The Fintech industry in the Philippines has seen tremendous growth in recent years. As it made financial products more accessible, it also created new ones that empowered the people with more options better suited to the lifestyle and preference of every Filipinos.
Today, you no longer need to drive far to apply for a loan. The fintech industry in the Philippines has made it possible for financial products to be purchased online, and Filipinos can apply for one today!
If you’re looking for some fast cash, these online cash loans may have the type of loans that you need!
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 consumer financing online 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.
Loan features
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Eligibility
- Currently residing in the Philippines
- Loan applicant must be between 20 to 60 years old
- Employed for at least 1 year
Documentary requirement
- Payslips and/or COE
- Proof of address (utility bills)
Turnaround time
- Within 24 business from the time of application
How to apply
- Log on to asteria.com.ph
- Fill in the application form.
- Wait for a call from Cashwagon
- Loan confirmation will be sent to you via SMS within 30 mins after the phone call.
- The money will be sent to your indicated bank account within minutes from receiving the SMS confirmation.
Payment option
Cashwagon can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:
- 7-Eleven (Using Dragonloans)
- Bayad Center
- SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket)
- Robinsons Department Store and Supermarket
- Cebuana Lhuillier
- LBC
- Landbank ATM
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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 requirement is very minimal and 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 programme best suits your immediate needs right now.[/block]
Asteria Personal Loan
This is another rising fintech company operating in the Philippines that offers cash loans through online application. Asteria offers a more comprehensive range of financial products from personal and salary loans, to business and car loans (soon). They will basically match an applicant’s financial need with specific financial products. The company was established to provide personal loans in the Philippines with a goal to provide online, hassle-free service to their clients.
Other than providing clients an easy access to their financial products, they also offer long-term financial solutions that offer flexible payment terms.
Loan features
Currently, Asteria has two types of loans that you can apply for: Personal Loan and Salary Loan. Here’s a quick reference for these types of loans.
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Eligibility
- Currently residing in the Philippines
- Applicants can be salaried, self-employed or professional
- Minimum net monthly income of ₱15,000
Documentary requirement
- UMID, New TIN ID, New PhilHealth ID, and Driver License.
- Proof of address (utility bills)
- Two (2) months latest pay slips
- Bank account under the applicant’s name where funds will be transferred.
Turnaround time
- Within 48 business hours from the time of application
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Despite having almost the same maximum loan amount, interest rates, and payment term, the two loan products come with slightly different qualifications. The salary loan’s repayment will vary depending on the borrower’s salary dates, while the personal loan will have a specified due date set upon the discretion of Asteria.[/block]
How to apply
- Log on to asteria.com.ph
- Register by clicking the APPLY NOW button
- Fill out the online application form and upload the necessary documents.
- Wait for 24 business hours after you have uploaded the complete documentary requirement.
- A notification via text message and email will be sent to the borrower upon loan approval. Alternatively, borrowers can log on to their Asteria online account to check the application status.
- Repayment instructions are also provided in the notification upon loan approval, it can also be found on borrowers’ Asteria account online.
Payment option
Asteria can collect payments through their DragonPay payment partners, which can be accessed in the following establishments:
- 7-Eleven (Using Dragonloans)
- Bayad Center
- SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket)
- Robinsons Department Store and Supermarket
- Cebuana Lhuillier
- LBC
- Landbank ATM
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Asteria’s offering is among the most flexible ones in the unsecured online cash loans in terms of repayment. Though banks offer better interest rates, the screening process is more stringent and strict. If you’d rather skip the lengthy process because you need funds right away and are willing to compromise with a bigger interest rate, this loan service provider might suit your needs.
However, do keep in mind their maximum loan amount isn’t big enough to cover many big-ticket items. If you’re just in need of immediate cash to fund some immediate day-to-day expenses, their loan product may just work for you.[/block]
Fundko
This platform is a peer-to-peer lending market where the funding for the loan is sourced from an individual investor, who also happens to be a user of the other end of the online platform.
