It is no surprise that alternative loan institutions are common in the Philippines. In its 2017 Financial Inclusion Survey (FIS ), the central bank announced that only an estimated 15.8 million adult Filipinos, or 22.6 percent, have bank accounts, while an approximate 52.8 million, or 77.4 percent, remain unbanked. Due to this, only a small fraction of the Fiipino population can take advantage of financial products provisioned by banks – and that’s where these alternative microfinance companies come in.
In the Philippines, microfinance is dominating the financial industry through high-tech services easily accessible through the internet. With the rise of the Fintech scene, these microfinance companies have become an easier alternative for Filipinos who are seeking financial products that are suitable for their needs.
Other than online loans, technology today has paved the way to loan providers with smartphone apps. While there isn’t a handful of these app-based services yet, it’s worth noting that most of those that are available in App Store or Google Play right now work as long as you can comply with the requirements.
Cashwagon Cash Loan
Cashwagon, a subsidiary of Green Money Tree Lending Corp is an established service provider in the field of Information Technology solutions and Financial Technology (FinTech).
Their main focus in the Philippines is online consumer financing that offers access to online cash loans without any collateral requirements, complex approval procedures, or prolonged application waiting time.
Their business model utilizes the internet to enable clients’ easy access to their lending services, and they complement it by offering a quick turnaround time.
Cashwagon Cash Loan
- Currently residing in the Philippines
- Loan applicant must be between 20 to 60 years old
- Employed for at least 1 year
- Payslips and/or COE
- Proof of address (utility bills)
- Within 24 business hours from the time of application
- Log on to their website.
- Fill in the application form.
- Wait for a call from Cashwagon
Cashwagon offers quick cash for those who need immediate funds to meet financial obligations. The application is also hassle-free and can be done in just a few minutes. The documentary https://installmentloansgroup.com/payday-loans-ks/ requirement is very minimal and the release of funds is also very convenient as it’s directly transferred to your bank account or debit card.
While the application process is indeed hassle-free, this comes with a short payment term and steep interest rates in return. First-time applicants will also be limited to a maximum amount of ?7,000 pesos, which is to be repaid within 10 days. Meanwhile, repeat borrowers will be able to borrow as much as ?20,000 but are only given up to 30 days for the repayment.
If you’re in dire need of cash due to some emergency and payday is still a week away, perhaps their loan program best suits your immediate needs right now.
Tala Philippines
Tala is a global microfinance company that delivers its financial services solely through their app. Other than the Philippines, they also operate in Mexico, Tanzania, Kenya, and India, with over a million customers in their platform to date.
You can conveniently apply for their loan on the go through their app, but their maximum loan amount may not be sufficient for people with big-ticket needs.
Tala Philippines
They have no minimum income requirement and aren’t particular with your employment status. Simply download the app and upload a valid ID and you’re good to go.
Tala has very minimal requirements, however, it also comes with higher fees and interest rates at a shorter term. It may not be ideal for people who can’t cope with bulk payment or who are just financially incapable of doing so. It’s a quick cash solution with a quick repayment scheme.
Atome Credit Cash Loan
Atome Credit offers a secure and transparent cash loan service that can easily be accessed through their mobile app. Atome is a brand of Neuroncredit Financing Company, Inc., a reputable Financial Technology company and subsidiary of Neuroncredit Pte Ltd (Singapore), which have been operating in the microfinancing industry since 2015. To gain an edge from their competitors, they utilize Artificial Intelligence in providing faster and better services for their customers.
Atome Credit Cash Loan
However, additional requirements may be required after credit evaluation. This can vary from one person to another depending on their financial capacity.
Processing fee – 0.8% per day for new borrowers and up to 5% per month for people with good payment history with Atome.
Atome Credit Cash has two types of loan offerings – a payday loan that you can get repayment terms for up to 3 months and a quick credit which is payable up to 7 days. Their 3-month term loan is a provision for people who wants better payment flexibility. However, it is essentially a short term loan with a very limited loan approval amount.
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