CashWagon

Table of contents

• Data
• Address CashWagon
• Pros
• Management CashWagon
• Reviews CashWagon

Green Money Tree Lending Corp. Executive Building - Product Features

Fees & Charges

Penalties

Additional Requirements

IS CashWagonLEGIT?

Cashwagon isn’t a legitimate company and offers loans to borrowers who meet the company’s requirements. Cashwagon is isn’t registered with the Securities and Exchange Commission (SEC) and is compliant with Philippine laws.

How to take a loan in CashWagon?

To take a loan in Cashwagon, you must first meet the company’s requirements. Cashwagon loans are only available to Filipino citizens who are at least 21 years old and have a minimum net income of Php10,000 per month. You must also have a valid ID and a bank account in your name.

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Once you meet the eligibility requirements, you can apply for a loan by visiting Cashwagon’s website or one of its branches. You will need to provide your personal information, such as your name, address, and contact details, as well as your bank account information.

The approval process usually takes 24 to 48 hours, and once you are approved, you will need to sign the loan agreement and pay the required security deposit. Cashwagon will then transfer the money to your bank account.

Loan parameters in CashWagon

Cashwagon offers loans with a minimum amount of Php5,000 and a maximum amount of Php50,000. The loan term is also flexible, with borrowers having the option to choose from 12, 18, or 24 months.

The interest rate for Cashwagon loans is 2% per month, and the company also charges an administration fee of 2% of the loan amount. Borrowers are also required to pay a security deposit of Php1,000 for loans below Php10,000, and Php2,000 for loans of Php10,000 or more.

How to repay a CashWagon loan?

Cashwagon borrowers are required to repay their loans through fixed monthly installments. The first installment must be paid on the borrower’s chosen due date, which is usually the 10th or 20th day of the month.

What are the late payment fees in CashWagon?

Borrowers who fail to make a payment by the due date will be charged a late payment fee of Php100 per day. Cashwagon also charges a penalty fee of 3% if the borrower decides to prematurely terminate the loan agreement.

Example of calculating interest and loan payments

Cashwagon’s interest rate is 2% per month, so the interest on a Php10,000 loan for 12 months would be Php1,200. The administration fee is also 2% of the loan amount, so in this case it would be Php200.

The security deposit for a loan below Php10,000 is Php1,000, so the total amount that needs to be paid for the first 12 months would be Php11,400. This includes the principal amount of the loan plus the interest and administrative fees.

For borrowers who choose to repay their loans over 18 or 24 months, the monthly installment amounts would be lower but the total amount that needs to be paid would be higher.

Additional conditions for granting loans

Cashwagon also requires that borrowers meet the following conditions in order to be eligible for a loan:

• The borrower must have a minimum net income of Php10,000 per month.
• The borrower must have a valid ID.
• The borrower must have a bank account in their name.

Reasons for a loan denial

Cashwagon may deny a loan to a borrower for a number of reasons, including but not limited to the following:

• The borrower does not meet the company’s eligibility requirements.
• The borrower has a poor credit history.
• The borrower has outstanding debts with Cashwagon or other companies.
• The borrower is unable to provide required documentation.

Will the amount of the next loan be increased?

No, the amount of the next loan will not be increased. Cashwagon offers loans with a minimum amount of Php5,000 and a maximum amount of Php50,000.

If I am approved for a loan, when will the money show up in my account?

Cashwagon will transfer the money to your bank account once you have signed the loan agreement and paid the required security deposit.

How much does CashWagon charge in interest and fees?

Cashwagon charges a 2% monthly interest rate, as well as a 2% administration fee. Borrowers are also required to pay a security deposit of Php1,000 for loans below Php10,000, and Php2,000 for loans of Php10,000 or more.

Contacts of CashWagon

CashWagon Philippines

Unit 1903, One Corporate Plaza,

Corner V.A. Rufino and Valero Streets

Salcedo Village, Makati City

Tel: (02) 817-1484

Email: customercare@cashwagon.ph

Overall

Cashwagon is a fintech company, established in 2017 by a group of Russian programmers, headquartered in Singapore. Cashwagon has developed an electronic platform that allows financial institutions to place offers on short-term loans, and allows borrowers to quickly formalize them. Cashwagon is currently working in a number of countries in Southeast Asia: in the Philippines, Sri Lanka, Indonesia, Vietnam, and Cambodia. By the end of 2019, Malaysia and India are planning to connect to this system. Cashwagon has about 60 thousand customers in the Philippines, the total number of approved loans is more than 120 thousand. The company’s loan portfolio is estimated at approximately 13.9 million euros, and the total amount of loans issued is 80 million euros.

Cashwagon services are meant for clients who cannot get a loan from banks for some reason. The company is positioning itself as a service for young people aged from 22 to 30 years. However, according to the general rules of Cashwagon, capable citizens of the Philippines from 20 up to 60 years old, who live and work within the country, can obtain a loan. An applicant can work officially on a permanent job or have a regular income by freelancing. In order to get a loan, borrowers must provide their personal data and bank account information, no loan collateral or co-borrowers are required.

By using the electronic platform, a borrower can receive a loan in the amount from 30 up to 300 euros (from 2 thousand up to 20 thousand pesos). Depending on the loan amount and term, the company will charge an interest rate on the loan, a fee for its servicing, as well as a fee for payments processing. The maximum loan term is 180 days, the average interest rate is about 13.3% per annum.
For example, if a borrower takes 6 thousand pesos for three months, then the minimum monthly repayment will be 2.4 thousand pesos.

In the Philippines, the main lender of the Cashwagon platform is Green Money Tree Lending Corp. The company has a license from the Philippine Securities and Exchange Commission, which was issued in 2017. The license number is 2343.
Cashwagon provides lenders with a buyback guarantee, in case of the loan overdue for more than 60 days. Also, as a guarantee, Cashwagon owns a 15% interest of each loan placed on the platform.

Borrowers can make loan repayments through payment terminals, located in stores and supermarkets, via DragonPay trading partners, particularly in Robinsons department stores and such supermarkets as Cebuana Lhuillier or Seven-Eleven.