FundKo is basically a crowdsourced lending site that doesn’t just offer personal loans but also provides investment opportunities to people who are interested in growing their money short term.
Fundko users can choose to be either an investor or a borrower, if you’re part of the latter, here’s what you need to know about their lending services.
Loan features
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Eligibility
According to their website, a qualified borrower is someone who has a stable source of income and a good moral character.
Documentary requirement
- 2 Photo Issued ID (1 Government and 1 Company ID)
- 2 Latest Proof of Billing
- 2 months Latest Payslip
- 3 Months Latest Bank Statement
- Latest Certificate of Employment
- Marriage Contract (if Married)
Turnaround time
Since Fundko is a crowdsourcing website that relies on its pool of investors for loan funding, getting approved in the platform is one thing, and getting granted with the loan is another.
Even after you’re approved by the platform, it is up to the market’s availability of funding that will decide whether or not you’ll get your funds right away. You’ll be listed in the platform as a qualified borrower until someone funds your loan application. The time frame for you to get your funds will greatly vary according to the number of investors in the marketplace at the time of application.
How to apply
1. Go to fundko.com.
2. Register a new account by putting in your full name, email address, and preferred password.
3. A confirmation email will be sent to your email address. Please check your email to make sure you've done it successfully.
4. Once your account has been activated, click this link: www.fundko.com/application/fundko and fill out the necessary information.
5. FundKo will send you a text message stating your Loan ID and secret code (please keep this for identity verification purposes) if your application is successful.
Payment option
Currently, Fundko is only accepting payments through post-dated checks to make sure that borrowers will be held accountable in cases where they miss a payment or default a loan.
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Peer-to-peer lending is an interesting platform to get a personal loan. They don’t provide the fastest turnaround time, but their rates and the maximum loan amount that you can apply for is quite competitive. However, this isn’t really the best loan market for people who are in need of fast cash as you might have to wait longer to get your loan request funded by an investor.
Fundko is a great marketplace to get an online loan as it can also present itself to you as an investment opportunity. However, it might not satisfy the need of those who are in dire need of quick cash.[/block]
South Asialink
This finance company is among the big leagues of private financial service providers that offer consumer loan products. They have branches across the country and can accommodate walk-in applicants.
Being one of the biggest established private lending companies in the Philippines, their consumer loans are quite competitive and diverse, and in some cases comparable to services offered by banks.
Loan features
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Eligibility
- Age 21 to 59 years old
- At least ₱50,000.00 monthly income
- A co-maker who meets the following criteria
- A Filipino Citizen
- 21-59 years of age upon loan maturity.
- Must have a steady source of income.
Documentary requirement
- 2 Photo Issued ID (1 Government and 1 Company ID)
- 2 Latest Proof of Billing
- 2 months Latest Payslip
- 3 Months Latest Bank Statement
- Latest Certificate of Employment
Co-maker documentary requirements
- Latest 2x2 picture (3pcs)
- Photocopy of 2 valid IDs (Company ID, Passport, Driver’s License, SSS, etc.)
- Proof of Billing (electricity, telephone, water bills)
Turnaround time
One to three business days from the time an application together with the documents are submitted.
How to apply
- Register in their website.
- Fill in your full name, email address, and preferred password.
- A confirmation email will be sent to your email address.
- After signing up for an account, you can then log-in and upload the required documents for the loan that you want to apply for.
- Wait for a call within 24 hours upon application for verification of your documents.
- Another call will be given to you upon loan approval.
Payment option
Repayment can be done through their partner payment centers, which are MLhullier and CEbuanna Lhullier.
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Their loan product, rates, and tenure are standard offerings. However, if you take comfort in borrowing money from an established loan company other than a bank, South Asia Link is the next best thing. Just make sure you take all the factors in their loan product into consideration and make sure it will not hinder your cash flow in the long run.[/block]
Business loans
While individuals have a range of online options when it comes to personal loans, even business entities and professionals can now have quick access to funds online.
