How to get short term loan and don't get in the soup?

How to get short term loan and don’t get in the soup?

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The benefits of a short-term loan

how to get short term?

For many Filipinos, short term loan can be the answer to immediate financial needs. Personal loans can be of great help if suddenly there is a need for a certain amount of money that can be repaid monthly with fixed interest amounts. The minimum interest rate of a commercial bank loan in the Philippines is 8.59% (data for 2018).

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The advantage of short-term loans is that the body of the loan is an order of magnitude smaller than with conventional lending, which means that, despite a high percentage, the overpayment of the loan will be lower.

  • The quick and easy application process is online without a credit check. Payday loans are very quick and easy to apply for and can be made in minutes due to the fact that no credit check is required.
  • Instant solution. Unlike a traditional loan, a decision on loans that did not pass a credit check will be made for you within a few minutes.
  • Fast money transfers – as soon as your credit is approved, the money will be immediately transferred to your bank account, that is, you can get access to it in just fifteen minutes.
  • You can ask to borrow from 50 to 2,000 pounds sterling.
  • Variable repayment duration – you can distribute the repayment value over several time periods up to three months.
  • Without a credit check – when applying for a loan.
  • Payday loans without credit checks may not be suitable for everyone, but if you are struggling to get a loan, they can be a very good option. Fully abide by the conditions of these loans and fully extinguish them, and they can be a useful tool for creating a better credit history and getting access to more basic forms of lending in the future.

Why choose short term loans?

  • Short term loans allow you to repay the loan in a shorter time, forgive the pun.
  • It is much easier to forecast and budget for a short-term loan.
  • Increase credit rating.
  • A short-term loan does not require careful study, such as a loan for students, which speeds up the processing process.
  • Some short-term business loans do not even require monthly payments.

Who can apply for a cash loan?

Filipinos who meet the following requirements may apply for a loan:

  • Aged 21 to 50
  • Ordinary employees, self-employed professionals and OFWs
  • Currently resides in one of the following districts: – Metro Manila – Bataan – Batangas – Bulakan – Cavite – Laguna – Pampanga – Rizal – Tagaytay – Tarlak – Zambales

Lending Details

Lending Details

Short-term loans in the Philippines have higher interest rates (from 3% to 20% or even higher), lower loan amounts (from 1000 to 50,000 PHP) and shorter repayment terms (maximum 30 days) than personal loans and collateral.

When you apply for a personal loan in the Philippines, legit online cash loans philippines lenders will ask you to choose your preferred loan maturity, which usually ranges from 6 to 48 months.

The following personal loans offer a six-month period:

  • BDO;
  • Bank Robinsons;
  • UCPB SalarEasy;
  • RCBC MyCash.

CitiBank offers the longest payment period – up to 60 months or five years. Regardless of the purpose of your loan, you can plan your monthly payments with their flexible credit terms starting from 12 months.

Short term loans without credit checks

Perhaps you know that in the past you had serious problems with a loan, and you are sure that any lender will not decide to lend you money. This may be because you have had past problems, such as:

  • Bankruptcy
  • Subject to IVA (Individual Voluntary Agreement)
  • One or more district court decisions against you
  • Multiple default payments
  • Extensive loan search by multiple lenders
  • All current credit limits at maximum

Common features of a loan without payday loans:

  • No search in your credit file. No trace remains in your credit file, so applying for a loan without a credit check will not affect your chances of getting a loan in the future.
  • Small loan amount.
  • Short-term loan – Since these types of loans are more risky for the lender, the length of time you are given to pay off such a loan is relatively short to minimize the risk as much as possible for the lender.
  • Interest rates. Interest rates on these types of loans, as a rule, are higher than those of principal loans, due to the greater degree of risk associated with the loan provider. However, when used correctly, these loans can be useful for creating a better credit history and gaining access to cheaper forms of credit in the future.

What is the best private personal loans or a bank?

  • There are benefits in obtaining a loan from the bank. Traditional banks often have relatively low interest rates, so many people use them for loans. In these institutions, loans can be short-term or long-term.
  • A longer approval process may require collateral before lending money.
  • Strict rules set by banks mean that they deal with low-risk credit clients. At the same time, these strict rules and long approval periods may mean that you have to wait for weeks for your money.

Borrowing money without a bank loan.

If a traditional bank or credit union does not lend you money or does not give you the full amount needed, what are the other options? Private lenders.

Private lenders, as a rule, lend to those who have less than stellar credit, while banks usually adhere to individuals with a higher credit rating. Private lenders usually offer smaller short-term loans that are suitable for people who have more urgent financial needs.

Eligibility Criteria for Short Term Loans

For individuals:

  • Filipino citizens aged 21 to 65
  • Non-entrepreneurs with a steady income of at least 2 years
  • Good credit standing
  • Most banks require these documents from potential borrowers:
  • Signed and completed application form
  • Valid IDs (ID CARD)
  • Certificate of employment
  • Loan Applicant Summary
  • Payroll
  • Business license or DTI / SEC registration certificate

For companies:

  • At least 21 years, but not more than 70 years at the end of the loan term
  • SP, Partnership, Corporation
  • The business has been in profitable business for at least 2 years in a row.
  • Minimum annual gross sales of 1 million
  • Business is in the service area of ​​BDO

Fees and Charges

Fees and Charges

One-time commission. A fixed charge of 1,300 to 2,500 p. Art. To cover the cost of processing your loan application, such as administrative expenses and credit investigations.

Termination fee. An amount equivalent to 5% or 8% of your balance, which the bank charges if you repaid the loan before it is repaid. Also known as early payment, installment acceleration or closing fees.

