While loans have been in society for a long time, their online versions are a bit uncommon. Even today, when the whole industries are digitized, online loans remain a pretty exotic approach to borrowing for certain countries and people. However, the Philippines are familiar with this concept. A lot of customers take loans and, especially, online loans. But where to find the most reputable offers and is it possible at all? Let’s try to figure out.
Today, we review the next lender called Robocash. Online loans from this company are available for users from Spain, Russia, Kazakhstan, and Indonesia. Of Crouse, Filipino citizens also can get them. The company positions itself as the first lender without humans involved in customer interactions. This means robots handle all core processes. That’s why Robocash offers high speed with relatively favorable conditions.
Before we proceed to the guide about Robocash online offers, remember that you always should study lenders/loans independently. We suggest only official firms but only you know your capabilities and demands. Thus, spend some time and explore the site.
Similarly to a lot of online companies that deliver financial support, Robocash offers only one product – quick, short-term, and small loans. The business targets underbanked customers who can’t provide the exhaustive list of documents and/or have bad credit ratings. Robocash online loan requirements are extremely simple. But interests may be high.
Despite only one offer, the lender features two different approaches to delivering loans. Requirements, conditions, and limits vary depending on the lending history. All customers are divided into two groups:
Further, we will talk about the offers and their differences. Study the next sections carefully to know all the nuances of Robocash online loans application form, approval conditions, and other important points.
As we’ve said, there are two different conditions for two categories of clients. New customers get more restricted options because Robocash wants to test their solvency and loyalty. Repeat users can get higher amounts with better T&C as they have a good history with this particular lender. Let’s look at how the conditions differ.
You will see that the only difference is in the loan amount. However, according to Robocash feedback, interest rates also may vary. They depend not only on the amount but on the tenure and even credit history of repeat borrowers. The highest possible rate is around 2.18% per day while the lowest is around 0.4% per day.
See also: Personal Loan from GSIS
As with other online lenders focused on small loans, Robocash lists pretty favorable requirements that are easy to meet for almost any local inhabitant. Here’s the basic list but we will also mention some extra points below it. Thus, to get the package, you should:
Nevertheless, some customers that posted Robocash complaints note that the lender accepts customers in age between 22 and 60 years old. Also, the company asks clients to submit other documents: payslips, tax returns, COE, DTI, etc. It’s not obligatory but may increase the approval chances.
Focusing on simplicity, the firm makes the entire application process extremely plain. In the following list, we explain all the necessary steps that one has to complete to apply for the loan. Note that interfaces and sequence may be different at the site and in the app.
Here’s the list (don’t forget to use Robocash online loans calculator if you want to know the full repayment before applying):
Optionally, you can add more personal info if you want to increase the approval chances. After registration, it’s easy to check the Robocash loan status, find repayment details, and info on your balance at the site.
A similar process is typical for in-app registration. Also, it’s possible to apply for the offer in real-world branches. They don’t require social media accounts. Plus, there are company employees who can help you with applications.
See also: Tala Review
Robocash Finance Corporation is constantly improving and therefore nowadays it has a significant advantage that sets it apart from competitors – 107 branch offices where people can get funding. In a nutshell, a branch is an office that operates apart from the main one but provides the same services determined by the company. Since Robocash operates in both online and offline modes, the availability of so many land-based offices creates great borrowing opportunities for clients who prefer face-to-face interaction with a lender. In fact, it gives clients of RFC extra access to lending with no need to have a bank account.
Branches are located in Cavite, Laguna, Nueva Ecija, Pampanga, Tarlac, Bulacan, and Metro Manila. Each of these affiliates is good enough to provide small loans within a short time period. Borrowers, who decided to get funding from Robocash will need to wait for 15 minutes only to have their request processed.
Nevertheless, Robocash Finance Corporation does not stop its development at this point. The plans for further expansion are even more global and related to opening new branches in several more counties of Asia. A simple analysis of RFC shows that these plans are likely to become reality. The company is operating since 2017 and by now it has so many branches and has served over 650,000 clients.
