Lending money through the mobile application is one of the most popular ways to get cash. It is not surprising, because gadgets have become an integral attribute of modern life – they greatly simplify our everyday activities. What are the advantages of applying for an online loan using an application and what microfinance organizations offer the best solutions?
Content prepared by financial advisor and analytic of CarisCompany.com
Lending in loan apps: pros and cons
According to statistics, more than half of all borrowers today prefer to arrange loans through the application. What are their main advantages over regular sites?
- Quick access – no need to wait long for loading the full version of the site;
- Saving Internet traffic, which means – personal funds;
- Mobility: a phone or tablet is always at hand, unlike a computer or laptop;
- Online loan applications remember data about the borrower. Having entered the necessary information once, when applying for a loan again, you do not have to enter it all over again;
- Mobile applications often have more convenient and intuitive interface – there is no unnecessary information.
The main disadvantage of registering a loan obligation using a mobile application is that a person can download the application created by fraudsters. To prevent this from happening, it is best to download applications on official trusted sites, or on Google Play for users with Android and the App Store – for Apple fans. Choose apps with the best rating and known name.
Tala Philippines
This international microfinance company operates in several countries through the mobile application. It delivers financial services to more than a million of customers around the world.
Features of Tala Philippines
- Loan amount – 1000-20000 Peso.
- Possible terms – from 21 days to 1 month.
- Quick approval (within a day) is one of the key success secrets.
- Minimal set of documents required for application.
- No minimum income requirement.
- Service fee – from 11 to 15%.
Consider Tala Philippines when you are looking for a microfinance lending company. Evaluate their pros and cons comparing them to the needs you have.
SALPay
One of the recommended online lending apps in the App Store is SALPay, which allows doing all the important transactions in just one click.
Features of the SALPay app
- Multifunctional: allows the customer paying bills, sending money, buying loads and taking loans.
- Intuitive: facilitates managing all transactions easily.
- Acts as a digital wallet.
- Secured technologies keep your finance save.
- Instant work: requires minimal time on processing operations.
- Integrated to Salarium (a cloud-based human resource management and payroll solution.
SALPay is becoming popular among Filipino companies to pay and provide financial services in a faster and more convenient way to their employees and clients.
Pinoy Peso
Easy and convenient application from Pinoy Peso is available for the visitors of App Store and Google Play. Important note –Pinoy Peso is officially registrated by SEC.
Features of Pinoy Peso
- Provides personal loans.
- Higher loan amount compared to other lending apps.
- Simple and transparent application info.
- Convenient withdrawal is appreciated by customers.
- Provides safe, affordable and quick cash loans.
- The loans are provided for the term of up to 91 days and amount – up to 10000 Peso.
- Transparent conditions of lending.
For the regular customers, there are special terms and conditions: decrease of the service fee and increase of the loan amount.
Cashwagon cash loan
Cashwagon cash loan app is a good solution for financial consumers. Easy-to-use application provides easy access to the lending services of a trustworthy company.
Features of Cashwagon cash loan
- Offers access to online cash loans without any collateral requirements.
- Applying and approval procedures are easy and quick.
- Minimal requirements to the borrowers (Filipino citizenship, age 20-60, employed for at least one year).
- Varying payment options suitable for any client’s needs.
- Conditions for first-time applicants: 7000 peso for 10 days.
If you are in the need for emergent cash, this company may be the right choice for you.
The financial industry is a space for new ideas and technologies. Every day there appears something new in fintech that makes it easier and more convenient for ordinary Filipinos to use financial services. Microfinance organizations, trying to satisfy the demands of users to the maximum, develop and launch new mobile versions that serve for faster and more convenient obtaining loans online. We will keep an eye on new development and inform about new trends.
This article first appeared on fintechnews.sg
