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Cashwagon Review: Online Loans in One Hour

Cashwagon Review: Online Loans in … image

In the Philippines, there are different lenders focused on different groups of customers. For example, banks cover employed persons with stable income and good credit ratings. Governmental projects like SSS and GSIS provide insurance services but also have loans for members. Finally, there’s the next generation of businesses – companies that deliver extremely quick and easy online loans. Today, we’re talking about one of these firms.

Table of Content Cashwagon Review

 

Cashwagon is an international firm that works in the Philippines, Sri Lanka, Malaysia, Vietnam, and Indonesia

 

Cashwagon is an international firm that works in the Philippines, Sri Lanka, Malaysia, Vietnam, and Indonesia. Cashwagon online loans are reportedly delivered in just one hour. Moreover, the lender promises 0% for the first loan for each customer. Offers look promising but let’s dive deeper and conduct detailed research. It will help to learn how to fill Cashwagon online loans application forms, how to get the funds, and how to return them.

Cashwagon Loan Review

Actually, Cashwagon offers only one product – a simple cash loan. It’s available online for everybody who meets the eligibility criteria and provides the required docs. The only difference is between first-time borrowers and repeat borrowers. Here is a major distinction:

  • First loan: up to P6,000 with 0% for 10 days.
  • Next loans: up to P40,000 with custom rates up to 6 months.

This means the existing customers can get different conditions based on the amounts they want to get, the terms, and their personal info. However, it’s barely possible to define these conditions without getting the first loan. Different customers report that the rates don’t exceed 1.3% per day or 40% per month. Simultaneously, the company mentions that the interest is 12% per month or 144% per year on average. 

 

Actually, Cashwagon offers only one product – a simple cash loan

 

Further, we will talk about T&C, rates, tenures, and requirements a bit more.

Cashwagon Interest Rate and Other Terms

Well, according to the info above, we should review two loan products. The first focuses on new users only while the second one is for repeat borrowers. That’s why terms and conditions, Cashwagon online loans percentage, and other points are different.

New Users

  • Amount: from P2,000 to P6,000.
  • Interest: 0%.
  • Tenure: 10 days.
  • Application: via the official site or app, available at the main page.

Existing Users

  • Amount: from P8,000 to P40,000.
  • Interest: 12% per month on average, depends on other terms.
  • Tenure: from 3 to 6 months.
  • Application: via the official site or app, available after providing personal info.

 

See also: Personal Loans in Philippines – FAQ

 

Cashwagon Loan Requirements

Unlike previous terms, this point is similar for all customers of Cashwagon branches. The lender lists extremely favorable requirements to cover the underbanked population. That’s why you should meet only four criteria to get approved:

  • Be a Filipino citizen.
  • Be in age between 20 and 60 years.
  • Be employed or have another source of stable income.
  • Provide the official ID, either SSS, TIN or UMID.

To get the funds, it’s enough to fill a short form and provide the personal bank account info. That’s it. The Cashwagon customer service always is ready to help with applications, docs, and other requirements. You can reach it using the app or chat at the site.

Cashwagon Loan Application Form

The online form is the simplest approval way. In four simple steps, the company guides you through the whole process. For existing customers, this way is even simpler as the lender already has your info.

Cashwagon loan can be obtained via the following steps:

  1. Choose the ID type and enter its number.
  2. Specify your birth date, gender, and marital status.
  3. Enter your email. It has to be valid.
  4. Select your city, district, enter the address, and length of stay there.
  5. Mention the loan purpose like business, education, medical, personal use, etc.
  6. Choose your social status and industry you’re working in.
  7. Write the company name, job position, monthly salary, length of work, company phone.
  8. Provide the name of any relative, his/her phone, and info about your relations.
  9. Choose your bank, enter the account number.
  10. Upload your selfie and a photo of your ID.
  11. Agree to T&C and input the code received in SMS.

 

See also: How To Apply For A Personal Loan: A First-Time Borrower’s Guide

 

After this, you can choose between standard approval that takes up to 3 hours and an express alternative that takes only 30 minutes. The express feature costs an extra P500. After approval, you will get the SMS with info. Funds will be transferred to the bank account directly.

The whole process is described in video instruction:

Cashwagon application

Instead of working with the lender via its site, borrowers can download the native app for Android. The company promises to launch an iOS version soon.

The company promises to launch an iOS version soon

Using the app, borrowers can easily check conditions, apply for loans, find out their Cashwagon loan status, and trace due dates. The lender says that loan approvals and cash deliveries are faster for applications submitted through this app. Moreover, existing users can get special offers related to the next loans.