The native Robocash application is available for Android users only, as for now. According to the idea, developers have created a platform that works without human operators. It’s based on machine algorithms only. Hence, the app works 24/7/365. Users can easily get the loan via the app, track their payment calendar, check balances, etc.
Robocash application is available for Android users only, as for now
To start using this Robocash online tool, a borrower should register by entering its phone number, password, and email. He/she also has to submit a picture with an ID. The process is similar to a site-based application. Surely, the app is suitable both for new and repeat customers so you can continue interacting with Robocash through this interface.
To return the borrowed money, clients can choose the method they like. Generally, two options are available:
The lender allows prolonging the term if one can’t return the needed sum at the due date. To activate this option, enter your personal cabinet and contact the company. Each case is unique so borrowers may get different prolongation conditions.
Robocash chat support notes that the firm has fees. Borrowers must pay from P800 to P1,000 for delayed payments plus 2-5% of the unpaid amount per day. In the case of early payments that occur before the half term is passed, borrowers have to pay full interest.
See also: Personal Loans in Philippines – FAQ
The following table shows how the conditions and terms of Filipino lenders relate to each other. Using this info, you can find the company which offers meet your requirements. Also, don’t forget that there are traditional banks and lenders. They help to get bigger loans. But note that these more traditional firms deliver money slower.
|Lender||Max. Amount||Max. Tenure||Interest||Disbursement|
|Robocash||P25,000||6 months||0.4% p.d.||Up to 2 days|
|Asteria||P20,000||3 months||0.8% p.d.||Up to 1 day|
|CashCat||P100,000||2 months||1.5% p.d.||Up to 2 days|
|Cash Mart||P30,000||1 month||2.1% p.d.||Up to 1 day|
|Cashwagon||P40,000||6 months||0.4% p.d.||Up to 2 days|
|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|
It’s a typical online lender. It delivers funds to unbanked persons through online services, e.g. websites and apps. But it also has physical offices, too.
Any amount you want to borrow form this particular lender. Robocash offers slightly different conditions for new and existing users.
Register via the site or the native app. To sign up, you will need an official ID, info about employment (if any), and a Google/Facebook account.
After registration, you can fill out the form with the desired loan conditions. If you can’t create an account, go to any Robocash branch and apply there.
Yes. However, he or she will have to show proof of regular income and provide info about relatives who can guarantee loyalty.
Yes. Similarly to students, a housewife or househusband has to submit income data. Robocash always checks this information.
Yes. As in the previous cases, unemployed persons also have to show that they have some income. For instance, it may be a relative’s salary.
Employed workers with a stable salary and good credit history have the best chances. To improve your application, submit extra documents that prove your creditability.
The company distributes offers through the official site, the app, and the network of physical branches. Any method is acceptable.
Firstly, you should meet all the main criteria. Then, you should submit the application. Finally, the money will be delivered to you using the chosen method.
The firm accepts two options: a direct bank transfer or DragonPay transfers. In the second case, you can pay online, via ATMs or land-based kiosks of partners.
If you’ve chosen the ATM/kiosk DragonPay repayments, go to the affiliate banks or shops. Examples are BDO, BPI, RCBC, 7/11, Bayad Center, RDS, and more.
For repeat borrowers, T&C are the same. They also can pay in any of the partner facilities, send bank transfers or pay online.
The official site notifies users that Robocash takes 11.9% interest per month. However, for short-term offers and first-time borrowers, the rate may exceed 65% per month.
Usually, you can prolong one loan one time. Later, you will be able to get the next offers but only after full repayment of the previous ones.
It’s easy because the site and the app have in-built calculators. Just enter your amount and choose the desired tenure to see repayment sums.
Actual balances are always visible in your personal cabinet. You can access it via the website or using the application.
Yes. The company is officially registered at the SEC as the finance corporation. You can check the list on your own.
Robocash is open always. As the company tries to automate its services fully, it works with clients online 24/7. Still, branches may be closed at night, as usual offices.