What Are The Loan Terms Offered By Online Cash Loan Lenders?

What Are The Loan Terms Offered By Online Cash Loan Lenders?

Applying for a personal loan online is fast and hassle-free. You can do it in a few simple steps depending on the loan provider.

  1. On the product list above, click on the “Apply” button on the right-side of the name of the loan product of your choice.
  2. Fill in the application form.
  3. You will land on the page signifying a successful application process and you will also receive an automated email with details regarding your application. Alternatively, you can also be redirected to the lender’s application page.
  4. Upload the necessary documents.
  5. Wait for a call from the lender within 24 hours (1 online title loans Connecticut working day) from the time of application.
  6. Wait for the money to be released in as fast as 24 business hours up to 5 business days from the approval, depending on the lender.

What Are The General Documentary Requirements?

  • 3 months’ pay slips (employed) or bank statements (self-employed)
  • Certificate of employment (for employed) or ITR (for self-employed)
  • 2 Valid IDs

No Collateral Or Credit Card Needed

Online cash loans can be considered as short-term loans as their loan tenure is usually up to 12 months, and the turnaround time of the application is usually shorter (around 1 to 3 business days) provided that you fulfilled all the requirements.

What Is The Best Online Loan For Me?

The answer relies greatly on your needs and eligibility. There are different types of online cash loans for different individuals. For example, there are online loans marketed towards OFWs, entrepreneurs, and the regular salaried employee.

To choose which type of loan best suits you, check out our list of the top online loans in the Philippines.

What Are The Best Online Loans In The Philippines?

Depending on how much you need, when you need it, and your qualification, finding the ‘best’ online loan will take more consideration than just the loan amount. Here are the recommended online loans to apply for based on different circumstances:

What Is The Best Online Loan App In The Philippines?

Initially, only a few online cash loan providers develop their own app to make the loan application experience easier for their customers. Nowadays, there are various online loan apps that you can just download from Google Play Store to directly apply for a personal loan conveniently. If you want to skip the long queue in banks and just have your online loan application done through your phone, here are a few mobile apps that we recommend:

Online loans have very convenient payment channels. You don’t need to visit their office to make a payment over the counter, although you can. Here are other payment channels you can use to make payments for your online loan:

How Do I Use An Online Loan Calculator?

Just enter the amount of loan and your preferred payment term. The online calculator will then present loan packages available on the market which matches with the information you entered. The calculator will sort the loan packages from the lowest interest rate and will provide a computation of the monthly repayment.You can click on the “Apply” button beside each loan provider presented to proceed with the application.

What Happens When I Default On My Loan?

Most online cash loan companies hire a collection agency for defaulted payments. If you default a payment, that will count against your credit history with the lender. The Philippines is yet to have a centralized system to track a person’s credit record. However, these lending companies may have access to credit records tracked by private financial entities such as banks and other private lending companies. Chances are high that if you default a loan, it might count against you on your next loan application with another provider.

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