The Cashwagon app is free to download. New users are required to go through the registration process. Both new and repeat borrowers are able to check core loan info through the application 24/7. It’s not possible to make monthly repayments but it helps to explore the repayment calendar and don’t get confused.

Cashwagon Loan Repayments

To return the money, you can use different ways. In the beginning, check out the Cashwagon online loan calculator to reveal how much you have to repay. Then, you will be able to cooperate with any of the following partners to pay the loan:

  • Robinsons stores and supermarkets.
  • Landbank branches.
  • SM and Savemore Market stores.
  • Bayad Center service.
  • LBC Express.
  • 7/11 points.

Note that you should use the name «Dragonloans» to pay via 7/11 and «DragonPay» to pay via other partners. Cashwagon complaints show that customers often fall victim to fraud. Thus, the company suggests borrowers use only the loan number received in the official SMS from the lender. Also, representatives ask to keep payment receipts even after due dates.

Also, don’t forget that you must repay any fees applied. Cashwagon hotline responds that they have a late payment fee of P500 and a prolongation fee of 44% of unpaid principal.

 

See also: Robocash loan Review

 

Cashwagon and Other Lenders

To reveal if the Cashwagon offers are good or bad, let’s compare them to other online companies that provide lending services in the Philippines. Here’s a simple table with the comparison. It includes all the key T&C.

Lender Max. Amount Max. Tenure Interest Disbursement
Cashwagon P40,000 6 months 0.4% p.d. Up to 2 days
Asteria P20,000 3 months 0.8% p.d Up to 1 day
Cash Mart P30,000 1 month 2.1% p.d. Up to 1 day
Loanranger P10,000 1 month 0.65% p.d. Up to 1 day
Online Loans Pilipinas P20,000 1 month 1% p.d. Up to 2 days
TALA P10,000 1 month 0.5% p.d. Up to 1 day

How Does Cashwagon Work?

Just like all other online lenders. It allows users to receive loans via online services to their bank accounts directly.

What Is a Cashwagon Loan?

It’s the main product of the company. Actually, there’s only one product with different T&C for new and existing borrowers.

How to Open Account Cashwagon?

It’s enough to register via the site or the app. To sign up, you will need to provide personal info, present a valid ID, and specify the bank’s account.

How to Apply for a Cashwagon Loan?

It’s also possible through the site and the app. For new users, the process of registration and application is combined. Others can apply for repeat loans.

 

See also: Tala Review

 

Can a Student Apply?

Yes. If a student has a stable income like regular allowance or even wage, he/she can easily apply and be approved.

Can a Housewife Apply?

Yes. If a housewife or a househusband also can provide the info about stable income like the salary of partners, he/she can apply, too.

Can an Unemployed Apply?

Yes. If unemployed persons receive certain financial support from relatives, partners or government, he/she also can apply and get the loan.

How to Get Approved?

To maximize your chances, be sure that you provide only true info. Show that you have income, prove that you’re a reputable borrower. A good credit score is a big plus.

How to Get Cashwagon Loan?

It is not hard at all. Both the native app and the website are good for this purpose. Get the product and wait until the money arrives at your bank account.

How to Avail Cashwagon Loan?

It is totally up to you. Pay for online purchases, cash out in banks or ATMs, travel, study, whatever.

How to Pay Cashwagon Loan?

Again, the process is similar to other loans. You should make regular monthly payments using the accepted methods. Finally, you will have to return the whole amount plus interest.

Where to Pay Cashwagon Loan?

The lender accepts payments through a wide network of partners, including 7/11, Robinsons, Landbank, SM, Bayad Center, and LBC.

How to Repay?

For repeat users, repayments work in the same way. Just choose your preferred method and make regular contributions.

How Much Interest Cashwagon Loan?

It depends. For fresh clients, loans are 0%. For repeat users, interest varies in dependence of terms. The average monthly rate is 12%.

 

See also: Personal Loan from GSIS

 

How Many Times Can I Reloan in Cashwagon?

Unlimited! Cashwagon loves its users and allows taking new and new loans. Surely, you have to return the previous one to get more.

How to Compute Loan?

You can use the internal calculator. Also, feel free to compute repayments independently – consider the interest and possible fines.

How to Check Balance Cashwagon?

As long as the loan is delivered to your bank account, you can check its balance. To get more info about the offers and schedule, use the Cashwagon app.

Is Cashwagon Legit?

Yes, fully. The firm is known officially as the Green Money Tree Lending Corp. This company is registered in the SEC.

Is Cashwagon Open Today?

So far as Cashwagon is an online-only lender, it’s open always. The site and customer support work 24/7.

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