In 2015, Bangko Sentral ng Pilipinas (BSP) reported that about 47.1 percent of Pinoys have debts. Filipinos rely on borrowing to finance various personal and business concerns. This results to proliferation of private and online lenders, aside from banks and the traditional source of cash- friends and families. Online cash loan Philippines has become more accessible to everyone, thanks to internet.

Here are the things you need to consider before clicking the online lender’s “Apply Now” button:

  • The urgency of your need


If you need quick fund, online cash loan Philippines is the best option. You can get it in matters of hours as long as you qualify for the loan. However, do not forget that you will be paying the loan value plus interest for a certain period of time so borrow only what you need. Huge amount of loan entails bigger monthly payment or longer period which can affect your budget.


  • Check the legitimacy of the lender


Securities & Exchange Commission (SEC) reminded the public to be wise and careful before availing loan from online lending companies. This is because there are scammers who take advantage of needy people.


Beware of these predators by checking the following:


  • SEC registration of the company.
  • Physical address and contact number.
  • Website security. The link should begin with “https” and the URL has small, green lock beside it. This means that the company went through proper validation process and was given SSL certification.
  • There is an online loan calculator in their website.
  • A Privacy Statement is present.
  • It has real and positive reviews in website and social media accounts.
  • Finally, it does not require advanced fees from borrowers.

If everything is good, you can proceed to the next step – applying for a cash loan Philippines.

  1. Review the loan requirements. Basically, borrowers must be at least 18 years of age and able to present proof of income, government-issued ID and proof of billing. Submit the requirements online.
  2. Fill up the online loan form. Provide all the necessary information truthfully. The lender will assess your capacity to pay and verify your identity based on the details you give. Be truthful.
  3. Be ready for a call from your lender. This is part of the verification process.