The following online cash loans are dedicated to business owners operating in the Philippines.
Global Dominion
This financial services provider is among the well-established private lending companies in the country. They have more comprehensive loan products which cater to a wider demographic and more varied financial needs of Filipinos. They have many branches across the country and one can also choose to do a walk-in application in their branches.
Loan features
Global Dominion offers a much wider variety of loan products tailored to the general public and individuals from different professions.
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Eligible Applicants
•Dentists
•Physicians
•Other Medical Specialists with Active PRC ID.
Documentary requirements
• Updated PRC ID
• Latest 3 months Bank Statements
• Patient Ledger
• 2 Valid IDs
• 2 pcs. 2×2 picture
• Latest and Original Electric or Water bill
Payment option
Global Dominion only accepts payments through their payment partners, which are the following:
- 7-Eleven (Using ECPAY)
- Palawan Express
- iRemit
- Cebuana Lhuillier
- Mlhuillier
- truemoney
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Global Dominion’s offering is the most comprehensive among what is offered in the market. Their screening process and credit investigation are stricter and more stringent than the rest of the online cash loans, but in turn, you can get a higher loan offer depending on your income.
Their loan amount is appropriate for individuals who are seeking a major funding for some big-ticket projects like starting a business, home renovation, a car purchase and other projects that require sizeable funds injection. The downside, however, is that even for big loan amounts, the repayment is only 24 months at the most, on top of a huge interest rate. If that’s not going to be a hindrance to your cash flow, then their loan product might work for you.[/block]
Esquire
This lending company targets entrepreneurs and small to medium business owners. The Philippine has over a million registered business today, 99.6% of which are considered as SMEs and not all of them have access to financial institutions that will grant them enough funding for their businesses.
Esquire targets this market and they proudly advocate entrepreneurism among small and medium enterprise (SME) owners. This financial company makes funding easier to access for SME owners.
Loan features
Esquire’s current loan products offering to SMEs owners are:
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Eligibility
- Business must be in operations for at least 1 year.
- Business must be registered to DTI (if sole proprietor) or SEC (if partnership/corporation) under the borrower's name.
- Business must have a Mayor's permit and Barangay clearance registered under the borrower's name.
- The borrower must be the owner or primary shareholder of the business.
- The borrower must have an active checking account for at least 6 months.
- The borrower must be the signatory on checks.
Documentary requirement
- TIN ID and any other government-issued ID proof of the Principal Borrower
- Latest three (3) months Bank Statement and Bank Certification
- Photocopy of valid Mayor’s Permit
- Photocopy of valid Barangay Business Clearance
- 1” x 1” ID picture of the Principal Borrower
- 1 Picture of Exterior - Picture of the business premise from outside with signboard and its surroundings
- 1 Picture of Interior - Picture of business inventory
- Latest (not older than 2 months) proof of billing for Business and Residence
- Sketch/map of Business and Residence location with the nearest landmark
*Additional documents may be required during credit evaluation.
Turnaround time
- Within 48 business hours from the time of application.
How to apply
- Log on to esquire.ph
- Register by clicking the “Create An EFI Account” option
- Fill out the online application form and upload the necessary documents.
- Pre-approval will be granted to applicants who submit their latest 3 months bank statement.
- Wait for 48 business hours after you have uploaded the complete documentary requirements.
- A notification via text message and email will be sent to the borrower upon loan approval.
Payment option
Due to the nature of their business model and the loan amount that they normally approve, the repayment is done through Post Dated Checks (PDCs).
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While their loan product is indeed appealing to SMEs owners, it’s important to consider their payments terms. An amount as big as ₱10,000,000 or even ₱100,000 isn’t exactly the type that you’d settle as a short-term loan.
Not to mention, the steep interest rate may make it more challenging for business owners to settle the repayment while raking in revenue in such a short time to sustain their business.
Their loan product for business owners are helpful, but make sure you’ve done your homework to make sure it doesn’t become a burden to your business.
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