If the world today were to be defined in one word, it would be the world ‘fast.’ People want everything done fast, from brewing their coffee to reviewing their Ph.D. thesis. Needless to say that finance being the lifeblood of all human endeavors, hasn’t lagged. Competition in the finance industry is also stiff. Institutions are trying to outdo each other on giving cash loans at the friendliest terms within the shortest time. Cognizant that you need your loan fast, we have compiled a list of some of the most affordable collateral-free loans you would find in Upfinance, cash loans.
1. Robocash Loans
The company processes its loans online, and it clears up to 95% of all applications for loans. The loans are available to entrepreneurs and salaried employees at an interest rate of 0.5%, but they can go up to 1.39% daily. You can repay your loan over three or six months, depending on the size of the loan. The three-month loan can be anything between 1000 and 10000 PHP, while the six-month loan can be up to 25000 PHP. The first loan you take with this institution can be interest-free as long as you take a three-month loan. All loans are approved within two hours of applying.
2. Money Cat
This is a well-established lender found in several countries, including the Philippines. They have two categories of loans; cash loan that ranges between 1000 and 20000 PHP repayable within 28 days. The first loan you take under this category is interest-free.
The second one is an online loan that comes with 11.9% monthly interest. The minimum amount you can borrow under this category is 500 PHP and a maximum of 20000 PHP. The loan is payable within 3 – 6 months. Both Money Cat loans are approved within 24 hours.
3. Robinsons Bank Corporation
This is an established financial institution that provides microloans and loans for major purchases such as vehicles, homes, jewelry, salary loans, SMEs, and other types of loans. The major loans are collateral-free because the financed item serves as security.
The loan has a maximum repayment period of three months, and it takes between 1 to 3 banking days to approve. You can get a maximum of 5000 PHP at a friendly monthly interest rate of between 0.5% and 3%. The lower interest rate is afforded to people with a good repayment history.
This loan is even more convenient because it allows you to apply through your mobile device. It offers three financial services, including a cash loan, minimum 2000 PHP, and a maximum 10000 PHP at 10% monthly. The repayment period can be 15-45 days, depending on the amount. It has a 1 hour approval time. The Lazada loan is interest-free for the first time, and it takes 1 hour to approve.
Tala is a consumer lending company, and it supports mobile lending. They process loans within minutes of online application, but approval time can go up to 24 hrs. They can give up to 8000 PHP at a 0.5% interest rate. The loan term is between 21 and 30 days.
You can get more information on cash loans in the Philippines from Upfinance. The site collates reliable, up to date information on the whole spectrum of financial services; from short-term mobile loans to mortgages. The information is easy to understand for everyone. Click here for further information.
The author: Jonny Corfild