Places to get a 10,000 PHP emergency loan
An emergency fund is a shield covering unexpected expenses with a long-term goal of protecting you against getting into debt. It is wise to save a few hundred pesos for a rainy day every month. But will this money be enough to recover from a flood or an earthquake, for example? In fact, 74 percent of Filipino households are not able to prepare for any disaster due to the lack of money.
Table of Contents where to get a 10,000 PHP emergency loan
Aside from that, loads of other emergency cases related to health, education, renovation may arise. Still, some scenarios are just impossible to foresee. No matter how well you plan the budget, life can make sudden modifications.
See also: 11 Best Alternatives to a Payday Loan
Having instant access to money in the case of emergency is particularly critical in the Philippines since only 32.8 percent of people have savings. The fraction of those who have emergency funds is even smaller.
If you lack money just like a large portion of your fellow nationals, you are financially vulnerable. You may find yourself in need of money when you least expect it. For you to avoid panic and hassle in search of funds, we want to list the online loan providers capable of issuing up to 10,000 PHP within a day.
Why consider private lenders
Private loan providers have a clear and fast process of applying for a loan that can be completed online. It takes from 10 to 15 minutes to know whether you are qualified for a loan or not. Private lenders cater to the needs of low-income, unemployed Filipinos and those who struggle with a bad credit score or don’t have a credit history at all. You wouldn’t be asked to provide loads of documents that banks usually require. The likelihood of being validated for an emergency loan is pretty high with private lenders. Once your loan application is approved, the disbursement occurs within a day.
But you should remember that online emergency loans have higher commissions than banking offers. Plus, the largest loan amount that you can opt for is 20,000-25,000 Philippine pesos.
When the need for quick money arises, easy access to cash is the biggest advantage of private online lenders. Still, don’t be hasty in accepting the loan contract if you haven’t learned the conditions. Read this section on the website carefully. It’s important to find the most advantageous option. An emergency loan with favorable conditions issued by a reputable moneylender will solve your cash difficulties within 24 hours or even faster.
Pros
- Fast approval;
- Easy loan application;
- Minimum requirements;
- Small loan amounts;
- Approval of unemployed borrowers.
Cons
- Limited max loan amount;
- High commissions.
See also: Borrow Money in the Philippines. The Best Ways
Make sure you borrow from a legit company
Although speed is a vital factor, you shouldn’t ignore the legal responsibility of the online lender of your choice. Some microfinance companies operate illegally in the country. With the rise of online lending in the Philippines, the SEC is closely monitoring unlawful sites and cracking them down for violating customer privacy. Online loan services are in high demand among people who can’t qualify for a loan in banks and state-owned financial institutions. So, there are unfair loan providers who take advantage of it. To make sure you are dealing with legit loan providers, check the license availability.
All online lenders must have a license from the Philippine regulatory body and DTI registration. Usually, they have a land-based office on the territory of the Philippines and can be contacted if any rough conditions arise. Applying for and getting an emergency loan from an online moneylender is safe and secure as long as you deal with a legit company. When turning to a legitimate loan provider, you don’t need to pay any sort of commission upfront. The required documents that you need to provide basically involve an ID, proof of address and income.
Best legit online lenders for an emergency loan
We’ve made a list of top microfinance companies that are legitimate and registered with the corresponding authorities.
- Tala has gained a reputation as the leading online lender due to its speedy 5-minute loan approvals and easy-to-use mobile lending app. The fund disbursement is fast as well.
- Robocash is a firm with multiple offices located throughout the country. On top of that, their online lending services are fully automated via their website. If you have any issue taking an online loan from this lender, you can always find and contact them either online or offline.
- Cashwagon offers fast loan approvals via its mobile loan app. Having a bank account, you get cash in a matter of a few hours. If your age is between 20 and 60 years and you have a steady profit, you may borrow 10,000 pesos for up to 6 months.
- Atome is a convenient loan platform that has recently introduced its services to the Philippine residents. Nevertheless, the microfinance company has already gained a good reputation in the credit market. You can access an emergency loan via their Android app.
- Cashcat is an online lending-related service designed to inform Filipinos on the loan offers and their conditions. The platform examines a great number of online lenders and automatically sorts them out to offer you the best options available on the Philippine online credit market. For this, Cashcat uses a piece of user information to suit their inquiry needs and demands.
These are some of the reliable online lenders that have been on the market for a while. They have already helped thousands of borrowers to cover their financial emergencies. These leading microfinance platforms have combined the security of traditional financing with the accessibility of online services.
Private lenders are a good source of getting money as fast as possible. With their pros and cons, online lenders are the second main source of funds for Philippine borrowers. So far, family members and friends are regarded as major lenders that people would address when they need fast cash.
See also: Can a Housewife Actually Apply for a Loan?
Friends, family, and relatives
In the Philippines, residents are used to borrowing money from their close ones. After all, asking for a loan from family members comes with no contract or paperwork. You might get a very beneficial interest rate or no interest at all. Your loved ones are unlikely to charge any fees or commissions from you. If you have difficulties in keeping up with repayments, your friends and close ones will understand your situation. They wouldn’t require credit history from you to give you some cash.
Although it may seem like a perfect solution to your financial hurdles, borrowing money from close people can fray relations with them. Disputes over money repayment can arise causing a lot of awkwardness.
On a final note
If the financial emergency has hit you, don’t hurry to grab the first loan you are qualified for. Do your research to make sure the online lender is legit and licensed by the SEC. Upon shortening the list of potential lenders, compare the interest rates and conditions of all offers. Using the services of Cashcat, you can speed up this process several-fold skipping the step of sorting out legit companies from illegal ones. Moreover, you will have all the essential data on emergency loans in one place. It will help you make the right decision. And don’t forget about your loved ones who won’t leave you high and dry.
