What You Need To Know About Online Cash Loans

In this life, nothing is certain. As the popular saying goes, “Change is constant.” One day, everything is going well and then the next second, the situation might totally look different. This is a lesson that most people realized when the pandemic hit and turned the world upside down.

The reality is that emergencies happen. It can be a hospitalization of a family member, job loss, natural disaster, or unexpected expenses such as car and house repairs. This is why the first thing financial experts always advise people to do is to build a fund solely for emergencies. There are also tons of products to “soften the blow” when an unexpected situation happens, like all sorts of insurance.

However, another sad reality is that not everyone has the capability to keep a steady reserve of resources in their bank account that is only meant for unexpected scenarios. In most cases, the only option left is to turn to lenders for a loan when emergencies happen. Good thing, getting a cash loan these days is easier than ever. With the help of technology, cash loans online are now a thing.

Online Cash Loans: Need To Know

Online cash loans are personal loans that offer fast approval which can range from a few minutes to several days. From the term itself, this type of loans no longer require personal appearance. It can be done remotely by submitting the necessary documents online. This allows the borrower to apply and receive the funds easier, especially during emergency situations.

Are Online Cash Loans Legal?

Many people remain skeptical when doing online transactions especially ones that involve money. Instant loans already raise suspicions on their own, more so if it is done without any face-to-face interactions. Some just really have a hard time wrapping their head around the idea of not meeting the lender personally.

So for those who are wondering if online loans are legally operating in the Philippines, the short answer is yes. There are plenty of legitimate lending companies that operate in the country. However, in any type of business, there are always people who try to take advantage of other people. It is very important for borrowers to do proper research before transacting with any lender online to make sure that they will not end up with sketchy people or loan sharks who offer unreasonable interest rates.

Tips Before Applying for a Cash Loan Online

In need of a quick online cash loan in the Philippines? Here are some of the tips to do before starting a transaction with a loan provider to make sure you are fit and ready for that loan application.

• Ask The Most Important QuestionBefore borrowing money, ask yourself this question first: “Do I really need it?”

  Borrowing money for something not urgent may lead to debt as there are interest charges that will be billed on top of the loan amount. As much as possible, do not proceed with a cash loan if it is not for an urgent situation.

• Be Familiar With Credit ScoreLenders do not give away money. In fact, they won’t let anyone just borrow money when they want. These companies run a thorough check on the borrowers’ credit scores to check if they can handle a cash loan. Most of the time, approval and interest rates are determined from this information alone.
• Check Available OptionsBy options, this means MANY options. There are a lot of products like this out in the market but it is important to note that not all cash loans are made for the same purpose. Find the option that fits what the money is going to be used for.
• Be Careful With Extra ChargesUsually, a loan product will entice borrowers with high loan amounts, low interest rates, and fast loan approval process. What many people miss is that most of these companies add extra charges to the approved loans (e.g., processing fee) which outweighs the benefits mentioned beforehand.

  Most of the time, these charges are also deducted to the cash loan right away. Make sure to keep an eye for these details.

• Avoid Having Multiple LoansIt is just good advice to stop borrowing money and piling up loans when there is no need for it. This means to try to avoid taking out another loan while still paying off another. This will help borrowers to better manage their finances and not be in too much debt.
• Pay Dues On Time Loan providers depend on interest and late payment charges to keep their business afloat. While it helps the lenders, it is not the best scenario for borrowers. Make sure to pay on or before the due date to avoid these extra charges and be able to keep a good record so you can re apply anytime another need arises.

Quick Cash Loans Options in the Philippines

Ready to apply for a cash loan online? Here are some of the reputable options available in the Philippines.

GLoan

One of the top products that offer mobile payments service in the Philippines is GCash. These days, the product is no longer limited to just being an e-Wallet but it already offer all sorts of services to enable mobile payments all over the country.

For those who are using this product, getting a cash loan via GCash is also possible with the product called GLoan. The best thing is that this feature is pre-approved for qualified GCash users without additional documentary requirements necessary. According to one’s usage or GScore, a loan amount along with interest rates and payment terms will be offered in the service’s dashboard.

JuanHand Loan

The loan provider JuanHand offers fast loans in the Philippines through online means. The requirements only include a valid ID which will be submitted via the JuanHand app. There, the borrower will provide details and the loan amount. Approval can take up to two days. What is good about this option is that it is not exclusive to pre-qualified users; rejected applicants can re apply in just a few days.

The loan amount with JuanHand ranges from ₱2,000 to ₱15,000 with a payment term of up to 90 days. Interest rate is ranging from 9% to 12%.

Quick Loan Union Bank

The rise of digital banks has arrived. One of the top banks that offer this product in the Philippines is UnionBank. Digital banks are different in many ways but one of the things they have in common with traditional banks is offering cash loans.

UnionBank Quick Loan is the cash loan product of the said bank. It is a fully digital loan program which is exclusively offered to pre-qualified UnionBank deposit account holders. The loan amount can range up to ₱1 million and can be approved as fast as one minute. The payment terms can be up to 12 months.

Pre-qualified users can apply via the Quick Loan website or using UnionBank Online. Loan amount depends on the account holder’s history with the bank.

Conclusion

Fast, online cash loans are very handy for emergency situations where you have already exhausted your financial resources. It is not bad to apply for a loan, but it is important thing to do it only when urgently needed and research has been done before jumping on the offer. Choosing the best quick cash loan in the Philippines is essential to help you to repay your dues the cheapest and easiest way possible.

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