Penalty for late payment. From 3% to 8% of your unpaid balances per month. To avoid paying this fine, make sure you pay your monthly balances on or before the due date.

Stamp duty for documentation. Tax required by the Bureau of Internal Revenue (BIR) on loan agreements in the Philippines: 1 Php for every 200 Php exceeding the loan amount of 250,000 Php (regardless of the purpose), or 1 Php for every 200 Php for business loans (regardless of the loan amount) . Not applicable for loan amounts of 250,000 Php or lower.

Returned check. Payment for each returned check (from £ 200 to £ 2,000.) Due to lack of funds, payment order, closed check or current account, as well as deletion or change of check.



How long can I not repay a short-term loan?

Answer: You will need to repay within 3-18 months, but usually less than a year.

Can I take short-term loans with a low credit rating?

Answer: Unfortunately, if you have bad credit, your choice of loans may be limited and you can pay higher interest rates.

Why borrow from is better than in a bank


  • You choose the amount and term of the loan.
  • You can fill out a form to get a loan day and night, on holidays and weekends. Translation is made at any time.
  • Reward only for days of using money.
  • You can register and fill out the form without leaving your computer. All you need is the Internet. The whole process takes place in real time, without a long wait.

Are prepayment and installment terms available for a loan?

Answer: The penalty for early repayment is the fee you will have to pay if you return your loan early. If the terms of your loan include an early repayment penalty clause, you will be penalized if you repay your debt ahead of time. As a rule, the prepayment penalty is a percentage of the total balance of your loan.

Here’s the good news: for the most part, small business loans do not have special terms for early repayment penalties. However, this does not mean that you will always save money by repaying your business debt ahead of time, even if your loan does not provide for a penalty for early repayment.

Early repayment penalties may be one of the most convoluted parts of taking on business debt. But regardless of whether there is a penalty for early repayment in the loan conditions or it is included in the loan product itself, it is important to understand how much the prepayment will cost.

How can I repay a loan?

  • Answer: Debt Repayment Methods
  • Through the card of any bank
  • Via bank account
  • Via bank transfer
  • Through cash

What is the average loan interest rate?

Answer: The interest rate on loans (%) in the Philippines was fixed at 5.6272% in 2017, according to a summary of World Bank development indicators compiled from officially recognized sources.

What is the minimum salary for a loan?

Answer: A foreign Filipino worker with a minimum wage of 30,000.00 pesos per month and working for two years. Self-employed applicants must have an operating business for at least three years and a minimum monthly income of 50,000 euros.

Penalties for short-term loan

Answer: Any default payment after the Maturity Date of any amount provided under the Loan gives the Lender the right to demand from the Borrower, in addition to the unpaid amount, a default penalty of P1000 (for new customers) and P800 (for repeated payment). customers) at a time and with an interest rate of 5% of the unpaid amount per day from the first (1st) day of delay and up to the thirtieth day (30th) of delay, 4% of the unpaid amount from the thirty first day (31st) of delay and up to the ninety (90th) day of delay and 2% of the unpaid amount from the ninety-first (91st) day of delay and until the day of full repayment of the Loan.

Is it difficult to get a loan?

Nothing complicated. Just enter the necessary data in the online application, the amount and method of receiving money. After this, the contract is signed through a code received via SMS. When you do this, the Robocash service will immediately give you the values. By signing it, Robocash will immediately transfer money to you.

My application has been approved. When can I get money?

The requested quantity is sent immediately after signing the contract. The rate of receipt of money depends on your bank and ranges from 1 to 2 days.

Can the campaign give another one?

Robocash service sets an individual limit for each client. You have the right to get another loan within these limits if you do not have overdue payments on previous loans.

Will the next loan limit be increased?

Robokash automatically increases the available credit immediately after paying the previous one. The next loan will be available immediately after the return of the previous loan amount.

How can I find out if they have approved my application?

You will find all the necessary information in the section of your personal account. Information will appear there after sending the form, the robot will make a decision in an instant. If the application is approved, only the contract will be confirmed by confirming the SMS code.

The loan was approved, but the money is not displayed on the account. What for?

We will send the requested amount immediately after confirmation of the contract. From there it depends on your bank. As a rule, the transfer occurs within a period of up to 2 days.

What if Robocash messages do not come?

Try to restart the phone. If you still do not receive messages, check your memory. If this is not enough, clear the space by deleting unnecessary text messages. Check your account balance and SMS service settings. After completing these steps, we ask on the site to repeat sending SMS. If you still do not receive a message, write to, indicating the problem, your mobile phone number and telephone operator.

I was wrong to enter bank details. What can I do?

Unfortunately, in this case you will not receive money, as the account number does not match the specified state identification data. Sent money will be returned to Robocash within 2 weeks. After that, the loan will be canceled without interest and commissions. You can submit a new application, indicating the correct bank details. Please carefully check the information you enter!

Can I cancel the application?

This can be done before the signing of the contract. After signing the same money is sent immediately. In this case, you can repay the loan ahead of schedule with only minimal interest. You can check the amount due on the customer service line at or in your personal account. If you have not yet confirmed the contract, send an email to

How long does it take from approval of the application to receive the amount?

We will send you the money in a couple of seconds after confirming the contract. Then it all depends on your bank. You can expect to receive money during the week during business hours from 8:00 to 16:00. If the application is approved during the night, you can receive money the next morning. If approval is received on weekends, you will receive a transfer on Monday morning.

I have a loan that is not yet repaid in a third company. Will my application be approved in this case?

If you make payments on time, Robokash will almost certainly make a positive decision.

What if I was denied a loan?

If you have reached the age of majority and have always made payments on time, a mistake may have occurred. Try to fill out and submit the application again. The more personal data you provide, the higher the likelihood that your application will be approved

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