These Loan Mobile Apps are easy to search and download!

The year 2020 has taught us a lot of things like staying at home, maintaining good health, and do errands if only necessary. And because of the ongoing pandemic, a lot of us have explored mobile apps that can bring safety and conveniences like food app, payment app, and e-bank. Did you know that loan apps also exist in your Google Play Store or App Store? Let’s discuss how it works.

What is a Loan Mobile App?

A Loan App can be downloaded through Google Play Store if you’re an Android user and to APP Store if you’re an Apple user. This app allows you to apply for a cash loan without leaving your home.Requirements like customer’s personal information, identification, and salary information can be attached to the application. Loan apps guarantee quick and easy loan applications.

Advantage of Loan Mobile App

1. Skipping the long line – The app can be downloaded everywhere and anytime as long as you have an internet connection. When you have the app, going to their physical office is no longer a requirement.
2. Portability – Your mobile phone is always with you. Apps are just one click away unlike downloading or installing them to your laptop or desktop.
3. Saving Time – There are Loan Mobile Application that gathers all your information and doesn’t require you to re-enter your details when you apply for your 2^nd loan application.
4. PaperLess – All details are saved digitally. You only not save a paper but the environment.

The Disadvantage of Loan Mobile App

1. Maintenance – All apps undergo system maintenance. Sometimes, the timing of maintenance isn’t right to your preferred date of application.
2. Security – The majority of apps require you to give access to your gallery, location, and contacts. If the Loan Mobile App has low reviews and credibility, your personal data may be at risk.

Available Loan Mobile App in the Philippines

Robocash

Robocash is a money lending service that processes online application fast.Robocash promotes higher loans and a high chance of approval for first-time loan applicants in their mobile app. However, Robocash mentioned on their website that applicants should visit their office to register their personal data. Once done, the applicants can already process his/her loan application through the mobile app. For the first-time applicant, he/she can borrow up to Php 7,000 only without interest and the loan period varies from 7-30 days. For more updates and promos, visit their website: robocash.ph

Image source: Robocash PH

Tala

Tala Mobile App provides fast, personalized loans to approved borrowers and builds digital credit history.Unlike other apps, Tala is only available for Android phone users. Tala applicants can apply for a loan and receive an instant decision, regardless of their financial history. First-time borrowers can loan from PHP 1,000 to PHP 2,000. A first-time loan is quite small but as you build your reputation and repay your loan on time, you’ll be entitled to a higher loan or up to Php 15,000. For more updates and terms of payment, visit their website: Tala PH

Image source: Tala PH

Cashalo

Cashalo is a financial technology that brings digital credits to Pinoys, allowing them to boost their financial welfare. Cashalo app is available to App Store, Google Play Store, and Huawei AppGallery. Their online presence allows their consumers to enjoy the perks of applying for a loan without leaving their homes. For first-time applicants, Cashalo allows you to borrow Php 5,500 up to Php 10,000. Due to pandemic, Cashalo has been promoting “stay at home and repay your loan online”. For more updates and terms of payment, visit their website: Cashalo PH

Image source: Cashalo PH

Home Credit

Home Credit is a consumer finance expert, empowering Pinoys through responsible lending.Unlike Robocash, Tala, and Cashalo, Home Credit doesn’t only offer money loans but also goods and gadgets. For first-time loan applicants, Home Credit promotes 0% interest on your new device, furniture, and more. Existing Home Credit customers with a good record are qualified to apply for a cash loan up to Php 150,000.

Do money Matters supply an article that you can understand easily how to start and use “Home Credit”：Home Credit Philippines Loan? You can apply personal loan easier than you think!

For more updates and terms of payment, visit their website: Home Credit

Conclusion

There are still a lot of Loan Mobile App in the Google Play Store or App Store that were not mentioned above. If you’re planning to download and apply for a Cash Loan, you should know and consider these things:

1. In immediate need – If you’re in a rush to pay for overdue bills or need an essential, applying for a cash loan is a good idea.
2. Has a stable income – Never apply for a cash loan if you’re jobless or have no stable income. There are fintech or lenders that have a high interest so be sure to check your paying capacity.
3. Loan Calculator – There are lenders with the same initial loan but with different interests. A loan calculator computes your weekly or monthly bill which helps you to budget your money. Loan calculators are readily available online so be sure to check them prior to applying for a loan.

Applying for a cash loan can be a good or bad thing for you.Be sure that your loan will go a long way and repaying the loan is your goal to build a good credit score.