Eligibility Criteria: To qualify for a loan, applicants must meet the following criteria:
- Citizenship: Applicants must be permanent residents of the Philippines.
- Age: Borrowers must be between the ages of 20 and 70.
- Financial History: Any credit history is acceptable.
- Banking Requirement: Applicants must hold an active bank account with a Philippine financial institution.
- 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.
CashLoanPH Changed status to publish 19/04/2024