Guidelines and Criteria for Borrowers

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Eligibility Criteria: To qualify for a loan, applicants must meet the following criteria:

  1. Citizenship: Applicants must be permanent residents of the Philippines.
  2. Age: Borrowers must be between the ages of 20 and 70.
  3. Financial History: Any credit history is acceptable.
  4. Banking Requirement: Applicants must hold an active bank account with a Philippine financial institution.
  5. Communication: Borrowers must possess an active telephone number.

Loan Acquisition Regulations:

Loan Range and Commission:

  • Initial Loan Amount: The initial loan size ranges from ₱1000 to ₱7000.
  • Commission Fee: No commission fee is levied if the loan is repaid punctually.

Repayment Options:

  • Flexible Repayment Periods: Lenders offer various repayment durations.
  • Commission Discount: A discount of -100% on the commission fee is provided for timely repayments. Detailed terms are available on individual lender websites.

Annual Percentage Rate (APR) Range:

  • APR Variation: The APR for online loans can fluctuate from 0% to 180% per annum.

Penalty and Renewal Policies:

Late Payment Consequences:

  • Penalty Charges: In case of delayed repayment, the lender reserves the right to impose penalties on the outstanding amount for each day of delay.
  • Debt Collection Transfer: Unilateral transfer of debt collection to third-party agencies may occur if repayment is overdue without prior agreement with the lender.

Credit Score Benefits:

  • Positive Impact of Timely Repayment: Repaying loans promptly enhances credit scores, thereby improving future loan prospects.

Loan Cost Illustration:

Sample Loan Costs:

  • Loan Amount: ₱2000
  • APRC (Annual Percentage Rate of Charge): 108.69%
  • Annual Interest Rate: 81.94%
  • Total Repayment: ₱2940.44
  • Repayment Structure: Based on 14 equal installments, with monthly payments of ₱200 and a final payment of ₱140.44.
  • APRC Explanation: APRC represents the total loan cost annually as a percentage of the credit amount. The maximum allowable APRC is 180%.

For further details, please refer to the respective lender’s website.

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CashLoanPH Changed status to publish 19/04/2024