer. Here is our list of top lending companies in the Philippines:
Binixo: Online Credit Card up to 20,000 PHP
One of the most famous companies is Binixo.ph. Here, in order to obtain a loan, you’ll have to select the basic parameters in their online loan calculator. The company offers loans at a rate of 1% per day. In case of late payments, customers will have to pay an additional 1% per day for unsecured debt.
In order to get a loan online, you must fill out the appropriate form on the site, indicating your e-mail, phone number, bank card number and personal ID. Further, the company automatically processes each application. The result is reported via SMS message or e-mail.
This lending service is suitable for those searching for microcredit with favorable terms. Binixio has the highest percentage of approved transactions in the market. This is one of the most successful lending services in the country, with transparent conditions of operation.
One of the best advantages in Binixio is the ability to take a loan of up to PHP 20,000 in cash for a period of 1 to 30 days. The company has the lowest interest rate among other web loan services. Even people with a bad credit history can count on a cash loan. Among the disadvantages, we emphasize the doubled interest rate in case of late repayments.
CashMart online loan: conditions, rates & Opportunities
СashMart is a Singapore-based financial Corporation operating also in the Philippines. The company has a range of rates, from 0.8% to 3.5% depending on the loan period. Only adults over the age of 21 can get a loan from CashMart. Customers must also have a permanent job, Valid ID and Latest Proof of Billing.
The requirements are set at a rather serious level, since the company aims to provide the most secure payments. The main focus of CashMart is on short loans, which are very popular with the public. A professional certification is a real standard for this company. Customers can count on professional technical support. The company tries to inform customers about the causes of credit problems.
The fast cash advantages of CashMart include a flexible range of interest rates and the benefits of short-term lending. There is also a credit limit for new customers. Among the shortcomings we identified the age limit, the need for a formal work and proof of solvency.
Personal loans from Cashwagon
Cashwagon is a peer-to-peer lending service (not a Bank) operating in the Philippines. The company offers 0% interest on the first 10-days of a loan. In order to get a loan, you must be a Filipino citizen and permanently reside in the country. The loan is available for people from 20 to 60 years of age. To receive a loan, you must fill out an online form with your personal data and wait for confirmation of the collateral loan by phone.
To receive loans in cash, users need to have a permanent place of work and an up-to-date bank card. Among the disadvantages, note the lengthy process of approving a loan, the need for permanent residence in the country and solvency (formal employment).
Such restrictions potentially narrow the list of people applying for a loan through CashWagon, as so many Filipino citizens, like OFWs – live outside its borders.
FundKO is also a peer-to-peer lending platform. It’s actually like a deposit or investment system for those (lenders) who want to earn money. In order to get a loan online, you must fill out the appropriate form. You can make financial transactions from 10,000 Php to 200,000 Php. with an interest rate from 10% to 24. The following information must be provided:
- Personal ID;
- 2 Latest Proof of Billing;
- Latest Payslip for each customer.
The advantages of Fundko include the possibility of obtaining a loan of up to 200,000 Php (That’s Big!). The process of filling up the online form is quite simple, and the entire service is easy to use and acts according to the current legislation.
The disadvantages include a longer period of approval (up to 5 days). Fundko also requires customers to provide a lot of documents, which scares away the average user. The service is useful mostly for long-term loan procedures.
MoneyMatch cash loan
MoneyMatch is another online P2P lending platform, designed to benefit both lenders and borrowers while eliminating physical boundaries in helping them achieve their financial goals. MoneyMatch, which was developed by FinTech Global Inc., serves as a marketplace that allows both parties to maximize their financial potential.
MoneyMatch cash loan users need to fill out an online loan application form to match their final goal. It is also necessary to provide the usually primary government-issued IDs. Customers also need to provide bank statement from the last six months, specify their phone number and bank card number.
MoneyMatch is good for small businesses. Cash loans can be obtained through a bank card after approval of the application. Among the advantages, we include the reliability of the service and legal rigor in terms of issuing loans. The disadvantages include the long process of waiting for confirmation of the loan, as well as the fact that all legal aspects are hidden from ordinary customers.
Bottom line is, before taking a loan – do your research well, and make sure you know all the tiny details of your loan deal.