Cabanatuan City is one of the largest and fastest-growing cities in the Philippines. The city’s economy is driven by industries such as agriculture, manufacturing, and various service industries. With the rapid growth of the city, businesses, and individuals’ needs for extra financing have grown. Traditional lending institutions such as banks and credit unions are available, but online lenders have become a more popular choice.
In this article, CashLoanPH will delve deeper into different types of online loans available in Cabanatuan City, the advantages and disadvantages, and how to pick the most suitable loan and lender.
Types of Online Loans in Cabanatuan City
Payday Loans
Payday loans are convenient short-term loans that are usually due on your next payday. These types of loans are typically used to cover unexpected expenses. Those in need of payday loans usually apply for small amounts, ranging from PHP 2,000 to PHP 20,000, with a repayment period ranging from one to four weeks.
Personal Loans
In contrast, personal loans are a longer-term borrowing option that ranges from PHP 10,000 to PHP 200,000. People usually use personal loans for larger expenses such as home improvements, debt consolidation, and travel. The repayment period for personal loans can be up to several years.
Business Loans
Business loans are designed for small business owners who require funding. These loans can range from PHP 50,000 to PHP 1,000,000, with a repayment period of up to two years.
Installment Loans
Installment loans are long-term loans where you can pay back in regular installments over time. Both the loan amounts and repayment period can vary depending on the lender.
Advantages of Online Loans
Convenience
Online loans are convenient to apply for as they can be submitted from the comfort of one’s home or office. This means that there is no need to visit any physical location while applying for a loan.
Speed
Compared to traditional lending institutions, online loans can be processed faster, and in several cases, loans are approved within the same day or in only a few days. This quick processing time is important, mainly when someone requires funds for emergencies or unexpected events.
Accessibility
The online lending platform has an advantage of being accessible to a wider range of applicants compared to traditional loans. This is because online lenders have fewer requirements and may not inquire about an applicant’s credit score.
Variety
Online loans provide extensive variety. These include payday loans, personal loans, business loans, and installment loans, among others. This selection of loans means that one is sure to find a loan package that best suits their particular needs.
Disadvantages Of Online Loans
High-Interest Rates
While some online lenders have reasonable interest rates, others charge higher rates than traditional lenders. Lenders who charge high-interest rates tend to target borrowers with poor or non-existent credit scores, leading to borrowers paying high rates to access small, urgent loans.
Predatory Lending
Sadly, there are unscrupulous lenders who take advantage of borrowers’ financial difficulties through hidden fees or high-interest rates. These predatory lenders’ agendas are to profit excessively from borrowers through duplicitous means, leading to borrowers sinking into debt.
No Face-To-Face Interaction
Some prospective borrowers may prefer a face-to-face interaction during the loan application process. This is because they prefer asking questions about the loan’s terms, negotiating better terms, and assessing the lender’s credibility from the personal interaction.
How To Choose The Right Lender
Research
It is essential to conduct essential research before selecting an online lender. This will help you compare different lenders and their loan packages. You should compare critical factors such as interest rates, fees, and repayment terms.
Read Reviews
Prospective borrowers should read online reviews from other borrowers who have previously used the lender’s services. This will provide a sense of the lender’s reliability and customer service quality.
Check Accreditation
Borrowers should ensure that the lender has the relevant accreditation from government agencies such as the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas.
Understand the Terms
Borrowers should ensure that they understand the loan terms and conditions fully before signing any agreements.
10+ Fast Online Loans in Cabanatuan City, Philippines
Loan type
Short termFor a period of
180 daysRate ()
0.00% / monthLoan amount
PHP 25,000Approval in
5 minutesFirst loan free
no
Loan type
Short termFor a period of
180 daysRate ()
0.00% / monthLoan amount
PHP 20,000Approval in
5 minutesFirst loan free
no
Loan type
Short termFor a period of
728 daysRate ()
365.00% / yearLoan amount
PHP 25,000Approval in
5 minutesFirst loan free
no
Loan type
Long termFor a period of
4 monthsRate (PSK)
0.00% / monthLoan amount
PHP 25,000Approval in
5 minutesFirst loan free
no
Loan type
Short termFor a period of
180 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
180 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
365 daysRate ()
0.00% / dayLoan amount
PHP 20,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
90 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
61 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
365 daysRate ()
0.00% / dayLoan amount
PHP 50,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
90 daysRate ()
0.00% / dayLoan amount
PHP 20,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
30 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
30 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
30 daysRate ()
0.00% / dayLoan amount
PHP 20,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
365 daysRate ()
0.00% / dayLoan amount
PHP 25,000Approval in
15 minutesFirst loan free
no
Loan type
Short termFor a period of
730 daysRate ()
0.00% / dayLoan amount
PHP 50,000Approval in
15 minutesService Fee
₱500
Loan type
Short termFor a period of
365 daysRate ()
0.00% / dayLoan amount
₱ 25,000Approval in
15 minutesFirst loan free
yesConclusion
Online loans have emerged as a popular and convenient financial option for individuals and businesses in need of extra financing. However, one must carefully assess the advantages and disadvantages and consider the best lender and loan package that meets their needs. Through proper research and due diligence, online loans can be a helpful financial tool to manage one’s finances. However, caution should be exercised to avoid falling prey to predatory lenders looking to exploit vulnerable borrowers.
